# EDGAR Filing Document

**Accession Number:** 0002086587
**File Stem:** 0001193125-26-015413
**Filing Date:** 2026-1
**Character Count:** 2179054
**Document Hash:** 68a3085035b7f7f3f7444c69727ec704
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-015413.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0001193125-26-015413

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 47

**FILED AS OF DATE**: 20260116

**DATE AS OF CHANGE**: 20260116

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yellowstone Midco Holdings II, LLC
- **CENTRAL INDEX KEY:** 0002086587
- **STANDARD INDUSTRIAL CLASSIFICATION:** GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291581
- **FILM NUMBER:** 26539782

**BUSINESS ADDRESS:**
- **STREET 1:** 1449 7TH STREET, SUITE 425
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80204
- **BUSINESS PHONE:** 720-537-2655

**MAIL ADDRESS:**
- **STREET 1:** 1449 7TH STREET, SUITE 425
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80204

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on January 16, 2026.** 

**No. 333-291581** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**AMENDMENT NO. 2** 

**TO** 

**FORM S-1** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

## Yellowstone Midco Holdings II, LLC
**to be converted as described herein to a corporation named** 

## York Space Systems Inc.
**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **3761** | **39-4190941** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer<br>Identification Number)** |

---

**6060 S Willow Drive** 

**Greenwood Village, CO 80111** 

**720-537-2655** 

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)** 

**Dirk Wallinger** 

**Chief Executive Officer** 

**6060 S Willow Drive** 

**Greenwood Village, CO 80111** 

**720-537-2655** 

**(Name, address, including zip code, and telephone number, including area code, of agent for service)** 

***Copies of all communications, including communications sent to agent for service, should be sent to:***

---

| | |
|:---|:---|
| **Robert M. Hayward, P.C.**<br> **Kevin M. Frank**<br> **Ashley Sinclair**<br> **Kirkland & Ellis LLP**<br> **333 West Wolf Point Plaza**<br> **Chicago, IL 60654**<br> **(312) 862-2000** | **Michael Kaplan**<br> **Stephen Byeff**<br> **Steven Glendon**<br> **Davis Polk & Wardwell LLP**<br> **450 Lexington Avenue**<br> **New York, NY 10017**<br> **(212) 450-4000** |

---

**Approximate date of commencement of proposed sale to the public**: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

------

##### [**Table of Contents**](#toc)
**EXPLANATORY NOTE** 

Yellowstone Midco Holdings II, LLC, the registrant whose name appears on the cover of this registration statement, is a Delaware limited liability company. Prior to the closing of this offering, Yellowstone Midco Holdings II, LLC will convert into a Delaware corporation pursuant to a statutory conversion and change its name to York Space Systems Inc. as described in "Prospectus Summary—Organizational Structure." Except as disclosed in the prospectus included in this registration statement, the consolidated financial statements and other financial information included in this registration statement are those of Yellowstone Midco Holdings II, LLC and its subsidiaries and do not give effect to the Corporate Conversion (as defined herein). See "Prospectus Summary—Organizational Structure" and "Capitalization." Shares of common stock of York Space Systems Inc. are being offered by the prospectus included in this registration statement.

------

##### [**Table of Contents**](#toc)
**This information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the securities and exchange commission is effective. This preliminary prospectus is not an offer to sell, and it is not soliciting an offer to buy, these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, dated January 16, 2026** 

**16,000,000 Shares**![LOGO](g941199g01a01.jpg)

**Common Stock** 

This is the initial public offering of shares of common stock of York Space Systems Inc. (the "Company" or "York Space Systems"). We are offering 16,000,000 shares of common stock.

Prior to this offering, there has been no public market for our common stock. We anticipate that the initial public offering price for our common stock will be between $30.00 and $34.00 per share. We have applied to list our common stock on the New York Stock Exchange ("NYSE"), under the symbol "YSS." However, no assurance can be given that our listing application will be approved. If our listing application is not approved by the NYSE, we will not be able to consummate this offering.

After giving effect to this offering, assuming an offering size as set forth above and an initial public offering price of $32.00 (the midpoint of the estimated price range set forth above), investment funds managed by AE Industrial Partners, LP ("AE Industrial Partners" or "AEI"), will hold approximately 23.9% of our outstanding common stock (or approximately 23.5% of our outstanding common stock, if the underwriters' option to purchase additional shares from us is exercised in full) and be party to voting arrangements granting control of more than 50% of the total voting power of our common stock with respect to the election of our directors. See "Risk Factors—Risks Related to Our Organizational Structure—AE Industrial Partners has significant influence over us, and its interests may conflict with ours or yours in the future." Accordingly, we expect to be a "controlled company" as defined in the corporate governance rules of the NYSE and will be exempt from certain corporate governance requirements of such rules. As a result, AE Industrial Partners will have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws and the approval of any merger or sale of substantially all of our assets. See "Management—Controlled Company Exemption."

We are an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and have elected to comply with certain reduced public company reporting requirements. See "Risk Factors" and "Prospectus Summary—Implications of Being an Emerging Growth Company."

**Investing in our common stock involves risks. See "[Risk Factors](#toc941199_2)" beginning on page 30 to read about factors you should consider before buying shares of our common stock.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
|  Initial public offering price | $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $|
|  Proceeds, before expenses, to us | $| $|

---

(1) See "Underwriting" for additional information regarding underwriting compensation.

We have granted the underwriters an option to purchase up to 2,400,000 additional shares of our common stock at the initial public offering price, less the underwriting discounts and commissions, within 30 days of the date of this prospectus.

At our request, the underwriters have reserved up to 5% of the shares of common stock offered by this prospectus for sale, at the initial public offering price, to certain individuals associated with the Company and AE Industrial Partners. See "Underwriting—Directed Share Program."

The underwriters expect to deliver the shares of common stock against payment in New York, New York on or about , 2026.

---

| | | |
|:---|:---|:---|
|  | ***Joint Book-Runners*** |  |
| **Goldman Sachs & Co. LLC** | **Jefferies** | **Wells Fargo Securities** |
| **J.P. Morgan** |  | **Citigroup** |
| **Truist Securities** | **Baird** | **Raymond James** |
|  | ***Co-Managers*** |  |
| **Canaccord Genuity** | **Needham & Company** | **Academy Securities** |

---

**Prospectus dated , 2026.** 

------

##### [**Table of Contents**](#toc)
![LOGO](g941199g02a00.jpg)

------

##### [**Table of Contents**](#toc)
![LOGO](g941199g03a00.jpg)

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [PROSPECTUS SUMMARY](#toc941199_1) | 2 |
|  [RISK FACTORS](#toc941199_2) | 30 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#toc941199_3) | 83 |
|  [MARKET AND INDUSTRY DATA](#toc941199_4) | 85 |
|  [USE OF PROCEEDS](#toc941199_5) | 86 |
|  [DIVIDEND POLICY](#toc941199_6) | 87 |
|  [CAPITALIZATION](#toc941199_7) | 88 |
|  [DILUTION](#toc941199_8) | 92 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#toc941199_9) | 95 |
|  [BUSINESS](#toc941199_10) | 120 |
|  [MANAGEMENT](#toc941199_11) | 139 |
|  [EXECUTIVE COMPENSATION](#toc941199_12) | 145 |
|  [PRINCIPAL STOCKHOLDERS](#toc941199_13) | 156 |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#toc941199_14) | 159 |
|  [CORPORATE CONVERSION](#toc941199_15) | 165 |
|  [DESCRIPTION OF CERTAIN INDEBTEDNESS](#toc941199_16) | 166 |
|  [DESCRIPTION OF CAPITAL STOCK](#toc941199_17) | 168 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#toc941199_18) | 174 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS](#toc941199_19) | 177 |
|  [UNDERWRITING](#toc941199_20) | 182 |
|  [LEGAL MATTERS](#toc941199_21) | 192 |
|  [EXPERTS](#toc941199_22) | 193 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#toc941199_23) | 194 |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#toc941199_24) | F-1 |

---

Neither we nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. We are offering to sell, and seeking offers to buy, shares of our common stock only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of our common stock.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or the possession or distribution of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this offering of our common stock and the distribution of this prospectus outside the United States.

**Through and including , 2026 (25 days after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

------

##### [**Table of Contents**](#toc)
**TRADEMARKS AND TRADE NAMES** 

"York Space Systems" and "York" and other trademarks or service marks of York Space Systems and its direct and indirect subsidiaries appearing in this prospectus are the property of York Space Systems. This prospectus contains additional trade names, trademarks, and service marks of others, which are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus generally appear without the <sup>®</sup> or <sup>™</sup> symbols. Other trademarks, trade names, service marks or copyrights of any other company appearing in this prospectus are, to our knowledge, the property of their respective owners.

------

##### [**Table of Contents**](#toc)
**PROSPECTUS SUMMARY** 

*The following summary contains selected information contained elsewhere in this prospectus about us and about this offering. It does not contain all of the information that is important to you and your investment decision. Before you make an investment decision, you should review this prospectus in its entirety, including matters set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our Consolidated Financial Statements and the related notes included elsewhere in this prospectus. Some of the statements in the following summary constitute forward-looking statements. See "Special Note Regarding Forward-Looking Statements." Unless the context otherwise requires, all references in this prospectus to "York Space Systems," "York," the "Company," "we," "us," "our," or similar terms refer to Yellowstone Midco Holdings II, LLC and its consolidated subsidiaries prior to the Corporate Conversion and York Space Systems Inc. and its consolidated subsidiaries after the Corporate Conversion.* 

**Overview** 

York Space Systems is a leading, U.S.-based, space and defense prime<sup>1</sup> providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is the number one provider to the U.S. Department of Defense's ("DoD") Proliferated Warfighter Space Architecture ("PWSA") by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. We produce our satellites at approximately half the cost of our competitors and have been the first to deliver and launch satellites for the PWSA. York is the first and only company to demonstrate Link-16<sup>2</sup> connectivity from space, highlighting our unique and innovative capabilities.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement process. We believe we are positioned to capture an outsized share of growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having flown 74 missions, created 17 products with flight heritage, and logged over four million on-orbit hours. York's position as a prime enables us to monetize the entire space vertical from launch to mission operations, from spacecraft to payloads, and from edge computing to data transfer.

York was founded in 2012 by our CEO, Dirk Wallinger, to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost. We believe that York's proven production and delivery capabilities place it among a very limited number of companies who have the capability to deliver the required solutions for the Golden Dome based on its current timeline. We provide our customers with the ability to quickly and effectively field responsive space-based technologies. Our proprietary hardware, software and mission operations solutions are designed to address the United States' national security priorities: missile defense (crucial to the Golden Dome), counter-space capabilities, and space domain awareness.

<sup>1</sup> A primary contractor ("prime") that leads major defense programs and deals directly with the Department of Defense.

<sup>2</sup> A real-time, military tactical data link network used by the U.S. government and NATO.

------

##### [**Table of Contents**](#toc)
Increasing geopolitical tensions are driving near-peer adversaries to invest heavily in military space capabilities to gain advantage in orbit—the next domain in global conflict. In today's threat environment, rapidly deployable satellites are critical to providing denied benefit in space, maintaining space superiority and countering these emerging threats. This paradigm shift in global warfighting is driving significant growth in defense spending, with the global satellite market projected to grow by approximately $320 billion to over $600 billion from 2023 to 2032 at approximately an 8% Compound Annual Growth Rate ("CAGR"), up from approximately $280 billion in 2022 according to Allied Market Research. This growth is supported by the Golden Dome, the space intelligence community and the DoD's PWSA program. We have invested in our infrastructure and expanded our production capabilities with a goal of meeting this evolving threat while growing our backlog to approximately $642 million and 107 spacecraft as of September 30, 2025.

We believe we distinguish ourselves from other space mission primes by offering a fully integrated portfolio of proprietary spacecraft, software and services. Our versatile spacecraft are built on a modular platform, allowing us to move quickly from design and development to deployment to meet our customers' needs for their rapid response missions. In addition, we provide software throughout the space layer, bolstered by our 2023 acquisition of Emergent Space Technologies ("Emergent"), including flight control and edge computing, and we recently added more than 45 ground antennas in connection with our acquisition of ATLAS Space Operations (the "ATLAS Acquisition").

Our capabilities include a differentiated suite of spacecraft solutions with proven, common technologies. We offer the S-CLASS, LX-CLASS, and M-CLASS spacecraft, which are high-quality, low-cost satellite platforms that are proven and scalable to a wide array of space market needs. Our spacecraft are supported by proprietary satellite software enabling versatile integration of a variety of payloads for customers and supply chain commonalities across platforms. The various spacecraft classes are designed and engineered to address a broad cross section of the spacecraft market while maximizing payload accommodation. The LX-CLASS is double the mass of the S-CLASS and leverages the S-CLASS design, sharing more than 90% of its technology with the S-CLASS, to offer a specialized platform with enhanced capabilities. Similarly, the M-CLASS utilizes the previous satellite platform designs, sharing approximately 75% of its hardware and 95% of its software with the S-CLASS and LX-CLASS, while greatly enhancing scale and power for spacecraft mass up to 2,000 kg and 8kW+ peak power consumption. Our proven suite of platforms provide solutions from 100 to 2,000 kgs and enables us to serve a large total addressable market.

York's spacecraft architecture framework results in significant commonality across platforms and software, allowing for scalable solutions at lower cost. York's three different platforms share approximately 75% of the same hardware and 95% of the software leading to significant cost reductions throughout the value chain while maximizing product quality. This approach also reduces Non-Recurring Engineering ("NRE") cost associated with platform development while reducing failure risks inherent to a unique design. Key in-house hardware components include Command and Data Handling ("C&DH"), flight computers, Attitude Control Systems ("ACS"), Electrical Power Systems ("EPS") and production testing. These components complement our spacecraft production while our software-enabled services underpin autonomous, resilient operations and support key defense technologies.

While the standardized spacecraft architecture framework provides scalable building blocks for rapid constellation deployment, York's proprietary software supports key elements of operational success from mission planning to ongoing mission operations. Autonomous constellation planning and hands-off operations are essential for managing the increasing quantity of spacecraft deployed in orbit. Technologies include the Multi-Mission Operations Center ("M-MOC"), a secure, autonomous, command structure that manages multiple York spacecraft, and Bastion, York's mission-ready ground software solution, which allows operators to manage entire fleets from a single ground architecture across more than 45 antennas throughout the world. York hardware and software solutions are vertically integrated across the technology stack.

------

##### [**Table of Contents**](#toc)
Our model allows us to capture recurring revenue driven by ongoing satellite-based software and services as well as hardware replacement cycles. Once spacecraft are fielded, York provides continuous operational support, downlink antenna usage, and proprietary software solutions, including on-spacecraft upgrades during the full orbital lifespan. Contracts have historically provided a fixed cost for software maintenance with upgrade options available for purchase. The expected replacement cycle for the current portfolio of space vehicles is approximately five to six years. York's full lifecycle solution and ongoing operational support distinguishes York from its competitors, positioning us to act as prime for the replacement and potential expansion of competitors' aging constellations. As a result, we expect our recurring revenue to increase as the installed base of spacecraft in orbit grows, creating a highly visible revenue model, accelerating growth and increasing margins.

Our cutting-edge facilities and manufacturing footprint are purpose-built to support the rapid development and production of our spacecraft. Following the opening of our 60,000 square foot Potomac facility in August 2023, we have quadrupled production capability and believe we will be able to meet demand to manufacture and test over 1,000 satellites annually, supporting our position as a leader in rapid, high volume spacecraft delivery. with the ability to reliably deliver spacecraft faster and more affordably than traditional primes.

*York Architects the Entire Mission*![LOGO](g941199g72t70.jpg)

------

##### [**Table of Contents**](#toc)
**York's Key Highlights** 

York is the number one provider to DoD PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. We continue to differentiate from our competitors by winning on price, speed and capabilities.

We are the first and only company to demonstrate Link-16 connectivity from Space. This is a significant and critical milestone towards advancing the DoD's national security missile defense strategy. York was also the first to achieve LEO-to-LEO laser link between PWSA vendors and Space-to-Ground laser links with another vendor. We believe these two capabilities are critical for Golden Dome contracts and demonstrate York's strong position to win on that program.

Over the duration of the PWSA program, we have achieved an 83% win rate on contracts bid (when measured in terms of satellites awarded versus satellites available for award) and have captured 14% of the PWSA contract value awarded. We believe our track record is a testament to the differentiated value proposition that York offers. It illustrates the alignment between York's business model and the new paradigm of the U.S. government's mission needs and procurement processes. This historical win rate gives us confidence in our ability to capture share of our estimated $140 billion Total Addressable Market ("TAM").

**Our Mission Solutions** 

We offer mission solutions across several complementary product categories: Components, Subsystems, Spacecraft Platforms, Ground Operation, Global Downlink, and Software-Enabled Services. Common technologies, components, and engineering expertise are woven across our spacecraft platforms and the software stack that plans, flies, and operates them—creating a cohesive, vertically integrated ecosystem.

**Spacecraft Platforms:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our S-CLASS, LX-CLASS, and M-CLASS platforms are high-quality, low-cost, versatile spacecraft designed to scale across diverse mission needs: |  |
| **S-CLASS:** A low-cost, payload-capable platform with extensive on-orbit heritage, tailored for rapid fielding and flexible use cases. The S-CLASS is designed for a total mass of 85-200 kgs with a 2 kW peak power system capability. | ![LOGO](g941199g63u34.jpg) <br>|
| **LX-CLASS:** Capable of up to 500 kgs total spacecraft mass and flight proven 21 times, the LX-CLASS supports heavier, more complex payloads and aligns with next-generation transport layer architectures. The LX-CLASS is baselined with a 1.5kW peak power system and can be configured for increased performance depending on mission requirements. | ![LOGO](g941199g40j10.jpg) |
| **M-CLASS:** Our largest, most powerful spacecraft, designed for a total mass of up to approximately 2,000 kgs and 8kW peak power system. Optimized for high-demand Earth observation and communications missions, the M-CLASS is engineered to deliver best-in-class capabilities at roughly half the cost. | ![LOGO](g941199g84b24.jpg) |

---

------

##### [**Table of Contents**](#toc)
**Critical Components** 

Our in-house critical components are designed to deliver mission assurance, production scalability, and high performance for processing, responsive tasking, and resilient constellation operations. The primary flight computer is a rugged, radiation-tolerant unit that acts as the mission manager within a distributed computing architecture. Complementing the primary flight computer, the secondary flight computer augments capability with high-accuracy timing and time distribution, memory management, radiation environment monitoring, and high-fidelity analog-to-digital acquisition.

Our three-axis stabilized attitude control subsystem delivers tight pointing accuracy and low jitter suitable for next-generation military and commercial payloads. The power conditioning and distribution unit employs a modular architecture that scales to mission needs, providing regulated rails, battery charge management, protection features, flexible interface tailoring, and telemetry-rich monitoring that support graceful degradation, load shedding, and platform stability across dynamic load and eclipse scenarios.

Finally, our Special Test Equipment ("STE")—comprising custom electrical ground support equipment, harness and printed circuit board ("PCB") fixtures, boundary scan, hardware-in-the-loop simulation, and automated functional test—reduces cycle time and increases test coverage, boosting first-pass yield and accelerating delivery.

**Software-Enabled Services** 

Our proprietary software suites, both in orbit on the spacecraft and on the ground in our operation centers, integrates mission planning, ground operations, and autonomous flight control to deliver resilient, low-touch operations across single satellites and large constellations. Designed for rapid re-tasking and high availability, the stack streamlines end-to-end workflows reducing operator workload while increasing tempo and reliability for civil, commercial, and defense missions. Integrated coupling between flight and ground software enables closed- loop automation, deterministic behaviors under off-nominal conditions, and secure, auditable operations suitable for contested environments and rigorous mission assurance. Our satellite software allows our constellations to operate fully autonomously for days, weeks, and months—implementing continuous telemetry checks, system monitoring, tasking execution, constellation management, and safety protection monitoring all while adapting to a constantly changing, challenging environment. These robust operating capabilities make our satellite constellations more like autonomous vehicles operating independently to accomplish the goals of our customers.

Our ownership of the flight software on the satellite, the ground software operating the mission planning, and software coordinating our more than 45 ground antennas globally creates a robust global network of communication and collection nodes. This global network enables the ability to self-heal from failures and reroutes communication channels across in-orbit constellations and global ground stations. York's proprietary software and combined ecosystem ownership connect in-orbit edge processing with ground-based cloud computing enabling best-in-class autonomous operation.

For defense users, our environment supports integrated military exercise capabilities, including scenario injection, time-tagged playback, and secure role-based controls, enabling realistic training and rehearsal without disrupting live operations.

For attitude control and flight software, we provide flight-proven subsystem management alongside precision pointing, navigation, and control algorithms tailored to demanding imaging and communications payloads. Our systems incorporate built-in safeguards and automated recovery protocols that are designed to quickly identify issues, isolate faults, and reconfigure operations. This architecture enhances continuity of service, shortens average recovery time, and supports resilient spacecraft capabilities in dynamic or contested space environments.

------

##### [**Table of Contents**](#toc)
**Our Industry and Addressable Markets** 

York's business operates in the development, production, deployment, operation, and data downlink for spacecraft used for national security and commercial operations within the broader space economy. To maintain space superiority and ensure national security from space, the DoD has focused on the following priorities: missile defense and the Golden Dome, counter-space capabilities, communications, and space domain awareness. We are the prime provider of assured, reliant, low-latency military data and connectivity to the warfighter and are positioned to provide global warning, tracking and targeting of advanced missile threats, including hypersonic missile systems used by our near-peer adversaries.

We believe our main sources of competition are companies providing spacecraft solutions that enable on-orbit and in-space services as a prime contractor. According to McKinsey's Space report from 2024, the global space economy is projected to reach $1.8 trillion in value by 2035 driven by accelerating national security and commercial demand. National security and advancements in space-based technologies are core focuses of the U.S. government on a bi-partisan basis and closely align with the key messages from the current administration regarding space. Given the critical role of space across the defense, national security, and commercial sectors, customers seek out trusted providers with proven, flexible, and responsive capabilities to deliver critical missions. As a provider of a vertically integrated, full technology stack of solutions, we are poised to grow in this attractive market.

We believe our TAM will be approximately $140 billion by 2028.<sup>3</sup> Our solutions also address critical space needs in applications, including in-space operations, data communications, and threat security capabilities. Our expanding complementary products and services in the defense and space market enable us to capture additional verticals within this ecosystem going forward, which is expected to reach $9 billion in value by 2030 according to Research and Markets. Space Force has been exploring dynamic space operations, which involves allowing satellites to move freely in and out of orbit. Given the ongoing global race to win in "satellite dogfighting," Space Force is increasingly focused on ensuring space superiority by defending satellites with on-orbit solutions. As near peer threats rise in space and the U.S. government examines proactive orbital deterrence systems, we expect our spacecraft solution will become an essential part of the U.S. and allied nations' security posture and for our TAM to expand accordingly.

**Challenges** 

Our industry is subject to a range of significant challenges and risks that can materially affect our business, financial condition, and results of operations. Substantially all of our revenue is generated from defense markets, with primary contracts concentrated among various governmental entities. This reliance makes us particularly sensitive to changes in government budgets and spending trends, which can directly impact our performance. In addition, the increasing technological complexity of our business and the solutions we offer presents ongoing management challenges. We have a history of net losses, and there is no guarantee that we will achieve or maintain profitability in the future. To support our growth, we may pursue acquisitions or investment opportunities to complement or expand our existing business. However, such initiatives can be costly, time-consuming, and difficult to successfully complete or integrate with our current operations. Our business is also exposed to broader economic and geopolitical uncertainties, including market disruptions, supply chain challenges, high interest rates, and inflationary pressures. These factors have contributed to an inflationary environment that has adversely affected, and may continue to adversely affect, the price and availability of products and services essential to our operations. Furthermore, the global trade environment is uncertain and rapidly evolving. The imposition of tariffs by the U.S. or retaliatory measures by other countries could escalate into a trade war, with the potential to negatively impact our business depending on the timing, duration, and magnitude of such actions.

<sup>3</sup> Our TAM represents the sum of budgeted programs where we actively compete, combined with an estimate of future budget allocations we believe we are well positioned to capture.

------

##### [**Table of Contents**](#toc)
Any number of these challenges, and others, could have a negative impact on our business, financial condition, and results of operations. For a discussion of the challenges, risks, and limitations that could harm our prospects, see "Special Note Regarding Forward-Looking Statements," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

**Indebtedness** 

We have a substantial amount of indebtedness and may incur additional indebtedness in the future. As of September 30, 2025, our total indebtedness, excluding capitalized debt issuance costs, consisted of $200.0 million under our Original Term Loan Facility (as defined herein). On October 22, 2022, we entered into a credit agreement, which was amended on June 15, 2023, providing total term loan commitments in an aggregate principal amount of $200.0 million (our "Original Term Loan Facility"). In addition, in November 2025, we entered into a new credit agreement, which was amended on November 21, 2025 (as amended, the "Credit Agreement") to refinance our Original Term Loan Facility for total term loan commitments in an aggregate principal amount of $150.0 million (the "Term Loan Facility") and total revolving loan commitments in an aggregate principal amount of $150.0 million (the "Revolving Facility"). We used borrowings under the Term Loan Facility and cash on-hand to repay in full the Original Term Loan Facility (the entry into the Credit Agreement and the repayment of the Original Term Loan Facility, collectively, the "Credit Agreement Transactions"). As of September 30, 2025, after giving effect to the Credit Agreement Transactions, we would have had $150.0 million of term loans outstanding under the Term Loan Facility and no outstanding borrowings under the Revolving Facility; in addition, $150.0 million would have been available for borrowing under the Revolving Facility (after giving effect to outstanding letters of credit). All obligations under the Term Loan Facility and the Revolving Facility are guaranteed by certain of our subsidiaries and are secured by substantially all of our assets.

We have historically relied on a substantial amount of debt to finance our operations and investments and may continue to be reliant on such financing in the future. For a discussion of the risks associated with our indebtedness, see "Risk Factors—Risks Related to Our Indebtedness—Our substantial indebtedness could materially adversely affect our financial condition."

**Competitive Strengths** 

*Purpose-built to address the most important challenges in national security space and well positioned to capitalize on Golden Dome* 

We control all the critical steps in the spacecraft lifecycle, including: design; assembly, integration, and test ("AIT"); automated test; launch coordination; on-orbit mission operations; and ground stations planning and downlink—all supported by digital work instructions, hardware-in-the-loop verification, and takt-time scheduling. This footprint, coupled with qualified dual-source supply for radiation-tolerant components, allows for learning-curve cost reductions and predictable schedules at volume. The combination of manufacturing scale, standardized qualification evidence, and integrated ground operations is difficult to replicate and shortens Authorization to Operate cycles for government programs.

Our disciplined manufacturing playbook combines high-volume production techniques and software automation to drive predictable quality and shorter cycle times at one of the lowest costs-per-satellite when compared to competitor bids on PWSA contracts. We expect this price advantage to grow as our satellite production scales to meet the demand of our defense, government, and commercial clients.

We expect that accelerating government prioritization of resilient space architectures and responsive launch through programs such as the Golden Dome, combined with falling component costs and maturing standardized

------

##### [**Table of Contents**](#toc)
subsystems, will create sustained demand for years to come. York's spacecraft platforms, rapid manufacturing, and software-driven operations align directly with these trends, enabling faster deployment cycles and lower delivered cost per mission.

The Golden Dome presents a significant opportunity with a projected near-term budget of approximately $27 billion and approximately $175 billion total spend allocated to missile warning and tracking, secure low latency data relay, geolocation and targeting, data links to tactical platforms, sensor custody, missile orchestration, and multi-layer defense. We believe York is well positioned to serve Golden Dome given the satellite function overlap with the PWSA program. These satellite-based services offer an additional high margin, recurring revenue stream and multiple opportunities to expand, allowing government customers to reduce acquisition timelines and costs. Extensive budgetary resources are already obligated to fund Golden Dome with significant capital infusions expected in the future.

We have submitted a proposal and were awarded a contract under the Missile Defense Agency's SHIELD Multiple Award Indefinite Delivery Indefinite Quantity ("IDIQ") Contract with a ceiling of $151 billion. The IDIQ Contract encompasses a broad range of work areas that allows for the rapid delivery of innovative capabilities to the warfighter with increased speed and agility. We understand that those selected for a position on the IDIQ will now have an opportunity to compete for task orders.

With governments and private enterprises racing to secure their role in the new space era, York offers a proven, differentiated model that combines innovation with execution. We believe our ability to deliver reliable satellites at scale not only addresses today's market but also positions us to be a long-term leader as new commercial applications, from broadband to autonomous systems, drive growing demand for space infrastructure.

*A leading pure-play, space-mission prime providing critical solutions at low cost across the entire value chain and through the full mission lifecycle* 

We are a mission prime focused on delivering end-to-end solutions—from platform design and payload integration to launch, on-orbit commissioning, and sustained operations. This pure-play focus supports mission assurance and accountability while streamlining processes throughout the mission lifecycle. Standardized avionics, flight software, ground systems, and mission operations support predictable performance across mission classes, while configuration-controlled interfaces permit tailored payloads without re-architecting the spacecraft platform. This full-stack capability can reduce NRE, shorten schedule, and reduce execution risk for government and commercial customers.

Our software evolves as missions change, constantly integrating advanced autonomous functionality and computer processing to maximize capabilities. Software upgrades are continuously "pushed" to our in-orbit spacecraft to continue to upgrade security, implement advanced safety controls, and ever increasingly imbed autonomy. The three software development groups—Flight Software, Ground Software, and Mission Planning—regularly plan, schedule and deploy software updates to ensure we provide superior performance through the full mission lifecycle.

Further differentiating our products, our spacecraft platform development efforts are market driven and align with rocket payload volume. The M-CLASS platform is designed to maximize existing and future launch capacity. We are currently capable of placing 25 M-CLASS platforms in a SpaceX Falcon 9 and several other close-to-market rockets, and we expect to be able to place 120 units in a SpaceX Starship. This packing factor is meant to maximize payload volume and enable York to continue to offer its attractive solutions at lower cost compared to our competitors and offer best in market capabilities for at least the next four to five years. York will continue to monitor new rocket developments, matched with customer demand signals, to evaluate any potential new platform development efforts needed to meet those demands.

------

##### [**Table of Contents**](#toc)
York has changed the economics of space with a suite of innovative technologies that dramatically lower costs while accelerating time to orbit. At the heart of York's model is our modular satellite spacecraft architecture—engineered for scalability, rapid production, and mission flexibility across commercial, civil, and defense applications. By combining proprietary designs with a streamlined manufacturing process, York delivers high-performance satellites faster and more cost-effectively than traditional and emerging aerospace players.

What truly sets York apart is its world-class technical expertise and proven execution. Backed by an experienced team of aerospace engineers and mission specialists, York manages the full lifecycle—from design and manufacturing to launch integration and on-orbit operations—with precision and reliability. The combination of proprietary innovation, technical mastery, and operational excellence creates differentiation, which we expect to enable York to scale rapidly in the space industry.

*Vertically integrated, cost-effective, rapid manufacturing model delivering value at scale with a comprehensive IP set and proprietary software* 

York's vertical integration, spanning spacecraft platforms, avionics, power and data handling, automated test, and integrated flight and ground software, drives a repeatable production system with learning-curve cost reductions. Our modular, backward-compatible design approach allows us to maximize common components and streamline production, increasing efficiency and scalability. At the same time, our advanced digital processes and disciplined production management are designed to reduce cycle times, minimize work, and ensure consistent delivery performance. Proprietary operations software and federated ground integrations lower operating costs per satellite and scale fleet management efficiently. The result is lower cost per unit, faster design-to-orbit timelines, and durable margin advantages as volumes rise.

We are pioneering scaled, modular space and defense technology solutions that redefine how missions are designed, deployed, and sustained. At the core of our offering is a satellite architecture built for flexibility and scaled production, allowing customers to configure platforms for a wide range of mission sets, from commercial communications and Earth observation to national security and defense applications. This modular approach is designed to not only accelerate deployment timelines but also drive significant cost efficiencies.

These efficiencies are reinforced by a spacecraft platform family approach that shares technology and suppliers across S-CLASS, LX-CLASS, and M-CLASS platforms, reducing qualification churn and long-lead risk. By coupling scaled production with flight-proven autonomy, mission planning, and collision-avoidance capabilities, York can field spacecraft rapidly for defense and commercial constellations without sacrificing reliability. The software-enabled stack supports hands-off operations and responsive tasking, which further compresses total lifecycle cost and improves asset utilization. This combined hardware-software strategy positions York to meet proliferated LEO and Geostationary Earth Orbit ("GEO") demand with predictable delivery, scalable manufacturing, and competitive total cost of ownership.

*Deeply entrenched with key U.S. government customers with demonstrated ability to win contracts* 

York aligns our spacecraft platform baselines and accreditation artifacts to prevailing U.S. government requirement sets, enabling faster Risk Management Framework progression and quicker Authorizations to Operate, which translate into accelerated fielding and responsive tasking. This rigor, combined with pre-engineered cybersecurity and configuration-controlled software releases, underpins wins across space domain awareness, tactical Intelligence, Surveillance and Reconnaissance ("ISR"), and resilient communications where schedule assurance and operational autonomy are decisive. Our use of common avionics, power, and data handling across spacecraft classes reduces qualification churn and simplifies mission assurance, while pre-certified payload interfaces shorten integration timelines and reduce NRE. Together, these elements increase proposal credibility on schedule, cost, and technical readiness—key determining factors in competitive acquisitions.

------

##### [**Table of Contents**](#toc)
Our advantages extend beyond cost to include capacity production, a mature and resilient supply chain, two classified M-MOCs and critical system ownership, and demonstrated on-orbit performance success. York has proven the capability for highly efficient manufacturing by delivering the Tranche 0 ("T0") satellite constellation before competitors in 2022, then delivering Dragoon mission in seven months followed by the Bard mission one month later and finally 21 satellites launched for the Tranche 1 ("T1") constellation before the other prime contractors. This production cadence exhibits a mature and robust supply chain and production delivery rhythm. With a mature production advantage, York intends to continue to improve supplier quality, automate production and testing, and eliminate NRE to lower costs and maintain a strategic advantage. Unlike competitors, York has two classified M-MOCs operating constellations today, giving York a significant capabilities advantage.

York's multi-vehicle awards, Indefinite Delivery, Indefinite Quantity ("IDIQ") positions, and commercial contracts signal trust in predictable execution and lifecycle cost advantages. A cultivated partner ecosystem enables bids that combine flight-proven hardware with software-enabled autonomy, mission planning, and collision-avoidance to compress delivery and commissioning milestones. Federated ground integrations and hands-off operations lower per-satellite operating costs and scale efficiently as constellations grow, enhancing asset utilization and mission responsiveness. The net effect is higher win rates, faster contract-to-orbit velocity, and improved unit economics as volumes rise, supporting York's positioning for proliferated LEO demand and defense transport-layer architectures.

![LOGO](g941199g88z53.jpg)

We have demonstrated repeat wins through multi-vehicle awards, options, and frameworks that value mission assurance, cost transparency, and delivery velocity. Our performance history across PWSA Tranches 0, 1, and 2 as well as our successful launches with the SDA and NASA translate to strong references, faster award cycles, and growing share across defense, civil, and commercial segments. For example, our space vehicles have participated in multiple military exercises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Space Defense Agency</u>: We were a prime awardee on SDA contracts across Tranches 0, 1 and 2 with an
incumbent position leading into Tranches 3 and 4. We have provided the most satellites to PWSA at roughly half the cost of competitors, positioning us exceptionally well to continue to receive a large share of PWSA awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Golden Dome</u>: To maintain space superiority and ensure national security from space, the U.S. Space Force
has a projected near-term budget of approximately $27 billion and approximately $175 billion total spend to fund the Golden Dome project. We believe our core capabilities and proven on-orbit capabilities make us a leading candidate to win and expand contracts in this strategically vital project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intelligence Community ("IC")</u>: As evidenced by recent legislation dictating increased
competition in traditionally sole source award areas like the IC, Congress desires a low-cost provider for missions where we provide the best value and lowest cost demonstrated capability. We believe we are
positioned well to capture a significant portion of the addressable market being one of the only proven proliferated spacecraft primes with on-orbit DoD success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>NASA</u>: York developed and successfully coordinated the launch of BARD, a commercial satellite mission
developed with NASA and Johns Hopkins Applied Physics Laboratory. Looking forward, we see significant opportunity to expand this relationship as NASA advances its priorities in earth science and commercial partnerships for sustained space
operations.

------

##### [**Table of Contents**](#toc)
*Recurring revenue with identified opportunities and backlog which we believe positions us well for future growth* 

York is expanding into higher-margin, recurring services such as operations-as-a-service, software licensing, software annual support contracts, managed ground, and secure data delivery, leveraging our unified platform. Recent inorganic growth initiatives, such as the 2023 acquisition of Emergent and recent ATLAS Acquisition, add a software-led, single-Application-Program-Interface ("API") ground layer to improve resilience and accelerate delivery. The goal of this shift in our mix of revenue, along with disciplined supply-chain management and target-cost design, is to support sustained growth and improve return on invested capital, while prudent backlog risk-weighting preserves forecast quality. York's demonstrated competitiveness in proliferated LEO / GEO programs and integrated space-to-ground delivery strengthens our business and we believe will allow us to continue to win as large contracts come to market, positioning us to translate identified demand into booked backlog and profitable revenue at scale.

We are strategically expanding from a supplier of physical satellites to a software-driven solutions provider. While our scalable, modular hardware remains best-in-class, our long-term value creation increasingly comes from delivering advanced software capabilities—ranging from constellation management and mission operations to secure communications and data downlink services. These offerings extend the life and utility of our deployed platforms, embed us deeper into DoD workflows, and differentiate us well beyond the satellite platform itself.

This evolution helps us capture higher-margin opportunities while strengthening our role as the DoD's trusted mission partner. By pairing proven hardware with software-enabled services, we deliver end-to-end solutions that improve resilience, reduce mission risk, and generate sustained value throughout the program lifecycle.

*Founder-led management team instilling a culture of innovation, execution, and efficiency* 

York's leadership blends deep flight heritage with high-volume manufacturing and software automation knowledge. Led by a strong founder and CEO, Dirk Wallinger, and a bench with deep technical expertise, the team has a history of innovation that pairs mission assurance with design-to-cost discipline. Our team has a track record of translating proven flight practices into repeatable, scalable production.

We employ a technically skilled, sizeable, and diversified workforce of more than 670 dedicated employees, with approximately 341 holding security clearances and approximately 57 more in progress as of September 30, 2025. Since 2021, our headcount has increased by 350% to meet expected future demand and scale operations and manufacturing. As of September 30, 2025, over 50% of our employees were engineers across 10 different engineering disciplines, focused on developing, refining, and manufacturing our products and solutions with the same quality and efficiency that we have established ourselves as providing.

**Growth Strategy** 

*Continue to Exercise Demonstrated Ability to Win* 

Our growth strategy is anchored in strengthening and expanding our ability to win future contracts across defense space programs. We have a proven track record of cost-effective, on-time delivery under the PWSA, a vertically integrated production model that enables security and scale, and proprietary technology that differentiates us from competitors. By continually investing in modular designs, software-enabled solutions, and production capacity, we reinforce the attributes the DoD values most: speed, resilience, affordability, and mission assurance. These competitive advantages create a clear path for us to continue to win contracts as demand for proliferated, low-cost constellations and integrated software platforms accelerate.

Looking forward, we are deliberately strengthening our partnerships within the defense ecosystem to sustain our growth. This includes expanding our role from hardware supplier to full-spectrum solution provider,

------

##### [**Table of Contents**](#toc)
embedding our software offerings into mission operations, and pursuing adjacent opportunities in missile defense, sensing, and secure communications. By aligning our capabilities with long-term DoD priorities and demonstrating continued execution, we are positioned to win the next generation of contracts.

*Spacecraft platform baselines and scalable common technologies reduce schedule and technical risk and drive sustainable growth and margin expansion* 

We are leveraging spacecraft platform baselines and scalable common technologies to reduce schedule risk, lower technical complexity, and ensure repeatable success. By designing around a proven, modular architecture, we can deliver satellites and supporting solutions on compressed timelines with predictable performance. This approach not only strengthens our customers' confidence in our ability to execute but also creates cost advantages that enhance our competitiveness in large-scale government programs.

This disciplined technology strategy also drives sustainable growth and margin expansion. Common platforms allow us to scale production efficiently, spread R&D investment across multiple programs, and transition more seamlessly into software-enabled solutions that extend the value of our hardware. The result is a business model that is designed to combine reliable delivery with higher-margin, recurring revenue streams. By pairing standardization with scalability, we are building a foundation intended to support durable growth that positions us to capture an increasing share of defense spending while improving profitability.

*Continued Accretive M&A Complementary to Our Existing Offerings* 

York has a proven history of using mergers and acquisitions to strengthen capabilities, expand market presence, and accelerate growth—most recently demonstrated by the ATLAS Acquisition in August 2025 and Emergent in 2023. The addition of Emergent brought deep expertise in mission design, flight dynamics, and software engineering, enhancing our ability to deliver sophisticated, end-to-end mission solutions for the DoD and NASA. More recently, the ATLAS Acquisition adds a leading ground-station platform with software-defined network capability to York's portfolio, further integrating space-to-ground connectivity into end-to-end solutions. By combining York's scalable, modular spacecraft with ATLAS's proven ground infrastructure and cloud-based control systems, York expects to be able to deliver a more seamless, reliant, and secure offering that directly aligns with the DoD's demand for integrated space architectures.

Looking ahead, we will continue to pursue strategic M&A to expand our software and services footprint, deepen vertical integration, and accelerate entry into adjacent mission areas such as sensing, missile defense, and secure communications. The acquisitions of Emergent and ATLAS are emblematic of our strategy: targeting companies that not only enhance our technical capabilities but also embed us more deeply into our customers' mission workflows.

We plan to expand our current product range through a deliberate mix of organic and inorganic growth that targets high-margin, scalable services closely aligned with our integrated platform. Organically, we intend to deepen software-defined operations, mission planning, and data delivery services that leverage our standardized S-CLASS, LX-CLASS, and M-CLASS architectures and unified flight/ground stack to reduce cost-to-serve and increase recurring revenue density per spacecraft. Inorganically, accretive transactions like the ATLAS Acquisition are expected to allow us to add differentiated, software-led ground and operations capabilities that improve win probability, shorten deployment timelines, and enhance space-to-ground resilience across programs. Together, this approach is designed to expand profitable business lines such as managed ground services, operations-as-a-service, and secure data delivery, while compounding scale benefits in procurement, accreditation, and tooling.

------

##### [**Table of Contents**](#toc)
**Recent Developments** 

***Preliminary Unaudited Estimated Financial Results for the Year Ended December 31, 2025***

We are in the process of finalizing our results as of and for the year ended December 31, 2025. We have presented below ranges of certain unaudited preliminary results and estimates of selected key business metrics for the year ended December 31, 2025, as well as the comparative period for the year ended December 31, 2024. The following information reflects our preliminary estimates with respect to such data based on currently available information and does not present all necessary information for an understanding of our financial condition for the year ended December 31, 2025. These estimated metrics should not be viewed as a substitute for our financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") included in this prospectus.

We have prepared and provided ranges, rather than specific amounts, for the information below, primarily because our financial closing and analysis procedures are not yet completed. This financial information has been prepared by, and is the responsibility of, our management and is subject to revisions based on our procedures and controls associated with our financial reporting process. Accordingly, undue reliance should not be placed on these preliminary estimates. Our independent registered public accounting firm, Grant Thornton LLP, has not audited, reviewed, or performed any procedures with respect to our preliminary results or the accounting treatment thereof and does not express an opinion or any other form of assurance with respect thereto. Our actual consolidated financial statements as of and for the year ended December 31, 2025, and December 31, 2024, are not expected to be filed with the U.S. Securities and Exchange Commission (the "SEC") until after the completion of this offering.

While we believe that such information and estimates are based on reasonable assumptions and management's reasonable judgment, our actual results may vary. Factors that could cause the actual results to differ include (but are not limited to) the discovery of new information that affects accounting estimates and management's judgments, or impacts valuation methodologies underlying these estimated results; the completion of our auditors' procedures for the audit of our consolidated financial statements; and a variety of business, economic, and competitive risks and uncertainties, many of which are not within our control, and we undertake no obligation to update this information, unless required by law. Further, our preliminary estimates below are not necessarily indicative of the metrics to be expected for any future period as a result of various factors, including, but not limited to, those discussed in "Risk Factors" and "Special Note Regarding Forward-Looking Statements." This information should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes included elsewhere in this prospectus.

Adjusted EBITDA is a non-GAAP (as defined below) supplemental financial measure. For further information about the limitations to the use of the non-GAAP financial measures presented in this prospectus, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures." The following tables provide detail on our preliminary unaudited estimated financial results

------

##### [**Table of Contents**](#toc)
for the year ended December 31, 2025 and our actual financial results for the year ended December 31, 2024, and reconcile Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025<br>(Estimated)** | **2025<br>(Estimated)** | **2024**<br>**(Actual)** |
|  | **High** | **Low** |  |
|  *($ in thousands)* |  |  |  |
|  **U.S. GAAP Financial Measures:** |  |  |  |
|  Revenue | $387800 | $384100 | $253531 |
|  Net loss | $(83200) | $(90100) | $(98911) |
|  **Non-GAAP Financial Measures:**  |  |  |  |
|  Adjusted EBITDA<sup>(1)</sup> | $(7800) | (9400) | $(43137) |

---

(1) See "Management's Discussion and Analysis of Financial Condition and Results of Operations"
for the definition of Adjusted EBITDA.

**Reconciliation of net loss to Adjusted EBITDA** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2025**<br>**(Estimated)** | **2025**<br>**(Estimated)** | **2024<br>(Actual)** |
|  | **High** | **Low** |  |
|  *($ in thousands)* |  |  |  |
|  Net loss | $(83200) | $(90100) | $(98911) |
|  Interest expense | 26300 | 26800 | 29923 |
|  Interest income | (2900) | (3100) | (1201) |
|  Income tax benefit | (11000) | (8000) | (25377) |
|  Depreciation and amortization | 49600 | 51000 | 48072 |
|  EBITDA (non-GAAP) | $(21200) | $(23400) | $(47494) |
|  Changes in the fair value of derivatives | (1000) | (900) | 3885 |
|  Loss on loan extinguishment | 2100 | 2300 |  |
|  Transaction costs<sup>(1)</sup> | 8100 | 8200 |  |
|  One-time costs related to IPO<sup>(2)</sup> | 4200 | 4400 |  |
|  Other<sup>(3)</sup> |  |  | 472 |
|  Adjusted EBITDA (non-GAAP) | $(7800) | $(9400) | $(43137) |

---

(1) Represents costs for legal, advisory fees and other costs incurred in connection with the August 2025 ATLAS
Acquisition. Refer to Note 4 – Acquisitions of the accompanying notes to the unaudited condensed financial statements included elsewhere in this prospectus for additional information.

(2) Represents costs incurred related to this offering that do not meet the direct and incremental deferral
criteria to be charged against the gross proceeds of the transaction but are not expected to recur in the future.

(3) Other includes loss on foreign exchange and one-time non-cash expense.

***Potential Acquisition***

From time to time we consider acquisition and investment opportunities that we believe will strengthen our business. Although we are not party to any definitive agreements at this time, we are actively exploring the acquisition of one of our suppliers which we believe would be complementary to our business and have entered

------

##### [**Table of Contents**](#toc)
into a letter of intent with respect to this proposed acquisition. The letter of intent is nonbinding except with respect to certain confidentiality, exclusivity and expense provisions. If the proposed acquisition is consummated, we expect to pay aggregate consideration consisting of $120.0 million (on a cash-free, debt-free basis) in Company common stock to acquire the business. We believe that the acquisition, if consummated, could close shortly after the completion of this offering. We are in the process of conducting due diligence and negotiating definitive documentation relating to the proposed acquisition, and there can be no assurance that we will be able to consummate the transaction on the terms described in this prospectus, or at all. The method of valuing the shares of common stock to be issued as consideration in the proposed acquisition is subject to ongoing discussion among the parties. The issuance of common stock in connection with the proposed acquisition could result in dilution to existing stockholders, including investors in this offering. See "Risk Factors—Risks Related to Our Business—We may experience difficulties or disruptions in consummating future acquisitions and integrating the operations of acquired companies into our business, or entering into any partnerships or joint ventures, and in realizing the expected benefits of these transactions.

------

##### [**Table of Contents**](#toc)
**Risk Factors Summary** 

Investing in our common stock involves risks, which are discussed more fully under "Risk Factors." You should carefully consider all the information in this prospectus, including under "Risk Factors," before making an investment decision. Some of the most significant risks we face are the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience cost overruns on our contracts, including before final receipt of a contract, which would
require us to absorb the excess costs and potentially reduce our cash flow and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concentration of our customers and backlog, in particular our largest customer, the SDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to implement and maintain an effective system of internal control over financial reporting, and as a
result may not be able to accurately determine or disclose our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating results may fluctuate significantly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant competition in the global space and satellite market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to manage our growth effectively and our ability to achieve and maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure of our spacecraft systems and related software to operate as intended, resulting in warranty claims
for product failures, schedule delays or other problems with existing or new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our revenue, results of operations and reputation may be negatively impacted if our products contain defects or
fail to operate in the expected manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to establish and maintain important relationships with government agencies and prime contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future revenue and operating results are dependent on our ability to generate a sustainable order rate for
our products and services, and develop new technologies to meet the needs of our customers or potential new customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contracts with the U.S. government may be terminated by the U.S. government at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are dependent on our current CEO and other members of management, as well as our highly trained employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on contracts entered into in the ordinary course of business and our dependence on major customers
and vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scarcity or unavailability of critical components used to manufacture our products or used in our development
programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market for spacecraft platforms and satellite software is still emerging and shifting, and the market may not
achieve the growth potential we expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertain global macro-economic and political conditions, including the implementation of tariffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure of our information technology systems, physical or electronic security protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity stemming from any incident involving us, our competitors, or our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to adequately protect our proprietary intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to comply with any of our contracts or meet eligibility requirements to obtain certain government
contracts;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on investor insight into portions of our business due to our classified contracts with the U.S.
government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential inability to realize our backlog;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is subject to a wide variety of extensive and evolving government laws and regulations and
contracting in the defense industry is subject to significant regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are subject to complex tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have substantial indebtedness, and we may not be able to generate sufficient cash to service all of such
indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of our common stock may be volatile or may decline steeply or suddenly regardless of our
operating performance and you may not be able to resell your shares at or above the initial public offering price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will incur increased costs and devote substantial management time as a result of operating as a public
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AE Industrial Partners controls us, and its interests may conflict with ours or yours in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions in our certificate of incorporation and bylaws, each of which will be in effect upon the completion of
this offering, could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for and
intend to rely on exemptions from certain corporate governance requirements.

These and other risks are more fully described in the section entitled "Risk Factors" in this prospectus. If any of these risks actually occurs, our business, financial condition, results of operations, cash flows, and prospects could be materially and adversely affected. As a result, you could lose all or part of your investment in our common stock.

**Implications of Being an Emerging Growth Company** 

We qualify as an "emerging growth company" as defined in the JOBS Act. We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year following the fifth anniversary of the completion of this offering, (2) the last day of the fiscal year in which we have total annual gross revenue of at least $1.235 billion, (3) the date on which we are deemed to be a large accelerated filer (which, in addition to certain other criteria, means the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the end of the second quarter of that fiscal year), or (4) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

An emerging growth company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the independent registered public accounting firm attestation requirements of
Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• only being required to present two years of audited financial statements, plus unaudited condensed financial
statements for any interim period, and related management's discussion and analysis of financial condition and results of operations in this prospectus;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements, and
registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder
approval of any golden parachute payments not previously approved.

We have elected to take advantage of certain of the reduced disclosure obligations regarding financial statements and executive compensation in this prospectus and expect to elect to take advantage of other reduced burdens in future filings. As a result, the information that we provide to our stockholders may be different than you might receive from other public reporting companies in which you hold equity interests.

Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We are electing to take advantage of this extended transition period for complying with new or revised accounting standards provided for by the JOBS Act. We will therefore comply with new or revised accounting standards when they apply to private companies. As a result, our financial statements may not be comparable with companies that comply with public company effective dates for accounting standards.

**Our Principal Stockholder** 

AE Industrial Partners made its initial investment in York Space Systems in 2022 and after giving effect to the Organizational Transactions described below, but before giving effect to this offering, AE Industrial Partners will be a 27.4% stakeholder in the Company.

After giving effect to this offering, assuming an offering size as set forth in "—The Offering" and an initial public offering price of $32.00 (the midpoint of the estimated price range set forth on the cover page of this prospectus), AE Industrial Partners will hold approximately 23.9% of our outstanding common stock (or approximately 23.5% of our outstanding common stock, if the underwriters' option to purchase additional shares from us is exercised in full). In addition, certain other stockholders of the Company (collectively, the "Voting Agreement Stockholders") will enter into voting arrangements with the Company, pursuant to which the Voting Agreement Stockholders will grant the Company the right to direct the voting of the shares of common stock held by the Voting Agreement Stockholders with respect to the election of the Company's directors. The Company will exercise its rights under the Voting Agreements for the benefit of AE Industrial Partners pursuant to the Director Nomination Agreement described elsewhere in this prospectus. As a result, upon the completion of this offering, we expect that AE Industrial Partners will control more than 50% of the total voting power of our common stock with respect to the election of our directors. See "Risk Factors—Risks Related to Our Organizational Structure—AE Industrial Partners has significant influence over us, and its interests may conflict with ours or yours in the future," "Certain Relationships and Related Party Transactions—Agreements with our Significant Stockholders—Director Nomination Agreement" and "Certain Relationships and Related Party Transactions—Agreements with our Significant Stockholders—Voting Agreements." Accordingly, we expect to be a "controlled company" as defined in the corporate governance rules of the NYSE and will be exempt from certain corporate governance requirements of such rules. As a result, AE Industrial Partners will have significant power to control our affairs and policies and influence the outcome of matters that require stockholder approval, including with respect to the election of directors, the adoption of amendments to our certificate of incorporation and bylaws and the approval of any merger or sale of substantially all of our assets. See "Management—Controlled Company Exemption." For a description of certain potential conflicts between our principal stockholder and our other stockholders, see "Risk Factors—Risks Related to Our Organizational Structure—We are a 'controlled company' within the meaning of the rules of the NYSE, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements." For a description of AE Industrial Partners' ownership interests in us and its rights with respect to such ownership interests, see "Certain Relationships and Related Party Transactions," "Principal Stockholders" and "Description of Capital Stock."

------

##### [**Table of Contents**](#toc)
AE Industrial Partners is a leading global alternative investment manager headquartered in Boca Raton, Florida. As of September 30, 2025, AE Industrial Partners' global platform had approximately $7.5 billion of assets under management with approximately 8,000 employees operating across North America, Europe, Asia Pacific and the Middle East.

**Organizational Structure** 

We currently operate as a Delaware limited liability company under the name Yellowstone Midco Holdings II, LLC ("Midco II"), which directly and indirectly holds all of the equity interests in our operating subsidiaries. Substantially concurrently with the effectiveness of the registration statement of which this prospectus forms a part, Midco II will convert into a Delaware corporation pursuant to a statutory conversion and will change its name to York Space Systems Inc. In this prospectus, we refer to all of the transactions related to our conversion into a corporation as the "Corporate Conversion." Following the Corporate Conversion, we will remain a holding company and will continue to conduct our business through our operating subsidiaries. See the section entitled "Corporate Conversion."

Prior to October 3, 2025, we operated through Yellowstone Midco Holdings, LLC ("Midco I"). On October 3, 2025, all of the outstanding equity of Midco I was contributed to Midco II in exchange for common units of Midco II. As a result, Midco I became a wholly owned subsidiary of Midco II effective as of October 3, 2025. We refer to the contribution of Midco I to Midco II as the "Common Control Reorganization." Immediately prior to the Common Control Reorganization, both Midco I and Midco II were wholly owned subsidiaries of Yellowstone Ultimate Holdings, LP, a limited partnership ("Holdings").

All of the outstanding common units of Midco II are currently held by Holdings, and controlled by investment funds managed by AE Industrial Partners. In addition, between October 3, 2025 and November 14, 2025, Midco II has issued Class P Units with an aggregate liquidation preference of approximately $241.0 million (the "Class P Unit Issuance"). As of January 16, 2026 the aggregate liquidation preference of the Class P Units, including accrued but unpaid yield, was approximately $241.7 million. In connection with the effectiveness of the registration statement of which the prospectus forms a part, all Class P Units of Midco II will automatically convert into a number of shares of our common stock equal to: (i) the aggregate liquidation preference of such Class P Units divided by (ii) the initial public offering price discounted by a discount of 20%. At the time of the Corporate Conversion, all outstanding common units of Midco II will convert into approximately 99,558,713 shares of our common stock.

Immediately following the Corporate Conversion, Holdings will distribute all common stock received upon conversion of the common units of Midco II to its limited partners and liquidate (the "Holdings Liquidation"). As a result of the Holdings Liquidation, all partners of Holdings, including investment funds managed by AE Industrial Partners, will become direct holders of our common stock. We refer to the Corporate Conversion, together with the Holdings Liquidation, as the "Organizational Transactions." Following the completion of the Organizational Transactions and prior to the closing of this offering, AE Industrial Partners will hold approximately 27.4% of York Space Systems Inc.'s outstanding common stock. York Space Systems Inc. will have several wholly owned direct and indirect subsidiaries that are legacies from the corporate structure that existed prior to this offering. See the section entitled "Corporate Conversion."

In connection with the Holdings Liquidation, Holdings' board of supervisors (the "Partnership Board") will approve distributions in respect of unvested Incentive Units of Holdings (the "Incentive Unit Distributions"). Certain shares of common stock distributed in respect of unvested Incentive Units will be subject to time vesting and the recipients of such shares will enter into restricted stock agreements with us in connection with the receipt of such shares. We expect to recognize approximately $135.9 million of compensation expense as a result of

------

##### [**Table of Contents**](#toc)
such distributions, based on an initial public offering price of $32.00, which is the midpoint of the estimated price range set forth on the cover of this prospectus. The exact number of shares distributed in the Incentive Unit Distributions are subject to future vesting, and the compensation expense recognized by us will vary based on the actual initial public offering price.

Prior to the consummation of this offering, Midco II intends to enter into a Tax Receivable Agreement (as defined herein) with the Class P Unitholders and the partners of Holdings (such shareholders and any transferee or successor being a "TRA Holder"), including investment funds managed by AE Industrial Partners and certain of our officers and directors, that will require us to make payments to the TRA Holders in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

**Corporate Information** 

Midco II was formed on September 4, 2025 to hold the business assets of York Space Systems. Our principal executive offices are located at 6060 S Willow Drive, Greenwood Village, CO 80111 and our telephone number is 720-537-2655. Our website address is www.yorkspacesystems.com. Information contained on, or that can be accessed through, our website is not part of and is not incorporated by reference into this prospectus, and you should not consider information on our website to be part of this prospectus.

------

##### [**Table of Contents**](#toc)
**The Offering** 

Common stock offered by us 16,000,000 shares.

Underwriters' option to purchase additional shares of common stock to cover over-allotments 2,400,000 shares.

Common stock to be outstanding after this offering 125,000,000 shares (or 127,400,000 shares if the underwriters exercise in full their option to purchase additional shares of common stock).

---

| | |
|:---|:---|
| Use of proceeds  | We estimate that we will receive net proceeds from this offering of approximately $473.6 million (or approximately $546.2 million if the underwriters exercise in full their option to purchase additional shares of common stock), based on an assumed initial public offering price of $32.00 per share, the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. |

---

The principal purposes of this offering are to increase financial flexibility, create a public market for our common stock and enable access to the public equity markets for us and our shareholders. We intend to use the net proceeds we receive from this offering for working capital to fund growth and other general corporate purposes, which may include building inventory and capital expenditures. We may also use a portion of the net proceeds to acquire or make investments in businesses, products, offerings, and technologies, although we do not have agreements or commitments for any material acquisitions or investments at this time. At this time, we have not specifically identified a large single use for which we intend to use the net proceeds and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us.

See "Use of Proceeds."

---

| | |
|:---|:---|
| Dividend policy  | We currently do not anticipate paying any cash dividends after this offering and for the foreseeable future. Any future determination relating to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including restrictions in our current and future debt instruments, our future earnings, capital requirements, financial condition, future prospects, and applicable Delaware law, which provides that dividends are only payable out of surplus or current net profits. See "Dividend Policy." |

---

Tax Receivable Agreement Prior to the consummation of this offering, we expect to enter into a Tax Receivable Agreement (as defined herein) with the TRA Holders

------

##### [**Table of Contents**](#toc)
that will require us to make payments to the TRA Holders in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." <br>

---

| | |
|:---|:---|
| Directed Share Program  | At our request, the underwriters have reserved up to 5% of the shares of common stock offered by this prospectus for sale, at the initial public offering price, to certain individuals associated with the Company and AE Industrial Partners. Except for reserved shares purchased by our executive officers and directors, these reserved shares of common stock will not be subject to the lock-up restrictions described elsewhere in this prospectus. The number of shares of common stock available for sale to the general public will be reduced to the extent these persons purchase such reserved shares of common stock. Any reserved shares of common stock that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares of common stock offered by this prospectus. See "Underwriting—Directed Share Program." |

---

Risk factors See "Risk Factors" and the other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our common stock.

---

| | |
|:---|:---|
| Controlled company  | Following this offering, assuming an offering size as set forth in this section, AE Industrial Partners will control, through share ownership and contractual arrangements, a majority of the voting power of our outstanding common stock with respect to the election of our directors, and as a result we will be a controlled company within the meaning of corporate governance standards. See "Risk Factors" and "Management—Controlled Company Exemption." |

---

Proposed symbol We have applied to list our common stock on the NYSE under the symbol "YSS."

The number of shares of common stock that will be outstanding following this offering is based on 109,000,000 shares of common stock outstanding as of January 16, 2026 (after giving effect to (i) the Common Control Reorganization and the Class P Unit Issuance, (ii) the Corporate Conversion, including the conversion of the Class P Units, and (iii) the Holdings Liquidation, including the Incentive Unit Distributions, in each case based on the assumptions described below). The number of shares of common stock that will be outstanding following this offering also gives effect to the issuance of 16,000,000 shares of common stock in this offering, but does not include (x) 12,500,000 shares of common stock reserved for future issuance under the York Space Systems Inc. 2026 Omnibus Incentive Plan (the "2026 Stock Plan") or (y) approximately $21,732,000 in RSUs to be granted upon the closing of this offering under the 2026 Stock Plan to certain employees and non-employee directors. See "Executive Compensation—Equity Incentive Compensation" and "Executive Compensation—IPO Grants."

In addition, unless otherwise expressly stated or the context otherwise requires, the information in this prospectus is based on the following events and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriters' option to purchase additional shares of our common stock;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set
forth on the cover of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of the Corporate Conversion in connection with the effectiveness of the registration statement of
which this prospectus forms a part, including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conversion of all outstanding Class P Units of Midco II into 9,441,287 shares of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conversion of all outstanding common units of Midco II into 99,558,713 shares of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of the Holdings Liquidation immediately following the Corporate Conversion, which will involve the
distribution of all outstanding shares of common stock held by Holdings to its limited partners immediately following the Corporate Conversion and the approval of the Partnership Board to permit the distribution of restricted stock in respect of
unvested Incentive Units.

The number of shares of common stock issuable upon conversion of outstanding Class P Units will vary based on the actual initial public offering price. An increase of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of 286,100 fewer shares of common stock upon conversion of the Class P Units. A decrease of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of 304,558 additional shares of common stock upon conversion of the Class P Units.

In addition, the number of shares of common stock issuable upon vesting and settlement of the IPO Grants will be determined at the pricing of this offering. The number of shares of common stock subject to the IPO Grants would be approximately 679,125, assuming an initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus. An increase in the initial public offering price would result in a decrease in the number of shares to be issued upon vesting and settlement of the IPO Grants, and a decrease in the initial public offering price would result in an increase in the number of shares to be issued upon vesting and settlement of the IPO Grants.

------

##### [**Table of Contents**](#toc)
**Summary Consolidated Financial Data** 

The following tables set forth our summary consolidated financial data. The summary consolidated statements of operations and comprehensive loss data and cash flow data for the nine months ended September 30, 2025 and 2024 and the summary consolidated balance sheet data as of September 30, 2025 have been derived from our unaudited condensed consolidated financial statements included elsewhere in this prospectus. The summary consolidated statements of operations and comprehensive loss data and cash flow data for the years ended December 31, 2024 and 2023 have been derived from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results that may be expected in the future. Given that Midco II is a newly formed entity without any financial results, the historical summary consolidated financial data reflects the results of operations of Midco I. All pro forma information included below gives effect to the Common Control Reorganization.

You should read the following summary unaudited consolidated financial data in conjunction with the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace, and are qualified in their entirety by, the audited consolidated financial statements and related notes.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine months<br>ended September 30,** | **For the nine months<br>ended September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2024** | **2023** |
|  Revenue | $280854 | $176925 | $253531 | $238103 |
|  Cost of revenues | 226460 | 160160 | 221110 | 183199 |
|  **Gross profit** | **54394** | **16765** | **32421** | **54904** |
|  **Gross profit %** | **19%** | **9%** | **13%** | **23%** |
|  Operating expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 94125 | 76433 | 103947 | 94073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 13796 | 15480 | 20440 | 6973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 107921 | 91913 | 124387 | 101046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(53527)** | **(75148)** | **(91966)** | **(46142)** |
|  Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (22529) | (29923) | (26175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 932 | 1201 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | (658) | (3600) | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (18440) | (22255) | (32322) | (22620) |
|  **Loss before provision for income taxes** | $**(71967)** | $**(97403)** | $**(124288)** | $**(68762)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 23760 | 25377 | 39106 |
|  **Net loss**  | $**(56044)** | $**(73643)** | $**(98911)** | $**(29656)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 1152 | 578 | (436) | (797) |
|  **Comprehensive loss**  | $**(54892)** | $**(73065)** | $**(99347)** | $**(30453)** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>December 31, 2024** | **Nine Months Ended<br>September 30, 2025** |
|  **Per Share Information:** |  |  |
|  Net loss per unit attributable to common unitholders<sup>(1)</sup> | $(0.10) | $(0.06) |
|  Weighted-average basic and diluted common units outstanding<sup>(1)</sup> | 1078929080 | 1078929080 |
|  Pro forma adjusted basic and diluted net loss per share | $(2.13) | $(0.72) |
|  Pro forma adjusted weighted-average basic and diluted common stock outstanding | 106940683 | 108196716 |

---

(1) See Note 17 to our audited consolidated financial statements and Note 14 to our unaudited interim
condensed consolidated financial statements included elsewhere in this prospectus for an explanation of the calculations of our basic and diluted net loss per unit attributable to common unitholders and the weighted-average units used in computing
the per unit amounts.

The following table sets forth the computation of our unaudited pro forma basic and diluted net loss per share:

---

| | | |
|:---|:---|:---|
| ***(amounts in thousands, except per share data)*** | **Year Ended<br>December 31, 2024** | **Nine Months Ended<br>September 30, 2025** |
|  **Numerator** |  |  |
|  Net loss attributable to Yellowstone Midco Holdings, LLC | $(98911) | $(56044) |
|  Less: Accretion of Redeemable preferred units | 7402 | 7418 |
|  Net loss attributable to common unitholders | $(106313) | $(63462) |
|  Pro forma adjustment to reverse the accretion of Redeemable preferred units | (7402) | (7418) |
|  Pro forma adjustment to reverse historical interest expense and record exit fees for the Original Term Loan Facility, net of tax at the effective statutory rate of 21.5% | 20531 | 16731 |
|  Pro forma adjustment to record interest expense for the Term Loan Facility, net of tax at the effective statutory rate of 21.5% | (9757) | (7150) |
|  Pro forma adjustment to record compensation expense related to the Incentive Unit Distributions | (119475) | (12356) |
|  Pro forma adjustment to record compensation expense related to IPO Grants, net of tax at the effective statutory rate of 21.5% | (5687) | (4265) |
|  Pro forma basic and diluted net loss attributable to common stockholders of York Space Systems Inc. | $(228103) | $(77920) |
|  **Denominator** |  |  |
|  Weighted-average common units outstanding | 1078929080 | 1078929080 |
|  Pro forma adjustment to reflect the Common Control Reorganization | (1028929080) | (1028929080) |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| ***(amounts in thousands, except per share data)*** | **Year Ended<br>December 31, 2024** | **Nine Months Ended<br>September 30, 2025** |
|  Pro forma adjustment to reflect the Corporate Conversion, including accreted dividends accrued from October 3, 2025 to the expected date of this offering into common stock | 56940683 | 56940683 |
|  Pro forma adjustment to reflect the vesting of Incentive Unit Distributions |  | 1029658 |
|  Pro forma adjustment to reflect the vesting of IPO Grants |  | 226375 |
|  Pro forma weighted-average basic and diluted common shares outstanding | 106940683 | 108196716 |
|  Pro forma basic and diluted net loss per share attributable to common stockholders of York Space Systems Inc. | $(2.13) | $(0.72) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| *($ in thousands)* | **Actual** | **Pro Forma<sup>(1)</sup>** | **Pro Forma<br>As Adjusted<sup>(2)</sup>** |
|  **Consolidated Balance Sheet Data:** |  |  |  |
|  Cash and cash equivalents | $22537 | $196656 | $670280 |
|  Working capital | (36751) | 140631 | 608418 |
|  Total assets | 1311807 | 1487203 | 1957787 |
|  Total liabilities | 415542 | 357611 | 354814 |
|  Redeemable preferred units | 102069 |  |  |
|  Class P Units |  |  |  |
|  Common units | 1034383 |  |  |
|  Common stock |  | 11 | 12 |
|  Additional paid-in capital, net of issuance costs |  | 1442192 | 1915572 |
|  Accumulated other comprehensive income (loss) | 342 | 342 | 342 |
|  Accumulated deficit | (240529) | (312953) | (312953) |
|  Total member's capital/stockholders' equity attributable to Yellowstone Midco Holdings, LLC/York Space Systems Inc.<sup>(a)</sup> | 794196 | 1129592 | 1602973 |

---

(a) For actual amounts, represents total member's capital attributable to Yellowstone Midco Holdings, LLC.
For Pro Forma and Pro Forma As Adjusted amounts, represents total stockholders' equity attributable to York Space Systems Inc.

(1) The Pro Forma column reflects (i) the Common Control Reorganization and Class P Unit Issuance,
(ii) the Corporate Conversion, including the conversion of the Class P Units into an aggregate of 9,441,287 shares of common stock, (iii) the Incentive Unit Distributions, including the distribution of 2,189,106 shares of unrestricted
common stock in respect of vested Incentive Units and 2,059,317 shares of restricted common stock in respect of unvested Incentive Units, (iv) the Credit Agreement Transactions, and (v) the execution of the TRA.

(2) The Pro Forma As Adjusted column reflects the adjustments described in the preceding footnote and the sale of
16,000,000 shares of common stock in this offering and the application of the net proceeds from this offering as set forth under "Use of Proceeds," after deducting estimated underwriting discounts and commissions and estimated offering
expenses payable by us. The pro forma as adjusted information set forth above does not include 12,500,000 shares of common stock reserved for future issuance under the 2026 Stock Plan (including the IPO Grants). See "Executive
Compensation—Actions Taken in Connection with This Offering—2026 Omnibus Incentive Plan."

------

##### [**Table of Contents**](#toc)
Each $1.00 increase or decrease in the assumed initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds to us from this offering by approximately $15.1 million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each 1,000,000 increase or decrease in the number of shares offered would increase or decrease the net proceeds to us from this offering by approximately $30.2 million, assuming that the assumed initial public offering price per share for the offering remains at $32.00, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine months<br>ended September 30,** | **For the nine months<br>ended September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2024** | **2023** |
|  **Consolidated Statements of Cash Flow Data** |  |  |  |  |
|  Net cash (used in) provided by operating activities | $(88229) | $(35894) | $31614 | $15701 |
|  Net cash used in investing activities | (15408) | (13729) | (18048) | (62854) |
|  Net cash provided by financing activities | 21268 | 10000 | 10000 | 95465 |
|  **Net change in cash and cash equivalents** | $**(82369)** | $**(39623)** | $**23566** | $**48312** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of and for the nine<br>months<br>ended September 30,** | **As of and for the nine<br>months<br>ended September 30,** | **As of and for the year<br>ended December 31,** | **As of and for the year<br>ended December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2024** | **2023** |
|  **Non-GAAP financial measures:** |  |  |  |  |
|  EBITDA<sup>(1)</sup> | $(15006) | $(39831) | $(47494) | $(520) |
|  Adjusted EBITDA<sup>(1)</sup> | (6864) | (38966) | (43137) | 1779 |
|  Contribution margin<sup>(1)</sup> | 87335 | 48406 | 75190 | 89529 |
|  Contribution margin %<sup>(1)</sup> | 31% | 27% | 30% | 38% |

---

(1) This prospectus includes non-GAAP (as defined below) financial measures
that are supplemental measures of financial performance and not recognized or required under GAAP. We utilize these non-GAAP measures to provide investors and analysts with additional tools for evaluating our
financial performance and assessing our prospects for the future. Specifically, we make use of the non-GAAP financial measures "EBITDA," which is defined as net loss adjusted for interest expense,
interest income, provision for income taxes, and depreciation and amortization, and "Adjusted EBITDA," which is defined as EBITDA adjusted for changes in the fair value of derivatives, transaction expenses, gains or losses on foreign
exchange and other non-recurring items. Contribution margin is defined as revenue less direct material costs of revenue and contribution margin % is defined as contribution margin divided by revenue. See the section entitled
"Management's Discussion and Analysis of Financial Condition and Results of Operations" for further discussion on how this measure is useful to investors and utilized by management as well as the reconciliation of EBITDA and
Adjusted EBITDA to net loss as well as contribution margin to gross profit and contribution margin % to gross profit % the closest GAAP measures.

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of**<br>**September 30,** | **As of**<br>**December 31,** | **As of**<br>**December 31,** |
| **(***$ in thousands)* | **2025** | **2024** | **2023** |
|  **Key performance indicator:** |  |  |  |
|  Backlog<sup>(1)</sup> | $642019 | $861677 | $938481 |

---

(1) This prospectus includes key performance indicators such as "backlog," which is a key measure of
our business growth. Backlog represents our estimate of the revenue we expect to realize in future periods as a result of performing work on contracts that have been awarded to us (net of any revenue already recognized as of the date of
measurement). We include the aggregate expected revenue of awarded contracts in our backlog upon the execution of a legally binding agreement, even though our contracts include termination rights exercisable by our customers with advance notice. See
the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" for further discussion on how this measure is useful to investors and see "Risk Factors—Risks Related to Our
Business" for a further discussion of certain risks related to our backlog.

------

##### [**Table of Contents**](#toc)
**RISK FACTORS** 

*Investing in our common stock involves a high degree of risk. Before you decide to invest in our common stock, you should consider carefully the risks described below, together with the other information contained in this prospectus, including our consolidated financial statements and the related notes appearing elsewhere in this prospectus. We believe the risks described below are the risks that are material to us as of the date of this prospectus. If any of the following risks actually occur, our business, financial condition, results of operations, and future growth prospects could be materially and adversely affected. In these circumstances, the market price of our common stock could decline, and you may lose all or part of your investment.* 

**Risks Related to Our Business** 

***If we experience cost overruns on our contracts, we would have to absorb the excess costs which could adversely affect our financial results.***

During the nine months ended September 30, 2025, the majority of our net sales were from long-term firm-fixed-price ("FFP") production contracts. Under FFP contracts, we agree to perform specified work for a fixed price and realize all of the profit or loss resulting from variations in the costs of performing the contract. As a result, all FFP contracts involve the inherent risk of unreimbursed cost overruns. We have in the past incurred, and expect in the future to incur unanticipated cost overruns on a FFP contract, harming our profitability. Future profitability is subject to risks including the ability of suppliers to deliver components of acceptable quality on schedule. Our FFP contracts include development work. This type of work is inherently more uncertain as to future events than non-development contracts, and, as a result, there is typically more variability in estimates of the costs to complete the development stage. While management uses its best judgment to estimate costs associated with FFP development, future events could result in adjustments to those estimates.

***We derive a substantial amount of our revenues and backlog from our largest customer, the Space Development Agency. A material adverse change in the SDA's mandate could materially reduce our revenues and backlog.***

As of and for the nine months ended September 30, 2025, the SDA accounted for substantially all of our revenue and backlog. A material change in the SDA's mandate or spending could reduce future revenues we receive from the SDA, and could materially reduce our revenues and backlog. The SDA could change its ordering patterns or spending strategy, be delayed in the fulfillment of its contractual obligations to us, reduce or cease its use of our services, or become unable to pay for services it had contracted to buy, whether due to a downturn in appropriations, a government shutdown or various other causes, including the risk of changes to future government funding levels, which may be substantially curtailed or abandoned and result in contract cancellations, modifications, delays, or reduction in orders. In particular, the current U.S. presidential administration has indicated it is committed to decreasing federal spending and the size of the federal government. If the current administration were to take actions that impacted the amount the SDA is able to spend on our services, it could materially adversely impact our business, results of operations, and financial condition. In addition, under our contracts, the SDA generally has the right to terminate, cancel, or curtail its contracts with us for convenience. Any decision by the SDA to terminate, cancel, or curtail our contracts would adversely affect our backlog revenues, revenue growth, and profitability. If our backlog is reduced as a result of any of the foregoing factors or for other reasons, including terminations for convenience, our revenues, operating margins, and cash flows would be further negatively impacted.

***Our quarterly operating results have fluctuated and may in the future fluctuate and be less than prior periods, our projections or the expectations of securities analysts or investors, which could materially adversely affect our stock price.***

Our operating results have fluctuated from quarter to quarter at points in the past, and they may do so in the future. Therefore, results of any one fiscal quarter are not a reliable indication of results to be expected for any

------

##### [**Table of Contents**](#toc)
other fiscal quarter or for any year. If we fail to increase our results over prior periods, to achieve our projected results or to meet the expectations of securities analysts or investors, our stock price may decline, and the decrease in the stock price may be disproportionate to the shortfall in our financial performance. Results may be affected by various factors, including those described in these risk factors. We consider strategic acquisitions of businesses and other investments which may be costly, time consuming and challenging to consummate and/or integrate with our existing businesses, and may result in fluctuations in our operating results and financial position across periods that may be unrelated to our underlying performance. Any particular acquisition or other investment we make could prove less successful than anticipated and have a negative effect on our business.

***Our limited operating history in an evolving industry makes it difficult to evaluate our business and future prospects and the risks and challenges we may encounter.***

We have a limited operating history in a rapidly evolving industry that may not develop in a manner favorable to our business. While our business has grown, and much of that growth has occurred in recent periods, the markets for spacecraft and related software, components and services may not continue to develop in a manner that we expect or that otherwise would be favorable to our business. As a result of our limited operating history and ongoing changes in our new and evolving industry, including evolving demand for our products and services, our ability to forecast our future results of operations and plan for and model future growth is limited and subject to a number of uncertainties. We have encountered and expect to continue to encounter risks and uncertainties frequently experienced by growing companies in rapidly evolving industries, such as the risks and uncertainties described herein. Accordingly, we may be unable to prepare accurate internal financial forecasts or replace anticipated revenue that we do not receive as a result of delays arising from these factors or cancellations of government programs, and our results of operations in future reporting periods may be below the expectations of investors or analysts. If we do not address these risks successfully, our results of operations could differ materially from our estimates and forecasts or the expectations of investors or analysts, causing our business to suffer and our common stock price to decline.

***We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses or maintain effective internal controls, the accuracy and timeliness of our financial reporting may be materially adversely affected, which could cause the market price of our common stock to decline, lessen investor confidence and harm our business.***

We have identified material weaknesses in our internal control over financial reporting relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying the correct measure of progress related to our over-time revenue recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining effective controls to sufficiently review the completeness and accuracy of the annual tax provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• classification of preferred units on the balance sheet and the related required recognition of dividends
associated with the redeemable preferred units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reclassification of direct and indirect costs associated with production from SG&A to COGS.

The PCAOB defines a material weakness as "a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis." The Company has performed additional accounting analysis and other procedures, including consulting with third-party subject matter experts, to ensure the proper accounting and financial disclosures for these items. The Company recently hired a Chief Accounting Officer and will continue to utilize third-party subject matter experts to enhance its internal controls processes to remediate these material weaknesses. Until our remediation plan is implemented, tested, and deemed effective, we cannot assure that our actions will adequately remediate the material weaknesses or that additional material weaknesses in our internal controls will not be identified in the future. As a public company, the Company will be required, pursuant to Section 404 of the Sarbanes-Oxley Act,

------

##### [**Table of Contents**](#toc)
to furnish a report by management on, among other things, the effectiveness of its internal control over financial reporting in future annual reports on Form 10-K to be filed with the SEC beginning with the second annual report following our initial public offering. Failure to comply with the Sarbanes-Oxley Act could potentially subject us to sanctions or investigations by the SEC, or other regulatory authorities, which would require additional financial and management resources. If we are unable to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404, our independent registered public accounting firm would issue an unqualified opinion. However, for as long as the Company is an emerging growth company under the JOBS Act, its independent registered public accounting firm will not be required to attest to the effectiveness of its internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We could be an emerging growth company for up to five years from the last day of the fiscal year of our initial public offering. If we are unable to conclude that we have effective internal control over financial reporting, investors could lose confidence in our reported financial information, which could have a material adverse effect on the trading price of our common stock. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

***If we fail to implement and maintain an effective system of internal control over financial reporting, we may not be able to accurately determine or disclose our financial results. As a result, our stockholders could lose confidence in our financial results.***

Upon completion of this offering, we will become subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and will be required to file reports and other information with the SEC. As a publicly traded company, we will be required to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file with, or submit to, the SEC is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. They include controls and procedures designed to ensure that information required to be disclosed in reports filed with, or submitted to, the SEC is accumulated and communicated to management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosure. Effective disclosure controls and procedures are necessary for us to provide reliable reports, effectively prevent and detect fraud, and to operate successfully as a public company. Designing and implementing effective disclosure controls and procedures is a continuous effort that requires significant resources and devotion of time. We may discover deficiencies in our disclosure controls and procedures that may be difficult or time consuming to remediate in a timely manner. Any failure to maintain effective disclosure controls and procedures or effective internal control over financial reporting, or to timely effect any necessary improvements thereto, could cause us to fail to meet our reporting obligations (which could affect the listing of our common stock on the NYSE). Additionally, ineffective disclosure controls and procedures or internal control over financial reporting could also adversely affect our ability to prevent or detect fraud, harm our reputation and cause investors to lose confidence in our reports filed with, or submitted to, the SEC, which would likely have a negative effect on the market price of our common stock.

***Failure to comply with the requirements of the National Industrial Security Program Operating Manual Rule could result in interruption, delay, or suspension of our ability to provide our products and services and could result in loss of current and future business with the U.S. government.***

Certain contracts with the U.S. government may require us to be issued facility security clearances under the National Industrial Security Program Operating Manual (NISPOM) Rule. The National Industrial Security Program requires that a corporation maintaining a facility security clearance be effectively insulated from foreign ownership, control, or influence ("FOCI"). Failure to maintain an agreement with the DoD regarding the appropriate FOCI mitigation arrangement could result in invalidation or termination of the facility security clearances, which in turn would mean that we would not be able to enter into future contracts with the U.S. government requiring facility security clearances, and which may result in the loss of our ability to complete existing contracts with the U.S. government.

------

##### [**Table of Contents**](#toc)
***If we fail to establish and maintain important relationships with government agencies and prime contractors, our ability to successfully maintain and develop new business could be materially adversely affected.***

Our reputation and relationship with the U.S. government, and in particular with the agencies of the DoD and the U.S. intelligence community, are key factors in maintaining and developing new business opportunities. In addition, we often act as a subcontractor or in teaming arrangements in which we and other contractors bid together on particular contracts or programs for the U.S. government or government agencies. We expect to continue to depend on relationships with other prime contractors for a portion of our revenue for the foreseeable future. Negative press reports regarding conflicts of interest, poor contract performance, employee misconduct, information security breaches or other aspects of our business, regardless of accuracy, could harm our reputation. Additionally, as a subcontractor or team member, we often lack control over fulfillment of a contract, and poor performance on the contract could tarnish our reputation, even when we perform as required. As a result, we may be unable to successfully maintain our relationships with government agencies or prime contractors, and any failure to do so could materially adversely affect our ability to maintain our existing business and compete successfully for new business.

***We face significant competition in the global space and satellite market.***

We operate in the highly competitive global space and satellite industry, which has been more competitive recently, given the increased focus of the U.S. presidential administration on human missions to space. Competitors range in size from divisions of large public corporations to small, privately held entities. We face intense competition in the global space and satellite market. Many of our current and potential competitors are larger and have substantially greater financial or other resources than we currently have or expect to have in the future, and thus may be better positioned to exploit the market need for spacecraft propulsion systems, satellite and launch services for payloads with targeted orbital delivery. Our ability to compete depends on high product performance, consistent high quality, short lead time and timely delivery, competitive pricing, superior customer service and support, and continued certification under customer quality requirements and assurance programs. Our competitors may also be able to devote greater resources to the development of their current and future technologies, which could overlap with our technologies, or the promotion and sale of their products and services. Our competitors could offer products and services at lower prices, which could undercut our business strategy and potential competitive edge. Our current and potential competitors may also establish cooperative or strategic relationships amongst themselves or with third parties that may further enhance their resources and offerings relative to ours, and may reduce the size of our addressable market. Further, it is possible that domestic or foreign companies or governments, some with greater experience in the aerospace industry or greater financial resources than we possess, will seek to provide products or services that compete directly or indirectly with ours in the future. Any such foreign competitor could benefit from subsidies from, or other protective measures by, its home country. We believe our ability to compete successfully as a provider of comprehensive space mission solutions does and will depend on number of factors, which may change in the future due to increased competition, including the price of our products and services, customer satisfaction for the experiences we offer, and the frequency and availability of our products and services. If we encounter difficulties in scaling our production capabilities, if we fail to develop and successfully commercialize our spacecraft systems, and related software, components and services, if we fail to develop such technologies before our competitors, or if such technologies fail to perform as expected, are inferior to those of our competitors or are perceived as less safe than those of our competitors, our business, financial condition, and results of operations could be materially and adversely impacted.

***If we are unable to manage the increasing technological complexity of our business, or achieve or manage our expected growth, our business could be adversely affected.***

The technological complexity of our business has increased significantly over the last several years. This increased complexity and our expected growth has placed, and will continue to place, a strain on our management and our administrative, operational, and financial infrastructure. We anticipate that a further growth

------

##### [**Table of Contents**](#toc)
of headcount and facilities, domestically as well as internationally, will be required to address expansion in our product and service offerings and the geographic scope of our customer base. However, if we are unsuccessful in our efforts, our business could decline. Our success will depend in part upon the ability of our senior management to manage our increased complexity and expected growth effectively. To do so, we must continue to hire, train, manage, and integrate a significant number of qualified managers and engineers. If our new employees perform poorly, or if we are unsuccessful in hiring, training, managing, and integrating these new employees, or retaining these or our existing employees, then our business may experience declines. To support our expected growth, we must continue to improve our operational, financial, and management information systems. If we are unable to manage our growth while maintaining our quality of service, or if new systems that we implement to assist in managing our growth do not produce the expected benefits, then our business, financial condition, and results of operations could be materially adversely affected.

***If our spacecraft systems and related software and components fail to operate as intended, we may experience claims for product failures, schedule delays or other problems with existing or new products, which could have a material adverse effect on our business, financial condition, and results of operations.*** 

Many of the spacecraft systems and related software and components we develop and manufacture are technologically advanced systems that must function under demanding operating conditions. The sophisticated and rigorous design, manufacturing, and testing processes and practices we employ do not entirely prevent the risk that we may not be able to successfully manufacture our products on schedule or that our products may not perform as intended, whether due to reasons attributable to us or third parties (such as technical limitations of customer payloads or our suppliers' launch vehicles). When our products and services fail to perform adequately, some of our contracts require us to forfeit a portion of our expected profit, receive reduced payments, provide a replacement product or service, or reduce the price of subsequent sales to the same customer. Performance penalties may also be imposed when we fail to meet delivery schedules or other measures of contract performance. Our business partners may also cancel existing contracts, which could adversely affect our backlog, business, results of operations, and financial condition. We do not generally insure against potential costs resulting from any required remedial actions or costs or loss of sales due to postponement or cancellation of scheduled operations or product deliveries.

***Our revenue, results of operations and reputation may be negatively impacted if our products contain defects or fail to operate in the expected manner.***

We sell complex and technologically advanced products and services, including spacecraft solutions and services and related technology and components. Sophisticated software used in our products and services, including software developed by us, may contain defects that can unexpectedly interfere with the software's intended operation. Defects may also occur in components and products that we manufacture or purchase from third parties. Most of the spacecraft and related software and components we have developed must function under demanding and unpredictable operating conditions and in harsh and potentially destructive environments. Our products and services may not be successfully implemented, pass required acceptance criteria, or operate or give the desired output, or we may not be able to detect and fix all defects in the spacecraft and related software and components and systems we sell and/or use. Failure to do so could result in lost backlog and revenue and damage to our reputation and may adversely affect our ability to win new contract awards.

***Our future revenue and operating results are dependent on our ability to generate a sustainable order rate for our products and services and develop new technologies to meet the needs of our customers or potential new customers.***

The ability to generate a sustainable order rate for our products and services can be challenging and may fluctuate on an annual basis as the number of contracts awarded varies. If we are unable to win new awards or execute existing contracts as expected, our business, financial condition and results of operations could be further adversely affected. Furthermore, if our customers experience delays or technical challenges with their products or

------

##### [**Table of Contents**](#toc)
services or exercise delay or termination rights under new or existing contracts, our ability to recognize the full potential value of such contracts could also adversely affect our business, financial condition and results of operations

The cyclical nature of the satellite market could negatively impact our ability to accurately forecast customer demand. The markets that we serve may not grow in the future and we may not be able to maintain adequate gross margins or profits in these markets. Our growth is dependent on the growth in the sales of services provided by our customers, our customers' ability to anticipate market trends, and our ability to anticipate changes in the businesses of our customers and to successfully identify and enter new markets. If we fail to anticipate such changes in demand, or such demand does not materialize to the extent we expected or at all, our business, financial condition and results of operations could be adversely affected.

The satellite industry is characterized by development of technologies to meet changing customer demand for complex and reliable products and services. Our products and services embody complex technology and may not always be compatible with current and evolving technical standards and systems developed by others. Failure or delays to meet the requisite and evolving industry or user standards could have a material adverse effect on our business, financial condition and results of operations. Failure of suppliers to deliver against end customer requirements could lead to a material adverse effect on our financial results.

We have previously experienced, and may experience in the future, delays or other complications in the design, manufacture and commercialization of new satellites, satellite components and related services and technology. If we fail to develop and successfully commercialize new technologies, if we fail to develop such technologies before our competitors, or if such technologies fail to perform as expected, or are inferior to those of our competitors, our business, financial condition and results of operations could be materially and adversely impacted.

***Our contracts with the U.S. government may be terminated by the U.S. government at any time, which could have a material adverse effect on us.***

Government contract laws and regulations can impose terms or obligations that are different than those typically found in commercial transactions. For example, the U.S. government may terminate any of our government contracts and subcontracts without cause. Upon the termination for convenience of a FFP contract, we expect to be entitled to receive the purchase price for delivered items, reimbursement for allowable costs for work-in-process and an allowance for profit on the contract. However, U.S. government programs do not always have sufficient funds to cover termination settlements when the costs to terminate for convenience would exceed the amount of appropriated funds. Under such circumstances, the U.S. government could assert that it is not required to appropriate additional funding, which would negatively affect our expected profit and cash flows. Additionally, we typically contract with the U.S. government through Other Transaction Agreements ("OTAs"), which are not subject to certain provisions under the Federal Acquisition Regulation ("FAR"). The U.S. government has greater flexibility to terminate OTAs without cause, and to determine the amount payable to us in the event of a termination without cause, than under standard federal procurement contracts subject to the FAR. As a result, the U.S. government could terminate its existing OTAs with us more easily than other contracts that are subject to the FAR, which could negatively impact our business, prospects and results of operations.

In the event of a termination of a government contract for our default, the U.S. government could make claims to reduce the value of the relevant contract or recover its procurement costs and could assess other special penalties. In addition, a termination arising out of our default may expose us to liability and could have a material adverse effect on our ability to compete for future contracts and orders. In addition, the U.S. government could terminate a prime contract under which we are a subcontractor for any reason, including a default by the prime contractor, notwithstanding the fact that our performance and the quality of the products or services we delivered were consistent with our contractual obligations as a subcontractor. Further, some portion of our government contracts could operate for periods of time under Undefinitized Contract Actions ("UCAs"), under which we

------

##### [**Table of Contents**](#toc)
begin performing certain obligations before the parties agree to complete terms and specifications, and prior to the submission of a price proposal (but potentially after being required to submit a CROM). While operating under UCAs, the government may require us to submit a Ceiling Rough Order of Magnitude ("CROM"), which imposes a maximum adjustment to be made in the total agreement price or other terms, such as delivery schedule or time of performance. In light of the uncertainty around price and availability of component parts or other inputs, availability of labor and technical expertise, and timing of contract fulfillment, among other factors, we cannot guarantee that any CROM we submit would accurately capture all aspects of price or account for all potential delays in fulfilling a particular contract operating under UCA. As a result, this ceiling may cause our costs to exceed those included in the CROM under a particular contract or could result in our default under a particular contract, each of which could negatively impact our expected profit and cash flows and the price of our common stock.

Additionally, certain of our U.S. government contracts span one or more programs or efforts, including a base period, and may include multiple options. The U.S. government could decide not to exercise any of these options, which could result in a loss of expected sales or profits. In addition, the U.S. government may decide to exercise options for contracts under which it is expected that our costs may exceed the contract price or terms contained in the applicable CROM, which could result in unreimbursed costs and potential losses.

***Our inability to hire or retain key personnel could have a material adverse effect on us.***

Our success depends, in part, on our ability to retain and hire key personnel. We depend on our current Chief Executive Officer and other executive officers, senior management team, and highly trained employees, and any work stoppage, difficulty in hiring similar employees, or ineffective succession planning could materially adversely affect our business and could impair our relationships with U.S. government customers and disrupt the management of our business. Our operating performance is also dependent upon personnel who hold security clearances and receive substantial training to work on certain programs or tasks and can be difficult to replace on a timely basis if we experience unplanned attrition.

------

##### [**Table of Contents**](#toc)
and training them. If we are unable to recruit and retain a sufficient number of these employees, then our ability to maintain our competitiveness and grow our business could be negatively affected. In addition, because of the highly technical nature of our products, the loss of any significant number of our existing engineering personnel could have a material adverse effect on our business and operating results. Furthermore, the relationships and reputation that our Chief Executive Officer and other members of our senior management team have established and maintain with U.S. government agencies and personnel contribute to our ability to maintain strong customer relationships and to identify new business opportunities. The loss of any member of our senior management could impair our ability to identify and secure new contracts, to maintain good customer relations, and to otherwise manage our business. Also, to the extent we hire personnel from competitors, we may be subject to allegations that they have been improperly solicited or divulged proprietary or other confidential information. If we are unable to attract and retain the qualified personnel we need to succeed, our business would suffer.

***We often rely on a single vendor or a limited number of vendors to provide certain key products or services and the inability of these key vendors to meet our needs could have a material adverse effect on our business.*** 

Historically, we have contracted with a single vendor or a limited number of vendors to provide certain key products or services, such as solar array wings, inertial measurement units, primary structures, GPS receivers, star trackers, payload interface flight computers, radios, and propulsion. In addition, our manufacturing operations depend on specific technologies and companies for which there may be a limited number of vendors. If these vendors are unable to meet our needs because they fail to perform adequately, are unable to match new technological requirements or problems, or are unable to dedicate engineering and other resources necessary to provide the services contracted for, our business, financial condition, and results of operations may be adversely affected. While alternative sources for these products, services, and technologies may exist or develop in the future, and we have undertaken efforts to find or develop additional sources of these supplies, we may not be able to develop these alternative sources quickly and cost-effectively, which could materially impair our ability to operate our business. Furthermore, our current or future vendors may request changes in pricing, payment terms, or other contractual obligations, which could cause us to make substantial additional investments. Additionally, certain of our suppliers' employees are represented by labor unions, and any labor union actions at our suppliers may also affect us. Work stoppages could delay the production and/or development of our products, which could strain relationships with customers and cause a loss of revenues which could adversely affect our operations.

***If critical components used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business.***

Our ability to meet customers' demands depends, in part, on our ability to obtain timely and adequate delivery of quality materials, parts and components from our suppliers. We obtain certain of our hardware components, various subsystems and systems from a limited group of suppliers, some of which are sole source suppliers. Although we hold long-term contracts with certain key suppliers that establish pricing, minimize lead times and to some degree mitigate risk, we do not have long-term agreements with all suppliers that obligate them to continue to sell components, products required to build our systems or products to us. Our reliance on suppliers without long-term contracts involves significant risks and uncertainties, including whether our suppliers will provide an adequate supply of required components or products of sufficient quality, will increase prices for the components or products and will perform their obligations on a timely basis. In addition, certain components used in the manufacture of our products and in our development programs are periodically subject to supply shortages, and our business is subject to the risk of price increases and periodic delays in delivery. Particularly, the market for electronic components has been and currently still is experiencing increased demand and a global shortage of semiconductors, creating substantial uncertainty regarding our suppliers' ongoing timely delivery of these components to us. Shortages in components for our products and delays in obtaining components for our products could cause customers to terminate their contracts with us, delay orders from us or cause us to delay accepting orders, negatively impact our ability to win new programs and/or contracts, negatively impact and disrupt our development programs, increase our costs and materially adversely affect our business, results of

------

##### [**Table of Contents**](#toc)
operations, prospects and financial condition. Moreover, if any of our suppliers become capacity constrained, financially unstable or otherwise unable or unwilling to provide us with components or other inputs, then we may have to find new suppliers. It may take several months to locate alternative suppliers, if required, or to redesign our products to accommodate components from different suppliers. Even if we identify alternate suppliers, we may experience significant delays in manufacturing and shipping our products to customers and incur additional development, manufacturing and other costs to establish such alternative sources, be required to redesign our products and to complete additional quality control procedures. In addition, credit constraints of key suppliers could result in accelerated payment of accounts payable by us, adversely impacting our cash flow. We have experienced increased costs for components, as well as increased shipping, warehousing and inventory costs. We cannot predict the extent to which these costs will continue and/or continue to increase or if we will be able to obtain replacement components within the time frames that we require at an affordable cost, if at all. Additionally, shortages of components may result in increased inventory of unfinished products and significant quantities of other unused components remaining in inventory, which could expose us to increased risks of obsolescence and losses which may not be fully covered by insurance.

***Our leases may be terminated or we may be unable to renew our leases on acceptable terms and if we wish to relocate, we may incur additional costs if we terminate a lease.*** 

We have made significant capital expenditures to improve several of our leased facilities in order to make them suitable for our purposes as well as to meet requirements that we are subject to as a U.S. government contractor and obtain facility security clearances. However, at the end of the lease term and during any renewal period for a facility, we may be unable to renew the lease without substantial additional cost, if at all. If we are unable to renew our facility leases, we may close or relocate a facility, which could subject us to construction and other costs and risks, which in turn could have a material adverse effect on our business, results of operations, prospects and financial condition, including significant capital expenses that may materially impact our results of operations and ability to meet certain contractual schedule commitments. Additionally, we may have to seek qualification of any new facilities in order to meet customer or contractual requirements. We would also have to obtain facility security clearances for the new facility in order to continue to perform on classified contracts. Further, we may not be able to secure a replacement facility in a location that is as commercially viable as that of the lease we are unable to renew, due to contracts that may require us to have facilities in certain locations. Having to close a facility, even briefly to relocate, would reduce the sales that such facility would be able to contribute to our revenues. Additionally, a relocated facility may generate less revenue and profit, if any, than the facility it was established to replace. Many of our facilities are located on leased premises subject to non-cancellable leases. Typically, our leases have initial terms ranging from five to 10 years, with options to renew for specified periods of time. We believe that our future leases will likely also be long-term and non-cancellable and have similar renewal options. If we close or stop fully utilizing a facility, we will most likely remain obligated to perform under the applicable lease, which would include, among other things, making the base rent payments, and paying insurance, taxes and other expenses on the leased property for the remainder of the lease term. Our inability to terminate a lease when we stop fully utilizing a facility could materially adversely impact our business, results of operations, prospects and financial condition.

***The U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year could have an adverse impact on our business, financial condition, and results of operations.***

The U.S. government's budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year and consequently having to shut down or operate on funding levels equivalent to its prior fiscal year pursuant to a continuing resolution, could have an adverse impact on our business, financial condition, and results of operations. Considerable uncertainty exists regarding how future budget and program decisions will unfold, including the defense spending priorities of the U.S. government, what challenges budget reductions will present for the defense industry and whether annual appropriations bills for all agencies will be enacted for U.S. government fiscal year 2025 and thereafter due to

------

##### [**Table of Contents**](#toc)
many factors, including but not limited to, changes in the political environment, and any resulting uncertainty or changes in policy or priorities and resultant funding. The U.S. government's budget deficit and the national debt could have an adverse impact on our business, financial condition, and results of operations in a number of ways, including the following: The U.S. government could reduce or delay its spending on, reprioritize its spending away from, or decline to provide funding for the government programs in which we participate; U.S. government spending could be impacted by alternate arrangements to sequestration, which increases the uncertainty as to, and the difficulty in predicting, U.S. government spending priorities and levels; and we may experience declines in revenue, profitability, and cash flows as a result of reduced or delayed orders or payments or other factors caused by economic difficulties of our customers and prospective customers, including U.S. federal, state, and local governments. In particular, our future growth prospects would be adversely impacted if the Golden Dome is not pursued on the timeline we expect, or if funding for the project is less than we anticipate or if the project is structured in ways that are disadvantageous to us. In particular, the SDA is our largest customer and if it is not centrally involved in the contracting process for Golden Dome projects, we will need to compete for contract awards from new customers, and we may not have the same degree of success we historically have had with the SDA. In addition, if Golden Dome projects consist of a greater portion of cost plus contracts than we expect, our potential opportunity may be smaller than we expect. Furthermore, we believe continued budget pressures could have serious negative consequences for the security of the U.S., the defense industrial base and the customers, employees, suppliers, investors, and communities that rely on companies in the defense industrial base. Budget and program decisions made in this environment would have long-term implications for us and the entire defense industry.

***Our business may be adversely affected by changes in budgetary priorities of the U.S. government.***

Changes in federal government budgetary priorities could directly affect our financial performance and could have a material adverse effect on our business, results of operations, prospects, and financial condition. A significant decline in government expenditures, a shift of expenditures away from programs that support the industry in which we operate (including the Golden Dome project) or related industries or a change in federal government contracting policies could cause federal government agencies to reduce their purchases under contracts, to exercise their right to terminate contracts at any time without penalty or not to exercise options to renew contracts, any of which could result in decreased sales of our products, and could adversely impact the trading price of our common stock. In addition, if government budgets are not approved in a timely fashion, our U.S. government customers may not be able to start new programs and may not have adequate funding for existing programs, which could impact the progress in achieving certain milestones under our contracts and our business, results of operations, and financial condition.

***Disruptions in U.S. government operations and funding could have a material adverse effect on our revenues, earnings, and cash flows, and otherwise adversely affect our financial condition.***

Any disruptions in federal government operations could have a material adverse effect on our revenues, earnings, and cash flows. A prolonged failure to maintain significant U.S. government operations, particularly those pertaining to our business, could have a material adverse effect on our revenues, earnings, and cash flows. Continued uncertainty related to recent and future government shutdowns, the budget and/or the failure of the government to enact annual appropriations, such as long-term funding under a continuing resolution, could have a material adverse effect on our revenues, earnings, and cash flows. Additionally, disruptions in government operations may negatively impact regulatory approvals and guidance that are important to our operations. Our TAM assumes higher U.S. government spending in the future plus existing allocations, and therefore if the U.S. government spends less on the initiatives that we believe represent potential opportunities for our business, our TAM may be lower.

------

##### [**Table of Contents**](#toc)
***Uncertain global macro-economic and political conditions could materially adversely affect our results of operations and financial condition.***

Our results of operations and growth prospects are materially affected by economic and political conditions in the United States and internationally, including inflation, deflation, interest rates, recession or fears of recession, availability of capital, energy and commodity prices, the availability and cost of labor, tariffs, trade laws and trade wars, and the effects of governmental initiatives to manage economic conditions. In particular, the recent reciprocal tariffs announced by the U.S. government and countermeasures that may be taken in response thereto could materially adversely impact global economic and political conditions, and disrupt the business of our customers and suppliers, and thereby harm our business. In certain prior periods, we have seen a broad-based weakening in the global macroeconomic environment which has impacted and could impact in the future certain of our markets. Additionally, instability in the global credit markets, the impact of uncertainty regarding global trade and central bank monetary policy, the instability in the geopolitical environment in many parts of the world (including as a result of the ongoing Russia and Ukraine war, conflict in the Middle East, and China-Taiwan relations), the current economic challenges in China, including global economic ramifications of Chinese economic difficulties, and other disruptions may continue to put pressure on global economic conditions. If global economic and market conditions, or economic conditions in key markets, remain uncertain or deteriorate further, we may experience material impacts on our business, financial condition, and results of operations. For example, such conditions may cause current or potential customers to delay or decrease spending on our products and services or render our suppliers unable to meet our demand requirements, maintain the pricing of their products or continue operations, as their businesses and/or budgets are impacted by economic conditions. The inability of current and potential customers to pay us for our products and services, and the inability of our suppliers to provide us with products or services with the expected volumes or prices, may adversely affect our earnings and cash flows. The current invasion of Ukraine by Russia has escalated tensions among the United States, the North Atlantic Treaty Organization (NATO), and Russia. Such invasion, ongoing military conflict, resulting sanctions, and related countermeasures by NATO states, the United States, and other countries are likely to lead to market disruptions, including significant volatility in commodity prices, credit, and capital markets, as well as supply chain interruptions for equipment, which could have an adverse impact on our operations and financial performance. Volatility in equity capital markets may adversely affect the market price of our common stock, which may affect our ability to fund our business through the sale of equity securities and retain key employees through our equity compensation plans.

***The market for spacecraft platforms and satellite software is still emerging, and shifting, and the market may not achieve the growth potential we expect.***

The market for in-space infrastructure services, in particular, spacecraft and satellite software, has not been well established and is still emerging and shifting, with many players acting as customers, prime contractors, or acquirers, or targets of acquisitions. Our estimates for the total addressable global satellite market are based on a number of internal and third-party estimates, including our backlog, the number of potential customers who have expressed interest in our spacecraft services, assumed prices and production costs for our spacecraft services, our assumptions regarding our ability to leverage our current manufacturing and operational processes, and general market conditions. While we believe our assumptions and the data underlying our estimates are reasonable at this date and time, these assumptions and estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time, thereby reducing the predictive accuracy of these underlying factors. As a result, our estimates of the potential customers, total addressable market for our services, as well as the expected growth rate for the total addressable market for our services, may prove to be incorrect. Further, should any of our customers be acquired by one of our competitors, our future revenue and prospects may be impacted as those customers may decide not to continue to purchase our spacecraft and other services.

------

##### [**Table of Contents**](#toc)
***We may experience difficulties or disruptions in consummating future acquisitions and integrating the operations of acquired companies into our business, or entering into any partnerships or joint ventures, and in realizing the expected benefits of these transactions.***

We may from time to time enter into transactions to acquire other businesses which are complementary to or expand our existing offerings, as we did when we acquired ATLAS Space Operations. We are currently evaluating acquisition opportunities, and although we are not party to any definitive agreements at this time and no acquisition is probable as of the date hereof, we are actively considering an opportunity in the software industry that is expected to be complementary to our business and may enter into a definitive agreement with respect to this or other opportunities after the completion of this offering, and the transactions contemplated by such agreements could be material to our business. Acquisitions involve numerous risks, any of which could harm our business and negatively affect our financial condition and results of operations. As a public company, we will be subject to the reporting requirements of the Exchange Act and certain acquisitions, including acquisition opportunities we are currently considering, may be significant under Regulation S-X, requiring us to compile and file additional historical and/or pro forma financial information in connection with such acquisitions. In addition, the rules of the NYSE will limit our ability to issue equity securities as consideration in acquisition transactions without seeking shareholder approval. Any of these requirements could impair or delay our ability to negotiate, sign, and execute potentially desirable transactions and any disputes or litigation which may result from such transactions could be costly and time consuming. In addition, we may make acquisitions that are dilutive to our existing stockholders for a variety of reasons, including because we may use equity for all or a portion of the consideration we pay for these acquisitions (including acquisition opportunities we are currently considering). The success of our acquisitions, once consummated, will depend in part on our ability to realize the anticipated business opportunities from combining their and our operations in an efficient and effective manner. These integration processes could take longer than anticipated and could result in the loss of key employees, the disruption of each company's ongoing businesses, tax costs or inefficiencies, write-offs or impairments, or inconsistencies in standards, controls, information technology systems, procedures, and policies, any of which could adversely affect our ability to maintain relationships with customers, employees or other third parties, or our ability to achieve the anticipated benefits of the acquisitions, and could harm our financial performance. We may also evaluate potential partnerships or joint ventures with third parties. We may not be successful in identifying partnership and joint venture candidates, and any partnerships or joint ventures may not be successful, may reduce our cash reserves, may negatively affect our earnings and financial performance and, to the extent financed with the proceeds of debt, may increase our indebtedness. Pursuing acquisitions, partnerships and joint ventures may divert management's time and resources from our core business and disrupt our operations or may result in conflicts with our business. We cannot ensure that any acquisition, partnership, or joint venture we make or enter into will not have a material adverse effect on our business, financial condition, and results of operations.

***We may not be successful in developing new technology, and the technology we are successful in developing may not meet the needs of our customers or potential new customers.***

The markets in which we operate are characterized by changing technology and evolving industry standards, and we may not be successful in identifying, developing, and marketing products and services that respond to rapid technological change, evolving technical standards and systems developed by others. Our competitors may develop technology that better meets the needs of our customers. Such development is also expensive. If we do not continue to develop, manufacture, and market innovative technologies or applications that meet customers' requirements, or if we are unsuccessful in the development, manufacture or sale of any new technology or application we attempt to develop or are able to develop, sales may suffer, and our business may not continue to grow in line with historical rates or at all. If we are unable to achieve sustained growth, we may be unable to execute our business strategy, expand our business, or fund other liquidity needs, and our business prospects, financial condition, and results of operations could be materially and adversely affected.

------

##### [**Table of Contents**](#toc)
***We are subject to certain unique business risks as a result of supplying services to the U.S. government.***

Companies engaged in supplying defense-related services to U.S. government agencies, whether through direct contracts with the U.S. government or as a subcontractor to customers contracting with the U.S. government, are subject to business risks specific to the defense industry. These risks include the ability of the U.S. government to unilaterally: (i) suspend us from receiving new contracts based on alleged violations of procurement laws or regulations; (ii) terminate existing contracts; (iii) revoke required security clearances; and (iv) reduce the value of existing contracts. U.S. government contracts can be terminated by the U.S. government at its convenience without notice. In addition, work we currently perform could be in-sourced by the federal government and, as a result, our revenues could be reduced. Moreover, our employees could also be hired by the government. This loss of our employees would necessitate the need to retain and train new employees. Moreover, U.S. government purchasing regulations contain a number of operational requirements that apply to entities engaged in government contracting. Failure to comply with such government contracting requirements could result in civil and criminal penalties that could have a material adverse effect on our business, financial condition, and results of operations. If a government inquiry or investigation uncovers improper or illegal activities, we could be subject to civil or criminal penalties or administrative sanctions, including contract termination, fines, forfeiture of fees, suspension of payment, civil False Claims Act allegations (which can include civil penalties and up to treble damages) and suspension or debarment from doing business with U.S. government agencies, any of which could materially adversely affect our reputation, business, financial condition, and results of operations.

***Many of our contracts are government contracts or issued under government contracts. The inability to comply with any of our contracts or meet eligibility requirements may result in financial liabilities, failure to receive security clearance certifications, and loss of current and future business.***

A number of our contracts are with a government customer, or are subcontracts entered into in connection with a prime contract with a government customer. U.S. government contracts generally are subject to the FAR, agency-specific regulations that supplement FAR, such as the DoD's Federal Acquisition Regulation Supplement, and other applicable laws, security requirements, and regulations. We typically contract with the U.S. government through OTAs, which are not subject to certain provisions under the FAR. The U.S. government has greater flexibility to terminate OTAs without cause, and to determine the amount payable to us in the event of a termination without cause, than under standard federal procurement contracts subject to the FAR. As a result, the U.S. government could terminate its existing OTAs with us more easily than other contracts that are subject to the FAR, which could negatively impact our business, prospects and results of operations.

These regulations impose a broad range of requirements and terms, many of which are unique to U.S. government contracting, including various procurement, import and export, security, contract pricing and cost, contract termination and adjustments, mandatory disclosure, and audit requirements. For example, we are at times required to obtain approval to export, re-export or transfer (in-country) our products from U.S. government agencies and similar agencies elsewhere in the world. Failure to obtain approval to export, or a determination by the U.S. government or similar agencies elsewhere in the world from which we failed to receive required approvals or licenses, could eliminate or restrict our ability to sell our products outside the United States, and the penalties that could be imposed by the U.S. government or other applicable government for failure to comply with these laws could be significant.

Our customers are often required to flow down government contract terms to us, and we have no ability to negotiate or object to such terms. These requirements and terms that may increase our costs of doing business and reduce our profits under these contracts. Our failure to comply with any of the terms of our contracts could result in delays in the performance of our services, an inability to acquire government or commercial contracts, reductions of the value of contracts, contract modifications or termination, inability to bill and collect receivables from customers, contractual damages, the requirement to reperform work, the assessment of penalties and fines that could lead to suspension or debarment from U.S. government contracting or subcontracting, and potential

------

##### [**Table of Contents**](#toc)
civil and criminal liability. Government contracts are also generally subject to greater scrutiny by the government, which can initiate reviews, audits, and investigations regarding our compliance with government contract requirements. Government contracts may be subject to the approval of appropriations being made by the U.S. Congress to fund the expenditures under these contracts. In particular, "whistleblower" provisions under federal law also allow private individuals, including present and former employees, to sue on behalf of the U.S. government. Any penalties, damages, fines, suspension, or damages could adversely affect our ability to operate our business and our financial results.

***Some of our contracts with the U.S. government allow it to use technical data developed under the contracts and to disclose technical data to third parties, which could harm our ability to compete.***

Some of our contracts allow the U.S. government to use, royalty-free, or have others use, technical data developed under those contracts on behalf of the government. Some of the contracts allow the federal government to disclose technical data or computer software developed in the performance of the agreement or delivered to the government during the performance of the agreement without constraining the recipient on how that technical data or computer software is used. The ability of third parties to use technical data or computer software (for any purposes) and patents for government purposes creates the possibility that the government could attempt to establish alternative suppliers or to negotiate with us to reduce our prices. The potential that the government may release some of the technical data or computer software without constraint creates the possibility that third parties may be able to use this technical data or computer software to compete with us, which could have a material adverse effect on our business, financial condition, and results of operations.

***Due to the competitive process to obtain contracts and the likelihood of bid protests, we may be unable to achieve or sustain revenue growth and profitability.***

We expect that a majority of the business that we seek in the foreseeable future will be awarded through a competitive bidding process. The U.S. government has increasingly relied on contracts that are subject to a continuing competitive bidding process, including multiple-award contracts, which has resulted in greater competition and increased pricing pressure. The competitive bidding process involves substantial costs, including labor cost and managerial time to prepare bids and proposals for contracts that may not be awarded to us, may be split among competitors, or that may be awarded but for which we do not receive meaningful task orders, and several risks, including the risk of inaccurately estimating the resources and costs that will be required to fulfill any contract we win. Following contract award, we may encounter significant expense, delay, contract modifications, or even cancellation of the contract award as a result of our competitors protesting the award of contracts to us. Any resulting loss or delay of start-up and funding of work under protested contract awards may adversely affect our revenues and profitability. In addition, multiple-award contracts require that we make sustained post-award efforts to obtain task orders under the contract. As a result, we may not be able to obtain these task orders or recognize revenues under these multiple-award contracts. Our failure to compete effectively in this procurement environment would adversely affect our revenues and profitability.

***We may use artificial intelligence in our business or systems, and challenges with properly managing its use could result in competitive and reputational harm and negatively impact the operations and profitability of our business.***

We may incorporate artificial intelligence, generative artificial intelligence, machine learning and similar tools and technologies (collectively, "AI") solutions into our core offerings, and these applications may become important in our business and operations over time, exposing us to additional risks, such as damage to our reputation, competitive position and business, legal and regulatory risks and additional costs. Our competitors or other third parties may incorporate AI into their products or services more quickly or more successfully than we may, which could impair our ability to compete effectively and adversely affect our results of operations. Additionally, generative AI has been known to produce false or "hallucinatory" inferences or output, and certain generative AI uses machine learning and predictive analytics, which can create deficient, inaccurate or

------

##### [**Table of Contents**](#toc)
misleading output, unintended biases and other discriminatory or unexpected results, errors or inadequacies, any of which may not be easily detectable. Accordingly, if the content, analyses, or recommendations that AI applications assist in producing are or are alleged to be deficient, inaccurate, or misleading, biased, unethical or otherwise flawed, our business, financial condition, and results of operations may be adversely affected.

It is possible that new laws and regulations will be adopted in the United States and in non-U.S. jurisdictions, or that existing laws and regulations may be interpreted in new ways, that would affect our use and provision of AI-powered solutions in our business and operations. We may not be able to adequately anticipate or respond to these evolving laws and regulations, and we may need to expend additional resources to adjust our offerings in certain jurisdictions if applicable legal frameworks are inconsistent across jurisdictions. Further, the cost to comply with such laws or regulations could be significant and would increase our operating expenses, which could adversely affect our business, financial condition and results of operations. The rapid evolution of AI, including government regulation of AI, will require significant resources to develop, test and maintain our platform, offerings, services, and features to help us implement AI ethically in order to minimize unintended, harmful impact.

***Certain future operational facilities may require significant expenditures in capital improvements and operating expenses to develop and foster basic levels of service needed for our operations, and the ongoing need to maintain existing operational facilities requires us to expend capital.*** 

As part of our growth strategy, we may need to acquire, build, or utilize additional facilities. Construction of incremental factories or other facilities in which we conduct our operations may require significant capital expenditures to develop, and in the future, we may be required to make similar expenditures to expand, improve or construct adequate facilities for our operations. If we cannot access the capital we need, we may not be able to execute on our growth strategy, take advantage of future opportunities or respond to competitive pressures.

***We are routinely subject to audit by our customers on government contracts and the results of those audits could have an adverse effect on our business, reputation and results of operations.***

U.S. government agencies, including, but not limited to, the Defense Contract Audit Agency, the Defense Contract Management Agency and Offices of Inspectors General, routinely audit and investigate government contractors. These agencies review a contractor's performance under its contracts, its cost structure, its business systems and its compliance with applicable laws, regulations and standards. The U.S. government can decrease or withhold certain payments when it deems systems subject to its review to be inadequate. Any unaudited or unsettled claims could limit our ability to issue final billings on contracts for which authorized and appropriated funds may be expiring or can result in delays in final billings and our ability to close out a contract. If an audit or

------

##### [**Table of Contents**](#toc)
investigation uncovers improper or illegal activities, we may be subject to civil or criminal penalties and administrative sanctions, including reductions of the value of contracts, contract modifications or terminations, forfeiture of profits, suspension of payments, or penalties, fines, suspension or prohibition from doing business with the U.S. government. In addition, we could suffer serious reputational harm if allegations of impropriety were made against us. Similar government oversight and risks to our business and reputation exist in most other countries where we conduct business.

***We may be unable to obtain or maintain required authorization or contractual arrangements.***

Various types of U.S. domestic and international authorizations and contractual arrangements are required in connection with the products and services that we provide. Compliance with certain laws, regulations, conditions and other requirements, including the payment of fees, may be required to maintain the rights provided by such authorizations. Failure to comply with such requirements, or comply in a timely manner, could lead to the loss of such authorizations and could have a material adverse impact on our business, financial condition and results of operations. Such authorizations are conditioned upon meeting certain requirements, which if not met or extended could result in loss of the authorization. While we anticipate that these authorizations will be extended or renewed in the ordinary course such that they otherwise would expire, or replaced by authorizations covering more advanced facilities, we can provide no assurance that this will be the case. Our inability to timely obtain or maintain such authorizations could delay or preclude our operation of such technology or our provision of products and services that rely upon such technology. Further, changes to the laws and regulations under which we operate could adversely affect our ability to obtain or maintain authorizations. Any of these circumstances could have a martial adverse impact on our business, financial condition and results of operations. The use of spacecraft and other technologies in our business is subject to various conditions imposed by domestic and foreign governments and multinational regulatory entities contained in the authorizations held by us and third parties, as well as the requirements of the laws and regulations of those jurisdictions. Any failure to meet these types of requirements in a timely manner, maintain our contractual arrangements, obtain or maintain our authorizations, or manage potential conflicts, could lead to us losing our rights to operate or may otherwise require us to modify or limit our operations from these locations, which could materially affect our ability to operate, and could have a material adverse impact on our business, financial condition and results of operations.

***We may need to invest in new information technology systems and infrastructure to scale our operations.*** 

The markets in which we operate are characterized by changing technology and evolving industry standards, and accordingly we may need to adopt new information technology systems and infrastructure to scale our business and obtain the synergies from prior and future acquisitions. Our information technology and business systems and infrastructure could create product development or production work stoppages, unnecessarily increase our inventory, negatively impact product delivery times and quality, and increase our compliance costs. Failure to invest in newer information technology and business systems and infrastructure (including when certain software applications become obsolete or are no longer used in our business) may lead to operational inefficiencies and increased compliance costs and risks. In addition, an inability to maximize the utility and benefit of our current information technology and business tools could impact our ability to meet cost reduction and planned efficiency and operational improvement goals. Furthermore, operational inefficiencies may occur and our business may be impacted if certain of our software applications are no longer usable, including due to the foreign acquisition of such applications. As we implement new systems or integrate existing systems, they may not perform as expected. We also cannot guarantee that our efforts to maintain and upgrade our information technology systems and infrastructure will be sufficient to prevent cyberattacks, cybersecurity incidents or other system failures or disruptions. An inability to maximize the utility and benefit of our current information technology and business tools could impact our ability to meet cost reduction and planned efficiency and operational improvement goals. Moreover, our competitors may develop technology systems and infrastructure that better meets the needs of our customers. If we do not continue to develop, manufacture, and market innovative technologies or infrastructure that meet customers' requirements or expectations, sales may suffer,

------

##### [**Table of Contents**](#toc)
and our business may not continue to grow in line with historical rates or at all. If we are unable to achieve sustained growth, we may be unable to execute our business strategy, expand our business, or fund other liquidity needs, and our business prospects, financial condition, and results of operations could be materially and adversely affected.

***U.S. government contracts are generally not fully funded at inception, contain certain provisions that may be unfavorable to us and may be undefinitized at the time of the start of performance, which could prevent us from realizing our contract backlog and materially harm our business, financial condition and results of operations.***

U.S. government contracts typically involve long lead times for design and development and are subject to significant changes in contract scheduling. Congress generally appropriates funds on a fiscal year basis even though a program may continue for several years. Consequently, programs are often only partially funded initially, and additional funds are committed only as Congress makes further appropriations. The termination or reduction of funding for a government program would result in a loss of anticipated future revenue attributable to that program. The actual receipt of revenue on awards included in backlog may never occur or may change because a program schedule could change or the program could be canceled, or a contract could be reduced, modified or terminated early. In addition, U.S. government contracts generally contain provisions permitting termination, in whole or in part, at the government's convenience or for contractor default. Since a substantial majority of our revenue is dependent on the procurement, performance and payment under our U.S. government contracts, the termination of one or more critical government contracts could have a material adverse effect on our business, financial condition and results of operations. Termination arising out of our default could result in damage to our reputation, expose us to liability and have a material adverse effect on our ability to re-compete for future contracts and orders. Moreover, several of our contracts with the U.S. government do not contain a limitation of liability provision, creating a risk of responsibility for indirect, incidental damages and consequential damages. These provisions could cause substantial liability for us, especially given the use to which our products may be put.

***Our customers' inability to obtain financing for their purchases from us and/or their inability to obtain financing to maintain their business could have a material adverse effect on our business.***

Our customers' inability to obtain financing for their purchases from us and/or their inability to obtain financing to maintain their business could have a material adverse effect on our business. Some of our customers may require substantial financing in order to fund their operations and make purchases from us. The inability of these customers to obtain sufficient credit to finance purchases of our products, or otherwise meet their payment obligations to us could adversely impact our financial condition and results of operations. In addition, if a market downturn results in insolvencies for our customers, it could materially adversely impact our business, results of operations, prospects and financial condition.

***Interruption or failure of our infrastructure, including our information technology and communications systems, could hurt our ability to effectively perform our daily operations and provide and produce our products and services, which could damage our reputation and harm our operating results.***

We are vulnerable to natural disasters and significant disruptions including tsunamis, hurricanes, floods, earthquakes, fires, water shortages, other extreme weather conditions, epidemics or pandemics, acts of terrorism, actual or threatened acts of war, power shortages or losses and blackouts, aging infrastructures, cyberattacks, computer viruses, computer denial of service attacks or other attempts to harm our systems, telecommunications failures, disruptive political events, service outages and defective software or hardware updates and other disruptions. In the event of such natural disaster or other disruption, we could experience disruptions to our operations or the operations of suppliers, subcontractors, distributors or customers, including destruction of facilities and/or loss of life. In certain cases, some disruptions may not excuse us from performing our obligations pursuant to agreements with third parties and therefore may expose us to liability. The availability of

------

##### [**Table of Contents**](#toc)
many of our products and services depends on the continuing operation of our information technology and communications systems. For more information on risks related to the operation of our information technology and communications systems, please refer to "—A failure of our information technology systems, physical or electronic security protections, or an interruption in their operation due to internal or external factors including cyberattacks or insider threats, could have a material adverse effect on our business, financial condition, or results of operations." Any downtime, damage to, or failure of our systems could result in interruptions in our operations and services, which could reduce our revenue and profits. Our manufacturing facilities are also subject to risks associated with an aging infrastructure. An infrastructure failure could result in the destruction of newly developed technologies, satellites, and satellite components being manufactured or in inventory, manufacturing delays, or additional costs. We do not maintain back-up manufacturing facilities or operations. The occurrence of any of the foregoing could result in lengthy interruptions in our operations and services and/or damage our reputation, which could have a material adverse effect on our business, financial condition and results of operations.

***Our products have a finite useful life.***

Our ability to earn revenue is dependent on technologies and equipment that have a limited useful life. While our products are designed for a certain design life, there can be no assurance as to the actual operational life of our products and equipment and such useful life may prove to be shorter than such product's and equipment's design life. A number of factors impact the useful lives of our products and equipment, including, among other things, technological advancement leading to obsolescence or damage due to impact from meteors or space junk. In the event that equipment reaches the end of its useful life earlier than anticipated, replacement or repair may be necessary, which may affect costs and reduce profits. In addition, since we have not yet developed a cost-effective method of repurposing parts and materials once they have been deployed into space, we are not able to recoup any of the value from these parts and materials in the resale market.

***Tariffs on certain imports to the United States and other potential changes to U.S. tariff and import/export regulations could have a material adverse effect on global economic conditions and our business, financial condition, and results of operations.***

We are subject to tariffs on certain imports into the United States. As the implementation of tariffs is ongoing, more tariffs may be added in the future and countermeasures may be adopted by other countries. In addition, any additional tariffs imposed by the U.S. presidential administration or retaliatory tariffs announced by other countries could result in a trade war, lead to market disruptions, including significant volatility in commodity prices, credit, and capital markets, as well as supply chain interruptions for equipment. These tariffs could adversely impact our business, financial condition, and results of operations, and if we are unable to pass such price increases through to our customers, it would likely increase our cost of sales and, as a result, decrease our gross margins, operating income, and net income.

***If we are unable to adapt to and satisfy customer demands with respect to our product and service offerings in a timely and cost-effective manner, or if we are unable to manufacture our spacecraft platforms at a quantity and quality that our customers demand, our ability to grow our business may suffer.***

The success of our business depends in part on effectively managing and maintaining our spacecraft, manufacturing a sufficient volume of components, subsystems, spacecraft platforms and software-enabled services, and providing customers with a high-quality experience that meets or exceeds their expectations. Even if we succeed in developing components, subsystems, spacecraft platforms and software-enabled services or producing these and other products consistent with our targeted timelines and customers' expectations, we could thereafter fail to develop the ability to produce these products or provide the corresponding cislunar services at a sufficient volume with a quality management system that ensures each unit performs as required. Any delay in our ability to produce such components, subsystems, spacecraft platforms and software-enabled services at the rate our customers require and with a reliable quality management system could have a material adverse effect on

------

##### [**Table of Contents**](#toc)
our business. If our current or future products and services do not meet expected performance or quality standards, including with respect to customer safety and satisfaction, we could experience operational delays. Any operational or manufacturing delays or other unplanned changes to our ability to manufacture our products could have a material adverse effect on our business, financial condition, and results of operations.

***Space is a harsh and unpredictable environment where our products and service offerings are exposed to a wide and unique range of environmental risks, including, among others, coronal mass ejections, solar flares, and other extreme space weather events and potential collision with space debris or another spacecraft, which could adversely affect our spacecraft performance.***

Space weather, including coronal mass ejections and solar flares have the potential to impact the performance and controllability of spacecraft on orbit, including completely disabling our spacecraft on orbit. Although we have some ability to actively maneuver our spacecraft to avoid potential collisions with space debris or other spacecraft, this ability is limited by, among other factors, uncertainties, and inaccuracies in the projected orbit location of and predicted conjunctions with debris objects tracked and cataloged by the U.S. government. Additionally, some space debris is too small to be tracked and therefore its orbital location is completely unknown; nevertheless, this debris is still large enough to potentially cause severe damage or a failure of our spacecraft or satellite services should a collision occur. Any such damage to our spacecraft could impact the success of our customers' missions, our reputation, the reusability of certain of our products and have other negative effects that we do not currently anticipate, any of which could adversely impact our business, results of operation and financial condition.

***We have classified contracts with the U.S. government, which may limit investor insight into portions of our business.***

We derive a portion of our revenues from programs with the U.S. government and its agencies that are subject to security restrictions (e.g., contracts involving classified information and classified programs), which preclude the dissemination of information and technology that is classified for national security purposes under applicable law and regulation. In general, access to classified information, technology, facilities, or programs requires appropriate personnel security clearances, is subject to additional contract oversight and potential liability, and also requires appropriate facility security clearances and other specialized infrastructure. In the event of a security incident involving classified information, technology, facilities, programs, or personnel holding clearances, we may be subject to legal, financial, operational, and reputational harm. We are limited in our ability to provide information about these classified programs, their risks or any disputes or claims relating to such programs. As a result, investors have less insight into our classified business or our business overall. However, historically the business risks associated with our work on classified programs have not differed materially from those of our other government contracts.

***Failure to maintain a level of corporate social responsibility could damage our reputation and could materially adversely affect our business, financial condition, and results of operations.*** 

In light of evolving expectations around corporate social responsibility, our reputation could be materially adversely impacted by a failure (or perceived failure) to maintain a level of corporate social responsibility. In today's environment, an allegation or perception regarding quality, safety, or corporate social responsibility can negatively impact our reputation. This may include, without limitation: failure to maintain certain ethical, social and environmental practices for our operations and activities, or failure to require our suppliers or other third parties to do so; our environmental impact, including our impact on greenhouse gas emissions and climate-related risks, renewable energy, water stewardship and waste management; responsible sourcing in our supply chain; the practices of our employees, agents, customers, suppliers, or other third parties (including others in our industry) with respect to any of the foregoing, actual or perceived; the failure to be perceived as appropriately addressing matters of corporate social responsibility; customer perception of statements made by us, our employees and executives, agents, customers, suppliers, or other third parties (including others in our industry);

------

##### [**Table of Contents**](#toc)
or our responses to any of the foregoing. A number of our customers have adopted, or may adopt, procurement policies that include social and environmental responsibility provisions or requirements that their suppliers should comply with, or they may seek to include such provisions or requirements in their procurement terms and conditions. Stakeholders also may have very different views on corporate social responsibility, including differing or conflicting views of regulators in various jurisdictions in which we operate. Various regulatory authorities have imposed, and may continue to impose, mandatory substantive or disclosure requirements with respect to corporate social responsibility matters. These requirements may not always be uniform across jurisdictions and may conflict with legal requirements, particularly in certain U.S. states that seek to discourage or penalize consideration of corporate social responsibility factors in business operations, which may result in increased complexity, and cost for compliance, as well as could lead to increased litigation risks related to disclosures made pursuant to these regulations and legal requirements, any of which could adversely affect our financial performance. Certain investors are also requiring companies to disclose corporate, social and environmental policies, practices, and metrics. If we are unable to comply with, or are unable to cause our suppliers to comply with such policies, or meet the requirements of our customers and investors, a customer may stop purchasing products from us or an investor may sell their shares, and may take legal action against us, which could materially adversely affect our reputation, business, financial condition, and results of operations. As a result, we may become subject to new or more stringent regulations, legislation or other governmental requirements, customer or other stakeholder requirements or industry standards and/or an increased demand to meet voluntary criteria related to such matters. Increased regulations, customer requirements or industry standards, including around climate change concerns, could subject us to additional costs and restrictions and require us to make certain changes to our manufacturing practices and/or product designs, which could materially adversely affect our business, financial condition, and results of operations.

***We are subject to many hazards and operational risks that can disrupt our business, including interruptions or disruptions in service at our headquarters in Colorado, which could have a material adverse effect on our business, financial condition, and results of operations.***

Our operations are subject to many hazards and operational risks inherent to our business, including general business risks, product liability and damage to third parties, our infrastructure or properties that may be caused by fires, floods and other natural disasters, power losses, telecommunications failures, terrorist attacks, human errors, epidemics and pandemics, and other similar health crises and similar events. Additionally, our manufacturing operations are hazardous at times and may expose us to safety risks, including health and safety hazards to our employees or third parties. At our facilities, particularly our headquarters in Colorado where the majority of our manufacturing and other operations are concentrated, any significant interruption due to any of the above hazards and operational to the manufacturing or operation of our spacecraft systems including from weather conditions, growth constraints, performance by third-party providers (such as electric, utility, or telecommunications providers), failure to properly handle and use hazardous materials, failure of computer systems, power supplies, fuel supplies, infrastructure damage, disagreements with the owners of the land on which our facilities are located, could result in manufacturing delays or the delay or cancellation of our spacecraft and, as a result, could have a material adverse effect on our business, financial condition, and results of operations. Moreover, our insurance coverage may be inadequate to cover our liabilities related to such hazards or operational risks. In addition, we may not be able to maintain adequate insurance in the future at rates we consider reasonable and commercially justifiable, and insurance may not continue to be available on terms as favorable as our current arrangements. The occurrence of a significant uninsured claim, or a claim in excess of the insurance coverage limits maintained by us, could harm our business, financial condition, and results of operations.

***Our operations depend on our manufacturing facilities, which are subject to physical and other risks that could disrupt production.***

Our operations and those of our customers and suppliers have been and may again be subject to natural disasters, climate change-related events, pandemics, or other business disruptions, which could seriously harm

------

##### [**Table of Contents**](#toc)
our results of operations and increase our costs and expenses. Our manufacturing facilities are located in regions that may be impacted by severe weather events, such as increased storm frequency or severity and fires in hotter and drier climates. These could result in potential damage to our physical assets as well as disruptions in manufacturing activities. Some of our manufacturing facilities are located in areas that could experience decreased access to water due to climate issues. We are also vulnerable to damage from other types of disasters, including power loss, fire, explosions, floods, communications failures, terrorist attacks, and similar events. Disruptions could also occur due to health-related outbreaks and crises, cyberattacks, computer or equipment malfunction (accidental or intentional), operator error, or process failures. Should insurance or other risk transfer mechanisms, such as our existing disaster recovery and business continuity plans, be insufficient to recover all costs, we could experience a material adverse effect on our business, results of operations, prospects, and financial condition.

***Adverse publicity stemming from any incident involving us, our competitors, or our customers could have a material adverse effect on our business, financial condition, and results of operations.***

To continue to be successful, we must continue to preserve, grow, and capitalize on the value of our brand in the marketplace. If our spacecraft systems, those of one of our competitors, or of our customers were to be involved in a public incident, accident, or catastrophe, this could create an adverse public perception of launch or manufacturing activities and result in decreased customer demand for launch and space products, which could cause a material adverse effect on our business, financial condition, and results of operations. Even an isolated incident or the aggregate effect of individually insignificant incidents, can erode trust and confidence, particularly if such incident or incidents result in adverse publicity, governmental investigations, or litigation. Further, if our spacecraft platforms and related services, software and technologies were to be involved in a public incident, accident, or catastrophe, we could be exposed to significant reputational harm or potential legal liability. Any reputational harm to our business or industry could tarnish our brand or cause customers with existing contracts with us to cancel their contracts, and lead to a material adverse effect on our business, and financial condition and results of operations. The insurance we carry may be inapplicable or inadequate to cover any such incident, accident, or catastrophe. In the event that our insurance is inapplicable or not adequate, we may be forced to bear substantial losses from such incident, adverse media, or accident.

***A preference for small, small disadvantaged, service-disabled veteran-owned, woman-owned businesses or other preferred socioeconomic designations could impact our ability to be a prime contractor and limit our opportunity to work as a subcontractor on certain governmental procurements.***

As a result of the Small Business Administration ("SBA") set-aside program, the federal government may decide to restrict certain procurements only to bidders that qualify as small, small disadvantaged, service- disabled veteran-owned, woman-owned businesses or meeting some other socioeconomic designation. We do not qualify as a small, small disadvantaged, service-disabled veteran-owned, woman-owned business or having any other preferred socioeconomic designation. As a result, we would not be eligible to perform as a prime contractor on those programs and in general would be restricted as a subcontractor on those programs to receiving no more than 50% of the amount paid by the U.S. government to qualifying prime contractor. An increase in the amount of procurements under the SBA set-aside program, or other similar governmental programs, may impact our ability to bid on new procurements as a prime contractor, limit our opportunity to work as a subcontractor or restrict our ability to compete on incumbent work that is placed in the set-aside program.

***Labor-related matters, including labor disputes, may adversely affect our operations.***

None of our employees are currently represented by a union. If our employees decide to form or affiliate with a union, we cannot predict the effects such future organizational activities will have on our business and operations. If we were to become subject to work stoppages, we could experience disruption in our operations, including delays in manufacturing and operations, and increases in our labor costs, which could harm our business, results of operations, and financial condition. In addition, we have in the past and could face in the

------

##### [**Table of Contents**](#toc)
future a variety of employee claims against us, including but not limited to general discrimination, privacy, wage and hour, labor and employment, Employee Retirement Income Security Act, and disability claims. Any claims could also result in litigation or regulatory proceedings being brought against us by various government agencies that regulate our business, including the U.S. Equal Employment Opportunity Commission. Often these cases raise complex factual and legal issues and create risks and uncertainties. If we were to become subject to such labor disputes, it could have a negative effect on our business, financial condition and results of operations.

***Our cash flow and profitability could be reduced if expenditures are incurred prior to the final receipt of a contract.***

From time to time, in order to ensure that we satisfy our customers' delivery requirements and schedules, we have in the past and may in the future elect to initiate procurement and production in advance of receiving a contract award, or final authorization from the government customer or a prime contractor. In addition, from time to time, we have in the past and may in the future build production units in advance of receiving an anticipated contract award. These actions that we take to procure materials and/or commence production in advance of receiving a contract award require use of our working capital resources which impact our near-term operating cash flows. If we do not receive final authorization for a contract, or if contract requirements change, we may be unable to efficiently repurpose or resell some or all of the materials procured or items produced in anticipation of such contract. These actions have in the past and could in the future also reduce anticipated earnings or result in a loss, which could materially adversely affect our business, financial condition, and results of operations.

***We are highly dependent on the services of Dirk Wallinger, our President, Chief Executive Officer and Founder, and if we are unable to retain Mr. Wallinger, our ability to compete could be harmed.***

We are highly dependent on the services of Dirk Wallinger, our President, Chief Executive Officer, and Founder. Mr. Wallinger is the source of many of the ideas and execution driving our company and he plays a major role in assessing what potential new business contracts are a good fit for the Company. Mr. Wallinger also is heavily involved in the Company's outreach efforts with the U.S. government customer base. If Mr. Wallinger were to discontinue his service to us due to death, disability or for any other reason, it could have a material adverse impact on our business, financial condition, and results of operations, and the market prices for our securities could significantly decline. We do not maintain, and we do not expect to maintain in the future, a key person life insurance policy with respect to Mr. Wallinger.

***We may need to raise additional capital, and we cannot be sure that additional financing will be available.***

To satisfy existing obligations and support the development of our business, we depend on our ability to generate cash flow from operations and to borrow funds. We may require additional financing for liquidity, capital requirements or growth initiatives. We may not be able to obtain financing on terms and at interest rates that are favorable to us or at all. Any inability by us to obtain financing in the future could have a material adverse effect on our business, financial position, results of operations and cash flows. In addition, if we were to undertake a substantial acquisition for cash, the acquisition would likely need to be financed in part through additional financing from banks, through offerings of debt or equity securities or through other arrangements. We cannot assure you that the necessary acquisition financing would be available to us on acceptable terms if and when required.

***We have a history of losses, we anticipate increasing operating expenses and capital expenditures in the future and we may not be able to achieve and, if ever achieved, maintain profitability.*** 

We experienced net losses of $98.9 million and $29.7 million for the years ended December 31, 2024 and 2023, respectively, and net losses of $56.0 and $73.6 for the nine months ended September 30, 2025 and 2024, respectively. We expect to continue to incur net losses for the next several years and we may not achieve or maintain profitability in the future. Because the markets for spacecraft and related software, components and services are evolving, it is difficult for us to predict our future results of operations or the limits of our market

------

##### [**Table of Contents**](#toc)
opportunity. In addition, our customers for whom we provide these products and services may experience delays or technical challenges with their products and services that limit or delay our expected revenue and future growth opportunities from those customers. We expect our operating expenses and capital expenditures to significantly increase as we make significant investments, expand our operations and infrastructure, develop and introduce new technologies, and hire additional personnel. These efforts may be more costly than we expect and may not result in revenue growth or increased efficiency. In addition, as we grow as a public company, we will continue to incur additional significant administrative expenses that we did not incur as a private company. If our revenue does not increase to offset these expected increases in our operating expenses, we will not be profitable in future periods. Our ability to achieve profitability is dependent on our ability to generate cash flows from operations, identify and obtain additional sources of funding and pursue expense reduction opportunities, but we may be unable to successfully implement these strategies. Any failure to increase our revenue sufficiently to keep pace with our investments and other expenses could prevent us from achieving or maintaining profitability or positive cash flow on a consistent basis. If we are unable to successfully address these risks and challenges as we encounter them, our business, financial condition, and results of operations could be adversely affected. We cannot assure you that we will ever achieve or sustain profitability and may continue to incur significant losses going forward. Any failure by us to achieve or sustain profitability on a consistent basis could cause the value of our common stock to decline.

***If we fail to manage our growth effectively, we may be unable to execute our business plan and our business, financial condition, and results of operations could be harmed.***

We have experienced, and may continue to experience, rapid growth, which has placed, and may continue to place, significant demands on our management, sales and marketing, administrative, financial, R&D, and other resources. Additionally, our organizational structure is becoming more complex as we scale our operational, financial and management controls, as well as our reporting systems and procedures. If we fail to manage our anticipated growth, such failure could negatively affect our reputation and harm our ability to attract new customers and to grow our business. In order to achieve the future revenue growth we have projected, we must develop and market new products and services. We intend to expand our operations significantly. To properly manage our growth, we will need to hire and retain additional personnel, upgrade our existing operational management and financial and reporting systems, and improve our business processes and controls. Our future expansion will include: scaling our revenue and achieving the operating efficiencies necessary to achieve and maintain profitability; anticipating and responding to changing customer preferences; anticipating and responding to macroeconomic changes generally, including changes in the markets for spacecraft, software, components and services; improving and expanding our operations and information systems; successfully competing against established companies and new market entrants; managing and improving our business processes in response to changing business needs; effectively scaling our operations while maintaining high customer satisfaction; integrating any future acquisitions, including personnel, systems, and business processes; avoiding or managing interruptions in our business from information technology downtime, cybersecurity breaches and other factors affecting our physical and digital infrastructure; adapting to changing conditions in our industry; complying with regulations applicable to our business; hiring and training talented employees at all levels of our business; developing new technologies; controlling expenses and investments in anticipation of expanded operations; upgrading the existing operational management and financial reporting systems and team to comply with requirements as a public company; and implementing and enhancing administrative infrastructure, systems, and processes. If our operations continue to grow as planned, of which there can be no assurance, we will need to expand our sales and marketing, R&D, customer and commercial strategy, products and services, supply, and manufacturing functions. These efforts will require us to invest significant financial and other resources, including in industries and sales channels in which we have limited experience to date. We will also need to continue to leverage our manufacturing and operational systems and processes, and there is no guarantee that we will be able to scale the business as currently planned or within the planned timeframe. The continued expansion of our business may also require additional manufacturing and operational facilities, as well as space for administrative support, and there is no guarantee that we will be able to find suitable locations for the manufacture of our space vehicles and related equipment. Our continued growth could increase the strain on

------

##### [**Table of Contents**](#toc)
our resources, and we could experience operating difficulties, including difficulties in hiring and training employees, finding manufacturing capacity to produce our space vehicles and related equipment, and delays in production. These difficulties may divert the attention of management and key employees and impact financial and operational results. If we are unable to drive commensurate growth, these costs, which include lease commitments, headcount, and capital assets, could result in decreased margins, which could have a material adverse effect on our business, financial condition, and results of operations.

***Changes in our accounting estimates and assumptions could negatively affect our financial position and results of operations.***

We prepare our consolidated financial statements in accordance with GAAP. These accounting principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of our financial statements. We are also required to make certain judgments that affect the reported amounts of revenues and expenses during each reporting period. We periodically evaluate our estimates and assumptions including, but not limited to, those relating to revenue recognition, recoverability of assets, valuation of derivatives and nonredeemable non-controlling interests, contingencies, stock-based compensation and income taxes. We base our estimates on historical experience and various assumptions that we believe to be reasonable based on specific circumstances. In particular, estimating our contract revenues requires judgments relative to assessing risks, including risks associated with estimating contract transaction prices and costs, assumptions for schedule and technical issues, customer-directed delays and reductions in scheduled deliveries, and unfavorable resolutions of claims and contractual matters. Due to the size and nature of many of our contracts, the estimation of total costs at completion is complicated and subject to many variables. For example, we must make assumptions regarding the length of time to complete the contract because costs include expected increases in wages and prices for materials; we also consider incentives or penalties related to performance on contracts and include them in the variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the related uncertainty is resolved. These assumptions and estimates involve the exercise of judgment and discretion, which may evolve over time in light of operational experience, regulatory direction, developments in accounting principles and other factors. Actual results could differ from these estimates as a result of changes in circumstances, assumptions, policies or developments in the business, which could materially affect our consolidated financial statements.

***A significant portion of our management team has limited experience managing a public company.***

Most members of our management team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could harm our business, financial condition and results of operations.

**Risks Related to Litigation and Regulation** 

***Our business is subject to various regulatory risks that could adversely affect our operations.***

The environment in which we operate is highly regulated due to the sensitive nature of our complex and technologically advanced systems, including spacecraft platforms and related components, and the fact that we contract with national security and defense customers, in addition to those regulations broadly applicable to publicly traded corporations. There are numerous regulatory risks that could adversely affect operations, including but not limited to:

*Changes in laws and regulations.* It is possible that the laws and regulations governing our business and operations will change in the future. While our current revenue is generated primarily within the U.S., we are

------

##### [**Table of Contents**](#toc)
committed to expanding into the global market and enhancing our growth potential. There may be a material adverse effect on our financial condition and results of operations if we are required to alter our business to comply with changes in both domestic and foreign regulations, tariffs, or taxes and other trade barriers that reduce or restrict our ability to sell our products and services on a global basis, or by political and economic instability in the countries in which we conduct business. Any failure to comply with such regulatory requirements could also subject us to various penalties or sanctions.

*Import and Export Restrictions.* Our business is subject to stringent U.S. import and export control laws and regulations as well as economic sanctions laws and regulations. We are required to import and export our products, software, technology, and services, as well as run our operations in the United States, in full compliance with such laws and regulations, which include the Export Administration Regulations (the "EAR"), the International Traffic in Arms Regulations ("ITAR"), and economic sanctions administered by the Treasury Department's Office of Foreign Assets Control ("OFAC"). Although our operations and customers are primarily based in the U.S., certain of our spacecraft systems and related components, services and technologies we have developed have required, and may in the future require, the implementation or acquisition of products or technologies from third parties and affiliates, including those in other jurisdictions. In addition, certain of our spacecraft systems and related components, services and technologies may be required to be forwarded, imported, or exported to other jurisdictions. In certain cases, if the use of such technologies can be viewed by the jurisdiction in which that supplier, subcontractor or affiliate resides as being subject to import or export constraints or restrictions relating to national security, we may not be able to obtain the technologies and products that we require from subcontractors and suppliers who would otherwise be our preferred choice or may not be able to obtain the export permits necessary to transfer or export our technology. The inability to obtain or maintain export approvals and export restrictions or changes during contract execution or non-compliance by our suppliers, subcontractors, and customers, could have an adverse effect on our revenues and margins. Further, we may have had, and may in the future have, inadvertent disclosures of certain of our products or components that are subject to the requirements of U.S. import and export control laws and may be found to be in violation of these laws and regulations, which could have a material adverse effect our business, financial condition, and results of operations.

*U.S. Government Approval Requirements.* For certain aspects of our business operations, we are required to obtain U.S. government licenses and approvals and to enter into agreements with various government bodies to export spacecraft and related software, components and services, to disclose technical data, or provide defense services to foreign persons. The delayed receipt of or the failure to obtain the necessary U.S. government licenses, approvals, and agreements may prohibit entry into or interrupt the completion of contracts which could lead to a customer's termination of a contract for default or monetary penalties, which could materially adversely affect our financial condition and results of operations. Given the great discretion the government has in issuing or denying such authorizations to advance U.S. national security and foreign policy interests, there can be no assurance we will be successful in our future efforts to secure and maintain necessary licenses, registrations, or other U.S. government regulatory approvals. Under the "Exon-Florio Amendment" to the U.S. Defense Production Act of 1950, as amended (the "DPA"), the U.S. President has the power to disrupt or block certain foreign investments in U.S. businesses if he or she determines that such a transaction threatens U.S. national security. The Committee on Foreign Investment in the United States ("CFIUS") has been delegated the authority to conduct national security reviews of certain foreign investments. CFIUS may impose mitigation conditions to grant clearance of a transaction. The Foreign Investment Risk Review Modernization Act ("FIRRMA"), enacted in 2018, amended the DPA to, among other things, expand CFIUS's jurisdiction beyond acquisitions of control of U.S. businesses. Under FIRRMA, CFIUS also has jurisdiction over certain foreign non-controlling investments in U.S. businesses that have involvement with "critical technology" or "critical infrastructure," or that collect and maintain "sensitive personal data" of U.S. citizens ("TID U.S. Businesses"), if the foreign investor receives specified triggering rights in connection with its investment. We are a TID U.S. Business because we develop and design technologies that would be considered critical technologies. Certain foreign investments in TID U.S. Businesses are subject to mandatory filing with CFIUS. These restrictions on the ability of foreign persons to invest in us has in the past, and could in the future, limit our ability to engage in strategic

------

##### [**Table of Contents**](#toc)
transactions that could benefit our stockholders, including a change of control, and could also affect the price that an investor may be willing to pay for our common stock.

*Other Government Regulations.* Our ability to pursue our business activities is regulated by various agencies and departments of the U.S. government and the governments of other countries. Commercial space launch activities require licenses from the Department of Transportation. Radio communications for satellites, launch activities and spacecraft operations require licenses from the Federal Communications Commission (the "FCC") and frequency coordination with the International Telecommunication Union. The operation of private remote sensing space systems requires a license from the Department of Commerce. Any failure to comply with these and other regulatory requirements could subject us to various penalties or sanctions and could have a significant adverse effect on our reputation, financial condition, and results of operations.

*Competitive Impact of U.S. Regulations.* Export and import control, economic sanction, and trade embargo laws and regulations, including those administered by the U.S. Department of Commerce's Bureau of Industry and Security, the U.S. State Department's Directorate of Defense Trade Controls and the U.S. Treasury Department's Office of Foreign Assets Control, including, but not limited to, the ITAR and EAR, may limit certain business opportunities or delay or restrict our ability to contract with potential foreign customers or suppliers. To the extent that our non-U.S. competitors are not currently or in the future subject to similar export and import controls, economic sanctions, and trade embargo laws and regulations, they may enjoy a competitive advantage with foreign customers, and it could become increasingly difficult for us to recapture this lost market share.

*Anti-Corruption Laws.* As part of the regulatory and legal environments in which we operate, we are subject to domestic and international anti-corruption laws, including the U.S. Foreign Corrupt Practices Act (the "FCPA") that prohibit improper payments directly or indirectly to government officials, authorities or persons defined in those anti-corruption laws in order to obtain or retain business or other improper advantages in the conduct of business. Our policies mandate compliance with anti-corruption laws. Failure by our employees, agents, subcontractors, suppliers and/or existing or future partners to comply with anti-corruption laws and our policies could impact us in various ways that include, but are not limited to, criminal, civil and administrative fines and/or legal sanctions and the inability to bid for or enter into contracts with certain entities, all of which could have a significant adverse effect on our reputation, operations, and financial results. Our exposure for violating these laws will increase as our international presence expands and as we increase sales and operations in foreign jurisdictions.

***We may become involved in litigation that may materially adversely affect us.***

From time to time, we have been and may in the future become involved in various legal proceedings relating to matters incidental to the ordinary course of our business, supplier, customer, or other third-party relationships, including intellectual property, commercial, product liability, employment, class action, whistleblower and other litigation and claims, and governmental and other regulatory investigations and proceedings. Such matters can be time-consuming, divert management's attention and resources from the operation of our business, and cause us to incur significant expenses or liability or require us to change our business practices. Because of the potential risks, expenses, and uncertainties of litigation, we may, from time to time, settle disputes, even where we believe that we have meritorious claims or defenses. Because litigation is inherently unpredictable, we cannot assure you that the results of any of these actions will not have a material adverse effect on our business. The outcome of litigation, particularly class action lawsuits and regulatory actions, is difficult to assess or quantify, as plaintiffs may seek recovery of very large or indeterminate amounts in these types of lawsuits, and the magnitude of the potential loss may remain unknown for substantial periods of time. We can provide no assurance that litigation or disputes will not arise in the future. We may also choose to settle such actions if we believe that doing so is in the best interests of the Company, and the amount of such settlement could also have a material adverse effect on our business, financial condition, and results of operations.

------

##### [**Table of Contents**](#toc)
***Our business is subject to a wide variety of extensive and evolving government laws and regulations. Failure to comply with such laws and regulations could have a material adverse effect on our business.***

We are subject to a wide variety of laws and regulations relating to various aspects of our business, including with respect to employment and labor, health care, tax, privacy and data security, health and safety, and environmental issues. Laws and regulations at the foreign, federal, state, and local levels frequently change, especially in relation to new and emerging industries, and we cannot always reasonably predict the impact from, or the ultimate cost of compliance with, current or future regulatory or administrative changes. While we monitor these developments and devote a significant amount of management's time and external resources towards compliance with these laws and regulations, we cannot guarantee that these measures will be satisfactory to regulators or other third parties, such as our customers. Moreover, changes in law, the imposition of new or additional regulations or the enactment of any new or more stringent legislation that impacts our business could require us to change the way we operate and could have a material adverse effect on our sales, profitability, cash flows and financial condition. Failure to comply with these laws, such as with respect to obtaining and maintaining licenses, certificates, authorizations and permits critical for the operation of our business, may result in civil penalties or private lawsuits, or the suspension or revocation of licenses, certificates, authorizations or permits, which would prevent us from operating our business. Regulation of our industry is still evolving, and new or different laws or regulations could affect our operations, increase direct compliance costs for us or cause any third-party suppliers or contractors to raise the prices they charge us because of increased compliance costs. Moreover, changes in law, the imposition of new or additional regulations or the enactment of any new or more stringent legislation that impacts our business could require us to change the way we operate and could have a material adverse effect on our sales, profitability, cash flows and financial condition. The regulatory approaches of different jurisdictions may be multi-layered and may be in conflict with one another, and our compliance could require alteration of our manufacturing processes or operational parameters which may adversely impact our business. We may not be in complete compliance with all such requirements at all times and, even when we believe we are in complete compliance, a regulatory agency may determine that we are not. In addition, the actions of third parties may cause us to fail to comply with certain requirements.

***Our business and operations could be negatively affected if we become subject to any securities litigation or stockholder activism, which could cause us to incur significant expense, hinder execution of business and growth strategy, and impact our stock price.***

Our share price may be volatile and, in the past, companies that have experienced volatility in the market price of their stock have been subject to securities litigation, including class action litigation. Stockholder activism, which could take many forms or arise in a variety of situations, has been increasing recently. Once our common stock is publicly traded, volatility in the stock price of our common stock or other reasons may in the future cause us to become the target of securities litigation or stockholder activism. Securities litigation and stockholder activism, including potential proxy contests, could result in substantial costs and divert management's and our Board's attention and resources from our business. Additionally, such securities litigation and stockholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with service providers and make it more difficult to attract and retain qualified personnel. Also, we may be required to incur significant legal fees and other expenses related to any securities litigation and activist stockholder matters. Further, our stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks, and uncertainties of any securities litigation and stockholder activism.

***Our proprietary software may not operate properly, which could damage our reputation, give rise to claims against us or divert application of our resources from other purposes, any of which could harm our business.***

Proprietary software development is time-consuming, expensive and complex, and may involve unforeseen difficulties. We may encounter technical obstacles, and it is possible that we may discover additional problems that prevent our proprietary software from operating properly. For example, errors or other design defects within the software we offer or on which we rely may result in failure to comply with applicable laws and regulations, a

------

##### [**Table of Contents**](#toc)
negative experience for customers, delayed introductions of new features or enhancements or failure to protect data or our intellectual property. If our proprietary software does not function reliably or fail to achieve customer expectations in terms of performance, we may lose or fail to grow in customer usage and customers could assert liability claims against us. This could damage our reputation and impair our ability to attract or maintain relationships with our customers and third parties.

***If we fail to adequately protect our proprietary intellectual property rights, including our unpatented proprietary intellectual property, our competitive position could be impaired and we may lose valuable assets, generate reduced revenue, and incur costly litigation to protect our rights. We have granted licenses in our intellectual property to certain customers, which creates an additional risk of unauthorized use or disclosure of our intellectual property.*** 

The success of business depends, in part, on our ability to protect our proprietary intellectual property rights. To date, we have relied primarily on a combination of trade secrets, patents, data rights assertions, trademarks, copyrights, confidentiality procedures, contractual commitments, non-disclosure or confidentiality agreements with our employees and consultants, and other legal rights to establish and protect our intellectual property (including our intellectual property that may not be patentable or subject to copyright, trademark, trade dress or service mark protection), and intend to continue to rely on these and other means. We also rely on trade secrets, designs, know-how, and other confidential information to protect our intellectual property that may not be patentable or subject to copyright, trademark, trade dress, or service mark protection, or that we believe is best protected by means that do not require public disclosure. However, the steps we take to protect our intellectual property may be inadequate, and we may choose not to pursue or maintain certain types of intellectual property protection or registration for our intellectual property in the United States or foreign jurisdictions. We will not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property. To the extent we expand our international activities, our exposure to unauthorized copying and use of our technologies and proprietary information may increase. Despite our precautions, our proprietary rights in the United States or abroad may not be adequate, and it may be possible for unauthorized third parties to copy, reverse engineer or misappropriate our technology or intellectual property rights and use information that we regard as proprietary to create technology that competes with ours. In addition, although we seek to enter into non-disclosure and invention assignment agreements with our employees and enter into non-disclosure agreements with our customers, consultants and other parties with whom we have strategic relationships and business alliances, no assurance can be given that these agreements will be effective in controlling access to and distribution of our technology and proprietary information. Such employees and third parties may make adverse ownership claims to our current and future intellectual property, and, to the extent that our employees, independent contractors or other third parties with whom we do business use intellectual property owned by others in their work for us, disputes may arise as to the rights in related or resulting intellectual property. While we seek to enter into such agreements, we may fail to enter into such agreements with all relevant entities, such agreements may be breached or may not be self-executing, and we may be subject to claims that employees misappropriated relevant rights from their previous employers. Accordingly, we cannot guarantee that the steps we have taken to protect our intellectual property will be adequate to prevent infringement of our rights or misappropriation of our technology, trade secrets or know-how, or that we have secured, or will be able to secure, appropriate permissions or protections for all of the intellectual property rights we use or claim rights to. Further, these agreements do not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our products. In certain instances, we have granted customers licenses to our intellectual property, and we have disclosed the necessary intellectual property, including our trade secrets, proprietary know-how and other confidential information, to these customers. Additionally, certain of our customer agreements contain provisions permitting the customer to become a party to, or beneficiary of, an escrow agreement under which we place certain intellectual property in escrow with a third party. Under these escrow agreements, such intellectual property may be released to the customer for certain purposes, including to manufacture (or coordinate the manufacture of) certain of our products upon the occurrence of specified events, such as our filing for bankruptcy or ceasing our business operations generally.

------

##### [**Table of Contents**](#toc)
Although our license grants contain certain restrictions and protections for our intellectual property, we cannot control the actions by third parties, their affiliates and manufacturing partners, and their respective employees. If we fail to protect our intellectual property rights adequately, we may lose an important advantage in the markets in which we compete. Our efforts to protect these rights may be insufficient or ineffective, and any of our intellectual property rights may be challenged, which could result in them being narrowed in scope or declared invalid or unenforceable. Any unauthorized use or disclosure of our intellectual property, including by our current or future manufacturing partners and suppliers, would cause us material harm in a manner that monetary damages alone could not redress, and this unauthorized use or disclosure could have a material adverse effect on our business and operations. Other parties may also independently develop technologies, products, and services that are substantially similar or superior to ours. We also may be forced to bring claims against third parties, or defend claims that they may bring against us, to determine the ownership of what we regard as our intellectual property. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights, and failure to obtain or maintain protection for our proprietary information could adversely affect our competitive business position. Further, adequate remedies may not be available in the event of an unauthorized use or disclosure of our trade secrets and manufacturing expertise. Finally, for those products in our portfolio that rely on patent protection, once a patent has expired, the product is generally open to competition. Products under patent protection usually generate significantly higher revenues than those not protected by patents. If we fail to successfully enforce our intellectual property rights, our competitive position could suffer, which could harm our business, financial condition, results of operations, and cash flows. We also rely on physical and electronic security measures to protect our proprietary information, but we cannot provide assurance that these security measures will not be breached or will provide adequate protection for our property. There is a risk that third parties may obtain and improperly utilize our proprietary information to our competitive disadvantage. We may not be able to detect or prevent the unauthorized use of such information or take appropriate and timely steps to enforce our intellectual property rights.

***Our business is substantially dependent on contracts entered into with customers in the ordinary course of business. As such, we are subject to counterparty risk. If a counterparty to one of our contracts were to default or otherwise fail to perform or be delayed in its performance on any of its contractual obligations to us, such default, failure to perform or delay could have a material adverse effect on our business, financial condition, and results of operations.***

Our business is substantially dependent on contracts entered into with customers in the ordinary course of business. Our budgeted capital expenditures for our backlog, forecasted growth, and strategic plan are based on revenues expected to be generated pursuant to existing contracts. If a customer were to default or otherwise fail to perform or be delayed in the fulfillment of its contractual obligations to us, we would be required to adjust our budget, forecasts, and strategic plans, which may negatively affect our business, financial condition, cash flows, and/or liquidity. Additionally, if the scope of anticipated work related to any customer contract were to change due to unforeseen circumstances or evolving requirements of one or more of our counterparties, we may be unable to generate revenue on our anticipated timeline or may be required to incur increased costs from those originally estimated for a project, which could cause our budgets, forecasts, and plans to be inaccurate. It is not possible to predict with accuracy the impact of any default, failure to perform or delay, which results in our inability to completely mitigate such risks. As such, the counterparty default, failure to perform or delay in performance may have a material adverse impact on our business, financial condition, and results of operations.

***A failure of our information technology systems, physical or electronic security protections, or an interruption in their operation due to internal or external factors including cyberattacks or insider threats, could have a material adverse effect on our business, financial condition, or results of operations.***

Our business and operations are dependent on our ability to protect our employees, business systems, manufacturing capabilities, information systems, computer equipment and information databases from system failures or malicious acts. We rely on both internal information technology systems, physical controls and

------

##### [**Table of Contents**](#toc)
policies, and certain external services and service providers to manage the day-to-day operation of our business, operate elements of our manufacturing facilities, manage relationships with our employees, customers, and suppliers, fulfill customer orders and maintain our financial and accounting records. In addition, many of our systems are required to comply with higher standards applicable to systems that hold controlled technology or data. If our main data center were to fail, or if we were to suffer an interruption or degradation of services at our main data center, we could lose important manufacturing and technical data, which could harm our business. Similarly, we rely on third-party providers and in the event that any third-party provider's systems or service abilities failed or are interrupted, our ability to operate may be impaired. Some of these third-party providers may store or have access to our data and may not have effective controls, processes, or practices to protect our information from attack, damage, or unauthorized access. Any of these risks may be augmented if our or any third-party provider's business continuity and disaster recovery plans prove to be inadequate. While we generally perform cybersecurity due diligence on our key third-party service providers, because we do not control our third-party service providers and our ability to monitor their cybersecurity is limited, we cannot ensure the cybersecurity measures they take will be sufficient to protect any information we share with them. Due to applicable laws and regulations or contractual obligations, we may be held responsible for such cyberattacks and other incidents or disruptions attributed to our third-party service providers as they relate to the information we share with them.

We and our third-party service providers are vulnerable to damage or interruption from earthquakes, hurricanes, floods, fires, terrorist attacks, actual or threatened acts of war, power losses, telecommunications failures, personnel misconduct, human error, and similar events. We and our third-party service providers are also vulnerable to cyberattacks or cybersecurity incidents, such as software bugs, computer viruses, worms, malware and ransomware, and other malicious and destructive code, social engineering and phishing attacks, denial of service attacks or other attempts to harm our systems, misconduct, fraud and denial or degradation of service attacks, and have been, and may in the future be, the target of attempted cyberattacks. Because of the nature of our business and that of our third-party service providers, and our support of the U.S. government, we (and our customers and our third-party service providers) may be targeted for such attacks by hostile foreign governments. Further, the techniques used to obtain unauthorized access to, or to disrupt, systems or networks, are constantly evolving and generally are not recognized until launched against a target. Cyberattacks and other security incidents have increased in frequency, severity and sophistication in recent years and are conducted by organized groups and individuals with a wide range of motives and expertise, including organized criminal groups, "hacktivists," terrorists, nation states, nation-state supported actors and others. Consequently, we may be unable to anticipate these techniques, react in a timely manner, or implement preventive measures, which could result in delays in our detection or remediation of, or other responses to, cyberattacks, security breaches and other security-related incidents. The wide availability of open source software used in our solutions could also expose us and our third-party service providers to security vulnerabilities. The failure of our information technology systems, or those of our third-party service providers, to perform as anticipated for any reason or any significant breach of security could disrupt our business and result in numerous adverse consequences, including reduced effectiveness and efficiency of operations, increased costs, or loss of important information or capabilities, any of which could have a material adverse effect on our business, financial condition, or results of operations.

Any security breach, including personal data breaches, or incident, including cybersecurity incidents, that we or our third-party service providers experience could result in unauthorized access to, misuse of or unauthorized acquisition of our or our customers' data, the loss, corruption, or alteration of this data, interruptions in our operations or damage to our computer hardware or systems or those of our customers. Moreover, negative publicity arising from these types of disruptions could damage our reputation. Such incidents and disruptions may require us to notify affected individuals and other third parties and incur additional remediation or mitigation costs or have other adverse legal and regulatory consequences to us and our business, particularly if we or our third-party service providers are unable to anticipate such acts or implement adequate preventative measures. For more information on our legal and regulatory obligations with respect to privacy and data security, see Risk Factors—Risks Related to Litigation and Regulation—Our business is subject to federal, state, and international laws regarding data protection, privacy, and data security, as well as confidentiality

------

##### [**Table of Contents**](#toc)
obligations under various agreements, and our actual or perceived failure to comply with such obligations could damage our reputation, expose us to litigation risk and materially adversely affect our business and operating results.

In addition, our remediation efforts may not be successful, and we may not have adequate insurance to cover these losses. While we maintain insurance policies that may cover certain liabilities in connection with a cyberattack or other incidents, we cannot be certain that our insurance coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on commercially reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim.

***The U.S. government's determination to award a future contract or contract option may be challenged by an interested party, and, if that challenge is successful, that future contract or option may be terminated.***

The laws and regulations governing procurements by the U.S. government provide procedures by which other bidders and interested parties may challenge the award of a government contract at the U.S. Government Accountability Office ("GAO") or in federal court. If we are awarded a government contract, such challenges or protests could be filed even if there are not any valid legal grounds on which to base the challenge or protest. If any such challenges or protests are filed, the government agency may decide to suspend our performance under the contract while such challenges or protests are being considered by the GAO or the applicable federal court, thus potentially delaying delivery of payment. In addition, we could be forced to expend significant funds to defend any potential award. If a challenge or protest is successful, the government agency may be ordered to terminate any one or more of our contracts and reselect bids. The government agencies with which we have contracts could even be directed to award a potential contract to one of the other bidders. Finally, the government agency, in its discretion, may elect to take corrective action to resolve a pending bid protest which could result in the government agency reevaluating bidders, or asking bidders to re-compete for the contract, and the selection of a new bidder.

***Our business involves significant risks and uncertainties that may not be covered by insurance. Also, due to the inherent risks associated with commercial spaceflight, there is the possibility that any accident or catastrophe could lead to the loss of human life or a medical emergency.***

Although there have been and will continue to be technological advances in spaceflight, it is still an inherently dangerous activity. Explosions and other accidents on launch or during the flight have occurred and will likely occur in the future. If such incident should occur, we will likely experience a total loss of our systems, products, technologies and services and our payloads and payloads of our customers. The total or partial loss of one or more of our products or payloads could have a material adverse effect on our business, financial condition and results of operations. For some missions, we can elect to buy launch insurance, which can reduce our monetary losses from the launch failure, but even in this case we will have losses associated with our inability to test our technology in space and delays with further technology development. Further, commercial spaceflight is an inherently risky activity that can lead to accidents or catastrophes impacting human life. It is impossible to completely eliminate the potential for human error, and there is a possibility that other accidents may occur in the future as a result of human error or for a variety of other reasons, some of which may be out of our control. Any such accident could result in substantial losses to us, including reputational harm and legal liability, and, as a result, could have a material adverse effect on our business, financial condition and results of operations.

***Our insurance, customer indemnifications or other liability protections may be insufficient to protect us from product and other liability claims or losses.***

We maintain insurance coverage with third-party insurers as part of our overall risk management strategy and because some of our contracts require us to accept risk of loss during various issuing phases. Not every risk or liability is or can be protected by insurance, and for those risks we insure, the limits of coverage that is reasonably obtainable may not be sufficient to cover all actual losses or liabilities incurred. We are limited in the

------

##### [**Table of Contents**](#toc)
amount of insurance we can obtain to cover certain risks, such as cybersecurity risks and natural hazards, including earthquakes, fires, and extreme weather conditions, some of which can be worsened by climate change and pandemics. If any of our third-party insurers fail, become insolvent, cancel our coverage or otherwise are unable to provide us with adequate insurance coverage or renew our insurance coverage on favorable terms, then our overall risk exposure and our operational expenses would increase, and the management of our business operations would be disrupted. Our insurance may be insufficient to protect us from significant product and other liability claims or losses. Moreover, there is a risk that commercially available liability insurance will not continue to be available to us at a reasonable cost, if at all. In some circumstances, we are entitled to certain legal protections or indemnifications from our customers through contractual provisions, laws, regulations, or otherwise. However, these protections are not always available, can be difficult to obtain, are typically subject to certain terms or limitations, including the availability of funds, and may not be sufficient to cover all losses or liabilities incurred. For example, although the U.S. government may pay claims for third-party damages to the extent they exceed our insurance coverage, this depends on a government appropriation and is subject to a statutory limit. In addition, this insurance will not protect us against our own losses, including to our satellites. If liability claims or losses exceed our current or available insurance coverage, customer indemnifications, or other legal protections, our business, results of operations, prospects and financial condition could have a material adverse effect on us. Any significant claim may have a material adverse effect on our industry and market reputation, leading to a substantial decrease in demand for our products and services and reduced revenues, making it more difficult for us to compete effectively, and could affect the cost and availability of insurance coverage at adequate levels in the future.

***Contracting in the defense industry is subject to significant regulation, including rules related to bidding, billing, and accounting kickbacks and false claims, and any non-compliance could subject us to fines and penalties or possible debarment.***

Like all government contractors, we are subject to risks associated with this contracting. These risks include the potential for substantial civil and criminal fines and penalties. These fines and penalties could be imposed for failing to follow procurement integrity and bidding rules, employing improper billing practices, or otherwise failing to follow cost accounting standards, receiving, or paying kickbacks or filing false claims. We may be subject to audits and investigations by government agencies. The failure to comply with the terms of our government contracts could harm our business reputation, which could significantly reduce our sales and earnings. It could also result in our suspension or debarment from future government contracts, which could materially adversely affect our business, financial condition, and results of operations. In addition, we could be subject to criminal or civil penalties or administrative sanctions, including contract termination, breach of contract actions including related damages, fines, forfeiture of fees, suspension of payment, and civil False Claims Act allegations (which can include civil penalties and up to treble damages), any of which could materially adversely affect our reputation, business, financial condition, and results of operations.

***We are subject to procurement rules and regulations, which increase our performance and compliance costs under our U.S. government contracts. Our failure to comply with various complex procurement rules and regulations could result in our being liable for penalties, including termination of our U.S. government contracts, disqualification from bidding on future U.S. government contracts, civil False Claims Act allegations, and suspension or debarment from U.S. government contracting.***

We must comply with laws and regulations relating to the formation, administration, and performance of U.S. government contracts, which affect how we do business with our customers. Such laws and regulations may impose added costs on our business and our failure to comply with them, or the failure of our agents' to comply with them, may lead to civil or criminal penalties, termination of our U.S. government contracts, civil False Claims Act allegations (which can include civil penalties and up to treble damages), suspension or debarment from contracting with federal agencies and could have a material adverse effect on our reputation and ability to receive other U.S. government contract awards in the future. Government contract laws and regulations can impose terms or obligations that are different than those typically found in commercial transactions. One of the

------

##### [**Table of Contents**](#toc)
significant differences is that the U.S. government may terminate any of our government contracts, not only for default based on our performance but also at its convenience. Generally, prime contractors have a similar right under subcontracts related to government contracts. If a contract is terminated for convenience, we would expect to be entitled to receive the purchase price for delivered items, reimbursement for allowable costs for work-in-process and an allowance for profit on the contract. If a contract is terminated for default, the U.S. government could make claims to reduce the contract value or recover its procurement costs and could assess other special penalties, exposing us to liability and materially adversely affecting our ability to compete for future contracts and orders. In addition, the U.S. government could terminate a prime contract under which we are a subcontractor, notwithstanding the fact that our performance and the quality of the products or services we delivered were consistent with our contractual obligations as a subcontractor. Similarly, the U.S. government could indirectly terminate a program or contract by not funding it. The decision to terminate programs or contracts for convenience or default could materially adversely affect our business, financial condition, and results of operations.

***Our failure to comply with various complex procurement rules and regulations could result in our being liable for penalties, including termination of our U.S. government contracts, disqualification from bidding on future U.S. government contracts, civil False Claims Act allegations and suspension or debarment from U.S. government contracting.*** 

We must comply with laws and regulations relating to the formation, administration and performance of U.S. government contracts, which affect how we do business with our customers. Such laws and regulations may impose added costs on our business and our failure to comply with them may lead to civil or criminal penalties, termination of our U.S. government contracts, civil False Claims Act allegations (which can include civil penalties and up to treble damages) or suspension or debarment from contracting with federal agencies. Government contract laws and regulations can impose terms or obligations that are different than those typically found in commercial transactions. One of the significant differences is that the U.S. government may terminate any of our government contracts, not only for default based on our performance but also at its convenience. Generally, prime contractors have a similar right under subcontracts related to government contracts. If a contract is terminated for convenience, we would expect to be entitled to receive the purchase price for delivered items, reimbursement for allowable costs for work-in-process and an allowance for profit on the contract. If a contract is terminated for default, the U.S. government could make claims to reduce the contract value or recover its procurement costs and could assess other special penalties, exposing us to liability and materially adversely affecting our ability to compete for future contracts and orders. In addition, the U.S. government could terminate a prime contract under which we are a subcontractor, notwithstanding the fact that our performance and the quality of the products or services we delivered were consistent with our contractual obligations as a subcontractor. Similarly, the U.S. government could indirectly terminate a program or contract by not funding it. The decision to terminate programs or contracts for convenience or default could materially adversely affect our business, results of operations, prospects and financial condition, and our future financial performance.

***Failure to comply with anti-corruption laws, including the FCPA and similar laws associated with our activities outside of the United States, could subject us to penalties and other adverse consequences.***

We operate a global business and may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities. We are subject to the FCPA, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act and possibly other anti-bribery and anti-corruption laws in countries in which we conduct activities. These laws that prohibit companies and their employees and third-party intermediaries from corruptly promising, authorizing, offering, or providing, directly or indirectly, improper payments or anything of value to foreign government officials, political parties, and private-sector recipients for the purpose of obtaining or retaining business, directing business to any person, or securing any advantage. In addition, U.S. public companies are required to maintain records that accurately and fairly represent their transactions and have an adequate system of internal accounting controls. In many foreign countries, including countries in which we may conduct business, it may be a local custom that businesses

------

##### [**Table of Contents**](#toc)
engage in practices that are prohibited by the FCPA or other applicable laws and regulations. We face significant risks if we or any of our directors, officers, employees, agents or other partners or representatives fail to comply with these laws and governmental authorities in the United States and elsewhere could seek to impose substantial civil and/or criminal fines and penalties which could have a material adverse effect on us. Any violation of the FCPA or other applicable anti-corruption laws could result in whistleblower complaints, adverse media coverage, investigations, loss of export privileges, severe criminal or civil sanctions and, in the case of the FCPA, suspension or debarment from U.S. government contracts, any of which could have a materially adverse effect on our reputation, business, operating results and prospects. In addition, responding to any enforcement action may result in a significant diversion of management's attention and resources and significant defense costs and other professional fees.

***We routinely conduct hazardous operations in the manufacturing and testing of our spacecraft and related components and technology, which could result in damage to property or persons. The release, unplanned ignition, explosion, or improper handling of dangerous materials used in our business could disrupt our operations and adversely affect our financial results.***

We manufacture, test, and operate highly sophisticated spacecraft and related components and technology. Our business operations involve the purchase and management of potentially explosive and ignitable energetic materials, and other dangerous chemicals, including materials used in rocket propulsion. The handling, production, transport, and disposition of hazardous materials could result in incidents that temporarily shut down or otherwise disrupt our operations and could cause production delays. A release of these chemicals or an unplanned ignition or explosion could result in death or significant injuries to employees and others. Material property damage to us and third parties could also occur. Extensive regulations apply to the handling of explosive and energetic materials, including but not limited to regulations governing hazardous substances and hazardous waste. The failure to properly store and ultimately dispose of such materials could create significant liability and/or result in regulatory sanctions. While we have built operational processes designed to ensure that the design, manufacture, performance, and servicing of our spacecraft meet rigorous quality standards, there can be no assurance that we will not experience operational or process issues that could result in potential safety risks. Any actual or perceived safety or reliability issues may result in significant reputational harm to our businesses, in addition to tort liability, maintenance, increased safety infrastructure, and other costs that may arise. Such issues could result in canceled contracts, increased regulation, or other systemic consequences. Our inability to meet our safety standards or adverse publicity affecting our reputation as a result of accidents, mechanical failures, damages to customer property, or other complications could have a material adverse effect on our business, financial condition, and results of operations.

***We use third-party licensed software and services in or with our solutions, and the inability to maintain these licenses and services arrangements, or issues with the software we license or services we leverage, could result in increased costs or reduced service levels, which would adversely affect our business.***

Our solutions include software or other intellectual property licensed from certain third parties, and we otherwise use certain software and other intellectual property licensed from third parties in our business and operations. We anticipate that we will continue to rely on such third-party software and intellectual property in the future, and from time to time, we may be required to renegotiate our current third-party licenses or services arrangements or license additional intellectual property or technology or procure additional services from third parties to develop new solutions or enhancements thereto or to facilitate new business models. This exposes us to risks over which we may have little or no control. For example, the third-party licenses and services on which we currently rely may not always be available, or may not be available on commercially reasonable terms, and we may not have access to alternative third-party software in the event of any issues with such software. In addition, the agreements under which we license intellectual property from third parties are generally complex, and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property, or increase what we believe to be our financial or other obligations under the

------

##### [**Table of Contents**](#toc)
relevant agreement. A third party may assert that we or our customers are in breach of the terms of applicable licenses or services arrangements, which could, among other things, force us to cease use of such software and give such third party the right to terminate the applicable license or services arrangement or seek damages from us, or both. Additionally, third parties from whom we currently license intellectual property rights and technology could refuse to renew our agreements upon their expiration or could impose additional terms and fees that we otherwise would not deem acceptable requiring us to obtain the intellectual property from another third party, if any is available, or to pay increased licensing fees or be subject to additional restrictions on our use of such third party intellectual property. Additionally, we may not have the right to control the maintenance, prosecution, preparation, filing, enforcement, and defense of, or litigation relating to, the intellectual property that we license from third parties and are reliant on our licensors to do so. We also cannot be certain that activities such as intellectual property protection, maintenance, prosecution, and enforcement by our licensors have been or will be conducted consistent with our best interests or in compliance with applicable laws and regulations or will result in valid and enforceable intellectual property rights. It is possible that our licensors conduct infringement proceedings or defense activities less vigorously than we would conduct them ourselves or such proceedings or activities may not be conducted in accordance with our best interests. Furthermore, we cannot be certain that our licensors are not infringing, misappropriating, or otherwise violating the intellectual property rights of third parties or that our licensors have sufficient rights to the intellectual property we license in all jurisdictions in which we may offer our solutions. Our inability to obtain or maintain certain licenses, services arrangements or other rights or to obtain or maintain such licenses, services arrangements or rights on favorable terms, or the need to engage in litigation or any other proceedings regarding these matters, could result in delays in releases of new solutions and could otherwise disrupt our business, until equivalent technology can be identified, licensed, or developed, if at all. In addition, our rights to certain technologies are licensed to us on a non-exclusive basis. The owners of these non-exclusively licensed technologies are therefore free to license them to third parties, including our competitors, on terms that may be superior to those offered to us, which could place us at a competitive disadvantage. Also, to the extent that our solutions depend upon the successful operation of third-party software in conjunction with our software, any undetected errors, vulnerabilities, compromises, or defects in such third-party software could prevent the deployment or impair the functionality of our solutions, delay new feature introductions, result in a failure of our platform, and injure our reputation. Any of the foregoing could materially adversely affect our business, financial condition, and results of operations.

***Protecting and defending against intellectual property claims may have a material adverse effect on our business.***

Our success depends in part upon successful prosecution, maintenance, enforcement, and protection of our owned and licensed intellectual property. To protect our intellectual property rights, we may be required to spend significant resources to monitor and protect these rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Such litigation could be costly, time consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights. Our inability to protect our proprietary technology, as well as any costly litigation or diversion of our management's attention and resources, could disrupt our business, as well as have a material adverse effect on our financial condition and results of operations. The results of intellectual property litigation are difficult to predict and may result in significant damage awards or settlement costs. We may also be required to undertake workarounds or substantial reengineering of our products or services, stop using certain technologies, stop offering certain services or enter into royalty or licensing agreements, which may include terms that are not commercially acceptable to us. There is no guarantee that any action to defend, maintain or enforce our owned or licensed intellectual property rights will be successful, and an adverse result in any such proceeding could have a material adverse impact on our business, financial condition, and results of operations. In addition, we may from time-to-time face allegations that we are infringing, misappropriating, or otherwise violating the intellectual property rights of third parties, including the intellectual property rights of our competitors. We may be unaware of the intellectual property rights that others may claim cover some or all of our technology or services. Irrespective of the validity of any

------

##### [**Table of Contents**](#toc)
such claims, we could incur significant costs and diversion of resources in defending against them, and there is no guarantee any such defense would be successful, which could have a material adverse effect on our business, financial condition, and results of operations. Even if these matters do not result in litigation or are resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve them, could divert the time and resources of our management team and harm our business, financial condition, our results of operations, and our reputation.

***Environmental matters, including costs associated with compliance and remediation efforts and government and third-party claims, could have a material adverse effect on our reputation and our business, financial condition, and results of operations.***

Our operations are subject to and affected by various federal, state, local, and foreign environmental laws, and regulations, which can frequently be expanded, changed, or enforced differently over time. Compliance with these existing and evolving environmental laws and regulations requires and is expected to continue to require significant operating and capital costs. We may be subject to substantial administrative, civil, or criminal fines, penalties, or other sanctions (including suspension and debarment from our government contracts) for violations. For instance, if we are found to be in violation of the Federal Clean Air Act or the Clean Water Act, the facility or facilities involved in the violation could be placed by the Environmental Protection Agency on a list of facilities that generally cannot be used in performing on U.S. government contracts until the violation is corrected. Stricter or different remediation standards or enforcement of existing laws and regulations; new requirements, including regulation of new substances; discovery of previously unknown contamination or new contaminants; imposition of fines, penalties, or damages (including natural resource damages); a determination that certain remediation or other costs are unallowable; rulings on allocation or insurance coverage; and/or the insolvency, inability or unwillingness of other parties to pay their share, could require us to incur material additional costs in excess of those anticipated. We may become a party to legal proceedings and disputes involving government and private parties (including individual and class actions) relating to alleged impacts from pollutants released into the environment, including bodily injury and property damage. These matters could result in material compensatory or other damages, remediation costs, penalties, non-monetary relief, and adverse allowability or insurance coverage determinations. The impact of these factors is difficult to predict, but one or more of them could harm our reputation and business and have a material adverse effect on our results of operations, prospects, and financial condition.

***Our business is subject to federal, state, and international laws regarding data protection, privacy, and data security, as well as confidentiality obligations under various agreements, and our actual or perceived failure to comply with such obligations could damage our reputation, expose us to litigation risk and materially adversely affect our business and operating results.***

In connection with our business, we receive, collect, process, and retain certain personal information about our customers, vendors, and employees. As a result, we are subject to the evolving and increasingly complex data protection laws and regulatory frameworks of the jurisdictions in which we operate or conduct our business, including to state comprehensive privacy laws, such as the California Consumer Privacy Act, as amended by the California Privacy Rights Act (collectively, the "CCPA"), the European Union General Data Protection Regulation ("EU GDPR"), and the U.K. General Data Protection Regulation ("U.K. GDPR") (collectively, "Data Protection Laws"). These laws impose obligations in relation to the collection, use, and disclosure of personal information, including providing customers with certain rights to access, correct, delete, and restrict the processing of their personal information. Failure to comply with applicable laws may result in regulatory scrutiny, enforcement actions, fines, litigation, or other liabilities or costs, and the evolving complexity of the privacy landscape could impact our ability to collect, use or disclose personal information, decrease demand for our products, require us to restrict our business operations, increase our costs, and impair our ability to maintain and grow our customer base and increase our revenue. We are also subject to the DoD Cybersecurity Maturity Model Certification ("CMMC") requirements, which requires companies that do business with the DoD to,

------

##### [**Table of Contents**](#toc)
depending on the level of security required, meet, or exceed certain specified cybersecurity standards to be eligible for new contract awards. To the extent we are unable to achieve or maintain certification at the level required for a particular contract award, we will be unable to bid on such contract awards or follow-on awards for existing work with the DoD, which could materially adversely impact our revenue, profitability, and cash flows.

Additionally, our subcontractors, and certain of our vendors, may also need to comply with CMMC requirements. We may be negatively impacted if our subcontractors or vendors are not compliant with CMMC requirements. The obligations imposed on us under the CMMC may be different from, or in addition to those, otherwise required by the Data Protection Laws to which we are subject. The costs to comply with the new CMMC requirements are significant and may increase, which could materially adversely affect our business, financial condition, or results of operations. Failure to comply with CMMC requirements may also make us subject to bid protest challenges or False Claims Act allegations claiming damages to the government based on such non-compliance. We have implemented internal controls and procedures designed to comply with the Data Protection Laws to which we are subject, the CMMC and other applicable standards, as well as contractual obligations related to data protection.

Data protection laws, regulations, standards, and obligations are evolving and may be modified, replaced, interpreted, and applied in an inconsistent manner from one jurisdiction to another, and may conflict with one another, other requirements, or legal obligations. For example, the application of the EU GDPR alongside the U.K. GDPR exposes us to two parallel regimes that may be subject to potentially different interpretations, each of which potentially authorizes similar fines and other potentially divergent enforcement actions for certain violations. While the EU GDPR and the U.K. GDPR remain substantially similar for the time being, the government of the U.K. has adopted reforms to its privacy and data security legal framework in its Data Use and Access Act 2025, which became law on June 19, 2025 (phasing in between June 2025 and June 2026) and will introduce significant changes from the EU GDPR. This may lead to additional compliance costs and could increase overall risk exposure as businesses may no longer be able to take a unified approach across the European Economic Area and the U.K., and such businesses may need to amend their processes and procedures to align with the new framework. We cannot yet determine the impact that such modifications may have on our business. As such, our practices may not have complied with, and we cannot assure ongoing compliance with, all such laws or regulations and other legal obligations. Further, we expect that new industry standards, laws, and regulations will continue to be proposed regarding privacy and data security in many jurisdictions. We cannot yet determine the impact that such future laws, regulations, and standards may have on our business. Our efforts to comply with these evolving obligations may cause us to incur significant costs or require changes to our business practices, which could materially adversely affect our business, financial condition, and results of operations. Any failure or perceived failure by us to comply with applicable laws or regulations, or other contractual or legal obligations, or to adequately address privacy and data security concerns, even if unfounded, may result in governmental enforcement actions, private litigation (including class actions), fines and penalties or adverse publicity and could cause our customers to lose trust in us, which could have a material adverse effect on our reputation, inhibit sales, and materially adversely affect our business, financial condition, and results of operations.

***Our systems utilize third-party open-source software, and any failure to comply with the terms of one or more of these open-source software licenses could adversely affect our business, subject us to litigation, or create potential liability.***

Our systems include software licensed from third parties under any one or more open-source licenses, and we expect to continue to incorporate open-source software in our systems and technology in the future. Moreover, we cannot ensure that we have effectively monitored our use of open-source software, or validated the quality or source of such software, or that we are always in compliance with the terms of the applicable open-source licenses or our current policies and procedures. From time to time, there have been claims against companies that use open-source software in their products and services asserting that the use of such open-source software infringes the claimants' intellectual property rights. As a result, we could be subject to suits by third

------

##### [**Table of Contents**](#toc)
parties claiming that what we believe to be licensed open-source software infringes such third parties' intellectual property rights. Additionally, if an author or other third party that distributes such open source software were to allege that we had not complied with the conditions of one or more of these licenses, we could be required to incur significant legal expenses defending against such allegations and could be subject to significant damages and required to comply with onerous conditions or restrictions on these solutions, which could disrupt the distribution and sale of these solutions. Litigation could be costly for us to defend, have a negative effect on our business, financial condition, and results of operations, or require us to devote additional R&D resources to change our solutions. We may continue to experience such vulnerabilities in the future. Use of open-source software may entail greater risks than use of third-party commercial software, as open-source licensors generally do not provide warranties or other contractual protections regarding infringement claims or the quality of the code, including with respect to security vulnerabilities where open-source software may be more susceptible. In addition, certain open-source licenses require that source code for software programs that incorporate, use, or combine with such open-source software be made available to the public at no cost and that any modifications or derivative works to such open-source software continue to be licensed under the same terms as the open-source software license. The terms of various open-source licenses to which we are subject are ambiguous and have not or may not have been interpreted by courts in the relevant jurisdictions, and there is a risk that such licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to market or provide our software and data. By the terms of certain open-source licenses, we could be required to release the source code of our proprietary software, and to make our proprietary software available under open-source licenses, if we combine our proprietary software with open-source software in a certain manner. In the event that portions of our proprietary software are determined to be subject to an open-source license, we could be required to publicly release the affected portions of our source code, re-engineer all or a portion of our solutions, seek licenses from third parties on terms that are not commercially feasible or otherwise be limited in the provision of our products and services, each of which could reduce or eliminate the value of our solutions. Disclosing our proprietary source code could allow our competitors to create similar products with lower development effort and time and ultimately could result in a loss of sales. Furthermore, any such re-engineering or other remedial efforts could require significant additional R&D resources, and we may not be able to successfully complete any such re-engineering or other remedial efforts. Any of these events could create liability for us and damage our reputation, which could have a material adverse effect on our business, financial condition, and results of operations.

***Laws and regulations designed to address climate change may result in additional compliance costs.***

Our operations and the products we sell are currently subject to rules limiting emissions and to other climate-related regulations in certain jurisdictions where we operate. The increased prevalence of global climate change concerns may result in new regulations that may negatively impact us, our suppliers, and customers. We are continuing to evaluate short-, medium- and long-term risks related to climate change. We cannot predict what climate-related legislation or regulations will be enacted in the future, how existing or future laws or regulations will be administered or interpreted, or what environmental conditions may be found to exist. Compliance with any new or more stringent laws or regulations, or stricter interpretations of existing laws, could require additional expenditures by us or our suppliers, in which case, the costs of component parts could increase.

***Misconduct of employees, subcontractors, agents, suppliers, business partners, or joint ventures and others working on our behalf could cause us to lose existing contracts or customers and adversely affect our ability to obtain new contracts and customers and could have a material adverse impact on our reputation, business, financial condition, and results of operations.***

Our employees, subcontractors, agents, suppliers, business partners, joint ventures or others working on our behalf may engage in misconduct that could adversely impact our business including by committing fraud or engaging in other improper activities such as falsifying time or other records, and violating laws and failing to comply with our policies and procedures or with federal, state, or local government procurement regulations, regulations regarding the use and safeguarding of classified or other protected information, legislation regarding

------

##### [**Table of Contents**](#toc)
the pricing of labor and other costs in government contracts, laws, and regulations relating to environmental, health or safety matters, bribery of foreign government officials, import-export control, lobbying or similar activities, and any other applicable laws or regulations. Any data loss or information security lapses resulting in the compromise of personal information or the improper use or disclosure of sensitive or classified information could result in claims, remediation costs, regulatory investigations or sanctions against us, corruption or disruption of our systems or those of our customers, impairment of our ability to provide services to our customers, loss of current and future contracts, indemnity obligations, serious harm to our reputation and other potential liabilities. Although we have implemented policies, procedures, training, and other compliance controls to prevent and detect these activities, these precautions may not prevent all misconduct, and as a result, we could face unknown risks or losses. This risk of improper conduct may increase as we continue to expand and do business with new partners. In the ordinary course of our business, we form and are members of joint ventures (meaning joint efforts or business arrangements of any type). Our failure to comply with applicable laws or regulations could damage our reputation and subject us to administrative, civil, or criminal investigations and enforcement actions, fines, and penalties, restitution or other damages including civil False Claims Act allegations (which can include civil penalties and up to treble damages), loss of security clearance, loss of current and future customer contracts, loss of privileges and other sanctions, including suspension or debarment from contracting with federal, state, or local government agencies, any of which would materially adversely affect our reputation, business, financial condition, and results of operations.

***Efforts by the U.S. government to revise its organizational conflict of interest rules could limit our ability to successfully compete for new contracts or task orders, which would materially adversely affect our business, financial condition, and results of operations.***

Efforts by the U.S. government to reform its procurement practices have focused on, among other areas, the separation of certain types of work to facilitate objectivity and avoid or mitigate organizational conflicts of interest and the strengthening of regulations governing organizational conflicts of interest. Organizational conflicts of interest may arise from circumstances in which a contractor has impaired objectivity during performance; unfair access to non-public information; or the ability to set the "ground rules" for another procurement for which the contractor competes. A focus on organizational conflicts of interest issues has resulted in legislation and a proposed regulation aimed at increasing organizational conflicts of interest requirements, including, among other things, separating sellers of products and providers of advisory services in major defense acquisition programs. The passage of a new federal law in December 2022 requires the FAR council to provide and update definitions of each of the above types of conflicts of interest and provide illustrative examples of various relationships that contractors could have that would give rise to potential conflicts of interest. The passage of this legislation comes as this topic continues to garner increased scrutiny of such alleged conflicts among federal contractors. The resulting rule-making process, as well as continuing reform initiatives in procurement practices, may, however, result in future amendments to the FAR, increasing the restrictions in current organizational conflicts of interest regulations and rules. Similarly, organizational conflicts of interest remain an active area of bid protest litigation, increasing the likelihood that competitors may leverage such arguments in an attempt to overturn agency award decisions. To the extent that proposed and future organizational conflicts of interest laws, regulations, and rules or interpretations thereof limit our ability to successfully compete for new contracts or task orders with the U.S. government, either because of organizational conflicts of interest issues arising from our business, or because companies with which we are affiliated, or with which we otherwise conduct business, create organizational conflicts of interest issues for us, our business, financial condition, and results of operations could be materially adversely affected.

***We may experience claims for product failures, schedule delays or other problems with existing or new products.***

Many of the products we develop and manufacture are technologically advanced systems that must function under demanding operating conditions. The sophisticated and rigorous design, manufacturing and testing processes and practices we employ do not entirely prevent the risk that we may not be able to successfully launch

------

##### [**Table of Contents**](#toc)
or manufacture our products on schedule or that our products may not perform as intended. When our products fail to perform adequately, some of our contracts require us to forfeit a portion of our expected profit, receive reduced payments, provide a replacement product or service or reduce the price of subsequent sales to the same customer. Performance penalties may also be imposed when we fail to meet delivery schedules or other measures of contract performance. We do not generally insure against potential costs resulting from any required remedial actions or costs or loss of sales due to postponement or cancellation of scheduled operations or product deliveries.

***New sustainability and climate-related disclosure obligations could result in unforeseen costs associated with compliance, government and third-party claims, operations, and increased reputational and litigation risk.***

New sustainability and climate-related disclosure obligations could result in unforeseen costs associated with compliance, government and third-party claims, operations, and increased reputational and litigation risk. We may be subject to rulemaking regarding corporate social responsibility and/or disclosure, as public awareness and focus on social and environmental issues has led to legislative and regulatory efforts to impose or increase regulations and require further disclosure. We operate in various jurisdictions in the U.S. that have adopted or proposed federal and state laws related to sustainability and climate change reporting. Any adopted or proposed laws could impose significant new burdens on the Company and our suppliers, with significant potential costs and operational impacts, and restrict access to capital if our disclosures are not perceived as meeting applicable third-party verification standards. Our failure to adequately comply with such disclosure obligations could jeopardize our competitive position and ability to win business, as well as adversely affect our results of operations and financial condition. Separately, enhanced sustainability and climate-related disclosure requirements could lead to reputational or other harm to our relationships with customers, regulators, investors, or other stakeholders. We may also face increased litigation risks arising from enhanced sustainability and climate-related disclosure requirements relating to alleged damages resulting from our reported or projected GHG emissions or statements allegedly made by us or others in our industry regarding environmental and climate change risks.

***We are subject to complex tax laws, and changes in tax laws or in positions by the relevant tax authorities regarding the application, administration or interpretation of tax laws or regulations, particularly if applied retrospectively, or challenges to our tax position could adversely affect our financial condition and results of operations.***

Tax laws are complex and subject to subjective evaluations and interpretative decisions, and we may be subject in the future to tax audits aimed at addressing our compliance with direct and indirect taxes. Changes in tax laws could adversely affect our tax position, including our effective tax rate or tax payments. We often rely on generally available interpretations of applicable tax laws and regulations. We cannot be certain that the relevant tax authorities agree with our interpretation of these laws, or with the positions we have taken or intend to take, on tax laws applicable to our ordinary activity and extraordinary transactions. If our tax positions are challenged by relevant tax authorities, we could face long tax proceedings and the imposition of additional taxes or the denial of tax benefits could require us to pay taxes that we currently do not collect or pay or increase the cost of our services to track and collect such taxes. We cannot, therefore, rule out that claims by the tax authorities may give rise to burdensome and long tax litigation and to the payment of significant amounts for taxes, penalties and interest for late payment. Any of these risks could increase our cost of operations or our effective tax rate and have a negative effect on our business, financial condition, operating results and cash flows.

***Our ability to use our net operating loss carryforwards may be limited.***

As of December 31, 2024, we had $144.3 million of U.S. federal and $144.3 million of U.S. state net operating loss ("NOLs") carryforwards available to reduce future taxable income. While the federal NOL carryforwards can be carried forward indefinitely, state NOLs begin to expire in the year ending December 31, 2046. It is possible that we will not generate taxable income in time to use these NOL carryforwards before their

------

##### [**Table of Contents**](#toc)
expiration or at all. Under legislative changes made in December 2017, U.S. federal NOLs incurred in 2018 and in future years may be carried forward indefinitely, but the deductibility of such NOLs is limited. In addition, the federal and state NOL carryforwards and certain tax credits may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended (the "Code"), respectively, and similar provisions of state law. Under those sections of the Code, if a corporation undergoes an "ownership change," the corporation's ability to use its pre-change NOL carryforwards and to offset its post-change income or tax may be limited. In general, an "ownership change" will occur if there is a cumulative change in our ownership by "5-percent stockholders" that exceeds 50 percentage points over a rolling three-year period. Similar rules may apply under state tax laws. Future issuances or sales of our common stock, including certain transactions involving our common stock that are outside of its control, could result in future "ownership changes." "Ownership changes" that have occurred in the past or that may occur in the future could result in the imposition of an annual limit on the amount of pre-ownership change NOLs and other tax attributes we can use to reduce our taxable income, potentially increasing and accelerating our liability for income taxes, and also potentially causing those tax attributes to expire unused. States may impose other limitations on the use of our NOLs. Any limitation on using NOLs could, depending on the extent of such limitation and the NOLs previously used, result in us retaining less cash after payment of U.S. federal and state income taxes during any year in which we have taxable income, rather than losses, than we would otherwise retain if such NOLs were available as an offset against such income for U.S. federal and state income tax reporting purposes. As a result, such limitations on our NOL could adversely impact our operating results.

***We intend to enter into a Tax Receivable Agreement that will require us to make payments in relation to certain tax attributes of York Space Systems and its subsidiaries to certain pre-IPO owners (or certain transferees or successors), and such payments may be substantial.***

We intend to enter into a tax receivable agreement ("TRA" or "Tax Receivable Agreement") with the TRA Holders that will require us to make payments to TRA Holders in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems. The TRA contemplates payments in respect of the Covered Tax Assets (as defined below) described in "Certain Relationships and Related Party Transactions—Tax Receivable Agreement," including net operating losses, the carryforward of any unused research and development tax credits and interest disallowed pursuant to Section 163(j) of the Code, the amortization of research and experimental expenditures pursuant to Section 174 of the Code, and other tax attributes of York Space Systems accrued on or prior to the date of the Tax Receivable Agreement (including, without limitation, amortization and depreciation of other assets of York Space Systems) and any deductions that may arise in connection with the offering contemplated hereby. The timing of payments under any Tax Receivable Agreement will vary depending upon a number of factors, including the amount, character and timing of our and our subsidiaries' taxable income in the future. These payments may be substantial and will be made only to TRA Holders, rather than to all of our shareholders. These payments could have a material adverse effect on our business, financial condition and results of operations. To the extent that we are unable to make payments under any Tax Receivable Agreement as a result of the terms of our debt agreements, such payments may be deferred and will accrue interest until paid.

***The Tax Receivable Agreement requires us to make cash payments to TRA Holders in respect of certain tax benefits to which we may become entitled, and we expect that the payments we will be required to make will be substantial.***

Prior to the consummation of this offering, we intend to enter into a Tax Receivable Agreement with TRA Holders. Pursuant to the Tax Receivable Agreement, we will be required to make cash payments to TRA Holders, collectively, equal to 85% of the tax benefits, if any, that we actually realize, or, in some circumstances, are deemed to realize, as a result of the usage of the Covered Tax Assets. We estimate that such payments may be substantial. Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, which tax reporting positions will be based on the advice of our tax advisors. Any payments made by

------

##### [**Table of Contents**](#toc)
us to TRA Holders under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make payments under the Tax Receivable Agreement, such payments generally will be deferred and will accrue interest until paid. Nonpayment for a specified period, however, may constitute a breach of a material obligation under the Tax Receivable Agreement and therefore accelerate payments due under the Tax Receivable Agreement. Furthermore, although we will retain 15% of the amount of such tax benefits, the Tax Receivable Agreement may adversely impact the price of our common stock and our future obligation to make payments under the Tax Receivable Agreement could make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that may be deemed realized in connection with the acquisition under the Tax Receivable Agreement. The payments under the Tax Receivable Agreement are also not conditioned upon TRA Holders maintaining a continued ownership interest in York Space Systems. ****See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for more information.

The actual amount and timing of any payments under the Tax Receivable Agreement will vary depending upon a number of factors, including the amount and timing of the taxable income we generate in the future and the federal tax rates then applicable.

***The amounts that we may be required to pay to TRA Holders under the Tax Receivable Agreement may be accelerated in certain circumstances and may also significantly exceed the actual tax benefits that we ultimately realize.***

The Tax Receivable Agreement provides that if (i) certain mergers, asset sales, other forms of business combination or other changes of control were to occur, (ii) we breach any of our material obligations under the Tax Receivable Agreement or (iii) at any time, we elect an early termination of the Tax Receivable Agreement, then the Tax Receivable Agreement will terminate and our obligations, or our successor's obligations, to make payments under the Tax Receivable Agreement would accelerate and become immediately due and payable. The amount due and payable in that circumstance is based on certain assumptions, including an assumption that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." We may need to incur debt to finance payments under the Tax Receivable Agreement to the extent our cash resources are insufficient to meet our obligations under the Tax Receivable Agreement as a result of timing discrepancies or otherwise.

As a result of a change in control, material breach or our election to terminate the Tax Receivable Agreement early, (i) we could be required to make cash payments to TRA Holders that are greater than 85% of the actual benefits we ultimately realize in respect of the Covered Tax Assets and (ii) we would be required to make an immediate cash payment equal to the anticipated future tax benefits that are the subject of the Tax Receivable Agreement discounted in accordance with the Tax Receivable Agreement, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combination, or other changes of control. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. If we were to elect to terminate the Tax Receivable Agreement immediately after this offering, we estimate that we would be required to pay under the Tax Receivable Agreement an amount equal to the present value of the gross amount of approximately $254 million.

In addition, payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, consistent with the terms of the Tax Receivable Agreement. No TRA Holder will be required under any circumstances to make a payment or return a payment to us in respect of any portion of any payment previously made to such TRA Holder under the TRA if a tax reporting position relating to a TRA tax attribute is challenged. If it is determined that excess payments have been made under the Tax Receivable Agreement, certain future payments, if any, otherwise to be made will be reduced. As a result, in certain circumstances,

------

##### [**Table of Contents**](#toc)
including, for example, if a previously claimed deduction is subsequently disallowed, payments could be made under the Tax Receivable Agreement in amounts that exceed 85% of the actual tax savings we realize in respect of the TRA tax attribute.

***We may not be able to realize all or a portion of the tax benefits that are currently expected to result from the tax attributes covered by the Tax Receivable Agreement.***

Our ability to realize the tax benefits that we currently expect to be available as a result of the Covered Tax Assets depend on a number of assumptions, including that we earn sufficient taxable income each year during the period over which such deductions are available and that there are no adverse changes in applicable law or regulations. Additionally, if our actual taxable income were insufficient or there were additional adverse changes in applicable law or regulations, we may be unable to realize all or a portion of the expected tax benefits and our cash flows and shareholders' equity could be negatively affected. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

***The Tax Receivable Agreement will continue to be payable regardless of whether TRA Holders or its beneficial owners continue to own an interest in York Space Systems.***

We will be obligated to make substantial payments under the Tax Receivable Agreement to TRA Holders for the realization or deemed realization of the benefit of the Covered Tax Assets, regardless of whether the TRA Holders continue to hold interests in York Space Systems following the offering. For example, in connection with a change of control, and certain other transactions, the TRA Holders will be entitled to receive the full value of the amounts payable under the Tax Receivable Agreement with respect to the Covered Tax Assets regardless of whether the tax benefit of the Covered Tax Assets has been realized or will be realized in the future and without regard to any impairment of the future tax benefit of the Covered Tax Assets such as under Section 382 of the Code. The payment obligations in these scenarios will effectively be treated as debt of York Space Systems and the value of payments may be material and will reduce the amount of cash paid to equity holders in connection with a change of control. Accordingly, you should be aware that these ongoing obligations under the Tax Receivable Agreement may adversely affect the value of your investment in York Space Systems.

**Risks Related to Our Indebtedness** 

***Our substantial indebtedness could materially adversely affect our financial condition.***

We have, and after this offering we expect that we will continue to have, a significant amount of indebtedness. As of September 30, 2025, our total indebtedness, excluding capitalized debt issuance costs, consisted of $200.0 million under our Original Term Loan Facility. On October 22, 2022, we entered into a credit agreement, which was amended on June 15, 2023, providing total term loan commitments in an aggregate principal amount of $200.0 million. In addition, in November 2025, we entered into the Credit Agreement to refinance our Original Term Loan Facility for total term loan commitments in an aggregate principal amount of $150.0 million and total revolving loan commitments in an aggregate principal amount of $150.0 million. We used borrowings under the Term Loan Facility and cash on-hand to repay in full the Original Term Loan Facility. As of September 30, 2025, after giving effect to the Credit Agreement Transactions, we would have had $150.0 million of term loans outstanding under the Term Loan Facility and no outstanding borrowings under the Revolving Facility; in addition, $150.0 million would have been available for borrowing under the Revolving Facility (after giving effect to outstanding letters of credit). All obligations under the Term Loan Facility and the Revolving Facility are guaranteed by certain of our subsidiaries and are secured by substantially all of our assets.

Our substantial indebtedness under the Credit Agreement, and any future indebtedness we may incur could have important consequences to the holders of our common stock, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult for us to satisfy our obligations with respect to our and our subsidiaries' other
debt;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our and our subsidiaries' ability to obtain additional financing to fund future working capital,
capital expenditures, acquisitions, or other general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to dedicate a substantial portion of our cash flows to debt service payments and to use proceeds
from various transactions to prepay debt, thereby reducing the amount of cash flows available for working capital, capital expenditures, acquisitions, and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposing us to the risk of increased interest rates, to the extent any of our borrowings are at variable rates of
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for and reacting to changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a disadvantage compared to other, less leveraged competitors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our cost of borrowing.

In addition, the Credit Agreement contains, and agreements governing our future borrowings may contain, financial covenants that require us to maintain certain liquidity and cash flow metrics, as well as restrictive covenants that limit our and certain of our subsidiaries' ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of substantially all our debt. See "Description of Certain Indebtedness."

We and our subsidiaries may be able to incur significant additional indebtedness in the future. Although the Credit Agreement contains, and agreements governing our future borrowings may contain, restrictions on the incurrence of additional indebtedness, these restrictions are, or may in the future be, subject to a number of qualifications and exceptions, and the amount of additional indebtedness incurred in compliance with these restrictions could be substantial. These restrictions also will not prevent us from incurring obligations that do not constitute "indebtedness" under the Credit Agreement.

***We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.***

Our ability to make scheduled principal and interest payments on or refinance our debt obligations depends on our financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to financial, business, legislative, regulatory, and other factors, some of which are beyond our control. We cannot be sure that our business will generate sufficient cash flows from operating activities, or that future borrowings will be available, to permit us to pay the principal and interest on our indebtedness.

If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. We may not be able to effect any such alternative measures, if necessary, on commercially reasonable terms or at all and, even if successful, those alternative actions may not allow us to meet our scheduled debt service obligations. The Credit Agreement restricts, and any agreement governing any debt we incur in the future may restrict, our ability to dispose of assets and use the proceeds from those dispositions and also limits our ability to raise debt or equity capital to be used to repay other indebtedness when it becomes due. We may not be able to consummate those dispositions or to obtain proceeds in an amount sufficient to meet any debt service obligations then due. See "Description of Certain Indebtedness."

Additionally, if we cannot make scheduled payments on our debt, we will be in default, and the outstanding principal amount of indebtedness thereunder may be accelerated, commitments to loan money may be terminated and/or assets securing such borrowings may be foreclosed against, as applicable in the relevant debt instrument, and we could be forced into bankruptcy or liquidation. Any of these events could result in you losing all or a portion of your investment in the common stock.

------

##### [**Table of Contents**](#toc)
***Agreements governing our current and future indebtedness will contain covenants that restrict our current and future operations, including our ability to respond to changes or to take certain actions.***

The Credit Agreement contains, and any future indebtedness agreements we enter into will likely contain, a number of restrictive covenants that impose significant operating and financial restrictions on us and our subsidiaries and may limit our and our subsidiaries' abilities to engage in acts that may be in our long-term best interest. See "Description of Certain Indebtedness." These covenants may include restrictions on our and our subsidiaries abilities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness and guarantee indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or make other distributions or repurchase or redeem our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prepay, redeem, or repurchase junior debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue certain preferred stock or similar equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make loans and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell assets or property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell or license intellectual property, except in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dispose of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify or waive certain material agreements in a manner that is adverse in any material respect to the lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into agreements restricting our subsidiaries' ability to pay dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make fundamental changes in our business, corporate structure, or capital structure, including, among other
things, entering into mergers, acquisitions, consolidations, and other business combinations or selling all or substantially all of our assets.

As a result of these restrictions, we may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited in how we conduct our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unable to raise additional debt or equity financing to operate during general economic or business downturns; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unable to compete effectively or to take advantage of new business opportunities.

These restrictions may affect our ability to grow in accordance with our strategy. If we incur indebtedness provided or guaranteed by the U.S. government, we may be subject to additional restrictions on our operations, including limitations on employee headcount and compensation reductions and other cost reduction activities.

**Risks Related to This Offering and Ownership of Our Common Stock** 

***The market price of our common stock may be volatile or may decline steeply or suddenly regardless of our operating performance. You may not be able to resell your shares at or above the initial public offering price and may lose all or part of your investment.***

There has been no prior public market for our common stock prior to our initial public offering. The initial public offering price for our common stock will be determined through negotiations among the underwriters and us, and may vary from the market price of our common stock following this offering. If you purchase shares of common stock in this offering, you may not be able to resell those shares at or above the initial public offering

------

##### [**Table of Contents**](#toc)
price. The market price of our common stock may fluctuate or decline significantly in response to numerous factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our revenues or other operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations between our actual operating results and the expectations of securities analysts, investors, and the
financial community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any forward-looking financial or operating information we may provide to the public or securities analysts, any
changes in this information or our failure to meet expectations based on this information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any
securities analysts who follow us or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional shares of common stock being sold into the market by us or our existing stockholders, or the
anticipation of such sales, including if existing stockholders sell shares into the market when the applicable "lock-up" periods end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant products or features, innovations, acquisitions, strategic
partnerships, joint ventures, capital commitments, divestitures, or other dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of relationships with significant suppliers or other customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in operating performance and stock market valuations of companies in our industry, including our
competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integrating any new acquisitions we may make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of services from members of management or employees or difficulty in recruiting additional employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deterioration of economic conditions in the United States and reduction in demand for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of general economic trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us, or events that negatively impact our reputation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in new legislation and pending lawsuits or regulatory actions, including interim or final rulings by
judicial or regulatory bodies.

In addition, extreme price and volume fluctuations in the stock markets have affected and continue to affect the stock prices of many companies. Often, their stock prices have fluctuated in ways unrelated or disproportionate to their operating performance. In the past, stockholders have filed securities class action litigation against companies following periods of market volatility. Such securities litigation, if instituted against us, could subject us to substantial costs, divert resources and the attention of management from our business and seriously harm our business.

***An active trading market for our common stock may never develop or be sustained.***

We have applied to list our common stock on the NYSE under the symbol "YSS." However, we cannot be certain that an active trading market for our common stock will develop on that exchange or elsewhere or, if developed, that any market will be sustained. Furthermore, we cannot be certain that we will continue to satisfy the continued listing standards of the NYSE. If we fail to satisfy the continued listing standards, we could be de-listed, which would have a material adverse effect on the liquidity and price of our common stock. Accordingly, we cannot assure you of the liquidity of any trading market, your ability to sell your shares of our common stock when desired or the prices that you may obtain for your shares of our common stock.

------

##### [**Table of Contents**](#toc)
***Future sales of our common stock and other actions by existing stockholders could cause our stock price to decline.***

If our existing stockholders, including employees, who have or obtain equity, sell, or indicate an intention to sell, substantial amounts of our common stock in the public market after the lock-up and legal restrictions on resale discussed in this prospectus lapse, the trading price of our common stock could decline. Upon the completion of this offering, we will have outstanding a total of 127,400,000 shares of common stock (assuming the underwriters exercise in full their option to purchase additional shares of common stock). Of these shares, only the shares of common stock sold in this offering will be freely tradable without restrictions or further registration under the Securities Act of 1933, as amended (the "Securities Act"), except for any shares held by persons who are not our "affiliates" as defined in Rule 144 under the Securities Act and who have complied with the holding period requirements of Rule 144 under the Securities Act.

In connection with this offering, we and our officers, directors, and holders of substantially all of our common stock and securities convertible into or exercisable for our common stock, including AE Industrial Partners, have agreed, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of at least two of the representatives (which must include Goldman Sachs & Co. LLC) on behalf of the underwriters.

When the lock-up period in these agreements expires, we, our officers and directors, AE Industrial Partners, and such other stockholders will be able to sell shares in the public market. In addition, at least two of the representatives (which must include Goldman Sachs & Co. LLC) on behalf of the underwriters may, in their sole discretion, release all or some portion of the shares subject to the lock-up agreements prior to the expiration of the lock-up period. See "Shares Eligible for Future Sale." Sales of a substantial number of such shares, or the perception that such sales may occur, upon the expiration or early release of the securities subject to the lock-up agreements could cause the price of our common stock to decline or make it more difficult for you to sell your common stock at a time and price that you deem appropriate.

In addition, certain of our stockholders will have demand and "piggy-back" registration rights with respect to our common stock that they will retain following this offering. See "Shares Eligible for Future Sale" for a discussion of the shares of our common stock that may be sold into the public market in the future, including in connection with registration rights we have granted.

***Your ability to achieve a return on your investment will depend on appreciation in the price of our common stock because we currently do not intend to pay dividends on our common stock, and our indebtedness could limit our ability to pay dividends on our common stock.***

After completion of this offering, we currently do not anticipate paying any cash dividends for the foreseeable future. In addition, the terms of our indebtedness limit our ability to pay dividends or make other distributions on, or to repurchase or redeem, shares of our capital stock. See "Description of Certain Indebtedness." Consequently, your only opportunity to achieve a return on your investment in our company will be if the market price of our common stock appreciates and you sell your shares at a profit. There is no guarantee that the price of our common stock that will prevail in the market after this offering will ever exceed the price that you pay. See "Dividend Policy." We cannot be sure that we will pay dividends in the future or continue to pay dividends if we do commence paying dividends.

***If securities or industry analysts either do not publish research about us or publish inaccurate or unfavorable research about us, our business, or our market, if they adversely change their recommendations regarding our common stock, or if our operating results do not meet their expectations or any financial guidance we may provide, the trading price or trading volume of our common stock could decline.***

The trading market for our common stock will be influenced in part by the research and reports that securities or industry analysts may publish about us, our business, our market, or our competitors. If one or more

------

##### [**Table of Contents**](#toc)
of the analysts initiate research with an unfavorable rating or downgrade our common stock, provide a more favorable recommendation regarding our competitors, or publish inaccurate or unfavorable research about our business, our common stock price would likely decline. If one or more analysts who may cover us were to cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the trading price or trading volume of our common stock to decline.

In addition, if we do not meet any financial guidance that we may provide to the public or if we do not meet expectations of securities analysts or investors, the trading price of our common stock could decline significantly. Our operating results may fluctuate significantly from period to period as a result of changes in a variety of factors affecting us or our industry, many of which are difficult to predict. As a result, we may experience challenges in forecasting our operating results for future periods.

***Future issuances of our common stock could result in significant dilution to our stockholders, dilute the voting power of our common stock and depress the market price of our common stock.***

Future issuances of our common stock could result in dilution to existing holders of our common stock. Such issuances, or the perception that such issuances may occur, could depress the market price of our common stock. We may issue additional equity securities from time to time, including equity securities that could have rights senior to those of our common stock. As a result, purchasers of shares of common stock in this offering bear the risk that future issuances of equity securities may reduce the value of their shares and dilute their ownership interests. Also, to the extent outstanding stock-based awards are issued or become vested, there will be further dilution to the holders of our common stock.

***We will incur increased costs and devote substantial management time as a result of operating as a public company.***

As a public company, we will incur significant legal, accounting, investor relations, and other expenses that we did not incur as a private company. For example, we will be subject to the reporting requirements of the Exchange Act, and will be required to comply with the applicable requirements of the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as rules and regulations subsequently implemented by the SEC and the NYSE, including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. We expect that the requirements of operating as a public company will increase our legal and financial compliance and investor relations costs and will make some activities more time consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. In particular, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of the Sarbanes-Oxley Act, which will increase when we are no longer an emerging growth company, as defined by the JOBS Act. We will also need to establish an investor relations function. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of those costs.

Public company reporting and disclosure obligations and a broader stockholder base as a result of our status as a public company may expose us to a greater risk of claims by stockholders, and we may experience threatened or actual litigation from time to time. If claims asserted in such litigation are successful, our business and operating results could be adversely affected, and, even if claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them and the diversion of management resources, could adversely affect our business and operating results.

In addition, we expect that being a public company subject to these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our

------

##### [**Table of Contents**](#toc)
board of directors or as executive officers. We are currently evaluating these rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs.

***We are an "emerging growth company" and will be able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies, which could make our common stock less attractive to investors.***

We are an emerging growth company, as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. In addition, under the JOBS Act, emerging growth companies can delay the adoption of certain new or revised accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this exemption from new or revised accounting standards and, therefore, we will not be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies or that have opted out of using such extended transition period, which may make comparison of our financial statements with those of other public companies more difficult. We cannot predict if investors will find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our stock price may be more volatile.

We may take advantage of these reporting exemptions until we are no longer an emerging growth company or, with respect to adoption of certain new or revised accounting standards, until we irrevocably elect to opt out of using the extended transition period. We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.235 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of the completion of this offering; (iii) the date on which we have issued more than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

***If you purchase shares of our common stock in this offering, you will experience substantial and immediate dilution in net tangible book value per share.***

The assumed initial public offering price of $32.00 per share, the midpoint of the estimated offering price range set forth on the cover page of this prospectus, is substantially higher than the net tangible book value per share of our outstanding common stock immediately after this offering. If you purchase shares of common stock in this offering, you will experience substantial and immediate dilution in the as adjusted net tangible book value per share of $27.87 based on the assumed initial public offering price of $32.00 per share. That is because the price that you pay will be substantially greater than the as adjusted net tangible book value per share of common stock that you acquire. This dilution is due in large part to the fact that our earlier investors paid substantially less than the initial public offering price when they purchased their shares of our capital stock. You will experience additional dilution to the extent that new securities are issued under our equity incentive plans or we issue additional shares of common stock in the future. See "Dilution."

***Our management will have broad discretion over the use of the net proceeds from this offering, may invest or spend the proceeds raised in this offering in ways with which you may not agree and the proceeds may not yield a significant return.***

Our management will have broad discretion over the use of proceeds from this offering. We currently intend to use the net proceeds of this offering as described in the section entitled "Use of Proceeds." However, our management will have broad discretion in the application of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of this offering. Accordingly, you are relying on the

------

##### [**Table of Contents**](#toc)
judgment of our management with regard to the use of these net proceeds, and you will not have the opportunity, as part of your investment decision, to assess whether the proceeds will be used appropriately. The failure by management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business or cause the price of our common stock to decline. Pending their use, we may invest the net proceeds from this offering in short-term, interest-bearing instruments. These investments may not yield a favorable return, or any return, to us or our stockholders.

**Risks Related to Our Organizational Structure** 

***AE Industrial Partners has significant influence over us, and its interests may conflict with ours or yours in the future.***

AE Industrial Partners and its respective affiliates will have the ability to exercise significant influence over us after this offering, which could delay or prevent a change of corporate control or result in the entrenchment of our management and/or our board of directors.

After this offering, AE Industrial Partners will beneficially own, in the aggregate, approximately 23.9% of our outstanding common stock (approximately 23.5% if the underwriters exercise in full their option to purchase additional shares of common stock). In addition, the Voting Agreement Stockholders will enter into voting arrangements with the Company, pursuant to which the Voting Agreement Stockholders will grant the Company the right to direct the voting of the shares of common stock held by the Voting Agreement Stockholders with respect to the election of the Company's directors and the Company will exercise its rights under the Voting Agreement for the benefit of AE Industrial Partners pursuant to the terms of the Director Nomination Agreement. As a result, AE Industrial Partners will have significant influence over our management and affairs.

Our concentration of ownership may harm the market price of our common stock by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delaying, deferring or preventing a change of control, even at a per share price that is in excess of the
then-current price of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impeding a merger, consolidation, takeover or other business combination involving us, even at a per share price
that is in excess of the then-current price of our common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discouraging a potential acquirer from making a tender offer or otherwise attempting to obtain control of us,
even at a per share price that is in excess of the then current price of our common stock.

***Provisions in our certificate of incorporation and bylaws, each of which will be in effect upon the completion of this offering, could make a merger, tender offer, or proxy contest difficult, thereby depressing the trading price of our common stock.***

Our certificate of incorporation and bylaws, each of which will be in effect upon the completion of this offering, contain provisions that could depress the trading price of our common stock by acting to discourage, delay or prevent a change of control of our company or changes in our management that our stockholders may deem advantageous. In particular, our certificate of incorporation and bylaws:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a classified board of directors so that not all members are elected at one time, which could delay the
ability of stockholders to change the membership of a majority of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit our board of directors to establish the number of directors and fill any vacancies (including vacancies
resulting from an expansion in the size of our board of directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish limitations on the removal of directors following the Trigger Date (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize the issuance of "blank check" preferred stock that our board of directors could use to
implement a stockholder rights plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that our board of directors is expressly authorized to make, alter, or repeal our bylaws without
stockholder approval and that stockholders may adopt, amend, alter, or repeal our bylaws by the

------

##### [**Table of Contents**](#toc)
affirmative vote of a majority of the voting power of our outstanding common stock (other than certain specified bylaws which, following the Trigger Date, will require the affirmative vote of two-thirds of our outstanding common stock); <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict the forum for certain litigation against us to Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide that stockholders may not act by written consent following the Trigger Date, which would require
stockholder action to be taken at an annual or special meeting of our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibit stockholders from calling special meetings following the Trigger Date, which would delay the ability of
our stockholders to force consideration of a proposal or to take action, including with respect to the removal of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish advance notice requirements for nominations for election to our board of directors or for proposing
matters that can be acted upon by stockholders at annual stockholder meetings, other than with respect to AE Industrial Partners prior to the Trigger Date, which may discourage or deter a potential acquirer from conducting a solicitation of proxies
to elect the acquirer's own slate of directors or otherwise attempting to obtain control of us.

Section 203 of the Delaware General Corporation Law (the "DGCL") prohibits a publicly held Delaware corporation from engaging in a business combination with an interested stockholder, generally a person, individually or together with any other interested stockholder, who owns or within the last three years has owned 15% of our voting stock, unless the business combination is approved in a prescribed manner. We have elected to opt out of Section 203 of the DGCL. However, our certificate of incorporation will contain a provision that is of similar effect, except that it will exempt from its scope AE Industrial Partners, any of its affiliates and certain of their respective direct or indirect transferees as described under "Description of Capital Stock—Anti-Takeover Provisions."

Any provision of our certificate of incorporation, our bylaws or Delaware law that has the effect of delaying or deterring a change in control could limit the opportunity for our stockholders to receive a premium for their shares of common stock and could also affect the price that some investors are willing to pay for our common stock. See "Description of Capital Stock—Anti-Takeover Provisions."

***Our certificate of incorporation will designate the Court of Chancery of the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders and the federal district courts of the United States as the exclusive forum for litigation arising under the Securities Act, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, or agents.***

------

##### [**Table of Contents**](#toc)

Our certificate of incorporation will further provide that any person or entity purchasing or otherwise acquiring or holding any interest in shares of our capital stock is deemed to have notice of and consented to the provisions of our certificate of incorporation described above. The forum selection provision in our certificate of incorporation may have the effect of discouraging lawsuits against us or our directors and officers and may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us. If the enforceability of our forum selection provisions were to be challenged, we may incur additional costs associated with resolving such challenge. While we currently have no basis to expect any such challenge would be successful, if a court were to find our forum selection provisions to be inapplicable or unenforceable with respect to one or more of these specified types of actions or proceedings, we may incur additional costs associated with having to litigate in other jurisdictions, which could have an adverse effect on our business, financial condition, results of operations, cash flows, and prospects and result in a diversion of the time and resources of our employees, management, and board of directors.

***Our certificate of incorporation will contain a provision renouncing our interest and expectancy in certain corporate opportunities.***

Under our certificate of incorporation, neither of AE Industrial Partners nor any of its respective portfolio companies, funds, or other affiliates, nor any of its officers, directors, employees, agents, stockholders, members, or partners will have any duty to refrain from engaging, directly, or indirectly, in the same business activities, similar business activities, or lines of business in which we operate. In addition, our certificate of incorporation provides that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, employee, agent, stockholder, member, partner, or affiliate of either of AE Industrial Partners will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to AE Industrial Partners, instead of to us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, agent, stockholder, member, partner or affiliate has directed to AE Industrial Partners. For example, a director of our company who also serves as an officer, director, employee, agent, stockholder, member, partner, or affiliate of AE Industrial Partners, or any of their respective portfolio companies, funds, or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us. These potential conflicts of interest could have a material adverse effect on our business, financial condition, results of operations, or prospects if attractive corporate opportunities are allocated by AE Industrial Partners to itself or its respective portfolio companies, funds, or other affiliates instead of to us. A description of our obligations related to corporate opportunities under our certificate of incorporation are more fully described in "Description of Capital Stock—Corporate Opportunity."

------

##### [**Table of Contents**](#toc)
***We are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements.*** 

Following this offering, assuming an offering size as set forth in "Prospectus Summary—The Offering" and an initial public offering price of $32.00 (the midpoint of the estimated price range set forth on the cover page of this prospectus), AE Industrial Partners will control, through share ownership and contractual arrangements, a majority of the voting power of our outstanding voting stock with respect to the election of our directors, and as a result we will be a controlled company within the meaning of NYSE corporate governance standards. Under the NYSE rules, a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company and may elect not to comply with certain corporate governance requirements, including the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a majority of the board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nominating and corporate governance committee be composed entirely of independent directors with a written
charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the compensation committee be composed entirely of independent directors with a written charter addressing the
committee's purpose and responsibilities.

We intend to utilize these exemptions as long as we remain a controlled company. As a result, we may not have a majority of independent directors and our nominating and corporate governance committee and compensation committee may not consist entirely of independent directors. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

Pursuant to Rule 10C-1 under the Exchange Act, the NYSE adopted amendments to its listing standards that require, among other things, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation committees be composed of fully independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation committees be explicitly charged with hiring and overseeing compensation consultants, legal counsel,
and other committee advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensation committees be required to consider, when engaging compensation consultants, legal counsel, or other
advisors, certain independence factors, including factors that examine the relationship between the consultant or advisor's employer and us.

As a "controlled company," we will not be subject to these compensation committee requirements. See "Management—Controlled Company Exemption."

------

##### [**Table of Contents**](#toc)
**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

This prospectus contains forward-looking statements. Many statements included in this prospectus that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. These risks and other factors include, but are not limited to, those listed under "Risk Factors." In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "objective," "ongoing," "plan," "predict," "project," "potential," "should," "will," "would," or the negative of these terms or other comparable terminology. In particular, statements about the markets in which we operate, including growth of our various markets, statements about potential new products and product innovation and our expectations, beliefs, plans, strategies, objectives, prospects, assumptions, or future events or performance contained in this prospectus under the headings "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business" are forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our market opportunity and the potential growth of that market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our strategy, outcomes, and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trends in our industry and markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the competitive environment in which we operate.

Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may experience cost overruns on our contracts, including before final receipt of a contract, which would
require us to absorb the excess costs and potentially reduce our cash flow and profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concentration of our customers and backlog, in particular our largest customer, the SDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may fail to implement and maintain an effective system of internal control over financial reporting, and as a
result may not be able to accurately determine or disclose our financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating results may fluctuate significantly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant competition in the global space and satellite market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to manage our growth effectively and our ability to achieve and maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure of our spacecraft systems and related software to operate as intended, resulting in warranty claims
for product failures, schedule delays or other problems with existing or new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our revenue, results of operations and reputation may be negatively impacted if our products contain defects or
fail to operate in the expected manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our failure to establish and maintain important relationships with government agencies and prime contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on contracts entered into in the ordinary course of business and our dependence on major customers
and vendors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scarcity or unavailability of critical components used to manufacture our products or used in our development
programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market for spacecraft platforms and satellite software is still emerging and shifting, and the market may not
achieve the growth potential we expect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• uncertain global macro-economic and political conditions, including the implementation of tariffs;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in U.S. government operations and funding and budgetary priorities of the U.S. government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure of our information technology systems, physical or electronic security protections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity stemming from any incident involving us, our competitors, or our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to adequately protect our proprietary intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to comply with any of our contracts or meet eligibility requirements to obtain certain government
contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on investor insight into portions of our business due to our classified contracts with the U.S.
government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential inability to realize our backlog;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business is subject to a wide variety of extensive and evolving government laws and regulations and
contracting in the defense industry is subject to significant regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have substantial indebtedness, and we may not be able to generate sufficient cash to service all of such
indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other factors set forth under "Risk Factors."

We have based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, business strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors described under "Risk Factors" and elsewhere in this prospectus. These risks are not exhaustive. Other sections of this prospectus include additional factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this prospectus. We cannot be sure that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events or circumstances could differ materially from those described in, or implied by, the forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this prospectus, and while we believe that information forms a reasonable basis for such statements, that information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

The forward-looking statements made in this prospectus relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this prospectus or to conform such statements to actual results or revised expectations, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not rely on our forward-looking statements in making your investment decision. Actual results or events could differ materially from the plans, intentions, and expectations disclosed in the forward-looking statements we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

------

##### [**Table of Contents**](#toc)
**MARKET AND INDUSTRY DATA** 

Unless otherwise indicated, market data and industry information used throughout this prospectus is based on management's knowledge of the industry and the good faith estimates of management. We have also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information. All of the market data and industry information used in this prospectus involves a number of assumptions and limitations and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, neither we nor the underwriters can guarantee the accuracy or completeness of this information and neither we nor the underwriters have independently verified this information. Additionally, from time to time, these sources may change their input information or methodologies, which may change the related results. While we believe the estimated market position, market opportunity, and market size information included in this prospectus is generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in "Risk Factors," "Special Note Regarding Forward-Looking Statements" and elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties.

------

##### [**Table of Contents**](#toc)
**USE OF PROCEEDS** 

We estimate that we will receive net proceeds from this offering of approximately $473.6 million (or approximately $546.2 million if the underwriters exercise in full their option to purchase additional shares of common stock) based upon an assumed initial public offering price of $32.00 per share, the midpoint of the estimated price range set forth on the cover page of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purposes of this offering are to increase financial flexibility, create a public market for our common stock and enable access to the public equity markets for us and our shareholders. We intend to use the net proceeds we receive from this offering for working capital to fund growth and other general corporate purposes, which may include building inventory and capital expenditures. We may also use a portion of the net proceeds to acquire or make investments in businesses, products, offerings, and technologies, although we do not have agreements or commitments for any material acquisitions or investments at this time. At this time, we have not specifically identified a large single use for which we intend to use the net proceeds and, accordingly, we are not able to allocate the net proceeds among any of these potential uses in light of the variety of factors that will impact how such net proceeds are ultimately utilized by us.

Each $1.00 increase or decrease in the assumed initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase or decrease the net proceeds to us from this offering by approximately $15.1 million, assuming the number of shares offered, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Each 1,000,000 increase or decrease in the number of shares offered would increase or decrease the net proceeds to us from this offering by approximately $30.2 million, assuming that the assumed initial public offering price per share for the offering remains at $32.00, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

------

##### [**Table of Contents**](#toc)
**DIVIDEND POLICY** 

We currently intend to retain any future earnings to fund the development and growth of our business. Therefore, we do not anticipate paying any cash dividends in the foreseeable future. Any future determination relating to dividend policy will be made at the discretion of our board of directors and will depend on a number of factors, including restrictions in our current and future debt instruments, our future earnings, capital requirements, financial condition, prospects, and applicable Delaware law, which provides that dividends are only payable out of surplus or current net profits.

See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock," "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources," and "Description of Certain Indebtedness."

------

##### [**Table of Contents**](#toc)
**CAPITALIZATION** 

The following table describes our cash and cash equivalents and capitalization as of September 30, 2025 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis; after giving effect to (i) the Common Control Reorganization and Class P Unit
Issuance, (ii) the Corporate Conversion, including the conversion of the Class P Units into an aggregate of 9,441,287 shares of common stock, (iii) the Incentive Unit Distributions, including the distribution of 2,189,106 shares of
unrestricted common stock in respect of vested Incentive Units and 2,059,317 shares of restricted common stock in respect of unvested Incentive Units, (iv) the Credit Agreement Transactions, and (v) the execution of the TRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis; after giving further effect to the sale of 16,000,000 shares of common
stock in this offering and the application of the net proceeds from this offering as set forth under "Use of Proceeds," after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. The
pro forma as adjusted information set forth below does not include 12,500,000 shares of common stock reserved for future issuance under the 2026 Stock Plan (including the IPO Grants). See "Executive Compensation—Actions Taken in
Connection with This Offering—2026 Omnibus Incentive Plan."

The pro forma as adjusted information set forth in the table below is illustrative only and will be adjusted based on the actual initial public offering price and other terms of this offering determined at pricing. You should read this table in conjunction with our consolidated financial statements and the related notes, "Use of Proceeds" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma As Adjusted** |
|  | (in thousands, except share and<br> per share amounts) | (in thousands, except share and<br> per share amounts) | (in thousands, except share and<br> per share amounts) |
|  Cash and cash equivalents | $22537 | $196656 | $670280 |
|  Debt: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net<sup>(1)</sup> | $182859 | $148659 | $148659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party debt, net<sup>(2)</sup> | 14832 |  |  |
|  Temporary Equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred units (82,858,291 authorized, issued and outstanding, actual; $102,069 liquidation preference; no units issued and outstanding, pro forma and pro forma as adjusted) | 102069 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P Units<sup>(3)</sup> (no units issued and outstanding, actual; no units issued and outstanding, pro forma and pro forma as adjusted) |  |  |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma As Adjusted** |
|  | (in thousands, except share and<br> per share amounts) | (in thousands, except share and<br> per share amounts) | (in thousands, except share and<br> per share amounts) |
|  Total member's capital/stockholders' equity attributable to Yellowstone Midco Holdings, LLC/York Space Systems Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units (1,078,929,080 authorized, issued and outstanding, actual; no units issued and outstanding, pro forma and pro forma as adjusted) | $1034383 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock (no shares issued and outstanding, actual; 1,000,000,000 shares authorized, 106,940,683 shares issued and outstanding, pro forma; 1,000,000,000 shares authorized, 122,940,683 shares issued and outstanding, pro forma as adjusted) |  | 11 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital, net of issuance costs<sup>(4)(5)</sup> |  | 1442192 | 1915572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 342 | 342 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Deficit<sup>(4)</sup> | (240529) | (312953) | (312953) |
|  **Total Capitalization** | $1093956 | $1278251 | $1751632 |

---

(1) The amount reflected in the "actual" column represents the $185.0 million aggregate principal
amount outstanding under the Original Term Loan Facility, net of $2.1 million in related unamortized debt issuance costs. The amounts reflected in the "pro forma" and "pro forma as adjusted" column include $150.0 million
of term loans outstanding under the Term Loan Facility, net of $1.3 million in related unamortized debt issuance costs, and no outstanding borrowings under the Revolving Facility, in each case after giving effect to the Credit Agreement
Transactions. In addition, $150.0 million remains available for borrowing under the Revolving Facility. As part of the Credit Agreement Transactions, the Company paid off and terminated the Original Term Loan Facility. The Credit Agreement
Transactions provided for the Term Loan Facility with an aggregate principal amount of $150.0 million and the Revolving Facility with an aggregate principal amount of $150.0 million, together the "Credit Agreement". The Credit
Agreement is set to mature on November 14, 2028 and bears interest at the applicable rate per annum set forth in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Indebtedness."

------

##### [**Table of Contents**](#toc)
(2) The amount reflected in the "actual" column represents the $15.0 million aggregate principal amount
outstanding to related parties under the Original Term Loan Facility, net of $0.2 million in related unamortized debt issuance costs. The amounts reflected in the "pro forma" and "pro forma as adjusted" column give effect to
the Credit Agreement Transactions, which resulted in the pay off and termination of the Original Term Loan Facility.

(3) The amount reflected in the "actual" column is $0, as the Class P Units were issued subsequent to
September 30, 2025. The amounts reflected in the "pro forma" and "pro forma as adjusted" columns include the issuance of Class P Units during the fourth quarter of 2025. The Company issued an aggregate of approximately
240,956,348 Class P Units of the Company to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million, net of $5.3 million issuance costs. Additionally, the
"pro forma" and "pro forma as adjusted" columns reflect the conversion of Class P Units into common stock of the Company. Each Class P Unit will accrue dividends and convert into shares of the Company's common stock
immediately prior to the effectiveness of the registration statement of which this prospectus forms a part at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, which includes original
invested amount and accreted dividends up to the expected date of this offering, divided by (ii) the initial public offering price discounted by a discount of 20%.

(4) The amounts reflected in the "actual" column represent the additional paid-in capital of $0 and the
accumulated deficit of $240.5 million as of September 30, 2025. The amounts reflected in the "pro forma" and "pro forma as adjusted" columns include the recognition of $70.1 million in compensation expense as a result of
the distribution of unrestricted common stock in respect of vested Incentive Units, based on an initial public offering price of $32.00, which is the midpoint of the estimated price range set forth on the cover of this prospectus, though the actual
compensation expense will vary based on the actual initial public offering price, and the loss on extinguishment of debt of $2.4 million.

(5) The amount reflected in the "actual" column represents the additional paid-in capital of $0 as of
September 30, 2025. The amounts reflected in the "pro forma" and "pro forma as adjusted" columns reflect the execution of the TRA, which did not result in the recognition of an initial obligation as it is not probable
that the Company will have sufficient taxable income to take a deduction related to the identified tax attributes.

The information presented in the table above does not include 679,125 shares of common stock upon vesting and settlement of the IPO Grants, assuming an initial public offering price of $32.00 per share, the midpoint of the estimated price range set forth on the cover of this prospectus.

In addition, unless otherwise expressly stated or the context otherwise requires, the information in this prospectus is based on the following events and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriters' option to purchase additional shares of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set
forth on the cover of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of the Corporate Conversion in connection with the effectiveness of the registration statement of
which this prospectus forms a part, including

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conversion of all outstanding Class P Units of Midco II into 9,441,287 shares of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the conversion of each outstanding common unit of Midco II into 99,558,713 shares of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the completion of the Holdings Liquidation immediately following the Corporate Conversion, which will involve the
distribution of all outstanding shares of common stock held by Holdings to its limited partners immediately following the Corporate Conversion and the approval of the Partnership Board to permit the distribution of restricted stock in respect of
unvested Incentive Units.

------

##### [**Table of Contents**](#toc)
The number of shares of common stock issuable upon conversion of outstanding Class P Units will vary based on the actual initial public offering price. An increase of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of 286,100 fewer shares of common stock upon conversion of the Class P Units. A decrease of $1.00 from the midpoint of the estimated price range set forth on the cover of this prospectus would result in the issuance of 304,558 additional shares of common stock upon conversion of the Class P Units.

------

##### [**Table of Contents**](#toc)
**DILUTION** 

If you invest in our common stock, your ownership interest in us will be diluted to the extent of the difference between the initial public offering price in this offering per share of our common stock and the pro forma as adjusted net tangible book value per share of our common stock upon consummation of this offering. Net tangible book value dilution per share to new investors represents the difference between the amount per share paid by purchasers of shares of our common stock in this offering and the pro forma as adjusted net tangible book value per share of our common stock immediately after completion of this offering.

As of September 30, 2025, we had a historical net tangible book value of $(196.5) million, or $(0.18) per common unit. Net tangible book value per common unit is equal to our total tangible assets, less total liabilities, divided by the number of outstanding common units of Midco I.

Our pro forma net tangible book value as of September 30, 2025 was $36.8 million, or $0.34 per share, based on the total number of shares of our common stock outstanding as of September 30, 2025, after giving effect to (i) the Common Control Reorganization and the Class P Unit Issuance, (ii) the Corporate Conversion, including the conversion of the Class P Units into an aggregate of 9,441,287 shares of common stock, (iii) the Incentive Unit Distributions, including the distribution of 2,189,106 shares of unrestricted common stock in respect of vested Incentive Units and 2,059,317 shares of restricted common stock in respect of unvested Incentive Units (iv) the Credit Agreement Transactions, and (v) the execution of the TRA.

After giving effect to the sale and issuance of 16,000,000 shares of common stock in this offering and the application of the net proceeds from this offering as set forth under "Use of Proceeds," after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our net tangible book value as of September 30, 2025 would have been $510.2 million, or $4.15 per share of common stock. This represents an immediate dilution in net tangible book value of $27.85 per share to investors participating in this offering at the assumed initial public offering price. The following table illustrates this per share dilution:

---

| | | |
|:---|:---|:---|
|  Assumed initial public offering price per share of common stock |  | $32.0 |
|  Historical net tangible book deficit per unit as of September 30, 2025 | $(0.18) |  |
|  Increase per share attributable to the pro forma adjustments described above | 0.52 |  |
|  Pro forma net tangible book value per share as of September 30, 2025 | 0.34 |  |
|  Increase in pro forma net tangible book value per share attributable to this offering | $3.81 |  |
|  Pro forma as adjusted net tangible book value per share after giving effect to this offering |  | $4.15 |
|  Dilution per share to new investors purchasing shares in this offering |  | $27.85 |

---

A $1.00 increase (decrease) in the assumed initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value per share after this offering by $0.12 per share and dilution per share to new investors purchasing common stock in this offering by $0.12 per share, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses by us. Each 1,000,000 increase (decrease) in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value after this offering by $0.22 per share and

------

##### [**Table of Contents**](#toc)
decrease (increase) the dilution per share to new investors purchasing common stock in this offering by $0.22 per share, assuming no change in the assumed initial public offering price per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses by us.

If the underwriters exercise in full their option to purchase additional shares of common stock in this offering, our pro forma as adjusted net tangible book value per share after this offering would be $4.65 and the dilution in pro forma as adjusted net tangible book value per share to new investors purchasing common stock in this offering would be $27.35, assuming no change in the initial public offering price per share and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The following table summarizes, on an as adjusted basis as of September 30, 2025, the differences between the number of shares of common stock purchased from us, the total consideration paid (in thousands) and the average price per share paid by existing stockholders and to be paid by the new investors purchasing shares of common stock in this offering, at an assumed initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares purchased** | **Shares purchased** | **Total consideration** | **Total consideration** | **Average<br>price<br>per<br>share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average<br>price<br>per<br>share** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Existing Investors | 106940683 | 87% | $1309712 | 72% | $12.25 |
|  New investors in this offering | 16000000 | 13% | 512000 | 28% | 32.00 |
|  Total | 122940683 | 100% | $1821712 | 100% | $14.82 |

---

A $1.00 increase (decrease) in the assumed initial public offering price of $32.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors in this offering by $16.0 million and, in the case of an increase, would increase the percentage of total consideration paid by new investors by 1% and, in the case of a decrease, would decrease the percentage of total consideration paid by new investors by 1%, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering. Each 1,000,000 increase (decrease) in the number of shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the total consideration paid by new investors by $32.0 million and, in the case of an increase, would increase the percentage of total consideration paid by new investors by 1% and, in the case of a decrease, would decrease the percentage of total consideration paid by new investors 1%, assuming no change in the assumed initial public offering price per share and before deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

The table above assumes no exercise of the underwriters' option to purchase additional shares in this offering. If the underwriters exercise in full their option to purchase additional shares of common stock, the number of shares of our common stock held by existing stockholders would be reduced to 85% of the total number of shares of our common stock outstanding after this offering, and the number of shares of common stock held by new investors purchasing common stock in this offering would be increased to 15% of the total number of shares of our common stock outstanding after this offering.

The discussion and tables above exclude shares of our common stock reserved for future issuance under the 2026 Stock Plan (including upon vesting and settlement of the IPO Grants), as well as any future increases, including annual automatic increases, in the number of shares of common stock reserved for issuance thereunder.

------

##### [**Table of Contents**](#toc)
We expect to require additional capital to fund our current and future operating plans. To the extent additional capital is raised through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders. See "Risk Factors—Risks Related to This Offering and Ownership of Our Common Stock—Future issuances of our common stock could result in significant dilution to our stockholders, dilute the voting power of our common stock and depress the market price of our common stock."

------

##### [**Table of Contents**](#toc)
**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** 

*The following is a discussion and analysis of our financial condition and results of operations as of, and for, the periods presented. You should read the following discussion and analysis of the Company's financial condition and results of operations together with the sections entitled "Prospectus Summary—Summary Consolidated Financial Data," "Risk Factors," "Special Note Regarding Forward-Looking Statements," and our unaudited condensed consolidated and audited consolidated financial statements and related notes included elsewhere in this prospectus. This discussion and analysis contains forward-looking statements, including statements regarding our expectations for the future of our business and our liquidity and capital resources as well as other non-historical statements. These statements are based upon our current plans, expectations, and beliefs, and are subject to numerous risks and uncertainties, including but not limited to the risks and uncertainties described in "Risk Factors" and "Special Note Regarding Forward-Looking Statements." Our actual results may differ materially from those contained in or implied by these forward-looking statements.* 

*We currently operate as a Delaware limited liability company under the name Yellowstone Midco Holdings II, LLC, which was formed on September 4, 2025 and directly and indirectly holds all of the equity interests in our operating subsidiaries. Substantially concurrently with the effectiveness of the registration statement of which this prospectus forms a part, Midco II will convert into a Delaware corporation pursuant to a statutory conversion and will change its name to York Space Systems Inc. Following the Corporate Conversion, we will remain a holding company and will continue to conduct our business through our operating subsidiaries.* 

*Prior to October 3, 2025, we operated through Midco I. On October 3, 2025, all of the outstanding equity of Midco I was contributed to Midco II in exchange for common units of Midco II. As a result, Midco I became a wholly owned subsidiary of Midco II effective as of October 3, 2025. The historical financial data presented herein is that of Midco I. We have not separately presented the historical financial data of Midco II in the following discussion and analysis of our financial condition and results of operations because, while Midco II was formed on September 4, 2025, there was no material activity at Midco II from September 4, 2025 to September 30, 2025. Refer to the financial statements of Yellowstone Midco Holdings II, LLC included elsewhere in this prospectus.* 

**Business Overview** 

York Space Systems is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is the number one provider to the DoD's PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. We produce our satellites at approximately half the cost of our competitors and have been the first to deliver and launch satellites for the PWSA. York is the first and only company to demonstrate Link-16 connectivity from space, highlighting our unique and innovative capabilities.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. We deliver mission critical solutions in a zero-tolerance for error environment where systems must work and we believe we are positioned to capture an outsized share of growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having 74 missions with flight heritage, created 17 products with flight heritage, and logged over four million on-orbit hours. York's

------

##### [**Table of Contents**](#toc)
position as a prime enables us to monetize the entire space vertical from launch to mission operations, from spacecraft to payloads, and from edge computing to data transfer.

York was founded in 2012 by our CEO, Dirk Wallinger, to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost. We believe that York's proven production and delivery capabilities place it among a very limited number of companies who have the capability to deliver the required solutions for the Golden Dome based on its current timeline. We provide our customers with the ability to quickly and effectively field responsive space-based technologies. We have a demonstrated ability to win contracts in space and are a trusted partner to U.S. national security, intelligence and defense agencies, such as the U.S. Air Force and the SDA, as well as commercial and civil customers. Our proprietary hardware, software and mission operations solutions are designed to address the United States' national security priorities: missile defense (crucial to the Golden Dome), counter-space capabilities, and space domain awareness.

Increasing geopolitical tensions are driving near-peer adversaries to invest heavily in military space capabilities to gain advantage in orbit—the next domain in global conflict. In today's threat environment, rapidly deployable satellites are critical to providing denied benefit in space, maintaining space superiority and countering these emerging threats. This paradigm shift in global warfighting is driving significant growth in defense spending, with the global satellite market projected to grow by approximately $320 billion to over $600 billion from 2023 to 2032 at approximately an 8% CAGR, up from approximately $280 billion in 2022 according to Allied Market Research. This growth is supported by the Golden Dome, the space intelligence community and the DoD's PWSA program. We have invested in our infrastructure and expanded our production capabilities with a goal of meeting this evolving threat while growing our backlog to approximately $642 million and 107 spacecraft as of September 30, 2025.

We believe we distinguish ourselves from other space mission primes by offering a fully integrated portfolio of proprietary spacecraft, software and services. Our versatile spacecraft are built on a modular platform, allowing us to move quickly from design and development to deployment to meet our customers' needs for their rapid response missions. In addition, we provide software throughout the space layer, bolstered by our 2023 acquisition of Emergent, including flight control and edge computing, and we recently added more than 45 ground antennas in connection with the ATLAS Acquisition. Our software is designed to enable autonomous, real-time decision making and constellation management to support mission execution. By coupling spacecraft production with mission operations and ground integration, we offer a turnkey solution designed to reduce technical and programmatic risk for both government and commercial customers.

Our capabilities include a differentiated suite of spacecraft solutions with proven, common technologies. We offer the S-CLASS, LX-CLASS, and M-CLASS spacecraft, which are high-quality, low-cost satellite platforms that are proven and scalable to a wide array of space market needs. Our spacecraft are supported by proprietary satellite software enabling versatile integration of a variety of payloads for customers and supply chain commonalities across platforms. The various spacecraft classes are designed and engineered to address a broad cross section of the spacecraft market while maximizing payload accommodation. The LX-CLASS is double the mass of the S-CLASS and leverages the S-CLASS design, sharing more than 90% of its technology with the S-CLASS, to offer a specialized platform with enhanced capabilities. Similarly, the M-CLASS utilizes the previous satellite platform designs, sharing approximately 75% of its hardware and 95% of its software with the S-CLASS and LX-CLASS, while greatly enhancing scale and power for spacecraft mass up to 2,000 kg and 8kW+ peak power consumption. Our proven suite of platforms provide solutions from 100 to 2,000 kgs and enables us to serve a large total addressable market. This vertically integrated, cost-effective, scalable model is designed to deliver highly effective end-to-end capability for our customers.

York's spacecraft architecture framework results in significant commonality across platforms and software, allowing for scalable solutions at lower cost. York's three different platforms share approximately 75% of the same hardware and 95% of the software leading to significant cost reductions throughout the value chain while

------

##### [**Table of Contents**](#toc)
maximizing product quality. This approach also reduces NRE cost associated with platform development while reducing failure risks inherent to a unique design. Key in-house hardware components include C&DH, flight computers, ACS, EPS and production testing. These components complement our spacecraft production while our software-enabled services underpin autonomous, resilient operations and support key defense technologies.

While the standardized spacecraft architecture framework provides scalable building blocks for rapid constellation deployment, York's proprietary software supports key elements of operational success from mission planning to ongoing mission operations. Autonomous constellation planning and hands-off operations are essential for managing the increasing quantity of spacecraft deployed in orbit. Technologies include the M-MOC, a secure, autonomous, command structure that manages multiple York spacecraft, and Bastion, York's mission-ready ground software solution, which allows operators to manage entire fleets from a single ground architecture across more than 45 antennas throughout the world. York hardware and software solutions are vertically integrated across the technology stack.

Our model allows us to capture recurring revenue driven by ongoing satellite-based software and services as well as hardware replacement cycles. Once spacecraft are fielded, York provides continuous operational support, downlink antenna usage, and proprietary software solutions, including on-spacecraft upgrades during the full orbital lifespan. Contracts have historically provided a fixed cost for software maintenance with upgrade options available for purchase. The expected replacement cycle for the current portfolio of space vehicles is approximately five to six years. York's full lifecycle solution and ongoing operational support distinguishes York from its competitors, positioning us to act as prime for the replacement and potential expansion of competitors' aging constellations. As a result, we expect our recurring revenue to increase as the installed base of spacecraft in orbit grows, creating a highly visible revenue model, accelerating growth and increasing margins.

We believe our integrated spacecraft solutions make us a preferred government provider. Our space technology has proven itself in military exercises, demonstrating seamless integration and autonomous hands-off operations. This elevates our ability to serve more demanding missions and customers across the full mission lifecycle. We leverage our proprietary software across spacecraft classes and support all relevant industry standard payload data interfaces on our vehicles. Competitors who design single-system software solutions, outsource their software solutions and spacecraft manufacturing, or do not have a diversity of spacecraft platform systems are at a competitive disadvantage with many roadblocks to rapidly deploying advanced systems. York maintains a strong and strategically vital partnership with the DoD's PWSA. The DoD's SDA is responsible for rapidly developing and fielding next-generation space capabilities to enhance national security, while the PWSA is its flagship initiative to build resilient, proliferated LEO constellations supporting global warfighting needs as near-peer adversaries are increasing their anti-satellite, intelligence gathering, and signal jamming and spoofing operations from space. Our innovative, modular satellite platforms and rapid production capabilities, make us the leading provider to the PWSA and the largest awardee by contracts (6), spacecraft in-orbit (33), and variety of contract types as of September 2025. We have been awarded more missions than any other prime, demonstrating our leadership position across three key elements of government contracting: price, speed, and capabilities. We offer attractive pricing, superior delivery speed, and comprehensive capabilities across spacecraft, software, and ground stations. In 2024, York became the first and only company to demonstrate Link-16 connectivity in space. In 2025, York demonstrated Space-to-Ground laser links, Ka-Band downlink, signal detection and processing, orbit maneuvering, and York and SpaceX were the first to achieve LEO-to-LEO laser link between PWSA vendors, representing how York's continued technological innovation sets us apart. York has become an important provider in the long-term national security vision for resilient, proliferated space architecture.

Our cutting-edge facilities and manufacturing footprint are purpose-built to support the rapid development and production of our S-CLASS, LX-CLASS, and M-CLASS spacecraft. York is vertically integrated, assembling key spacecraft components in-house. This approach is designed to mitigate supply chain risk, support our ability to offer competitive pricing, and enable rapid fielding of solutions to our customers. Following the opening of our 60,000 square foot Potomac facility in August 2023, we have quadrupled production capability and believe we will be able to meet demand to manufacture and test over 1,000 satellites annually, supporting our

------

##### [**Table of Contents**](#toc)
position as a leader in rapid, high volume spacecraft delivery. This deliberate investment in infrastructure is meant to create a durable competitive advantage, enabling us to capitalize on the rapidly growing space economy with the ability to reliably deliver spacecraft faster and more affordably than traditional primes.

***Backlog***

We view growth in backlog as a key measure of our business growth. Backlog represents our estimate of the revenue we expect to realize in future periods as a result of performing work on contracts that have been awarded to us (net of any revenue already recognized as of the backlog date). We include the aggregate expected revenue of awarded contracts in our backlog upon the execution of a legally binding agreement, even though our contracts include certain termination rights exercisable by our customers with advance notice. We exclude unexercised contract options from our backlog. Contract liabilities recognized on our consolidated balance sheets consists of payments and billings that we have received in excess of revenue that we have recognized. Because cash receipts from these contracts have not been recognized into revenue, they are included in our backlog calculation.

We view growth in backlog as a key measure of our future business prospects. We monitor our backlog because we believe it is a forward-looking indicator of potential sales which can be helpful to investors in evaluating the performance of our business and identifying trends over time. Although backlog reflects business associated with contracts that are considered to be firm, terminations, amendments, or contract cancellations may occur, which could result in a reduction in our total backlog and potential future revenue that never gets recognized.

---

| | | |
|:---|:---|:---|
| *($ in thousands)* | **As of September 30,<br>2025** | **As of December 31,<br>2024** |
|  **Backlog** | $642019 | $861677 |

---

The decrease in backlog as of September 30, 2025 compared to December 31, 2024 was primarily due to revenue being recognized on four of our significant contracts during 2025, which was partially offset by the additional contract values resulting from contract modifications. We expect to recognize approximately 67% of our backlog as of September 30, 2025 as revenue within the next 12 months, and the balance thereafter.

**Recent Developments** 

***ATLAS Space Operations Acquisition***

On June 9, 2025, we invested in Preferred Stock of ATLAS Space Operations, Inc. ("ATLAS"), representing an approximate 5% equity interest. On August 29, 2025 (the "Acquisition Date"), we obtained control of the remaining outstanding equity of ATLAS, a leading provider of Ground Software-as-a-Service (GSaaS) solutions for space-based communication and global connectivity. ATLAS is headquartered in Traverse City, MI. Consideration for this acquisition was $85,839 thousand, which consisted of $1,501 thousand in cash and $78,588 thousand in equity consideration in the form of Holdings common units. Through a series of common control transactions contemplated in the Agreement & Plan of Merger and effected on August 29, 2025, ownership of ATLAS was transferred to us. Additionally, the fair value of preferred shares held by York from the initial investment in ATLAS was $5,750 thousand which was included in the total consideration. Refer to Note 4 – Acquisitions of the accompanying notes to the unaudited condensed financial statements included elsewhere in this prospectus for additional information.

**Trends and Key Factors Affecting Performance** 

***Macroeconomic Pressures***

In recent years, geopolitical instability, including wars and conflicts, as well as impacts from other global events, have resulted in opportunities for companies in the space and defense technology market. However,

------

##### [**Table of Contents**](#toc)
certain disruptions to the global economy, including market disruptions, monetary, and fiscal policy uncertainty, supply chain challenges, high interest rates and inflationary pressures have contributed to an inflationary environment that has adversely affected, and may continue to adversely affect, the price and availability of certain products and services necessary for our operations, which in turn may adversely impact our business and operating results. In addition, the global trade environment is uncertain and rapidly evolving. Tariffs imposed by the U.S. presidential administration or retaliatory tariffs announced by other countries could result in a trade war and lead to market disruptions and supply chain interruptions for equipment. The impact of tariffs on our business and results of operations will depend on their timing, duration, and magnitude.

***Government Environment and Regulations***

Our industry is affected by government budget and spending levels, changes in demand, changes in policy positions or priorities, the domestic and global political and economic environment, and the evolving nature of the space and defense sectors. National security and advancements in space-based technologies are core focuses of the U.S. government on a bi-partisan basis and closely align with the key messages from the current U.S. presidential administration regarding space. Any changes in budget and spending levels, policies, or priorities, including the current emphasis by the current administration on access to space, may have an adverse impact on our business and operating results. In addition, U.S. government procurement regulations impose various operational requirements on government contractors. Non-compliance with any of these regulations could materially and adversely affect our operating results.

***Pace of Government Expenditures and Private Enterprise Investment in the Space Economy***

Our future growth is largely dependent on our ability to continue to capitalize on increased government spending and private investment in the space economy, including programs such as Golden Dome. Government expenditures and private enterprise investment have fueled our growth in recent years and have resulted in our continued ability to secure increasingly valuable contracts as well as the ability to continue financing the growth and development of our business. According to McKinsey's Space report from 2024, the global space economy is projected to reach $1.8 trillion in value by 2035 driven by accelerating national security spending and commercial demand. We believe our ability to deliver reliable satellites at scale not only addresses today's market but also positions us to be a long-term leader as new commercial applications drive growing demand for space infrastructure. We expect the continued availability and growth of government expenditures and private investment in the space economy will be an important contributor to increased purchases of our products and services; however, any delays or reductions in appropriations for our programs and changes in U.S. government priorities and spending levels more broadly may negatively impact our business.

***Ability to Improve Profit Margins and Scale our Business***

The growth of our business is dependent on our ability to improve our profit margins over time while successfully scaling our business, including through continued investment in initiatives to improve our operating leverage. Our satellite architecture is built for flexibility and scaled production, and is designed to drive significant cost efficiencies. We believe continued reduction in costs and an increase in production and service volumes will enable a reduction of the cost of our satellites and an improvement of our gross margins. Additionally, we believe our modular, backward-compatible design approach allows us to maximize common components and streamline production, increasing efficiency and scalability. As we increase our satellite production, we expect to be able to continue to improve our cost structure as fixed and overhead costs are amortized over a greater number of satellite builds. In addition, our ability to expand our recurring satellite-based services is a key component of our strategy to improve our profit margins. Revenue, net income, and the timing of our cash flows also depend on our ability to perform on our contracts and expand our satellite-based services, and profitability can fluctuate depending on the mix of contracts awarded. To manage these fluctuations, we have implemented several strategies, such as closely monitoring project and related services timelines to anticipate cash flow needs. Despite these measures, the inherent variability in milestone achievements means that quarter-to-quarter comparisons of our cash flows from operations may not necessarily be indicative of future performance.

------

##### [**Table of Contents**](#toc)
***Ability to Continue to Innovate and Expand our Product and Service Offerings***

To continue gaining market share and attracting customers, we plan to continue investing in our infrastructure to expand our production capabilities, including our satellite-based services, and to create a durable competitive advantage with the goal of enabling us to capitalize on the rapidly growing space economy. Our growth opportunity is dependent on our continued ability to expand our addressable market, win DoD PWSA contracts and Golden Dome missions, and to develop our portfolio of products and services related to our offerings. We intend to expand our operations and offerings significantly, but any difficulties in achieving or effectively managing our growth could have a negative effect on our operating results.

***Acquisitions***

We consider strategic acquisitions of businesses and other investments to expand our software and services footprint, deepen vertical integration, and accelerate entry into adjacent mission areas, with the goal of expanding our current portfolio and accessing new customers and technologies. We target companies that not only enhance our technical capabilities but also embed us more deeply into our customers' mission workflows. By integrating strategic acquisitions with our strong internal execution, we aim to build a broader product and service offering with a goal of enhancing our growth and market share. We also may explore the divestiture of businesses that no longer meet our needs or strategy or that could perform better outside of our organization. These strategic transactions may be costly, time consuming and challenging to consummate and/or integrate with our existing businesses, and may result in fluctuations in our operating results and financial position across periods that may be unrelated to our underlying performance. Any particular acquisition or other investment we make could prove less successful than anticipated and have a negative effect on our business.

**Results of Operations** 

We manage and assess our business based on performance on contracts, which are typically long-term and involve the design, development and manufacturing of our core offerings and related activities with varying delivery schedules. Therefore, the results of operations for a particular year, or year-over-year comparison may not be indicative of future operating results. Substantially all of our contracts are accounted for under the percentage-of-completion cost-to-cost method. As a result, revenues on contracts are recorded over time based on progress towards completion for a particular contract, including the estimate of the profit to be earned at completion.

*Components of Results of Operations* 

*Revenue—*substantially all of our revenue is derived from long-term firm-fixed-price ("FFP") production contracts for the design of small satellites, launch services, and ground services with both U.S. federal government-controlled agencies as well as domestic commercial customers. Our contracts generally span several years in duration. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We recognize revenue upon the satisfaction of the performance obligations identified in the contract, which is achieved through the transfer of control of the promised good or service to the customer over time.

For FFP contracts satisfied over time, progress is measured using a percentage-of-completion ("POC") cost-to-cost method, which accurately reflects the transfer of control to the customer. This method assesses the extent of progress based on the ratio of costs incurred to date against the total estimated costs to complete the performance obligation. Estimating total costs to completion requires us to make informed estimates regarding subcontractor performance, material costs and availability, labor costs and productivity and overhead expenses. Frequently, the period of performance of a contract extends over a long period and, as such, revenue recognition and our profitability from a particular contract may be affected to the extent that estimated costs to completion ("EAC") are revised, delivery schedules are delayed, performance-based milestones are not achieved, or progress under a contract is otherwise impeded. Accordingly, our recorded revenues and operating profit from period to period can fluctuate significantly depending on when contractual obligations are achieved.

------

##### [**Table of Contents**](#toc)
In the event that the estimated total costs to be incurred on a contract surpass the anticipated total revenue, we recognize a provision for the entire loss on the contract in the period when the loss is identified. For further discussion of the critical judgments and estimates related to our revenue recognition policies, see the section entitled "Critical Accounting Estimates."

*Cost of Revenues*—primarily consists of direct material and labor costs, which include salaries, bonuses, and benefits directly attributable to fulfilling our obligations under customer contracts, and related overhead. Overhead costs primarily include allocable amounts of rent, software subscriptions, depreciation and amortization expense on assets used directly in revenue producing activities, indirect materials, and production and test administrative expenses. We expect our cost of revenues to increase in absolute dollars in future periods as we enter into more contracts and make strategic acquisitions and investments.

*Selling, General, and Administrative*—primarily consists of employee-related expenses for personnel in our executive, finance and accounting, facilities, legal, human resources, and information technology and security functions, as well as other administrative employees. In addition, selling, general and administrative expenses includes fees for legal, accounting, tax and audit services, software subscriptions, facilities, sales commissions, other corporate costs, depreciation and amortization, marketing and advertising and transaction costs. We expect to incur additional selling, general, and administrative expenses as a result of operating as a public company, including expenses related to compliance with public company reporting obligations and additional compensation expense, and increased costs for insurance, investor relations, and professional services. In addition, in connection with the Holdings Liquidation, the Partnership Board will approve the Incentive Unit Distributions, which we expect to result in us recognizing approximately $135.9 million of compensation expense as a result of such distributions, based on an initial public offering price of $32.00, which is the midpoint of the estimated price range set forth on the cover of this prospectus, though the actual compensation expense will vary based on the actual initial public offering price. As a result, we expect that our selling, general, and administrative expenses will increase in future periods and vary from period to period as a percentage of revenue.

*Research and Development*—primarily consists of employee-related labor costs, software subscriptions, and supplies and materials for new product development. R&D is expensed as incurred. We expect to continue investing in R&D and, accordingly, expect our R&D expenses to increase and vary as we continue developing and improving our products capabilities.

*Interest Expense*—consists primarily of interest expense incurred on borrowings under our Secured Credit Facilities.

*Interest Income*—consists primarily of interest income earned on cash and cash equivalents.

*Other (Expense) Income, net*—reflects miscellaneous income and expense unrelated to our core business activities.

*Income tax benefit*—includes the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amount and the tax basis of assets and liabilities, along with net operating loss carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. When uncertain tax positions exist, we recognize the tax benefit of tax positions to the extent that the benefit would more likely than not be realized, assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. We recognize any interest and penalties accrued related to unrecognized tax benefits as income tax expense.

------

##### [**Table of Contents**](#toc)
***Comparison of the Nine Months Ended September 30, 2025 to the Nine Months Ended September 30, 2024***

The following table sets forth a summary of our condensed consolidated results of operations for the years indicated, and the changes between periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | | |
| *($ in thousands, except percentages)* | **2025** | **% of<br>revenue** | **2024** | **% of<br>revenue** | **$ Change** | **% Change** |
|  Revenue | $280854 | 100% | $176925 | 100% | $103929 | 59% |
|  Cost of revenues | 226460 | 81% | 160160 | 91% | 66300 | 41% |
|  **Gross profit** | **54394** | **19%** | **16765** | **9%** | **37629** | **224%** |
|  **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | $94125 | 34% | $76433 | 43% | $17692 | 23% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 13796 | 5% | 15480 | 9% | (1684) | (11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **107921** | **38%** | **91913** | **52%** | **16008** | **17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(53527)** | **(19** **%)** | **(75148)** | **(42** **%)** | **21621** | **(29** **%)** |
|  **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (8%) | (22529) | (13%) | 1144 | (5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 0% | 932 | 1% | 103 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | 1% | (658) | (0%) | 2568 | (390%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other expense** | **(18440)** | **(7** **%)** | **(22255)** | **(13** **%)** | **3815** | **(17** **%)** |
|  **Loss before provision for income taxes** | $**(71967)** | **(26** **%)** | $**(97403)** | **(55** **%)** | $**25436** | **(26** **%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 6% | 23760 | 13% | (7837) | (33%) |
|  **Net loss** | $**(56044)** | **(20** **%)** | $**(73643)** | **(42** **%)** | $**17599** | **(24** **%)** |

---

***Net EAC Adjustments***

We record changes in costs estimated at completion (net EAC adjustments) using the cumulative catch-up method of accounting. Net EAC adjustments have in the past had, and may in the future have, a significant effect on reported revenues and gross profit. The table below presents the aggregate amounts for the following periods:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** |
| *($ in thousands)* | **2025** | **2024** |
|  Gross favorable EAC adjustments | $176 | $3254 |
|  Gross unfavorable EAC adjustments | $(11780) | $(21498) |
|  EAC adjustments, attributable to loss contacts | $800 | $(2140) |
|  **Net EAC adjustments, before income taxes**  | $**(10804)** | $**(20384)** |

---

Two contracts accounted for 45% and 28%, respectively, of the gross unfavorable EAC adjustment for the nine months ended September 30, 2025; both primarily due to additional unplanned labor, materials and subcontractor costs required to meet customer requirements in our sale of satellites. One contract accounted for 80% of the gross unfavorable EAC adjustment for the nine months ended September 30, 2024, primarily due to changes in the estimated total transaction price resulting from contract modifications. Refer to Note 3 - Revenues of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our net EAC adjustments.

***Revenue***

Revenue increased by $103.9 million, or 59%, to $280.9 million during the nine months ended September 30, 2025, as compared to $176.9 million during the nine months ended September 30, 2024. The period-over-period

------

##### [**Table of Contents**](#toc)
increase in revenue was primarily attributable to the full nine-month impact of revenue recognition for a large SDA contract that commenced in 2024, combined with increased progress towards the design and build of satellites related to certain SDA contracts during the nine months ended September 30, 2025, as compared to the same period in 2024, as well as lower net unfavorable EAC adjustments of $10.8 million during the nine months ended September 30, 2025, as compared to $20.4 million of net unfavorable EAC adjustments for the same period in 2024. The period-over-period increase was largely driven by existing contracts, with 99% of the revenue growth related to contracts that were already in place at December 31, 2024. Refer to Note 3 - Revenues of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our net EAC adjustments.

***Cost of Revenues***

Cost of revenues increased by $66.3 million, or 41%, to $226.4 million for the nine months ended September 30, 2025, as compared to $160.1 million for the nine months ended September 30, 2024. The period-over-period increase in cost of revenues was primarily driven by increases in direct materials and subcontractor costs of $65.0 million related to larger contracts that have increased progress towards the design and build of satellites during the period. Other increases were attributed to depreciation and amortization of $1.1 million and other overhead costs of $0.7 million. This was partially offset by a decrease in direct labor costs of $0.5 million.

***Gross Profit***

Gross profit increased by $37.6 million, or 224%, to $54.4 million for the nine months ended September 30, 2025, as compared to $16.8 million for the nine months ended September 30, 2024. As a percentage of revenues, gross margin was 19% and 9% for the nine months ended September 30, 2025 and 2024, respectively, reflective of our efforts to increase margins as we scale operational activity. The period-over-period increase in gross margin as a percentage of revenues was primarily attributed to increased revenue recognized on contracts with more favorable margins during the nine months ended September 30, 2025 as compared to the same period in 2024, as well as lower net unfavorable EAC adjustments of $10.8 million during the nine months ended September 30, 2025, as compared to $20.4 million of net unfavorable adjustments for the same period in 2024.

***Selling, General and Administrative ("SG&A") Expenses***

SG&A expenses increased by $17.7 million, or 23%, to $94.1 million for the nine months ended September 30, 2025, as compared to $76.4 million for the nine months ended September 30, 2024. The period-over-period increase in SG&A expenses was primarily driven by an increase in transaction costs of $7.3 million and an increase in non-capitalizable finance and legal expenses primarily related to this offering of $2.7 million. Additionally, other increases were attributed to $2.8 million of compensation and other employee- related costs, $2.6 million in advertising expenses, as well as $2.4 million increase in professional fees for audit, tax and legal services. These increases were partially offset by decreases in other miscellaneous operating expenses of $1.7 million for the nine months ended September 30, 2025, as compared to same period in 2024.

***Research and Development***

R&D decreased by $1.7 million, or 11%, to $13.8 million for the nine months ended September 30, 2025, as compared to $15.5 million for the nine months ended September 30, 2024. The period-over-period decrease in R&D costs was primarily driven by a decrease in depreciation and amortization and compensation and other employee-related costs of $1.0 million and $1.0 million, respectively, for the nine months ended September 30, 2025 compared to the same period in 2024.

------

##### [**Table of Contents**](#toc)
***Interest Expense***

Interest expense decreased by $1.1 million, or 5%, to $21.4 million for the nine months ended September 30, 2025, as compared to $22.5 million for the nine months ended September 30, 2024. This decrease is attributable to decreases in floating interest rate equal to Secured Overnight Financing Rate ("SOFR") under our existing Term Loan Facility during the nine months ended September 30, 2025, as compared to the same period in 2024. Refer to Note 7 – Financing Arrangements of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our debt obligations.

***Other (Expense) Income, net***

Other (expense) income, net increased by $2.6 million to $1.9 million for the nine months ended September 30, 2025, as compared to $(0.7) million for the nine months ended September 30, 2024. This period-over-period increase was driven by a $1.2 million realized and unrealized gain on foreign exchange derivative instruments during the nine months ended September 30, 2025, as compared to a net $0.6 million realized and unrealized loss during the same period in 2024. Additionally, the change was driven by the recognition of a $0.8 million gain from our initial ATLAS investment, which was made prior to the acquisition, during the nine months ended September 30, 2025, for which there was no corresponding activity during the nine months ended September 30, 2024.

***Income Tax Benefit***

Income tax benefit decreased by $7.8 million to $15.9 million for the nine months ended September 30, 2025, as compared to income tax benefit $23.7 million for the nine months ended September 30, 2024. Based on management's assessment of the realizability of the deferred tax assets, a valuation allowance was established during the three months ended December 31, 2024 related to certain credits and indefinite life carryover of interest expense which were not more likely than not to be realized. During 2025, the Company completed the acquisition of the ATLAS. This resulted in an additional valuation allowance against the Company's deferred tax assets as the deferred tax assets obtained from ATLAS are expected to be utilized prior to the Company's deferred tax assets. This resulted in a $15.9 million charge to income tax expense. The Company also recorded a charge to income tax expense of $0.8 million during 2025 related to non-deductible transaction expenses in connection with the ATLAS Acquisition. These items were offset with a reduction in the Company's state income tax rate during 2025 which resulted in an income tax benefit of $8.9 million.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted, introducing amendments to the U.S. federal income tax code, including permanent reinstatement of immediate expensing for domestic research expenditures, a reduction in the benefit of the research and development credit, restoration of full expensing for qualified depreciable assets, and updates to the limitation of deductions for business interest. GAAP requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Certain provisions are effective for 2025, the effects of which have been recognized during the three months ended September 30, 2025.

------

##### [**Table of Contents**](#toc)
***Comparison of the Year Ended December 31, 2024 to the Year Ended December 31, 2023***

The following table sets forth a summary of our consolidated results of operations for the years indicated, and the changes between periods.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
| *($ in thousands, except percentages)* | **2024** | **% of<br>revenue** | **2023** | **% of<br>revenue** | **$ Change** | **%<br>Change** |
|  Revenue | $253531 | 100% | $238103 | 100% | $15428 | 6% |
|  Cost of revenues | 221110 | 87% | 183199 | 77% | 37911 | 21% |
|  **Gross profit** | **32421** | **13%** | **54904** | **23%** | **(22483)** | **(41** **%)** |
|  **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 103947 | 41% | 94073 | 40% | 9874 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 20440 | 8% | 6973 | 3% | 13467 | 193% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **124387** | **49%** | **101046** | **42%** | **23341** | **23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from operations | (91966) | (36%) | (46142) | (19%) | (45824) | 99% |
|  **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (29923) | (12%) | (26175) | (11%) | (3748) | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1201 | 0% | 2328 | 1% | (1127) | (48%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | (3600) | (1%) | 1227 | 1% | (4827) | (393%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other expense** | **(32322)** | **(13** **%)** | **(22620)** | **(9** **%)** | **(9702)** | **43%** |
|  **Loss before provision for income taxes** | $**(124288)** | **(49** **%)** | $**(68762)** | **(29** **%)** | $**(55526)** | **81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 25377 | 10% | 39106 | 16% | (13729) | (35%) |
|  **Net loss** | $**(98911)** | **(39** **%)** | $**(29656)** | **(13** **%)** | $**(69255)** | **234%** |

---

***Net EAC Adjustments***

We record changes in costs estimated at completion (net EAC adjustments) using the cumulative catch-up method of accounting. Net EAC adjustments have in the past had, and may in the future have, a significant effect on reported revenues and gross profit. The table below presents the aggregate amounts for the following periods:

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| *($ in thousands)* | **2024** | **2023** |
|  Gross favorable EAC adjustments | $2986 | $27 |
|  Gross unfavorable EAC adjustments | $(25173) | $(968) |
|  EAC adjustments, attributable to loss contacts | $(729) | $117 |
|  **Net EAC adjustments, before income taxes**  | $**(22916)** | $**(824)** |

---

One contract accounted for 82% of the gross unfavorable EAC adjustment for the year ended December 31, 2024, primarily due to changes in the estimated total transaction price resulting from contract modifications. Refer to Note 3 - Revenues of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information related to our net EAC adjustments.

***Revenue***

Revenue increased by $15.4 million, or 6%, to $253.5 million for the year ended December 31, 2024, as compared to $238.1 million for the year ended December 31, 2023. The year-over-year increase in revenues was primarily related to increases in progress towards the design and build of satellites related to certain of our contracts as well as new SDA contracts obtained during the year ended December 31, 2024. These increases were partially offset by $22.2 million of net unfavorable EAC adjustments for the year ended December 31, 2024. The net

------

##### [**Table of Contents**](#toc)
unfavorable EAC adjustments in 2024 were primarily due to changes in estimated total transaction price resulting from contract modifications and additional unplanned labor, materials and subcontractor costs required to meet customer requirements in our sale of satellites. The period-over-period increase was attributable 51% to ongoing contracts that were in place at December 31, 2023, with the remaining 49% resulting from new contracts that commenced during 2024.

***Cost of Revenues***

Cost of revenues increased by $37.9 million, or 21%, to $221.1 million for the year ended December 31, 2024, as compared to $183.2 million for the year ended December 31, 2023. The year-over-year increase in cost of revenues was primarily driven by increases in direct materials and subcontractor costs of $29.8 million related to larger contracts that have ramped up production activities during the year, as well as costs incurred for new contracts obtained for which there were no related costs during the same period in 2023. Other increases were attributed to direct labor costs of $3.6 million, depreciation and amortization of $2.7 million, and other overhead costs of $1.8 million.

***Gross Profit***

Gross profit decreased by $22.5 million, or 41%, to $32.4 million for the year ended December 31, 2024 as compared to $54.9 million for the year ended December 31, 2023. As a percentage of revenues, gross margin was 13% and 23% for the years ended December 31, 2024 and 2023, respectively. The year-over-year decrease in gross margin as a percentage of revenues was primarily attributed to $22.9 million net unfavorable EAC adjustments for the year ended December 31, 2024 primarily associated with one of our larger contracts.

***Selling, General and Administrative ("SG&A") Expenses***

SG&A expenses increased by $9.9 million, or 10%, to $104.0 million for the year ended December 31, 2024, as compared to $94.1 million for the year ended December 31, 2023. The year-over-year increase in SG&A expenses was primarily driven by an increase in compensation and other employee-related costs, business insurance and IT subscriptions of $10.7 million, $1.7 million and $1.0 million respectively. Additionally, depreciation and amortization increased by $1.0 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023. These increases were partially offset by decreases in transaction costs related to the Emergent acquisition in 2023 and deferred commission costs of $3.3 million and $1.4 million, respectively, for the year ended December 31, 2024, as compared to the year ended December 31, 2023. Please refer to Note 10 - Acquisitions of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information.

***Research and Development***

R&D increased by $13.4 million, or 193%, to $20.4 million for the year ended December 31, 2024, as compared to $7.0 million for the year ended December 31, 2023. The year-over-year increase in research and development costs was primarily driven by an increase in compensation and other employee-related costs of $12.6 million and IT-related costs of $0.8 million related to the ramp up in new programs and strategic decisions to invest in future developments.

***Interest Expense***

Interest expense increased by $3.7 million, or 14%, to $29.9 million for the year ended December 31, 2024, as compared to $26.2 million for the year ended December 31, 2023. This increase is largely attributable to the full year effect in 2024 of incremental borrowings under our debt facility made in June 2023. Please refer to Note 6—Financing Arrangements of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information related to our debt obligations.

------

##### [**Table of Contents**](#toc)
***Other (Expense) Income, net***

Other (expense) income, net decreased by $4.8 million to $(3.6) million for the year ended December 31, 2024, as compared to $1.2 million for the year ended December 31, 2023. This year-over-year decrease was due to a $3.9 million realized loss on foreign exchange derivative instruments settled during the year ended December 31, 2024, as compared to a $1.0 million of unrealized gain on foreign exchange derivative instruments during the year ended December 31, 2023.

***Income Tax Benefit***

Income tax benefit decreased by $13.7 million to $25.4 million for the year ended December 31, 2024, as compared to income tax benefit of $39.1 million during the year ended December 31, 2023. Based on management's assessment of the realizability of the deferred tax assets, a valuation allowance was established in 2024 related to certain credits and indefinite life carryover of interest expense which are not more likely than not to be realized. This resulted in an $18.1 million charge to income tax expense in 2024. The research and development credit also decreased by $5.3 million in 2024. These items were offset by an increase to pre-tax loss in 2024 which resulted in an increase to income tax benefit of $11.7 million in 2024.

**Non-GAAP Financial Measures** 

We believe that in addition to our results determined in accordance with GAAP, non-GAAP financial measures, contribution margin, contribution margin %, EBITDA, and Adjusted EBITDA provide useful information to management, investors, and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. In addition to our GAAP measures, we use these non-GAAP financial measures to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources, including budgeting for infrastructure.

***Contribution Margin***

We refer to revenue less direct material costs of revenue as "contribution margin" and contribution margin divided by revenue as "contribution margin %." Contribution margin and contribution margin % are each non-GAAP financial measures. The closest comparable GAAP financial measures to contribution margin and contribution margin % are gross profit and gross profit margin %, respectively. We believe contribution margin and contribution margin % are useful measures of the variable costs that we incur in order to provide services to our customers. These non-GAAP financial measures are used to supplement the financial information presented on a GAAP basis and should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Our presentation of contribution margin and contribution margin % should not be construed as an inference that our future results will be unaffected by variable costs.

The table below presents contribution margin and contribution margin %, respectively, for the following periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| *($ in thousands, except percentages)* | **2025** | **2024** | **2024** | **2023** |
|  Revenue | $280854 | $176925 | $253531 | $238103 |
|  Direct material costs | 193519 | 128519 | 178341 | 148574 |
|  Contribution margin (non-GAAP) | $87335 | $48406 | $75190 | $89529 |
|  Contribution margin % (non-GAAP) | 31% | 27% | 30% | 38% |

---

------

##### [**Table of Contents**](#toc)
The table below presents a reconciliation of contribution margin, which is a non-GAAP measure of our financial performance, to Gross profit, which is the most directly comparable financial measure presented in accordance with GAAP for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
| *($ in thousands, except percentages)* | **2025** | **2024** | **2024** | **2023** |
|  Revenue | $280854 | $176925 | $253531 | $238103 |
|  Less: Cost of revenues | 226460 | 160160 | 221110 | 183199 |
|  Gross profit (GAAP) | $54394 | $16765 | $32421 | $54904 |
|  Gross profit % (GAAP) | 19% | 9% | 13% | 23% |
|  Add: Direct labor costs | 23455 | 23910 | 32148 | 28518 |
|  Add: Direct overhead costs | 5288 | 4591 | 6210 | 4415 |
|  Add: Depreciation and amortization | 4198 | 3140 | 4411 | 1692 |
|  Contribution margin (non-GAAP) | $87335 | $48406 | $75190 | $89529 |
|  Contribution margin % (non-GAAP) | 31% | 27% | 30% | 38% |

---

*Nine months ended September 30, 2025 compared to Nine months ended September 30, 2024* 

Contribution margin increased by $38.9 million to $87.3 million for the nine months ended September 30, 2025, as compared to $48.4 million for the nine months ended September 30, 2024. The period-over-period increase in non-GAAP contribution margin was primarily attributed to increased volume of production on certain contracts with more favorable contributions margins, as well as lower net unfavorable EAC adjustments of $10.8 million during the nine months ended September 30, 2025, as compared to $20.4 million for the same period in 2024.

*Year ended December 31, 2024 compared to Year ended December 31, 2023* 

Contribution margin decreased by $14.3 million to $75.2 million for the year ended December 31, 2024, as compared to $89.5 million for the year ended December 31, 2023. The year-over-year decrease in non-GAAP contribution margin was primarily attributed to $22.9 million net unfavorable EAC adjustments in 2024 primarily associated with one of our larger contracts. This decrease was partially offset by a higher percentage of direct material costs recognized on contracts that had more favorable contribution margins.

***EBITDA and Adjusted EBITDA***

EBITDA and Adjusted EBITDA are financial measures that are not calculated in accordance with GAAP. Net loss is the most directly comparable GAAP measure to Adjusted EBITDA. These non-GAAP financial measures are used to supplement the financial information presented on a GAAP basis and should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items.

We define EBITDA as net income (loss) adjusted for interest expense, interest income, income tax benefit, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for changes in the fair value of derivatives, transaction costs, gains or losses on foreign exchange, and other non-recurring items.

------

##### [**Table of Contents**](#toc)
The table below presents a reconciliation from net loss to Adjusted EBITDA for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *($ in thousands)* | **For the nine months ended<br>September 30,** | **For the nine months ended<br>September 30,** | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2025** | **2024** | **2024** | **2023** |
|  Net loss | $(56044) | $(73643) | $(98911) | $(29656) |
|  Interest expense | 21385 | 22529 | 29923 | 26175 |
|  Interest income | (1035) | (932) | (1201) | (2328) |
|  Income tax benefit | (15923) | (23760) | (25377) | (39106) |
|  Depreciation and amortization | 36611 | 35975 | 48072 | 44395 |
|  EBITDA (non-GAAP) | $(15006) | $(39831) | $(47494) | $(520) |
|  Changes in the fair value of derivatives | (1243) | 649 | 3885 | (987) |
|  Transaction costs<sup>(1)</sup> | 7308 |  |  | 3254 |
|  One-time costs related to IPO<sup>(2)</sup> | 2694 |  |  |  |
|  Other<sup>(3)</sup> | (617) | 216 | 472 | 32 |
|  Adjusted EBITDA (non-GAAP) | $(6864) | $(38966) | $(43137) | $1779 |

---

(1) Represents costs for legal, advisory fees and other costs incurred in connection with the August 2025 ATLAS
Acquisition and the March 2023 Emergent acquisition. Refer to Note 4 – Acquisitions of the accompanying notes to the unaudited condensed financial statements and Note 10 – Acquisitions of the accompanying notes to the consolidated
financial statements included elsewhere in this prospectus for additional information.

(2) Represents costs incurred related to this offering that do not meet the direct and incremental deferral
criteria to be charged against the gross proceeds of the transaction but are not expected to recur in the future.

(3) Other includes loss on foreign exchange and one-time non-cash expense.

***Limitations on the Use of Non-GAAP Financial Measures***

There are limitations to using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures provided by other companies.

Non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact on our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which items are adjusted to calculate our non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• although depreciation and amortization are non-cash charges, the assets
being depreciated and amortized may have to be replaced in the future, and EBITDA, Adjusted EBITDA, contribution margin and contribution margin percentage do not reflect cash capital expenditure requirements for such replacements or for new capital
expenditure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• contribution margin and contribution margin percentage do not reflect fixed costs that are directly or indirectly
related to revenue generated from our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA, Adjusted EBITDA, contribution margin and contribution margin percentage do not reflect the significant
interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; and

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA, Adjusted EBITDA, contribution margin and contribution margin percentage do not reflect income tax
payments that may represent a reduction in cash available to us.

Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. This non-GAAP financial measure should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Because not all companies use identical calculations, our presentation of non-GAAP measures may not be comparable to other similarly titled measures of other companies.

**Liquidity and Capital Resources** 

We measure liquidity in terms of our ability to fund the cash requirements of our business operations, including working capital needs, capital expenditures, contractual obligations, debt service, acquisitions, and other commitments with cash flows from operations and other sources of funding. Our principal sources of liquidity to date have included amounts raised through issuances of equity capital and borrowings under our financing agreements.

Our primary requirements for liquidity and capital on a short- and long-term basis are for our material cash requirements, including working capital needs, satisfaction of our indebtedness and contractual commitments, investment in expanding our breadth and footprint through acquisitions as well as investment in facilities, equipment, technologies, and research and development for our growth initiatives and general corporate needs.

Our ability to fund our cash needs is dependent upon the successful execution of our business strategy and future operating results. Our future operating results are subject to a variety of risks and uncertainties, including, among others, general economic conditions, including as a result of heightened inflation, fluctuating interest rates and supply chain pressures, competitive dynamics in our target markets as well as legislative and regulatory factors that may be outside of our control. As part of our business and debt management strategy, we continuously evaluate opportunities to further strengthen our financial and liquidity position, including by issuing additional equity or debt securities, refinancing or otherwise restructuring our existing credit facilities, or entering into new financing arrangements. There can be no assurance that any of these actions will be sufficient to allow us to adequately service our debt obligations, meet our debt covenants, or that such actions will not result in an adverse impact on our business.

As of September 30, 2025, our cash and cash equivalents amounted to $22.5 million, and our financial debt amounted to $200.0 million. We have a limited history of operations and have incurred negative cash flows from operating activities and losses from operations in the past as reflected in the accumulated deficit of $240.5 million as of September 30, 2025. We believe that our cash will be adequate to meet our liquidity requirements for at least the 12 months following the date of this prospectus. Our future long-term capital requirements will depend on several factors, including our ability to raise additional capital and, over time, our ability to generate positive cash flows from operations. Accordingly, we may raise additional capital, whether in the public or private markets, and are currently examining different alternatives. If financing is not available, or if the terms of financing are less desirable than we expect, we may be forced to decrease our level of investment in service development or scale back our operations, which could have a material adverse impact on our business and financial prospects, seek protection under insolvency laws, or cease our operations altogether.

***Indebtedness***

In November 2025, we entered into the Credit Agreement among Yellowstone Interco Holdings, LLC ("Interco Holdings"), Yellowstone Borrower, LLC (the "Pre-IPO Borrower"), the Company, only after the Company becomes a party thereto as a borrower pursuant to the Credit Agreement, the lenders and issuing banks party thereto from time to time and Wells Fargo Bank, National Association, as the administrative agent, the collateral agent and the swingline lender. The Credit Agreement provides for the Term Loan Facility in the

------

##### [**Table of Contents**](#toc)
aggregate principal amount of $150.0 million and the Revolving Facility in the aggregate principal amount of $150.0 million. Borrowings under the Term Loan Facility and Revolving Facility bear interest at a floating rate on the unpaid principal amount thereof equal to (i) initially, (x) 3.50% per annum (or 3.00% per annum following a qualified IPO), in the case of Term SOFR Loans and (y) 2.50% per annum (or 2.00% per annum following a qualified IPO), in the case of ABR Loans, (ii) on and after the Leverage Covenant Toggle Date (as defined in the Credit Agreement) but prior to the consummation of any qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio (as defined in the Credit Agreement) as of the end of the fiscal quarter of the Pre-IPO Borrower:

---

| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR<br>Margin** | **ABR<br>Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 3.25% | 2.25% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 3.00% | 2.00% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.75% | 1.75% |

---

and (iii) on and after both the Leverage Covenant Toggle Date and the consummation of a qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio as of the end of the Company's fiscal quarter:

---

| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR<br>Margin** | **ABR<br>Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 2.75% | 1.75% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 2.50% | 1.50% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.25% | 1.25% |

---

All obligations under the Credit Agreement are guaranteed by Interco Holdings and certain subsidiaries of the Pre-IPO Borrower or the Company, as applicable, comprised of all domestic subsidiaries of the Pre-IPO Borrower or the Company, as applicable, except certain excluded subsidiaries and are secured by substantially all of the Pre-IPO Borrower's or the Company's, as applicable, assets. The Term Loan Facility and Revolving Facility are expected to mature on November 14, 2028.

------

##### [**Table of Contents**](#toc)
The Credit Agreement contains customary mandatory prepayments, including with respect to asset sale proceeds, proceeds of certain recovery events, and proceeds from certain incurrences of indebtedness. The principal amount owed under the Credit Agreement shall be due and payable on the maturity date. The Credit Agreement contains customary affirmative covenants and negative covenants, including a requirement to provide annual and quarterly financial statements of the Pre-IPO Borrower. The Credit Agreement contains (i) a minimum revenue covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a minimum amount of revenue set forth below as of the last day of any each such fiscal quarter and measured on a trailing twelve month basis:

---

| | |
|:---|:---|
| **Date** | **Minimum Revenue** |
|  March 31, 2026 | $245591268 |
|  June 30, 2026 | $264387082 |
|  September 30, 2026 | $319190794 |
|  December 31, 2026 | $372510143 |
|  March 31, 2027 | $426903024 |
|  June 30, 2027 | $501782812 |
|  September 30, 2027 | $554984539 |
|  December 31, 2027 | $616972315 |
|  March 31, 2028 | $676839498 |
|  June 30, 2028 | $722972451 |
|  September 30, 2028 | $758499673 |

---

(ii) a minimum liquidity covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us not to permit Liquidity (defined as unrestricted cash together with amounts available for borrowing under the Revolving Facility), as of the last day of each fiscal quarter, to be less than (x) initially, $105,000,000 or (y) upon and after the repayment of the Term Loan Facility in full, 35.0% of the outstanding revolving commitment as of such date, and (iii) a maximum consolidated first lien net leverage ratio covenant, in effect commencing upon the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a consolidated total net leverage ratio of less than (x) 4.50 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026, (y) 4.25 to 1.00 for the fiscal quarters ending March 31, 2027, June 30, 2027, September 30, 2027 and December 31, 2027 and (z) 4.00 to 1.00 for the fiscal quarters ending March 31, 2028, June 30, 2028 and September 30, 2028. The Credit Agreement also includes customary equity cure provisions that permit us to cure defaults in respect of either of the foregoing financial covenants.

The obligations under the Credit Agreement (collectively, the "Credit Agreement Obligations") are and will be guaranteed by the existing and future direct and indirect material wholly owned subsidiaries of the Pre-IPO Borrower or the Company, as applicable, subject to customary exceptions (in such capacity, the "Credit Agreement Guarantors"). The Credit Agreement Obligations are secured by first priority liens on substantially all assets, subject to customary exceptions, of the Pre-IPO Borrower or the Company, as applicable, and the Credit Agreement Guarantors.

***Redeemable Preferred Units***

We have raised capital historically through preferred unit issuances. On March 31, 2023, Holdings subscribed to 46,619,831 preferred units with a price of $1.00 per unit in order to fund the Emergent acquisition. On March 6, 2024 and June 3, 2025, Holdings subscribed to an additional 10,000,000 and 25,000,000 preferred units, respectively, with a price of $1.00 per unit. The preferred units are not convertible. All our preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the preferred units controls the Company and can make distributions at any time in the form of cash or other assets. If an in-substance redemption occurs, the preferred units remain legally outstanding but do not participate in any future economics.

------

##### [**Table of Contents**](#toc)
Please refer to Note 13—Member's Capital and Redeemable Preferred Units of the accompanying notes to the unaudited condensed consolidated financial statements and Note 14 of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for additional information related to our preferred units.

***Class P Unit Investment***

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units of the Company (the "Class P Units") to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million. Each Class P Unit initially has a preference amount of $1,000 and will automatically convert into shares of our common stock immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by a discount of 20% (with such percentage set to increase by 2.5% every 6 months from the issue date of such unit; provided that, such percentage will not exceed a discount of 30% of the initial public offering price) (the "Class P Issuance Amount").

Please refer to Note 5—Subsequent Events of the accompanying notes to the unaudited condensed consolidated financial statement and Note 5 of the accompanying notes to the audited consolidated financial statement of Midco II included elsewhere in this prospectus for additional information related to Class P Units.

***Off-Balance Sheet Arrangements***

We do not engage in any off-balance sheet activities or have any arrangements or relationships with unconsolidated entities, such as variable interest, special purpose, and structured finance entities.

***Contractual Obligations***

*Lease Commitments* 

We lease buildings that are used in production and for administrative activities. All of our leases are classified as operating leases with various expiration dates through 2034. Our total remaining fixed lease payment obligations as of September 30, 2025 and December 31, 2024 is $35.2 million and $36.1 million, respectively, with $5.4 million due in less than one year from September 30, 2025. See Note 9 – Leases of the accompanying notes to the audited consolidated financial statements included elsewhere in this prospectus for more information regarding our lease commitments.

*Secured Credit Facilities* 

Our secured credit facilities outstanding as of September 30, 2025 and December 31, 2024 amounted to $200.0 million, with the entire principal amount due at maturity on November 10, 2027. On October 22, 2022, we entered into a credit agreement, which was amended on June 15, 2023, providing for the Original Term Loan Facility. See Note 6 – Financing Arrangements of the accompanying notes to the audited consolidated financial statements and Note 7 of the accompanying notes to the unaudited condensed consolidated financial statements included elsewhere in this prospectus for additional information related to our debt obligations. See also "—Indebtedness." In addition, in November 2025 we entered into the Credit Agreement to refinance our Original Term Loan Facility, pursuant to which we obtained term loan commitments in an aggregate principal amount of $150.0 million and revolving loan commitments in an aggregate principal amount of $150.0 million.

*Tax Receivable Agreement*

Prior to the consummation of this offering, Midco II expects to enter into the TRA with the TRA Holders that will require us to make payments to the TRA Holders in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems.

------

##### [**Table of Contents**](#toc)
***Interim Cash Flows***

The table below summarizes certain information from the condensed consolidated statements of cash flows for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Nine months ended September 30,** | **Nine months ended September 30,** |
| *($ in thousands)* | **2025** | **2024** |
|  Cash and cash equivalents at beginning of the year | $104656 | $81149 |
|  Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (56044) | (73643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling adjustments to net loss | 29797 | 19065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in working capital | (61982) | 18684 |
|  Net cash used in operating activities | (88229) | (35894) |
|  Net cash used in investing activities | (15408) | (13729) |
|  Net cash provided by financing activities | 21268 | 10000 |
|  Net decrease in cash and cash equivalents | (82369) | (39623) |
|  Effect of foreign currency rate changes on cash and cash equivalents | 250 | 93 |
|  Cash and cash equivalents at end of period | $22537 | $41619 |

---

*Net Cash Provided by Operating Activities* 

Net cash used in operating activities increased by $52.3 million, or 146%, to $(88.2) million during the nine months ended September 30, 2025, as compared to $(35.9) million during the nine months ended September 30, 2024. The change was primarily due to a net decrease in working capital of $80.7 million, offset by a $10.7 million net increase due to the effects of non-cash adjustments and a decrease in net loss of $17.6 million for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

The net decrease in cash provided by working capital of $80.7 million is primarily attributable to the timing of cash receipts and cash payments, particularly driven by accounts receivable, contract assets and contract liabilities. We actively manage our accounts receivable, contract assets, and contract liabilities, along with the related aging and collection efforts.

The net increase in non-cash adjustments between the nine months ended September 30, 2025 and the nine months ended September 30, 2024, was primarily driven by a $10.6 million decrease in deferred tax benefit and a $1.2 million increase in non-cash retention equity awards related to the ATLAS Acquisition, offset by changes in other non-cash adjustments.

*Net Cash Used in Investing Activities* 

Net cash used in investing activities increased by $1.7 million, or 12%, to $(15.4) million for the nine months ended September 30, 2025, as compared to $(13.7) million for the nine months ended September 30, 2024, primarily due to the acquisition of ATLAS that closed in the third quarter of 2025, partially offset by a decrease in capital expenditures for the nine months ended September 30, 2025, as compared to the same period in 2024.

*Net Cash Provided by Financing Activities* 

Net cash provided by financing activities increased by $11.3 million, or 113%, to $21.3 million for the nine months ended September 30, 2025, as compared to $10 million for the nine months ended September 30, 2024, due to additional proceeds from issuance of Redeemable preferred units of $25 million during the nine months ended September 30, 2025, as compared to $10 million during the nine months ended September 30, 2024, resulting in a $15 million increase in cash provided by financing activities. This increase was partially offset by a $3.7 million cash outflow for the repayment of ATLAS indebtedness subsequent to the acquisition close.

------

##### [**Table of Contents**](#toc)
***Annual Cash Flows***

The table below summarizes certain information from the consolidated statements of cash flows for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| *($ in thousands)* | **2024** | **2023** |
|  Cash and cash equivalents at beginning of the year | $81149 | $32967 |
|  Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss | (98911) | (29656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciling adjustments to net loss | 38794 | (417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in working capital | 91731 | 45774 |
|  Net cash provided by operating activities | 31614 | 15701 |
|  Net cash used in investing activities | (18048) | (62854) |
|  Net cash provided by financing activities | 10000 | 95465 |
|  Net increase in cash and cash equivalents | 23566 | 48312 |
|  Effect of foreign currency rate changes on cash and cash equivalents | (59) | (130) |
|  Cash and cash equivalents at end of period | $104656 | $81149 |

---

*Net Cash Provided by Operating Activities* 

Net cash provided by operating activities increased by $15.9 million or 101% to $31.6 million for the year ended December 31, 2024, compared to $15.7 million for the year ended December 31, 2023. The change was primarily due to a net increase in working capital of $46.0 million, a net increase of $39.2 million in the effects of non-cash adjustments, offset by an increase in net loss of $69.3 million for the year ended December 31, 2024 compared to the year ended December 31, 2023.

The net increase in cash provided by working capital of $46.0 million is primarily attributable to the timing of cash receipts and cash payments. We actively manage our accounts receivable and contract liabilities, along with the related aging and collection efforts.

The net increase in non-cash adjustments between the year ended December 31, 2024 and the year ended December 31, 2023 was primarily driven by a decrease in deferred tax benefit of $36.0 million and an increase in depreciation and amortization of $3.7 million.

*Net Cash Used in Investing Activities* 

Net cash used in investing activities decreased by $44.8 million or 71% to $18.0 million for the year ended December 31, 2024, compared to $62.9 million for the year ended December 31, 2023, due to the acquisition of Emergent that closed during the year ended December 31, 2023 and resulted in a $44.4 million cash outflow.

*Net Cash Provided by Financing Activities* 

Net cash provided by financing activities decreased by $85.5 million or 90% to $10.0 million for the year ended December 31, 2024 compared to $95.5 million for the year ended December 31, 2023, due to the additional proceeds from long-term debt of $34.2 million and proceeds from related party long-term debt of $14.7 million received in the year ended December 31, 2023. Additionally, proceeds from issuance of Redeemable preferred units decreased from $46.6 million in the year ended December 31, 2023 to $10.0 million in the year ended December 31, 2024, resulting in a $36.6 million decrease to cash provided by financing activities.

------

##### [**Table of Contents**](#toc)
**Selected Quarterly Financial Data** 

The following table summarizes our selected unaudited quarterly results of operations. The information for each of these quarters has been prepared on the same basis as our audited annual consolidated financial statements and reflects, in the opinion of management, all adjustments of a normal, recurring nature that are necessary for the fair statement of the results of operations for these periods. This data should be read in conjunction with our unaudited condensed consolidated financial statements and audited consolidated financial statements included elsewhere in this prospectus. Historical results are not necessarily indicative of the results that may be expected for the full fiscal year or any other period.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
| *($ in thousands)* | **September 30,<br>2025** | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** |
|  Revenue | $90763 | $83839 | $106252 | $76606 | $62456 | $40999 | $73470 |
|  Cost of revenues | 70497 | 74313 | 81650 | 60950 | 49917 | 54206 | 56037 |
|  **Gross profit** | **20266** | **9526** | **24602** | **15656** | **12539** | **(13207)** | **17433** |
|  **Operating expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 41428 | 25865 | 26832 | 27514 | 25916 | 24884 | 25633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 4502 | 4893 | 4401 | 4960 | 5623 | 5539 | 4318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total operating expenses** | **45930** | **30758** | **31233** | **32474** | **31539** | **30423** | **29951** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(25664)** | **(21232)** | **(6631)** | **(16818)** | **(19000)** | **(43630)** | **(12518)** |
|  **Other income (expense)** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (7208) | (7118) | (7059) | (7394) | (7558) | (7496) | (7475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 276 | 218 | 541 | 269 | 292 | 193 | 447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 595 | 1201 | 114 | (2942) | 1309 | (623) | (1344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other expense** | **(6337)** | **(5699)** | **(6404)** | **(10067)** | **(5957)** | **(7926)** | **(8372)** |
|  **Loss before provision for income taxes** | $**(32001)** | $**(26931)** | $**(13035)** | $**(26885)** | $**(24957)** | $**(51556)** | $**(20890)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 11920 | 2697 | 1306 | 1617 | 6088 | 12576 | 5096 |
|  **Net loss** | $**(20081)** | $**(24234)** | $**(11729)** | $**(25268)** | $**(18869)** | $**(38980)** | $**(15794)** |

---

**Critical Accounting Estimates** 

Our consolidated financial statements have been prepared in accordance with GAAP. Preparation of the financial statements requires our management to make judgments, estimates, and assumptions that impact the reported amount of net sales and expenses, assets and liabilities, and the disclosure of contingent assets and liabilities. We consider an accounting judgment, estimate, or assumption to be critical when the estimate or assumption is complex in nature or requires a high degree of judgment and the use of different judgments, estimates, and assumptions could have a material impact on our consolidated financial statements. We periodically review our estimates and make adjustments when facts and circumstances dictate. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations will be affected.

------

##### [**Table of Contents**](#toc)
***Revenue Recognition***

Our revenues are primarily derived from long-term FFP construction contracts with both domestic U.S. federal government-controlled agencies as well as commercial customers that generally span several years in duration. For FFP contracts, we recognize revenue over time (versus point in time recognition) using the POC method, as our performance creates an asset with no alternative use to us and we have an enforceable right to payment for performance completed to date.

Under the POC method, revenue is recognized based on the proportion of total costs incurred relative to total EAC. EAC includes all direct costs and indirect costs directly attributable to a contract or allocable based on our project cost pooling arrangements. We believe that this method represents the most faithful depiction of our performance because it directly measures value transferred to the customer. Estimates regarding our cost associated with the design, manufacture and delivery of products and services are used in determining the EAC. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, but are not limited to, the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed, availability and cost of materials, components and subcontractor services, the availability and timing of funding from the customer, and the risk and impact of delayed performance and the level of indirect cost allocations. We bear the risk of changes in estimates to complete on a fixed-price contract, which may cause profit levels to vary from period to period.

Accounting for long-term contracts requires significant judgment relative to estimating total contract revenues and costs, in particular, assumptions relative to the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed. Our estimates are based upon the professional knowledge and experience of our engineers, program managers and other personnel, who review each long-term contract monthly to assess the contract's schedule, performance, technical matters and estimated cost at completion.

If, at the time of contract award or at any time during the life of a contract it becomes probable that total contract costs will exceed total contract revenue, the expected loss is recognized immediately in the consolidated statements of operations and comprehensive loss. We evaluate the contract value and cost estimates at completion for performance obligations no less frequently than quarterly, and more frequently when circumstances significantly change. Changes in contract estimates occur for a variety of reasons including, but not limited to, changes in contract scope, labor productivity, the nature and technical complexity of the work to be performed, availability and cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. We utilize information available to us at the time when making changes in contract estimates EACs and apply consistent judgement across the full portfolio of programs.

Management's estimates of total costs to be incurred are highly subjective and depend on past experience and operations. Given our limited history of operations, its rapid development and commercialization of new products, as well as our continued focus on improving and refining our manufacturing processes, these estimates are inherently subject to a high degree of estimation uncertainty and may fluctuate significantly from period to period.

***Goodwill***

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. We evaluate goodwill for impairment annually at October 1 and whenever events or circumstances make it more likely than not that impairment may have occurred. We have determined that our business comprises one reporting unit. We have the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. We consider factors in performing a qualitative assessment including, but not limited to, general macroeconomic conditions, industry and market conditions, company financial performance, changes in strategy, and other relevant entity-specific events. If we elect to bypass the qualitative assessment or do not pass the qualitative assessment, a quantitative assessment is performed.

------

##### [**Table of Contents**](#toc)
When a quantitative assessment is performed, we utilize a discounted cash flow approach, which incorporates assumptions regarding future growth rates, terminal values, and discount rates. This process compares the estimated fair value of the reporting unit to the reporting unit's carrying value, including goodwill. We recognize a goodwill impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value up to the amount of goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not to be impaired. For the years ended December 31, 2024 and 2023, we elected to perform a qualitative assessment for our annual review of goodwill to determine whether or not indicators of impairment exist. As a result of the qualitative assessment, no indicators of impairment were identified that would require further testing for impairment.

***Impairment of Long-lived Assets***

The carrying values of long-lived assets, which include equipment and other assets, and all finite-lived intangible assets, are evaluated periodically for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future estimated undiscounted cash flows which the asset groups are expected to generate. If such asset groups are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset groups exceeds the fair value of the asset group, which is typically determined using projected discounted future net cash flows. We have not identified any such impairment losses to date.

Using a discounted cash flow method involves significant judgment and requires us to make significant estimates and assumptions, including long-term projections of cash flows, market conditions, and appropriate discount rates. Judgments are based on historical experience, current market trends, consultations with external valuation specialists, and other information. If facts and circumstances change, the use of different estimates and assumptions could result in a materially different outcome. We generally develop these forecasts based on recent sales data for existing services, acquisitions, and estimated future growth of the market in which we operate.

**Recently Issued and Adopted Accounting Standards** 

Newly adopted accounting standards are described in Note 2 to our audited consolidated financial statements and Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this prospectus.

**Emerging Growth Company Accounting Election** 

Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can choose not to take advantage of the extended transition period and comply with the requirements that apply to non-emerging growth companies, and any such election to not take advantage of the extended transition period is irrevocable. We are an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended, and have elected to take advantage of the benefits of this extended transition period, which means that when a standard is issued or revised and has different application dates for public or private companies, we, as an emerging growth company, may adopt the new or revised standard at the time private companies are required to adopt the new or revised standard. We are expected to remain an emerging growth company at least through the end of the fiscal year ended December 31, 2026, and are expected to continue to take advantage of the benefits of the extended transition period. This may make it difficult or impossible to compare our financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions for emerging growth companies because of the potential differences in accounting standards used.

**Quantitative and Qualitative Disclosures About Market Risk** 

We are exposed to market risks in the ordinary course of our business, which primarily relate to interest rate risk, foreign currency exchange risk, and inflation.

------

##### [**Table of Contents**](#toc)
***Interest Rate Risk***

We are exposed to market risk for changes in interest rates applicable to our cash and cash equivalents and debt. We have cash and cash equivalents totaling $22.5 million and $104.7 million as of September 30, 2025 and December 31, 2024, respectively. Our cash and cash equivalents were invested in interest bearing demand deposit accounts and high-quality money market funds. We have outstanding variable-rate debt totaling $200.0 million as of September 30, 2025. A hypothetical 100-basis point increase in interest rates would increase interest expense by approximately $2.0 million, while a hypothetical 100-basis-point decrease in interest rates would decrease interest expense by approximately $2.0 million.

***Foreign Currency Exchange Risk***

Our contracts with customers are primarily denominated in U.S. dollars, with the remaining denominated in foreign currencies. Our expenses are generally denominated in the currencies of the jurisdictions in which we conduct our operations, which are primarily in the United States. Our results of current and future operations and cash flows are, therefore, subject to fluctuations due to changes in foreign currency exchange rates. We have experienced, and may continue to experience, fluctuations in net income (loss) as a result of transaction gains or losses related to remeasuring certain asset and liability balances that are denominated in foreign currencies. These exposures may change over time as business practices evolve and economic conditions change. To date, foreign currency transaction gains and losses have not been material to our consolidated financial statements.

***Inflation Risk***

We do not believe that inflation has had a material effect on our business, results of operations, or financial condition. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition, or results of operations.

------

##### [**Table of Contents**](#toc)
**BUSINESS** 

**Overview** 

York Space Systems is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the mission lifecycle. York is the number one provider to the DoD's PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. York is a partner of choice for our customers, with differentiated performance versus traditional primes based on price, speed to deployment, and sophistication of capabilities. We produce our satellites at approximately half the cost of our competitors and have been the first to deliver and launch satellites for the PWSA. York is the first and only company to demonstrate Link-16 connectivity from space, highlighting our unique and innovative capabilities.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. We deliver mission-critical solutions in a zero-tolerance for error environment where systems must work and we believe we are positioned to capture an outsized share of growth in our core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle. York has significant space heritage, having 74 missions with flight heritage, created 17 products with flight heritage, and logged over four million on-orbit hours. York's position as a prime enables us to monetize the entire space vertical from launch to mission operations, from spacecraft to payloads, and from edge computing to data transfer.

York was founded in 2012 by our CEO, Dirk Wallinger, to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost. We believe that York's proven production and delivery capabilities place it among a very limited number of companies who have the capability to deliver the required solutions for the Golden Dome based on its current timeline. We provide our customers with the ability to quickly and effectively field responsive space-based technologies. We have a demonstrated ability to win contracts in space and are a trusted partner to U.S. national security, intelligence and defense agencies, such as the U.S. Air Force and the SDA, as well as commercial and civil customers. Our proprietary hardware, software and mission operations solutions are designed to address the United States' national security priorities: missile defense (crucial to the Golden Dome), counter-space capabilities, and space domain awareness.

Increasing geopolitical tensions are driving near-peer adversaries to invest heavily in military space capabilities to gain advantage in orbit—the next domain in global conflict. In today's threat environment, rapidly deployable satellites are critical to providing denied benefit in space, maintaining space superiority and countering these emerging threats. This paradigm shift in global warfighting is driving significant growth in defense spending, with the global satellite market projected to grow by approximately $320 billion to over $600 billion from 2023 to 2032 at approximately an 8% CAGR, up from approximately $280 billion in 2022 according to Allied Market Research. This growth is supported by the Golden Dome, the space intelligence community and the DoD's PWSA program. We have invested in our infrastructure and expanded our production capabilities with a goal of meeting this evolving threat while growing our backlog to approximately $642 million and 107 spacecraft as of September 30, 2025.

We believe we distinguish ourselves from other space mission primes by offering a fully integrated portfolio of proprietary spacecraft, software and services. Our versatile spacecraft are built on a modular platform, allowing us to move quickly from design and development to deployment to meet our customers' needs for their rapid response missions. In addition, we provide software throughout the space layer, bolstered by our 2023

------

##### [**Table of Contents**](#toc)
acquisition of Emergent, including flight control and edge computing, and we recently added more than 45 ground antennas in connection with the ATLAS Acquisition. Our software is designed to enable autonomous, real-time decision making and constellation management to support mission execution. By coupling spacecraft production with mission operations and ground integration, we offer a turnkey solution designed to reduce technical and programmatic risk for both government and commercial customers.

Our capabilities include a differentiated suite of spacecraft solutions with proven, common technologies. We offer the S-CLASS, LX-CLASS, and M-CLASS spacecraft, which are high-quality, low-cost satellite platforms that are proven and scalable to a wide array of space market needs. Our spacecraft are supported by proprietary satellite software enabling versatile integration of a variety of payloads for customers and supply chain commonalities across platforms. The various spacecraft classes are designed and engineered to address a broad cross section of the spacecraft market while maximizing payload accommodation. The LX-CLASS is double the mass of the S-CLASS and leverages the S-CLASS design, sharing more than 90% of its technology with the S-CLASS, to offer a specialized platform with enhanced capabilities. Similarly, the M-CLASS utilizes the previous satellite platform designs, sharing approximately 75% of its hardware and 95% of its software with the S-CLASS and LX-CLASS, while greatly enhancing scale and power for spacecraft mass up to 2,000 kg and 8kW+ peak power consumption. Our proven suite of platforms provide solutions from 100 to 2,000 kgs and enables us to serve a large total addressable market. This vertically integrated, cost-effective, scalable model is designed to deliver highly effective end-to-end capability for our customers.

York's spacecraft architecture framework results in significant commonality across platforms and software, allowing for scalable solutions at lower cost. York's three different platforms share approximately 75% of the same hardware and 95% of the software leading to significant cost reductions throughout the value chain while maximizing product quality. This approach also reduces NRE cost associated with platform development while reducing failure risks inherent to a unique design. Key in-house hardware components include C&DH, flight computers, ACS, EPS and production testing. These components complement our spacecraft production while our software-enabled services underpin autonomous, resilient operations and support key defense technologies.

While the standardized spacecraft architecture framework provides scalable building blocks for rapid constellation deployment, York's proprietary software supports key elements of operational success from mission planning to ongoing mission operations. Autonomous constellation planning and hands-off operations are essential for managing the increasing quantity of spacecraft deployed in orbit. Technologies include the M-MOC, a secure, autonomous, command structure that manages multiple York spacecraft, and Bastion, York's mission-ready ground software solution, which allows operators to manage entire fleets from a single ground architecture across more than 45 antennas throughout the world. York hardware and software solutions are vertically integrated across the technology stack.

Our model allows us to capture recurring revenue driven by ongoing satellite-based software and services as well as hardware replacement cycles. Once spacecraft are fielded, York provides continuous operational support, downlink antenna usage, and proprietary software solutions, including on-spacecraft upgrades during the full orbital lifespan. Contracts have historically provided a fixed cost for software maintenance with upgrade options available for purchase. The expected replacement cycle for the current portfolio of space vehicles is approximately five to six years. York's full lifecycle solution and ongoing operational support distinguishes York from its competitors, positioning us to act as prime for the replacement and potential expansion of competitors' aging constellations. As a result, we expect our recurring revenue to increase as the installed base of spacecraft in orbit grows, creating a highly visible revenue model, accelerating growth and increasing margins.

We believe our integrated spacecraft solutions make us a preferred government provider. Our space technology has proven itself in military exercises, demonstrating seamless integration and autonomous hands-off operations. This elevates our ability to serve more demanding missions and customers across the full mission lifecycle. We leverage our proprietary software across spacecraft classes and support all relevant industry standard payload data interfaces on our vehicles. Competitors who design single-system software solutions,

------

##### [**Table of Contents**](#toc)
outsource their software solutions and spacecraft manufacturing, or do not have a diversity of spacecraft platform systems are at a competitive disadvantage with many roadblocks to rapidly deploying advanced systems. York maintains a strong and strategically vital partnership with the DoD's PWSA. The DoD's SDA is responsible for rapidly developing and fielding next-generation space capabilities to enhance national security, while the PWSA is its flagship initiative to build resilient, proliferated LEO constellations supporting global warfighting needs as near-peer adversaries are increasing their anti-satellite, intelligence gathering, and signal jamming and spoofing operations from space. Our innovative, modular satellite platforms and rapid production capabilities, make us the leading provider to the PWSA and the largest awardee by contracts (6), spacecraft in-orbit (33), and variety of contract types as of September 2025. We have been awarded more missions than any other prime, demonstrating our leadership position across three key elements of government contracting: price, speed, and capabilities. We offer attractive pricing, superior delivery speed, and comprehensive capabilities across spacecraft, software, and ground stations. In 2024, York became the first and only company to demonstrate Link-16 connectivity in space. In 2025, York demonstrated Space-to-Ground laser links, Ka-Band downlink, signal detection and processing, orbit maneuvering, and York and SpaceX were the first to achieve LEO-to-LEO laser link between PWSA vendors, representing how York's continued technological innovation sets us apart. York has become an important provider in the long-term national security vision for resilient, proliferated space architecture.

Our cutting-edge facilities and manufacturing footprint are purpose-built to support the rapid development and production of our S-CLASS, LX-CLASS, and M-CLASS spacecraft. York is vertically integrated, assembling key spacecraft components in-house. This approach is designed to mitigate supply chain risk, support our ability to offer competitive pricing, and enable rapid fielding of solutions to our customers. Following the opening of our 60,000 square foot Potomac facility in August 2023, we have quadrupled production capability and believe we will be able to meet demand to manufacture and test over 1,000 satellites annually, supporting our position as a leader in rapid, high volume spacecraft delivery. This deliberate investment in infrastructure is meant to create a durable competitive advantage, enabling us to capitalize on the rapidly growing space economy with the ability to reliably deliver spacecraft faster and more affordably than traditional primes.

------

##### [**Table of Contents**](#toc)
*York Architects the Entire Mission*![LOGO](g941199g72t70.jpg)

**York's Key Highlights** 

York is the number one provider to DoD PWSA by number of spacecraft operating in-orbit, by number of contracts, and by variety of contract types as of September 2025. We continue to differentiate from our competitors by winning on price, speed and capabilities.

------

##### [**Table of Contents**](#toc)
![LOGO](g941199g04a00.jpg)

We are the first and only company to demonstrate Link-16 connectivity from Space. This is a significant and critical milestone towards advancing the DoD's national security missile defense strategy. York was also the first to achieve LEO-to-LEO laser link between PWSA vendors and Space-to-Ground laser links with another vendor. We believe these two capabilities are critical for Golden Dome contracts and demonstrate York's strong position to win on that program.

![LOGO](g941199g06u00.jpg)

Over the duration of the PWSA program, we have achieved an 83% win rate on contracts bid (when measured in terms of satellites awarded versus satellites available for award) and have captured 14% of the PWSA contract value awarded. We believe our track record is a testament to the differentiated value proposition that York offers. It illustrates the alignment between York's business model and the new paradigm of the U.S. government's mission needs and procurement processes. This historical win rate gives us confidence in our ability to capture share of our estimated $140 billion TAM.

------

##### [**Table of Contents**](#toc)
We have significant space heritage. In addition to having the most spacecraft in-orbit for DoD PWSA, we have 74 missions with flight heritage, developed 17 different products with space heritage and logged over 4 million on-orbit hours.

![LOGO](g941199g06u01.jpg)

**Our Mission Solutions** 

We offer mission solutions across several complementary product categories: Components, Subsystems, Spacecraft Platforms, Ground Operation, Global Downlink, and Software-Enabled Services. Common technologies, components, and engineering expertise are woven across our spacecraft platforms and the software stack that plans, flies, and operates them—creating a cohesive, vertically integrated ecosystem. Where the cost of failure is high, our evolutionary, flight-proven designs, robust in-house manufacturing, and deep mission operations experience enable rapid, reliable deployments with a high-value cost profile. This integration reduces supply-chain risk, shortens lead times, and supports turnkey delivery from component manufacturing and payload integration through launch coordination, ground integration, and sustained operations.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Spacecraft Platforms:**<br>Our S-CLASS, LX-CLASS, and M-CLASS platforms are high-quality, low-cost, versatile spacecraft designed to scale across diverse mission needs: |  |
| **S-CLASS:** A low-cost, payload-capable platform with extensive on-orbit heritage, tailored for rapid fielding and flexible use cases. Delivery for launch can be as early as 60 days after payload receipt. The base configuration provides an attractive low-cost entry point for customers, with multiple enhancement kits available to tailor performance without extending schedules. The S-CLASS is designed for a total mass of 85-200 kgs with a 2 kW peak power system capability. | ![LOGO](g941199g63u34.jpg) |
| **LX-CLASS:** Capable of up to 500 kgs total spacecraft mass and flight proven 21 times, the LX-CLASS supports heavier, more complex payloads and aligns with next-generation transport layer architectures. It shares approximately 90% of the technology with the S-CLASS to minimize risk and lead times and is capable of up to two terabits of instrument data storage. Enhancement kits provide added capability without lengthening execution timelines. The LX-CLASS is baselined with a 1.5kW peak power system and can be configured for increased performance depending on mission requirements. | ![LOGO](g941199g40j10.jpg) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **M-CLASS:** Our largest, most powerful spacecraft, designed for a total mass of up to approximately 2,000 kgs and 8kW peak power system. Optimized for high-demand Earth observation and communications missions, the M-CLASS platform shares approximately 75% of the flight proven technology with the S-CLASS and the LX-CLASS to streamline procurement and production. The M-CLASS is engineered to deliver best-in-class capabilities at roughly half the cost. | ![LOGO](g941199g84b24.jpg) |

---

**Critical Components** 

Our in-house critical components are designed to deliver mission assurance, production scalability, and high performance for processing, responsive tasking, and resilient constellation operations. The primary flight computer is a rugged, radiation-tolerant unit that acts as the mission manager within a distributed computing architecture, orchestrating guidance, navigation, and control; command sequencing; payload operations; power and thermal coordination; and fault detection, isolation, and recovery with deterministic real-time behavior and safe-mode resilience. Complementing the primary flight computer, the secondary flight computer augments capability with high-accuracy timing and time distribution, large-capacity mass memory management, dosimetry for radiation environment monitoring, and high-fidelity analog-to-digital acquisition to enhance data custody, autonomy, and system health insight.

Our three-axis stabilized attitude control subsystem delivers tight pointing accuracy and low jitter suitable for next-generation military and commercial payloads by integrating star trackers, inertial sensors, reaction wheels, and torque actuators with robust estimation and control algorithms, enabling long dwell, rapid re-task, and agile off-nadir slews. The power conditioning and distribution unit employs a modular architecture that scales to mission needs, providing regulated rails, battery charge management, protection features, flexible interface tailoring, and telemetry-rich monitoring that support graceful degradation, load shedding, and platform stability across dynamic load and eclipse scenarios.

Finally, our STE—comprising custom electrical ground support equipment, harness and PCB fixtures, boundary scan, hardware-in-the-loop simulation, and automated functional test—reduces cycle time and increases test coverage, boosting first-pass yield and accelerating delivery.

**Software-Enabled Services** 

Our proprietary software suites, both in orbit on the spacecraft and on the ground in our operation centers, integrates mission planning, ground operations, and autonomous flight control to deliver resilient, low-touch operations across single satellites and large constellations. Designed for rapid re-tasking and high availability, the stack streamlines end-to-end workflows reducing operator workload while increasing tempo and reliability for civil, commercial, and defense missions. Integrated coupling between flight and ground software enables closed- loop automation, deterministic behaviors under off-nominal conditions, and secure, auditable operations suitable for contested environments and rigorous mission assurance. Our satellite software allows our constellations to operate fully autonomously for days, weeks, and months—implementing continuous telemetry checks, system monitoring, tasking execution, constellation management, and safety protection monitoring all while adapting to a constantly changing, challenging environment. These robust operating capabilities make our satellite constellations more like autonomous vehicles operating independently to accomplish the goals of our customers.

Our ownership of the flight software on the satellite, the ground software operating the mission planning, and software coordinating our more than 45 ground antennas globally creates a robust global network of communication and collection nodes. This global network enables the ability to self-heal from failures and reroutes communication channels across in-orbit constellations and global ground stations. York's proprietary software and combined ecosystem ownership connect in-orbit edge processing with ground-based cloud computing enabling best-in-class autonomous operation.

------

##### [**Table of Contents**](#toc)
In mission operations, we execute through flight and ground software integration that supports autonomous, hands-off execution of routine activities and rapid response to evolving requirements. Telemetry trending, rule-based alerting, and scriptable command automation allow operators to define intent while the system performs validation, timing, and execution. For defense users, our environment supports integrated military exercise capabilities, including scenario injection, time-tagged playback, and secure role-based controls, enabling realistic training and rehearsal without disrupting live operations.

For attitude control and flight software, we provide flight-proven subsystem management alongside precision pointing, navigation, and control algorithms tailored to demanding imaging and communications payloads. Our systems incorporate built-in safeguards and automated recovery protocols that are designed to quickly identify issues, isolate faults, and reconfigure operations. This enables continued performance and rapid restoration to normal operations with minimal disruption. This architecture enhances continuity of service, shortens average recovery time, and supports resilient spacecraft capabilities in dynamic or contested space environments.

**Our Industry and Addressable Markets** 

York's business operates in the development, production, deployment, operation, and data downlink for spacecraft used for national security and commercial operations within the broader space economy. A global war is being fought in space and York's capabilities are critical to countering U.S. adversaries. To maintain space superiority and ensure national security from space, the DoD has focused on the following priorities: missile defense and the Golden Dome, counter-space capabilities, communications, and space domain awareness. We are the prime provider of assured, reliant, low-latency military data and connectivity to the warfighter and are positioned to provide global warning, tracking and targeting of advanced missile threats, including hypersonic missile systems used by our near-peer adversaries.

We believe our main sources of competition are companies providing spacecraft solutions that enable on-orbit and in-space services as a prime contractor. According to McKinsey's Space report from 2024, the global space economy is projected to reach $1.8 trillion in value by 2035 driven by accelerating national security and commercial demand. National security and advancements in space-based technologies are core focuses of the U.S. government on a bi-partisan basis and closely align with the key messages from the current administration regarding space. Given the critical role of space across the defense, national security, and commercial sectors, customers seek out trusted providers with proven, flexible, and responsive capabilities to deliver critical missions. As a provider of a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle, we are poised to grow in this attractive market.

We believe our TAM will be approximately $140 billion by 2028. Our solutions also address critical space needs in applications, including in-space operations, data communications, and threat security capabilities. Our expanding complementary products and services in the defense and space market enable us to capture additional verticals within this ecosystem going forward, which is expected to reach $9 billion in value by 2030 according to Research and Markets. Space Force has been exploring dynamic space operations, which involves allowing satellites to move freely in and out of orbit. Given the ongoing global race to win in "satellite dogfighting," Space Force is increasingly focused on ensuring space superiority by defending satellites with on-orbit solutions. As near peer threats rise in space and the U.S. government examines proactive orbital deterrence systems, we expect our spacecraft solution will become an essential part of the U.S. and allied nations' security posture and for our TAM to expand accordingly.

------

##### [**Table of Contents**](#toc)
**Competitive Strengths** 

*Purpose-built to address the most important challenges in national security space and well positioned to capitalize on Golden Dome* 

We control all the critical steps in the spacecraft lifecycle, including: design; AIT; automated test; launch coordination; on-orbit mission operations; and ground stations planning and downlink—all supported by digital work instructions, hardware-in-the-loop verification, and takt-time scheduling. This footprint, coupled with qualified dual-source supply for radiation-tolerant components, allows for learning-curve cost reductions and predictable schedules at volume. The combination of manufacturing scale, standardized qualification evidence, and integrated ground operations is difficult to replicate and shortens Authorization to Operate cycles for government programs.

Our disciplined manufacturing playbook combines high-volume production techniques and software automation to drive predictable quality and shorter cycle times at one of the lowest costs-per-satellite when compared to competitor bids on PWSA contracts. We expect this price advantage to grow as our satellite production scales to meet the demand of our defense, government, and commercial clients.

The global space economy is expanding on the back of national security imperatives, proliferated LEO constellations, and commercial demand for earth observation, communications, and space domain awareness. We expect that accelerating government prioritization of resilient space architectures and responsive launch through programs such as the Golden Dome, combined with falling component costs and maturing standardized subsystems, will create sustained demand for years to come. York's spacecraft platforms, rapid manufacturing, and software-driven operations align directly with these trends, enabling faster deployment cycles and lower delivered cost per mission.

The Golden Dome presents a significant opportunity with a projected near-term budget of approximately $27 billion and approximately $175 billion total spend allocated to missile warning and tracking, secure low latency data relay, geolocation and targeting, data links to tactical platforms, sensor custody, missile orchestration, and multi-layer defense. We believe York is well positioned to serve Golden Dome given the satellite function overlap with the PWSA program. These satellite-based services offer an additional high margin, recurring revenue stream and multiple opportunities to expand, allowing government customers to reduce acquisition timelines and costs. Extensive budgetary resources are already obligated to fund Golden Dome with significant capital infusions expected in the future.

We have submitted a proposal and were awarded a contract under the Missile Defense Agency's SHIELD Multiple Award IDIQ Contract with a ceiling of $151 billion. The IDIQ Contract encompasses a broad range of work areas that allows for the rapid delivery of innovative capabilities to the warfighter with increased speed and agility. We understand that those selected for a position on the IDIQ will now have an opportunity to compete for task orders.

With governments and private enterprises racing to secure their role in the new space era, York offers a proven, differentiated model that combines innovation with execution. We believe our ability to deliver reliable satellites at scale not only addresses today's market but also positions us to be a long-term leader as new commercial applications, from broadband to autonomous systems, drive growing demand for space infrastructure. York stands at the intersection of innovation and opportunity, ready to capture value from what we believe will be the fastest growing frontier of the 21st century

*A leading pure-play, space-mission prime providing critical solutions at low cost across the entire value chain and through the full mission lifecycle* 

We are a mission prime focused on delivering end-to-end solutions—from platform design and payload integration to launch, on-orbit commissioning, and sustained operations. This pure-play focus supports mission assurance and accountability while streamlining processes throughout the mission lifecycle. Standardized

------

##### [**Table of Contents**](#toc)
avionics, flight software, ground systems, and mission operations support predictable performance across mission classes, while configuration-controlled interfaces permit tailored payloads without re-architecting the spacecraft platform. This full-stack capability can reduce NRE, shorten schedule, and reduce execution risk for government and commercial customers.

Our software evolves as missions change, constantly integrating advanced autonomous functionality and computer processing to maximize capabilities. Software upgrades are continuously "pushed" to our in-orbit spacecraft to continue to upgrade security, implement advanced safety controls, and ever increasingly imbed autonomy. The three software development groups—Flight Software, Ground Software, and Mission Planning—regularly plan, schedule and deploy software updates to ensure we provide superior performance through the full mission lifecycle.

Further differentiating our products, our spacecraft platform development efforts are market driven and align with rocket payload volume. The M-CLASS platform is designed to maximize existing and future launch capacity. We are currently capable of placing 25 M-CLASS platforms in a SpaceX Falcon 9 and several other close-to-market rockets, and we expect to be able to place 120 units in a SpaceX Starship. This packing factor is meant to maximize payload volume and enable York to continue to offer its attractive solutions at lower cost compared to our competitors. With Falcon 9 operational today, and Starship expected to begin offering services within approximately the next two years, we expect the M-CLASS will enable York to offer best in market capabilities for at least the next four to five years. York will continue to monitor new rocket developments, matched with customer demand signals, to evaluate any potential new platform development efforts needed to meet those demands.

York has changed the economics of space with a suite of innovative technologies that dramatically lower costs while accelerating time to orbit. At the heart of York's model is our modular satellite spacecraft architecture—engineered for scalability, rapid production, and mission flexibility across commercial, civil, and defense applications. By combining proprietary designs with a streamlined manufacturing process, York delivers high-performance satellites faster and more cost-effectively than traditional and emerging aerospace players. This disruptive approach positions the Company as a category leader in unlocking new markets and enabling customers to achieve their mission goals with speed and efficiency.

What truly sets York apart is its world-class technical expertise and proven execution. Backed by an experienced team of aerospace engineers and mission specialists, York manages the full lifecycle—from design and manufacturing to launch integration and on-orbit operations—with precision and reliability. This integrated capability ensures mission assurance at every step, making York a trusted partner for government agencies. The combination of proprietary innovation, technical mastery, and operational excellence creates differentiation, which we expect to enable York to scale rapidly in the space industry.

*Vertically integrated, cost-effective, rapid manufacturing model delivering value at scale with a comprehensive IP set and proprietary software* 

York's vertical integration, spanning spacecraft platforms, avionics, power and data handling, automated test, and integrated flight and ground software, drives a repeatable production system with learning-curve cost reductions. Our modular, backward-compatible design approach allows us to maximize common components and streamline production, increasing efficiency and scalability. At the same time, our advanced digital processes and disciplined production management are designed to reduce cycle times, minimize work, and ensure consistent delivery performance. Proprietary operations software and federated ground integrations lower operating costs per satellite and scale fleet management efficiently. The result is lower cost per unit, faster design-to-orbit timelines, and durable margin advantages as volumes rise.

We are pioneering scaled, modular space and defense technology solutions that redefine how missions are designed, deployed, and sustained. At the core of our offering is a satellite architecture built for flexibility and

------

##### [**Table of Contents**](#toc)
scaled production, allowing customers to configure platforms for a wide range of mission sets, from commercial communications and Earth observation to national security and defense applications. This modular approach is designed to not only accelerate deployment timelines but also drive significant cost efficiencies.

These efficiencies are reinforced by a spacecraft platform family approach that shares technology and suppliers across S-CLASS, LX-CLASS, and M-CLASS platforms, reducing qualification churn and long-lead risk. By coupling scaled production with flight-proven autonomy, mission planning, and collision-avoidance capabilities, York can field spacecraft rapidly for defense and commercial constellations without sacrificing reliability. The software-enabled stack supports hands-off operations and responsive tasking, which further compresses total lifecycle cost and improves asset utilization. This combined hardware-software strategy positions York to meet proliferated LEO and GEO demand with predictable delivery, scalable manufacturing, and competitive total cost of ownership.

*Deeply entrenched with key U.S. government customers with demonstrated ability to win contracts* 

York aligns our spacecraft platform baselines and accreditation artifacts to prevailing U.S. government requirement sets, enabling faster Risk Management Framework progression and quicker Authorizations to Operate, which translate into accelerated fielding and responsive tasking. This rigor, combined with pre-engineered cybersecurity and configuration-controlled software releases, underpins wins across space domain awareness, tactical ISR, and resilient communications where schedule assurance and operational autonomy are decisive. Our use of common avionics, power, and data handling across spacecraft classes reduces qualification churn and simplifies mission assurance, while pre-certified payload interfaces shorten integration timelines and reduce NRE. Together, these elements increase proposal credibility on schedule, cost, and technical readiness—key determining factors in competitive acquisitions.

Our advantages extend beyond cost to include capacity production, a mature and resilient supply chain, two classified M-MOCs and critical system ownership, and demonstrated on-orbit performance success. York has proven the capability for highly efficient manufacturing by delivering the T0 satellite constellation before competitors in 2022, then delivering Dragoon mission in seven months followed by the Bard mission one month later and finally 21 satellites launched for the T1 constellation before the other prime contractors. This production cadence exhibits a mature and robust supply chain and production delivery rhythm. With a mature production advantage, York intends to continue to improve supplier quality, automate production and testing, and eliminate NRE to lower costs and maintain a strategic advantage. Unlike competitors, York has two classified M-MOCs operating constellations today, giving York a significant capabilities advantage.

York's multi-vehicle awards, IDIQ positions, and commercial contracts signal trust in predictable execution and lifecycle cost advantages. A cultivated partner ecosystem enables bids that combine flight-proven hardware with software-enabled autonomy, mission planning, and collision-avoidance to compress delivery and commissioning milestones. Federated ground integrations and hands-off operations lower per-satellite operating costs and scale efficiently as constellations grow, enhancing asset utilization and mission responsiveness. The net effect is higher win rates, faster contract-to-orbit velocity, and improved unit economics as volumes rise, supporting York's positioning for proliferated LEO demand and defense transport-layer architectures.

![LOGO](g941199g88z53.jpg)

We have demonstrated repeat wins through multi-vehicle awards, options, and frameworks that value mission assurance, cost transparency, and delivery velocity. Standardized accreditation frameworks, pre-certified payload interfaces, and proven launch and operations performance reduce customer risk and accelerate time to

------

##### [**Table of Contents**](#toc)
deployment. Our performance history across PWSA Tranches 0, 1, and 2 as well as our successful launches with the SDA and NASA translate to strong references, faster award cycles, and growing share across defense, civil, and commercial segments. For example, our space vehicles have participated in multiple military exercises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Space Defense Agency</u>: We were a prime awardee on SDA contracts across Tranches 0, 1 and 2 with an
incumbent position leading into Tranches 3 and 4. Our longstanding relationships with key government agencies and reputation for on-time, on-budget delivery of
spacecraft strengthen our position to win PWSA replenishment and expansion opportunities. We have provided the most satellites to PWSA at roughly half the cost of competitors, positioning us exceptionally well to continue to receive a large share of
PWSA awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Golden Dome</u>: To maintain space superiority and ensure national security from space, the U.S. Space Force
has a projected near-term budget of approximately $27 billion and approximately $175 billion total spend to fund the Golden Dome project. We believe our core capabilities and proven on-orbit capabilities make us a leading candidate to win and expand contracts in this strategically vital project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intelligence Community</u>: As evidenced by recent legislation dictating increased competition in
traditionally sole source award areas like the IC, Congress desires a low-cost provider for missions where we provide the best value and lowest cost demonstrated capability. We believe we are positioned well
to capture a significant portion of the addressable market being one of the only proven proliferated spacecraft primes with on-orbit DoD success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>NASA</u>: York developed and successfully coordinated the launch of BARD, a commercial satellite mission
developed with NASA and Johns Hopkins Applied Physics Laboratory. The mission supports NASA's long-term goal of transitioning its space communications architecture to a commercial model, making space infrastructure faster and more accessible.
Looking forward, we see significant opportunity to expand this relationship as NASA advances its priorities in earth science and commercial partnerships for sustained space operations.

*Recurring revenue with identified opportunities and backlog which we believe positions us well for future growth* 

York is expanding into higher-margin, recurring services such as operations-as-a-service, software licensing, software annual support contracts, managed ground, and secure data delivery, leveraging our unified platform. Recent inorganic growth initiatives, such as the 2023 acquisition of Emergent and recent ATLAS Acquisition, add a software-led, single-API ground layer to improve resilience and accelerate delivery. The goal of this shift in our mix of revenue, along with disciplined supply-chain management and target-cost design, is to support sustained growth and improve return on invested capital, while prudent backlog risk-weighting preserves forecast quality. York's demonstrated competitiveness in proliferated LEO / GEO programs and integrated space-to-ground delivery strengthens our business and we believe will allow us to continue to win as large contracts come to market, positioning us to translate identified demand into booked backlog and profitable revenue at scale.

We are strategically expanding from a supplier of physical satellites to a software-driven solutions provider. While our scalable, modular hardware remains best-in-class, our long-term value creation increasingly comes from delivering advanced software capabilities—ranging from constellation management and mission operations to secure communications and data downlink services. These offerings extend the life and utility of our deployed platforms, embed us deeper into DoD workflows, and differentiate us well beyond the satellite platform itself.

This evolution helps us capture higher-margin opportunities while strengthening our role as the DoD's trusted mission partner. By pairing proven hardware with software-enabled services, we deliver end-to-end solutions that improve resilience, reduce mission risk, and generate sustained value throughout the program lifecycle. In doing so, we are a full-spectrum provider of integrated space solutions, trusted both for what we build and how we enable mission success across the defense space enterprise.

------

##### [**Table of Contents**](#toc)
![LOGO](g941199g90c76.jpg)

*Founder-led management team instilling a culture of innovation, execution, and efficiency* 

York's leadership blends deep flight heritage with high-volume manufacturing and software automation knowledge. Led by a strong founder and CEO, Dirk Wallinger, and a bench with deep technical expertise, the team has a history of innovation that pairs mission assurance with design-to-cost discipline. Our team has a track record of translating proven flight practices into repeatable, scalable production.

We have had success recruiting and maintaining high quality talent by leveraging our exciting missions, the breadth of our mission scope, and providing impact across the entire spectrum of space and defense. Our headquarters in Colorado places us at the center of the nation's second largest aerospace economy, giving us access to one of the largest concentrations of skilled aerospace talent and providing a strong and sustainable recruiting pipeline.

Our mission-focused leadership team, with decades of experience across advanced engineering and manufacturing sectors, is driven by a commitment to excellence and unified behind our mission. We believe our team possesses the leadership, operational and financial experience necessary to successfully lead York through its continued growth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dirk Wallinger, our founder and Chief Executive Officer, has more than two decades of experience in the aerospace
and defense sectors, bringing both leadership and a highly technical background to York. He has executed numerous strategic and long-term partnerships, both domestic and international, with industry leaders including Jet Propulsion Laboratory, NASA,
RUAG, Terma, US Air Force, U.S. Army, AAC Clyde, and the Netherlands Space Office. Prior to starting York, in addition to numerous roles in strategy, business, development, and architecture, he was a principal engineer on multiple space vehicles,
including GeoEye1, ORS-1, Fermi Gamma Ray Observatory, NFIRE, and numerous classified programs at Northrup Grumman, General Dynamics, and Lockheed Martin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kevin Messerle, our Chief Financial Officer, has over 20 years of finance experience, most recently leading all
credit investments for Summit Partners in the Energy, Transportation, Automotive, and

------

##### [**Table of Contents**](#toc)
A&D sectors. He previously spent time at Davidson Kempner Capital Management leading the direct lending business, several investment roles at GE Capital, and was a design engineer at GE's locomotive division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Melanie Preisser, our General Manager and EVP, has over 25 years of diverse corporate and government experience.
Prior to joining York, she held positions at the NRO, SBIRS Ground Systems, Office of the Under Secretary of Defense, and Stratolaunch. She began her career as a U.S. Airforce Company Grade Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Michael Lajczok, our Chief Technology Officer, has over 18 years of engineering experience. He assumed the CTO
position during the development and debut of the S-CLASS spacecraft. Prior to becoming CTO, he served as Vice President of Mission Solutions at York. He began his career working as a Thermal Engineer at
Northrup Grumman on numerous NASA programs and Thermal lead for SAIC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Devjyoti Rudra, our Chief Supply Chain Officer, brings over 25 years of expertise having held leadership roles in
aerospace manufacturing businesses including at GE Aviation and United Technology. Prior to joining York, he served as a Vice President at AE Industrial Partners focused on the scaling of innovating aerospace companies using lean manufacturing
practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monica Palko, our Chief Legal and Administrative Officer, has more than 30 years of legal and executive
experience. At York, she oversees contracting, compliance, governance, human capital management, and strategic administration. She previously served as Vice President and General Counsel of Lockheed Martin Space and as a Trial Attorney at the U.S.
Department of Justice. She served on the Global Board of Directors for the Association of Corporate Counsel from 2018 through 2023.

We employ a technically skilled, sizeable, and diversified workforce of more than 670 dedicated employees, with approximately 341 holding security clearances and approximately 57 more in progress as of September 30, 2025. Since 2021, our headcount has increased by 350% to meet expected future demand and scale operations and manufacturing. As of September 30, 2025, over 50% of our employees were engineers across 10 different engineering disciplines, focused on developing, refining, and manufacturing our products and solutions with the same quality and efficiency that we have established ourselves as providing.

![LOGO](g941199g79g89.jpg)

**Growth Strategy** 

*Continue to Exercise Demonstrated Ability to Win* 

Our growth strategy is anchored in strengthening and expanding our ability to win future contracts across defense space programs. We have a proven track record of cost-effective, on-time delivery under the PWSA, a

------

##### [**Table of Contents**](#toc)
vertically integrated production model that enables security and scale, and proprietary technology that differentiates us from competitors. By continually investing in modular designs, software-enabled solutions, and production capacity, we reinforce the attributes the DoD values most: speed, resilience, affordability, and mission assurance. These competitive advantages create a clear path for us to continue to win contracts as demand for proliferated, low-cost constellations and integrated software platforms accelerate.

Looking forward, we are deliberately strengthening our partnerships within the defense ecosystem to sustain our growth. This includes expanding our role from hardware supplier to full-spectrum solution provider, embedding our software offerings into mission operations, and pursuing adjacent opportunities in missile defense, sensing, and secure communications. By aligning our capabilities with long-term DoD priorities and demonstrating continued execution, we are positioned to win the next generation of contracts.

*Spacecraft platform baselines and scalable common technologies reduce schedule and technical risk and drive sustainable growth and margin expansion* 

We are leveraging spacecraft platform baselines and scalable common technologies to reduce schedule risk, lower technical complexity, and ensure repeatable success. By designing around a proven, modular architecture, we can deliver satellites and supporting solutions on compressed timelines with predictable performance. This approach not only strengthens our customers' confidence in our ability to execute but also creates cost advantages that enhance our competitiveness in large-scale government programs.

This disciplined technology strategy also drives sustainable growth and margin expansion. Common platforms allow us to scale production efficiently, spread R&D investment across multiple programs, and transition more seamlessly into software-enabled solutions that extend the value of our hardware. The result is a business model that is designed to combine reliable delivery with higher-margin, recurring revenue streams. By pairing standardization with scalability, we are building a foundation intended to support durable growth that positions us to capture an increasing share of defense spending while improving profitability.

*Continued Accretive M&A Complementary to Our Existing Offerings* 

York has a proven history of using mergers and acquisitions to strengthen capabilities, expand market presence, and accelerate growth—most recently demonstrated by the ATLAS Acquisition in August 2025 and Emergent in 2023. The addition of Emergent brought deep expertise in mission design, flight dynamics, and software engineering, enhancing our ability to deliver sophisticated, end-to-end mission solutions for the DoD and NASA. More recently, the ATLAS Acquisition adds a leading ground-station platform with software-defined network capability to York's portfolio, further integrating space-to-ground connectivity into end-to-end solutions. By combining York's scalable, modular spacecraft with ATLAS's proven ground infrastructure and cloud-based control systems, York expects to be able to deliver a more seamless, reliant, and secure offering that directly aligns with the DoD's demand for integrated space architectures.

Looking ahead, we will continue to pursue strategic M&A to expand our software and services footprint, deepen vertical integration, and accelerate entry into adjacent mission areas such as sensing, missile defense, and secure communications. The acquisitions of Emergent and ATLAS are emblematic of our strategy: targeting companies that not only enhance our technical capabilities but also embed us more deeply into our customers' mission workflows. By pairing strong internal execution with strategic acquisitions like ATLAS, we aim to build a broad, high-margin company with the goal of leading the next decade of national security space growth.

We plan to expand our current product range through a deliberate mix of organic and inorganic growth that targets high-margin, scalable services closely aligned with our integrated platform. Organically, we intend to deepen software-defined operations, mission planning, and data delivery services that leverage our standardized S-CLASS, LX-CLASS, and M-CLASS architectures and unified flight/ground stack to reduce cost-to-serve and increase recurring revenue density per spacecraft. Inorganically, accretive transactions like the ATLAS

------

##### [**Table of Contents**](#toc)
Acquisition are expected to allow us to add differentiated, software-led ground and operations capabilities that improve win probability, shorten deployment timelines, and enhance space-to-ground resilience across programs. Together, this approach is designed to expand profitable business lines such as managed ground services, operations-as-a-service, and secure data delivery, while compounding scale benefits in procurement, accreditation, and tooling.

**Operations** 

Our engineering, design, and manufacturing operations are intended to support vertically integrated, high-rate manufacturing at our U.S.-based facilities. We design and manufacture the systems for our spacecraft with extensive use of common components and subsystems across product lines, enabling rapid, scalable production and cost efficiency. To support this level of integration, we have developed fully-scaled supply chain operations and capabilities across the United States (and to a lesser extent internationally), which are enabled by sophisticated third-party enterprise resource planning (ERP) systems and tools. These ERP solutions offer end-to-end process integration, improve operational efficiency, and support data consistency throughout our organization.

We obtain components, subsystems, capital equipment, and other supplies from suppliers that we believe to be reputable and reliable. We have established and follow internal quality control processes to source suppliers, considering engineering validation, quality, cost, delivery, and lead-time factors. We have a quality management team that is responsible for managing and ensuring that supplied components meet quality standards. While we often source components used in the manufacture of our products and services from multiple sources, in some cases we also purchase various components and services from a single source. In these supplier situations, we may attempt to manage sourcing risk by closely monitoring our inventory levels to ensure adequate supply, particularly for long-lead items, and by seeking opportunities to diversify our supply chain in the future. See "Risk Factors—Risks Related to Our Business—If critical components used to manufacture our products or used in our development programs become scarce or unavailable, then we may incur delays in manufacturing and delivery of our products and in completing our development programs, which could damage our business."

Our integrated manufacturing facilities are located in the Denver, Colorado area. We also have custom software development and data engineering services centers in Austin, Texas and Laurel, Maryland which specialize in software and systems for civil, military and commercial systems. Our current manufacturing capability supports R&D, rapid prototyping, and flight level hardware in an integrated and disciplined manner, applying the correct level of rigor to the appropriate process. We leverage a strong culture of personal accountability to ensure efficiency and world class results across our operations. We are AS 9100 certified and seek to adhere to the appropriate quality and process controls on a continuous basis.

**Competition** 

We primarily compete with companies providing spacecraft such as space vehicles and related solutions. These competitors include both established aerospace primes and emerging commercial space companies. The principal competitive factors in our market include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delivery schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ability to customize products to meet specific needs of the customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance and technical features; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer experience.

We believe that we compete favorably across these factors.

------

##### [**Table of Contents**](#toc)
**Intellectual Property** 

The intellectual property that is material to our business consists of both our proprietary knowledge and our selectively patented inventions. Our proprietary knowledge includes expertise in spacecraft manufacture, spacecraft software, in-orbit operations, and anomaly resolution. The protection of our intellectual property and technology is an important aspect of our business. We rely on a combination of trade secrets, patents, data rights assertions, trademarks, copyrights, confidentiality procedures, contractual commitments, and other legal rights to establish and protect our intellectual property. In order to protect proprietary knowledge that may not be protectable through patent protection, we generally enter into confidentiality agreements and invention or work product assignment agreements with our employees and consultants to control access to, and clarify ownership of, our proprietary information.

In addition to our proprietary knowledge, we have chosen to selectively seek patent protection for inventions that are material to our business. The patents we hold reflect inventions and technology that are material to our business, particularly in the areas of bus design and satellite communication technology. We are the owner of ten issued U.S. patents (U.S. Patent Nos. 10,583,940, 10,841,000, 11,228,361, 11,463,161, 11,770,184 B2, 11,929,819, 12,074,685 B2, 12,184,394 B2, 12,323,223, and 17,578,046). Our patents and patent application relate to technology related to our business, some of which includes satellite communication technology, and are intended to protect our core innovations and our position in the market. These issued patents expire on various dates between approximately 2038 and 2043. We also own proprietary information and trade secrets, which are protected by confidentiality and non-disclosure agreements, and we selectively choose when to pursue patent protection of these assets. We are the sole owner of ten registered U.S. trademarks, the duration of which is not limited by a statutory term, but depends on, among other things, the use of the applicable trademark.

**Regulatory** 

We are required to comply with a variety of governmental regulations, which could have a significant impact on our business, including our capital expenditures, earnings, and competitive position. We incur or will incur costs to monitor and take actions to comply with governmental regulations that are or will be applicable to our business, including, among others, federal securities laws and regulations, applicable stock exchange requirements, economic sanctions and trade embargo laws, and restrictions and regulations of the FCC, the Defense Counterintelligence and Security Agency, and other government agencies in the United States and the other countries in which we operate. The majority of our operations are based in the United States, and a key strategic objective is to further embed our business within the U.S. market. Our international operations include our production facility in Cape Town, South Africa and various ground station locations in Europe, Asia, Australia, Africa, and South America. If we expand internationally, we will be subject to additional rules and regulations, see "Risk Factors—Risks Related to Our Business—As we continue to expand our ground station footprint outside the United States, we will be exposed to a variety of risks associated with international operations that could materially and adversely affect our business."

Further, our business is subject to, and we must comply with, stringent U.S. import and export control laws, including EAR and ITAR. The EAR, which generally applies to our products, regulates the export of hardware, software, and technology that has commercial or "dual-use" applications (i.e., for both military and commercial applications) or that have military or space-related applications that are not subject to the ITAR. The ITAR, which may apply to certain components or other aspects of our operations, generally restricts the export of hardware, software, technical data and services that have more sensitive defense or strategic applications. The regulations exist to advance the national security and foreign policy interests of the United States.

The U.S. government agencies responsible for administering the ITAR and the EAR have significant discretion in the interpretation and enforcement of these regulations. The agencies also have significant discretion in approving, denying, or conditioning authorizations to engage in controlled activities. Such decisions are influenced by the U.S. government's commitments to multilateral export control regimes, particularly the Missile Technology Control Regime with respect to the spacecraft business. See "Risk Factors—Risks Related to

------

##### [**Table of Contents**](#toc)
Our Business" for a discussion of material risks to us, including, to the extent material, to our competitive position, relating to governmental regulations.

Many different types of internal controls and efforts are required to ensure compliance with such export control rules. In particular, we are required to maintain a registration under the ITAR; determine the proper licensing jurisdiction and classification of products, software and technology; and obtain licenses or other forms of U.S. government authorizations to engage in activities, including the performance of services for foreign persons, related to and that support our spaceflight business. The authorization requirements include the need to get permission to release controlled technology to foreign person employees and other foreign persons. The inability to secure and maintain necessary licenses and other authorizations could negatively affect our ability to compete successfully or to operate our spaceflight business as planned. Any changes in the export control regulations or U.S. government licensing policy, such as that necessary to implement U.S. government commitments to multilateral control regimes, may restrict our operations. Failures by us to comply with export control laws and regulations could result in civil or criminal penalties, fines, investigations, more onerous compliance requirements, loss of export privileges, debarment from government contracts, or limitations on our ability to enter into contracts with the U.S. government.

The nature of the work we do for the federal government may also limit the parties who may invest in or acquire us. Export laws may keep us from providing potential foreign acquirers with a review of the technical data they would be acquiring. In addition, there are special requirements for foreign parties who wish to buy or acquire control or influence over companies that control technology or produce goods in the security interests of the United States. There may need to be a review under the Exon-Florio provisions of the Defense Production Act, including review by CFIUS under FIRRMA. The government may require a prospective foreign owner to establish intermediaries to actually run that part of the Company that does classified work, and establishing a subsidiary and its separate operation may make such an acquisition less appealing to such potential acquirers.

While there are no current regulatory matters that we expect to be material to our business, there can be no assurance that existing or future laws, regulations, and standards applicable to our operations will not lead to a material adverse impact on our business, results of operations, prospects, or financial condition. If new and more stringent government regulations are adopted, if industry oversight increases, or if we become subject to new international government regulations as a result of international expansion, we may incur significant expenses to comply with any new regulations or heightened industry oversight that are not addressed by our existing activities. See "Risk Factors—Risks Related to Our Business—Our business is subject to various regulatory risks that could adversely affect our operations."

**Government Contracts** 

A material portion of our revenue is derived from contracts, directly or indirectly, with the U.S. government that are subject to U.S. government contracting rules and regulations and therefore are subject to the business risks specific to the defense industry, including the ability of the U.S. government to unilaterally: (1) suspend us from receiving new contracts; (2) terminate existing contracts at its convenience and without significant notice; (3) reduce the value of existing contracts; (4) audit our payments issued; and (5) revoke required security clearances. Violations of government procurement laws could result in civil or criminal penalties.

We also need special security clearances to continue working on and advancing certain of our programs and contracts with the U.S. government. Classified programs generally will require that we comply with various Executive Orders, federal laws and regulations and customer security requirements that may include restrictions on how we develop, store, protect and share information, and may require our employees to obtain government clearances.

**Environmental, Health, and Safety Matters** 

Our operations and facilities are subject to an extensive regulatory framework of federal, state, local environmental, health, and safety laws, and regulations and permits that govern, among other things, employee

------

##### [**Table of Contents**](#toc)
health and safety, discharges of pollutants, the generation, handling, storage and disposal of potentially hazardous materials and wastes, and the investigation and remediation of certain materials, substances, and wastes. Non-compliance with such laws, regulations and permits could result in substantial fines, penalties, litigation, liabilities or obligations. In addition, such laws and regulations may require us to investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations, and any obligations to remediate and investigate could be joint and several without regard to fault.

See "Risk Factors—Risks Related to Our Business—Environmental matters, including costs associated with compliance and remediation efforts and government and third-party claims, could have a material adverse effect on our reputation and our business, financial condition, and results of operations."

**Properties** 

Our principal facilities are located in Denver, Colorado, including our corporate headquarters at MSU Denver, our electronics center for design and components manufacturing, the Harbinger Multi-Mission Operations Center for satellite operations, the Potomac assembly, integration, and test facility, the Wazee production facility, and the Willow office space in Greenwood Village which also serves as an assembly, integration, and test facility. We also have a production facility in Cape Town, South Africa. In addition, we have office locations in Austin, Texas, Laurel, Maryland, Washington, DC, Traverse City, Michigan, and Colorado Springs, Colorado. We lease our facilities and office locations.

**Human Capital** 

As of September 30, 2025, we had 670 full-time employees, none of whom is subject to any collective bargaining agreement. We consider our employee relations to be good. Our success depends, in part, on our continuing ability to identify, hire, attract, train, and develop highly qualified personnel and we believe our Denver-based business provides access to a deep pool of aerospace talent. The majority of our employees are engaged in engineering, manufacturing and mission operations roles, and experienced and highly skilled employees in these areas are in high demand. Competition for these employees can be intense, and there may be concerns regarding new employees' unauthorized disclosure of competitors' trade secrets. Generally, each employee is required to sign a confidentiality, non-disclosure, and non-use agreement with us.

**Legal Proceedings** 

In the ordinary course of business, we are involved in various pending and threatened litigation matters. In the future, we may be subject to additional legal proceedings, the scope and severity of which is unknown and could adversely affect our business. In addition, from time to time, we may receive letters or other forms of communication asserting claims against us.

------

##### [**Table of Contents**](#toc)
**MANAGEMENT** 

**Executive Officers and Director Nominees** 

Below is a list of the names, ages as of December 31, 2025, titles, and a brief account of the business experience of the individuals who serve as our executive officers or are expected to be appointed as directors prior to completion of this offering:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Title** |
|  Dirk Wallinger | 46 | Chief Executive Officer, President, and Director Nominee |
|  Kevin Messerle | 51 | Chief Financial Officer |
|  Monica Palko | 60 | Chief Legal and Administrative Officer |
|  Devjyoti Rudra | 54 | Chief Supply Chain Officer |
|  Kirk Konert | 38 | Director Nominee |
|  Tyler Letarte | 34 | Director Nominee |
|  Tamra Erwin | 61 | Director Nominee |
|  Reggie Brothers | 66 | Director Nominee |
|  Andrew Boyd | 55 | Director Nominee |
|  General (RET) James McConville | 66 | Director Nominee |

---

**Dirk Wallinger** has served as our Chief Executive Officer and President since founding the Company in January 2012 and will continue to serve as our CEO and a director upon completion of this offering. Prior to founding the Company, Mr. Wallinger served to strategize, design and deploy numerous elements in the space vertical at Orbital Sciences, General Dynamics, Goodrich Corp. and Lockheed Martin. Mr. Wallinger also serves on the Advisory Board of the Colorado Space Business Roundtable, the Advisory Board of the SmallSat Alliance, and as a Mentor for Starburst Aerospace Accelerator. Mr. Wallinger earned a BS, Summa Cum Laude, in Mechanical Engineering from The University of Arizona. We believe that Mr. Wallinger is qualified to serve as a director given his founding of the Company, demonstrated deep industry experience and his insight into our business as our Chief Executive Officer and President.

**Kevin Messerle** has served as our Chief Financial Officer since April 2021. Prior to that, Mr. Messerle served as a Senior Investment Manager at Summit Partners from August 2015 to April 2021. Mr. Messerle also previously served as an investment professional at multiple investment firms, and as an Assistant Vice President at GE Capital (NYSE: GE) from June 2003 to June 2006. Mr. Messerle earned a BS in Mechanical Engineering from Penn State University and an MBA from the MIT Sloan School of Management.

**Monica Palko** has served as our Chief Legal and Administrative Officer since August 2021. Prior to that, Ms. Palko served as the Vice President and General Counsel, Space at Lockheed Martin (NYSE: LMT) from April 2018 to September 2020. Ms. Palko also previously served as Deputy Chief Counsel, Platforms & Services at BAE Systems (OTCMKTS: BAESY) from January 2013 to April 2018, as Vice President - Corporate Responsibility at ITT Defense & Information Solutions from March 2010 to January 2012, and as a Trial Attorney at the U.S. Department of Justice from October 1998 to May 2003. Ms. Palko earned a JD from The George Washington University of Law School and a BA in English from Hendrix College.

**Devjyoti Rudra** has served as our Chief Supply Chain Officer since September 2023. Prior to that, Mr. Rudra was a Vice President at AE Industrial Partners from November 2022 to September 2023. Mr Rudra also previously served as Chief Executive Officer at Sydrogen Energy, a manufacturer of fuel cell components, from July 2021 to May 2022, and as a Managing Director at GE Aviation (NYSE: GE) from April 2015 to July 2021. Mr. Rudra also served in various roles at United Technologies from July 2000 to April 2015. Mr. Rudra earned a BE in Mechanical Engineering from the University of Delhi, an MSE in Aerospace Engineering and an MBA in General Management from The University of Michigan.

**Kirk Konert** will serve as a director upon completion of this offering. Since December 2023, Mr. Konert has been a Managing Partner at AE Industrial Partners. Prior to that, Mr. Konert was a Partner at AE Industrial

------

##### [**Table of Contents**](#toc)
Partners from October 2019 to December 2023, and a Principal from August 2014 to October 2019. Mr. Konert currently serves on the board of directors of BigBear.ai (NYSE: BBAI), Calca Solutions, Redwire (NYSE: RDW), Firefly Aerospace Inc. (NASDAQ: FLY), and ThayerMahan, Mr. Konert was a Senior Associate at Sun Capital Partners from July 2011 to July 2014 and was an analyst with Wells Fargo Securities' Industrial Group from June 2009 to June 2011. Mr. Konert earned a BA in Economics at Davidson College. We believe that Mr. Konert is qualified to serve as a director given his leadership and transactional experience.

**Tyler Letarte** will serve as a director upon completion of this offering. Since December 2023, Mr. Letarte has been a Principal at AE Industrial Partners. Prior to that, Mr. Letarte was a Vice President at AE Industrial Partners from October 2020 to December 2023, a Senior Associate from July 2019 to October 2020, and an Associate from July 2018 to July 2019. Prior to that, Mr. Letarte was an Investment Banking Associate from January 2016 to June 2018 at Moelis & Company, and an Investment Banking Analyst from April 2014 to January 2016. Mr. Letarte was also an Investment Banking Analyst at J.P. Morgan from June 2013 to April 2014. Mr. Letarte earned a BBA in Finance from Villanova University. We believe that Mr. Letarte is qualified to serve as a director given his leadership and transactional experience.

**Tamra Erwin** will serve as a director upon completion of this offering. Ms. Erwin has been a member of the boards of directors of Xerox (NASDAQ: XRX) since April 2024, Skylo Technologies since March 2024, F5, Inc. (NASDAQ: FFIV) since October 2023, and Deere & Company (NYSE: DE) since April 2020. Additionally, Ms. Erwin is also a member of the advisory council of Dublin-based Aptiv (NYSE:APTV), an advisor to the CEO of Cohesity, a Senior Fellow of Mission Possible Partnership, and a Champion of Journey to Lead, a nonprofit that works to advance diversity at the top of the private sector. Between June 2023 and April 2025, Ms. Erwin was an operating partner with UK-based infrastructure investment group Digital Gravity. Prior to that, Ms. Erwin held various positions at Verizon Communications, Inc. (NYSE: VZ), including as Executive Vice President and Chief Executive Officer of Verizon Business from April 2019 to September 2022, Executive Vice President and Chief Operating Officer of Verizon Wireless from August 2016 to March 2019, and Senior Vice President and Group President, Wireline P&L Operations from February 2015 to August 2016. Ms. Erwin completed the Stanford Executive Program in Business Administration and Management at the Stanford University Graduate School of Business and holds a degree in Business from Pacific Union College. We believe that Ms. Erwin's deep industry knowledge and extensive public company executive and board leadership positions will make her a valuable addition to our board.

**Reggie Brothers** will serve as a director upon completion of this offering. Dr. Brothers has served as a director of Leonardo DRS, Inc. (NASDAQ: DRS) since January 2023 and member of its Audit Committee, a Principal of MIT Lincoln Laboratory since July 2023 and an Operating Partner of AE Industrial Partners since October of 2022. Previously, Dr. Brothers served as CEO and director of BigBear.ai (NYSE: BBAI) from June 2020 to October 2022, Chief Technology Officer at Peraton Corporation from January 2018 to June 2020, and Principal at The Chertoff Group from January 2017 to January 2018. From April 2014 to February 2017, Dr. Brothers served as the Under Secretary for Science and Technology at the Department of Homeland Security. Dr. Brothers received an undergraduate degree from Tufts University, a master's degree from Southern Methodist University and a PhD from Massachusetts Institute of Technology. We believe that Dr. Brother's 30-year career and extensive experience in senior leadership positions in science and technology spanning academia, government and industry qualifies him to serve as a director of our board.

**Andrew Boyd** will serve as a director upon completion of the offering. Since March 2025, Mr. Boyd has been an Operating Partner at AE Industrial Partners. Mr. Boyd currently serves as a director and the Chief Executive Officer of REDLattice, Inc. and on the board of directors of Censys, Inc. He also currently holds positions as a CBS News Contributor, a consultant for Faze 2 Strategy, a Senior Advisor for Trellix and a Senior Advisor for Beacon Global Strategies. Mr. Boyd was an Adjunct Professor at John Hopkins University from September 2023 until December 2024. Prior to that, Mr. Boyd spent thirteen years at the U.S. Central Intelligence Agency in various roles, including Director of the Center for Cyber Intelligence from January 2020 to July 2023, Chief of Operations in the Counterterrorism Mission Center from August 2018 to January 2020,

------

##### [**Table of Contents**](#toc)
and Chief of Station from June 2017 to August 2018. Before that, Mr. Boyd spent over eleven years as a Foreign Service Officer for the U.S. Department of State and five years as an Intelligence Officer for the U.S. Air Force. Mr. Boyd graduated with a B.S. in history from the United States Air Force Academy, he and received a Master of Arts in International Relations and Affairs from the Catholic University of America and a Master of Science in Strategic Policy from the National War College. We believe Mr. Boyd's significant leadership and industry experience will make him a valuable addition to our board.

**General (RET) James McConville** will serve as a director upon completion of this offering. Since September 2023, General McConville has been an Operating Partner at AE Industrial Partners, and has served on the board of Redwire Corporation (NYSE: RDW) since October 2025 and on the board of BETA Technologies, Inc. (NYSE: BETA) since October 2024. From August 2019 through August 2023, General McConville served as the 40th Chief of Staff of the United States Army, leading an organization of 1.2 million personnel, an annual budget of $185 billion and operations in over 140 countries around the globe. He led combat organizations from the platoon to the division level and was the longest serving commander of the famed 101st Airborne Division (AASLT). Additionally, General McConville is a Senior Fellow at the Belfer Center at Harvard University and a member of the Georgia Tech Research Institute External Advisory Council. General McConville earned a BS from the United States Military Academy at West Point and a Master of Science in Aerospace, Aeronautical and Astronautical Engineering from the Georgia Institute of Technology. We believe General McConville's extensive leadership and government experience will make him a valuable addition to our board.

**Board Composition and Risk Management Practices** 

***Board Composition***

After the completion of this offering, the authorized number of directors comprising our board of directors shall initially be seven and, thereafter, shall be fixed from time to time by resolution of our board of directors, subject to the terms of our certificate of incorporation and bylaws that will be in effect upon the completion of this offering. Our certificate of incorporation will provide for a board of directors comprised of three classes of directors, with each class serving a three-year term beginning and ending in different years than those of the other two classes. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Our board of directors will be divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class I directors will be Tyler Letarte and Reggie Brothers and will serve until the first annual meeting of
stockholders following the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class II directors will be Andrew Boyd and General (RET) James McConville and will serve until the second
annual meeting of stockholders following the completion of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our class III directors will be Dirk Wallinger, Kirk Konert and Tamra Erwin and will serve until the third annual
meeting of stockholders following the completion of this offering.

This classification of our board of directors could make it more difficult for a third party to acquire, or discourage a third party from seeking to acquire, control of us.

Kirk Konert will serve as chairperson of our board of directors.

There are no family relationships between or among any of our directors or executive officers.

***Controlled Company Exemption***

Upon the completion of this offering, we will be deemed to be a "controlled company" under NYSE rules, and we will qualify for the "controlled company" exemption to the board of directors and committee composition requirements under NYSE rules. Pursuant to this exception, we will be exempt from the requirements that (1) our board of directors be comprised of a majority of independent directors, (2) we have a nominating and corporate

------

##### [**Table of Contents**](#toc)
governance committee composed entirely of independent directors, and (3) our compensation committee be comprised entirely of independent directors. The "controlled company" exemption does not modify the independence requirements for the audit committee, and we intend to comply with the requirements of the Sarbanes-Oxley Act and NYSE rules, which require that our audit committee be composed of at least three directors, one of whom must be independent upon the listing of our common stock on the NYSE, a majority of whom must be independent within 90 days of the date of this prospectus and each of whom must be independent within one year from the date of this prospectus. We intend to utilize these exemptions as long as we remain a controlled company. As a result, we will not have a majority of independent directors and our nominating and corporate governance committee and compensation committee will not consist entirely of independent directors. Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

If at any time we cease to be a "controlled company" under NYSE rules, our board of directors will take all action necessary to comply with such rules within the applicable transition periods, including appointing a majority of independent directors to our board of directors and establishing committees composed entirely of independent directors.

***Board's Role in Risk Management***

Management is responsible for the day-to-day management of the risks facing our company, while our board of directors, as a whole and through its committees, has responsibility for the oversight of risk management. Our board of directors regularly reviews information regarding our credit, liquidity, and operations, as well as the risks associated therewith. Effective upon the consummation of this offering, our compensation committee will be responsible for overseeing the management of risks relating to our executive compensation plans and arrangements. Effective upon consummation of this offering, our audit committee will oversee management of financial risks and cybersecurity risks. While each committee will be responsible for evaluating certain risks and overseeing the management of such risks, our full board of directors plans to keep itself regularly informed regarding such risks through committee reports and otherwise.

***Director Independence***

Pursuant to the corporate governance standards of the NYSE, a director employed by us cannot be deemed an "independent director," and each other director will qualify as "independent" only if our board of directors affirmatively determines that he or she has no material relationship with us, either directly or as a partner, stockholder or officer of an organization that has a relationship with us. The fact that a director may own our capital stock is not, by itself, considered a material relationship. Based on information provided by each director concerning his or her background, employment, and affiliations, our board of directors has determined that each of Tamra Erwin, Reggie Brothers, Andrew Boyd and General (RET) James McConville are independent in accordance with NYSE rules.

**Board Committees** 

Upon the completion of this offering, our board of directors will have three standing committees: an audit committee, a compensation committee, and a nominating and corporate governance committee, each of which has the composition and responsibilities described below. From time to time, our board of directors may establish other committees to facilitate the management of our business.

***Audit Committee***

Upon the completion of this offering, the audit committee will consist of three directors: Tamra Erwin (chair of the committee), Kirk Konert and Tyler Letarte. Our board of directors has determined that Tamra Erwin satisfies the independence requirements for audit committee members under the listing standards of the NYSE and Rule 10A-3 of the Exchange Act. We are relying on the phase-in exemptions provided under Rule 10A-3 of

------

##### [**Table of Contents**](#toc)
the Exchange Act and the NYSE listing rules for newly-public companies with respect to the composition of our audit committee, which will transition to consist solely of independent directors in accordance with the phase-in provisions of the NYSE listing rules. Tamra Erwin has been determined to be an audit committee "financial expert" as defined under SEC rules. All members of the audit committee are able to read and understand fundamental financial statements, are familiar with finance and accounting practices and principles and are financially literate.

The purpose of the audit committee is to assist our board of directors in overseeing (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent auditors' qualifications and independence, and (4) the performance of the independent auditors and our internal audit function. The audit committee also prepares the audit committee report as required by the SEC for inclusion in our annual proxy statement.

Our board of directors has adopted a written charter for the audit committee which will take effect upon the completion of this offering, and which satisfies the applicable rules of the SEC and the listing standards of the NYSE. This charter will be posted on our website upon the completion of this offering.

***Compensation Committee***

Upon the completion of this offering, the compensation committee will consist of three directors: Kirk Konert (chair of the committee), Reggie Brothers and Andrew Boyd. We intend to avail ourselves of the "controlled company" exemption under NYSE rules which exempts us from the requirement that we have a compensation committee composed entirely of independent directors.

The purpose of the compensation committee is to assist our board of directors in discharging its responsibilities relating to (1) setting our compensation program and compensation of our executive officers and directors, (2) monitoring our incentive and equity-based compensation plans, and (3) assessing whether our incentive compensation arrangements encourage excessive risk taking.

Our board of directors has adopted a written charter for the compensation committee which will take effect upon the completion of this offering, and which satisfies the applicable rules of the SEC and the listing standards of the NYSE. This charter will be posted on our website upon the completion of this offering.

**Nominating and Corporate Governance Committee** 

Upon completion of this offering, the nominating and corporate governance committee will consist of three directors: Reggie Brothers (chair of the committee), General (RET) James McConville and Tyler Letarte. We intend to avail ourselves of the "controlled company" exemption under NYSE rules which exempts us from the requirement that we have a nominating and corporate governance committee composed entirely of independent directors.

The purpose of the nominating and corporate governance committee is to assist our board of directors in discharging its responsibilities relating to (1) identifying individuals qualified to become new board of directors members, consistent with criteria approved by our board of directors, subject to our certificate of incorporation and bylaws, (2) reviewing the qualifications of incumbent directors to determine whether to recommend them for reelection and selecting, or recommending that our board of directors select, the director nominees for the next annual meeting of stockholders, (3) identifying board of directors members qualified to fill vacancies on our board of directors or any board of directors committee and recommending that our board of directors appoint the identified member or members to our board of directors or the applicable committee, subject to our certificate of incorporation and bylaws, (4) reviewing and recommending to our board of directors corporate governance principles applicable to us, (5) overseeing the evaluation of our board of directors and management, and (6) overseeing our strategy on corporate social responsibility and sustainability.

------

##### [**Table of Contents**](#toc)
Our board of directors has adopted a written charter for the nominating and corporate governance committee which will take effect upon the completion of this offering and which satisfies the applicable rules of the SEC and the listing standards of the NYSE. This charter will be posted on our website upon the completion of this offering.

**Compensation Committee Interlocks and Insider Participation** 

None of our executive officers currently serves, or in the past fiscal year has served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on our board of directors or compensation committee. None of the members of the compensation committee is, nor has ever been, an officer or employee of our company.

**Code of Conduct** 

Prior to the consummation of this offering, we will adopt a Code of Conduct applicable to all of our directors, employees and officers, including our Chief Executive Officer and senior financial officers. Our Code of Conduct constitutes a "code of ethics," as defined by Item 406(b) of Regulation S-K and will be posted on our website at www.yorkspacesystems.com on the Corporate Governance page of the Investor Relations section of the website. The information contained on our website is not part of this prospectus. We intend to disclose future amendments to certain provisions of our Code of Conduct, or waivers of such provisions applicable to any principal executive officer, principal financial officer, principal accounting officer or other persons performing similar functions on our website.

------

##### [**Table of Contents**](#toc)
**EXECUTIVE COMPENSATION** 

We are currently considered an "emerging growth company" within the meaning of the Securities Act for purposes of the SEC's executive compensation disclosure rules. In accordance with such rules, we are required to provide a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year End Table, as well as limited narrative disclosures regarding executive compensation for our last completed fiscal year. Further, our reporting obligations extend only to our "named executive officers," who are the individuals who served as our principal executive officer and our next two other most highly compensated officers, in each case, for our fiscal year ended December 31, 2025. Accordingly, our "Named Executive Officers" are:

---

| | |
|:---|:---|
| **Name** | **Principal Position** |
|  Dirk Wallinger | Chief Executive Officer |
|  Kevin Messerle | Chief Financial Officer |
|  Devjyoti Rudra | Chief Supply Chain Officer |

---

**2025 Summary Compensation Table** 

The following table summarizes the compensation awarded to, earned by or paid to our Named Executive Officers for the fiscal years ended December 31, 2024 and December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary**<br>**($)** | **Non-Equity<br>Incentive Plan<br>Compensation**<br>**($)<sup>(2)</sup>** | **All Other<br>Compensation**<br>**($)<sup>(3)</sup>** | **Total**<br>**($)** |
|  **Dirk Wallinger (Chief Executive Officer)** | 2024 | 500000<sup>(1)</sup> | 0 | 54 | 500054 |
|  | 2025 | 500000<sup>(1)</sup> | 0 | 54 | 500054 |
|  **Kevin Messerle (Chief Financial Offer)** | 2024 | 361804 | 242513 | 16152 | 620469 |
|  | 2025 | 374462 | 262177 | 4672 | 641311 |
|  **Devjyoti Rudra (Chief Supply Chain Officer)** | 2024 | 356606 | 136500 | $72974<sup>(4)</sup> | 566080 |
|  | 2025 | 369087 | 121246 | $79435<sup>(4)</sup> | 569768 |

---

(1) Amounts reported for Mr. Wallinger in 2024 were earned in his capacity as an independent contractor and
represent the fees paid to him in such capacity. Mr. Wallinger transitioned to an employee of the Company on September 1, 2025. Amounts reported in this column for fiscal year 2025 represent $333,000 received in Mr. Wallinger's capacity
as an independent contractor and $167,000 received in his capacity as an employee of the Company.

(2) The amounts reported in the "Non-Equity Incentive Plan
Compensation" column represent annual cash incentive awards earned by our Named Executive Officers during 2024 and 2025.

(3) The amounts reported in the "All Other Compensation" column represent $54 paid by the Company for
general life insurance premiums for each of our Named Executive Officers and Company contributions to our 401(k) plan on behalf of Messrs. Messerle and Rudra in the amount of $16,098 and $8,728, respectively for 2024 and $4,618 and $11,292, for
2025, respectively.

(4) Amounts for Mr. Rudra include a $3,000 per month allowance to cover meal, airfare and rental car expenses
in 2024 and 2025 and $28,192 and $32,088 annual value of Company-provided corporate housing in 2024 and 2025, respectively, provided to Mr. Rudra while he was living and working from the Company's Greenwood Village, Colorado office
location.

------

##### [**Table of Contents**](#toc)
**Outstanding Equity Awards at 2025 Fiscal Year-End** 

The following table reflects information regarding outstanding equity-based awards held by our Named Executive Officers as of December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | | **Stock Awards** | **Stock Awards** |
| <br>**Name** | <br>**Grant Date** | **Number of Shares or<br>Units of Stock That<br>Have Not Vested**<br>**(#)<sup>(1)</sup>** | **Market Value of Shares or<br>Units of Stock That Have<br>Not Vested**<br>**($)<sup>(3)</sup>** |
|  **Dirk Wallinger** | May 31, 2023 | 13376060 | 39994419 |
|  **Kevin Messerle** | May 31, 2023 | 8917373<sup>(2)</sup> | 26662945 |
|  **Devjyoti Rudra** | October 30, 2023 | 6242161 | 18664061 |

---

(1) The Incentive Units (as defined below) granted to our Named Executive Officers have a participation threshold
of $1.00 per Incentive Unit and vest based on continued service by our Named Executive Officers through each applicable vesting date. As of December 31, 2025, all of the Incentive Units were unvested. The Incentive Units vest in three tranches
(40% are Tranche I Units, 40% are Tranche II Units and 20% are Tranche III Units), with each tranche subject to performance-based vesting or time- and performance-based vesting criteria. In connection with this offering, the Incentive Units
will be among the classes of units converted into shares of our common stock. Assuming the sale of 16,000,000 shares of common stock in this offering at a price per share to the public of $32.00, which is the midpoint of the estimated price range
set forth on the cover page of this prospectus, and after giving effect to such conversion and exchange, Mr. Wallinger's 13,376,060 unvested Incentive Units would result in an aggregate of 347,834 shares of common stock and 347,834 shares
of restricted stock, Mr. Messerle's 8,917,373 unvested Incentive Units would result in an aggregate of 231,890 shares of common stock and 231,890 shares of restricted stock and, Mr. Rudra's 6,242,161 unvested Incentive Units would
result in an aggregate of 162,323 shares of common stock and 162,323 shares of restricted stock. Please see the section entitled "Equity Incentive Compensation—Vesting of Incentive Units" below for more details regarding the
Incentive Units provided to our Named Executive Officers.

(2) Pursuant to an Assignment and Assumption Agreement, dated as of April 23, 2024, Mr. Messerle
contributed his Incentive Units to the Messerle Joint Trust.

(3) Because there was no public market for our equity as of December 31, 2025, the market value of our
Incentive Units as of that date was determined based on a fair value valuation report of our equity conducted by an independent financial advisor using a combination of valuation models. The fair value methodology used to value our Incentive Units
incorporates various assumptions. Based on the information in the valuation, we determined that the market value of our Incentive Units as of December 31, 2025 was $2.99 per unit.

**Narrative Disclosure to Summary Compensation Table** 

***Employment Agreements***

*Wallinger Arrangement* 

Dirk Wallinger has served as the Company's Chief Executive Officer since its founding in January 2012. Mr. Wallinger was engaged as an independent contractor for fiscal year 2024 and until September 1, 2025, when he transitioned to an employee. He does not have an active employment agreement, offer letter or service contract with us.

*Messerle Employment Arrangement* 

On March 21, 2021, Kevin Messerle entered into an employment arrangement with a wholly owned subsidiary of the Company, which was amended as of September 3, 2021 (as amended, the "Messerle Arrangement"). The Messerle Arrangement has an effective date of April 19, 2021, and provides that

------

##### [**Table of Contents**](#toc)
Mr. Messerle will serve as the Chief Financial Officer of the Company for an indefinite term. The Messerle Arrangement provides for an annual base salary of $275,000 (currently $361,804), eligibility for Mr. Messerle to earn an annual incentive bonus up to 75% of his base salary, a lump sum relocation bonus in the amount of $15,000, and eligibility to participate in the Company's employee benefit plans. Compensation provided to Mr. Messerle is subject to clawback under the Company's policy. The terms of the Messerle Arrangement require that he enter into a Non-Competition And Non-Solicitation Agreement and Employee Intellectual Property Rights and Non-Disclosure Agreement, which collectively provide for the following restrictive covenants: (i) noncompetition and nonsolicitation of our employees and customers during the term of employment and for 12 months thereafter, (ii) noninterference with our business, (iii) assignment of intellectual property, and (iv) perpetual confidentiality and nondisclosure.

Please see the section entitled "—Additional Narrative Disclosure—Potential Payments Upon Termination or Change in Control" for more details regarding the severance benefits provided to Mr. Messerle under the Messerle Arrangement.

*Rudra Employment Arrangement* 

On August 2, 2023, Devjyoti Rudra entered into an employment arrangement with a wholly owned subsidiary of the Company, which includes an addendum of the same date (inclusive of the addendum, the "Rudra Arrangement"). The Rudra Arrangement has an effective date of September 5, 2023, and provides that Mr. Rudra will serve as the Chief Supply Chain Officer of the Company for an indefinite term. The Rudra Arrangement provides for an annual base salary of $341,250, eligibility for Mr. Rudra to earn an annual incentive bonus up to 40% of his base salary, and eligibility to participate in the Company's employee benefit plans. Compensation provided to Mr. Rudra is subject to clawback under the Company's policy. The terms of the Rudra Arrangement require that he enter into a Non-Competition And Non-Solicitation Agreement and Employee Intellectual Property Rights and Non-Disclosure Agreement, which collectively provide the following restrictive covenants: (i) noncompetition and nonsolicitation of our employees and customers during the term of employment and for 12 months thereafter, (ii) noninterference with our business, (iii) assignment of intellectual property, and (iv) perpetual confidentiality and nondisclosure.

Please see the section entitled "—Additional Narrative Disclosure—Potential Payments Upon Termination or Change in Control" for more details regarding the severance benefits provided to Mr. Rudra under the Rudra Arrangement.

***Base Salary***

The base salaries of Messrs. Messerle and Rudra are set forth in their respective employment arrangements and are subject to annual review by our Chief Executive Officer. For fiscal year 2025, Messrs. Wallinger, Messerle and Rudra had the following base salaries, respectively: $500,000, $374,000, and $357,000.

***Annual Bonus***

With respect to fiscal year 2025, each of Messrs. Messerle and Rudra were eligible to receive an annual bonus, with the target amount of such bonus set forth in their employment arrangements with us, as described above. For fiscal year 2025, the target bonus amounts, expressed as a percentage of base salary, for each of Messrs. Messerle and Rudra were as follows: 75%, and 40%, respectively. Annual bonuses for fiscal year 2025 for Messrs. Messerle and Rudra were based on the attainment of certain Company goals and objective milestones as determined by our Chief Executive Officer. Mr. Messerle's performance goals for 2025 related to, among other metrics, financial planning, evaluation and implementation of new software, optimizing Company functions and improvement plans, improvement of cross-functional collaboration, and completion of Company audits. Mr. Rudra's performance goals for 2025 related to, among other metrics, evaluation and implementation of new software and improvement of cross-function collaboration. Mr. Wallinger did not receive a bonus for fiscal year 2025.

------

##### [**Table of Contents**](#toc)
***Equity Incentive Compensation***

*Incentive Units* 

Each of our Named Executive Officers have been granted Class B Units (the "Incentive Units") in Holdings, which are intended to constitute "profits interests" pursuant to IRS Revenue Procedures 93-27 and 2001-43. Under the Amended and Restated Limited Partnership Agreement of Holdings, dated November 10, 2022 (the "LP Agreement"), holders of Incentive Units are entitled to distributions at such times and in such amounts as determined by the Partnership Board. Each Incentive Unit is subject to a participation threshold set by the Partnership Board at the time of the grant.

*Vesting of Incentive Units* 

In 2023, consistent with the terms of the LP Agreement, which contains the terms of the York Space Systems Management Equity Plan, the Company granted Incentive Units to each of our Named Executive Officers pursuant to individual Incentive Unit Grant Agreements (the "IUGAs"). Each grant of Incentive Units is comprised of three tranches, which are subject to specific performance-based or time- and performance-based vesting conditions set forth in the IUGAs. Each grant of Incentive Units is split into tranches as follows: 40% of the Incentive Units are designated as Tranche I Units, 40% of the Incentive Units are designated as Tranche II Units and the remaining 20% of the Incentive Units are designated as Tranche III Units.

Tranche I Units vest only upon achievement of both time- and performance-based vesting as followings: Tranche I Units time vest in equal annual installments over five years, subject to the Named Executive Officer's continued service through such vesting dates, and performance vest upon achievement of an 8% IRR to AE Industrial Partners occurring on or after the first Liquidity Event (which includes this offering) that results in Investor Inflows. Notwithstanding the foregoing, all Tranche I Units will time-vest upon the consummation of an Exit Sale in connection with which the consideration paid to Holdings or to its unitholders, as the case may be, consists primarily of cash (as determined by the Partnership Board in its sole discretion).

Tranche II Units vest if, upon the consummation of an Exit Sale, the Investor Inflows through such date are 2.0 times the Investor Outflows through such date, subject to the Named Executive Officer's continued service through such vesting date. To the extent this performance vesting condition is not satisfied on or prior to an Exit Sale, then the Tranche II Units shall immediately expire and be forfeited for no consideration upon the occurrence of the same.

Tranche III Units vest if, upon the consummation of an Exit Sale, there is a least a 15% IRR to AE Industrial Partners. To the extent this performance vesting condition is not satisfied on or prior to an Exit Sale, then the Tranche III Units shall immediately expire and be forfeited for no consideration upon the occurrence of the same.

Performance vesting of the Incentive Units is determined on an iterative basis, such that, if a performance vesting would no longer be achieved after taking into account reduced Investor Inflows as a result of Incentive Units performance vesting, the number of Incentive Units that vest shall be reduced until such Investor Inflows actually achieve the applicable performance vesting criteria.

The signatories to the IUGAs have agreed: (i) not to compete with Holdings or any subsidiaries or to solicit employees and customers of Holdings or its subsidiaries during the term of employment and for a period of two years thereafter, (ii) not to disclose any confidential information of Holdings or its subsidiaries at all times, (iii) assign any Holdings or Holdings subsidiaries' intellectual property to us, and (iv) not to disparage Holdings or its subsidiaries at all times. Additionally, upon an Exit Sale, each Named Executive Officer may be required to execute customary noncompetition agreements, nonsolicitation agreements and confidentiality agreements; provided that, (i) the stated terms and conditions of such noncompetition agreements and nonsolicitation agreements shall be on substantially the same terms as set forth in any existing agreement between the Named

------

##### [**Table of Contents**](#toc)
Executive Officer, on the one hand, and Holdings or its subsidiaries, on the other hand, and (ii) such agreements shall survive the occurrence of an Exit Sale for a term not to exceed (x) if the Named Executive Officer's employment is terminated prior to the occurrence of an Exit Sale, the remaining term of such covenants under an existing agreement or (y) three years.

Generally, if a Named Executive Officer ceases to be employed by, or ceases providing services to, us or one of our subsidiaries for any reason, unvested Incentive Units terminate for no consideration. Prior to this offering, Holdings has a repurchase right over any vested Incentive Units, which it may exercise at any time during the 210 day period following a Named Executive Officer's termination of employment or service at the then current fair market value; provided, however, if a termination of employment or service is due to Cause (as defined in the IUGA) or the Named Executive Officer's resignation without written consent of the Partnership Board or a restrictive covenant is breached, the Incentive Units will be forfeited without further consideration. This repurchase right falls away on the earlier of a public offering (including this offering) of Holdings or a subsidiary or an Exit Sale.

For purposes of the IUGAs with our Named Executive Officers, "Exit Sale" means any transaction or series of transactions pursuant to which (i) any person or group of related persons (other than AE Industrial Partners and their affiliates) in the aggregate acquire(s) (a) equity securities of Holdings possessing the voting power (other than voting rights accruing only in the event of a default or breach) to elect Partnership Board members which, in the aggregate, control a majority of the votes on the Partnership Board (whether by merger, consolidation, reorganization, combination, sale, transfer or exchange of Holdings' equity securities, securityholder or voting agreement, proxy, power of attorney or otherwise) or (b) all or substantially all of Holdings' assets determined on a consolidated basis, or (ii) Holdings, any of its equityholders, or any of its subsidiaries acquires securities of a special purpose acquisition company in connection with a transaction (however structured) involving Holdings, any of its subsidiaries, or any of its or their respective assets or equity securities, unless otherwise determined by the Partnership Board in its discretion; provided that, except as otherwise determined by the Partnership Board, a public offering of Holdings or a subsidiary of Holdings shall not constitute an Exit Sale.

For purposes of the IUGAs with our Named Executive Officers, "IRR" means the annual interest rate (compounded annually) which, when used as the discount rate to calculate the net present value as of the date thereof of the sum of (a) the aggregate value of all Investor Outflows (including any Investor Outflows made at or following a Liquidity Event), and (b) the aggregate amount of all Investor Inflows, causes such net present value to equal zero. For purposes of the net present value calculation, (x) Investor Outflows will be positive numbers, and (y) Investor Inflows will be negative numbers.

For purposes of the IUGAs with our Named Executive Officers, "Investor Inflows" means, without duplication and as determined by the Partnership Board in its sole discretion, as of any date occurring on or after a Liquidity Event, all cash (including cash dividends, cash distributions and cash proceeds, but excluding management fees, transaction-related fees and expense reimbursements) received (on a cumulative basis) by AE Industrial Partners or cash AE Industrial Partners reasonably expects to receive following such determination date, discounted to present value as determined by AE Industrial Partners in its good faith discretion, with respect to or in exchange for equity securities (including securities which are convertible into equity securities) of Holdings (whether such payments are received from Holdings or any third party) from the November 10, 2022, through such determination date.

For purposes of the IUGAs with our Named Executive Officers, "Investor Outflows" means, without duplication and as determined by the Partnership Board in its sole discretion, as of any date occurring on or after a Liquidity Event, all payments made by AE Industrial Partners (on a cumulative basis) with respect to or in exchange for equity securities (including securities which are convertible into equity securities) of Holdings (whether such payments are made to Holdings or any third party) from November 10, 2022 until such determination date.

------

##### [**Table of Contents**](#toc)
For purposes of the IUGAs with our Named Executive Officers, "Liquidity Event" means the occurrence of any of an Exit Sale, a public offering of Holdings or the payment of an extraordinary cash dividend by Holdings in an amount equal to at least 20% of the consolidated equity value of Holdings and its subsidiaries immediately prior to such dividend, as determined by the Partnership Board in its sole discretion.

In connection with this offering, we expect that all vested Incentive Units will be converted into shares of our common stock and unvested Incentive Units will be converted into a number of restricted shares of common stock that vest based on the participation threshold of the underlying Incentive Unit as follows: (i) Incentive Units with a participation threshold of $1.00 per unit will convert into restricted shares of our common stock that vest 50% as of the closing of this offering and 25% on each of the first and second anniversary of the closing of this offering, and (ii) Incentive Units with participation thresholds of $1.36 and $1.63 per unit will convert into restricted shares of our common stock that vest 33% on each of the first, second and third anniversaries of the closing of this offering, in each case of (i) and (ii), subject to the Incentive Unit holder's continued employment or service with us through such date. Please see the section entitled "Corporate Conversion" for more information on treatment of vested Incentive Units, which will be subject to substantially similar terms as our limited liability company units.

***Other Compensation Elements***

Pursuant to the Rudra Employment Arrangement, Mr. Rudra receives a monthly allowance of $3,000 to cover meals, airfare, and rental car expenses in connection with his weekly travel between his home location in Connecticut to our Colorado office. Additionally, the Company provides Mr. Rudra with corporate housing to be used while he is working in the Company's Colorado office location.

***Additional Narrative Disclosure***

*Perquisites & Benefits* 

We currently provide broad-based health and welfare benefits that are available to our full-time employees, including our Named Executive Officers, including health, vision, and dental insurance. In addition, we currently make available a retirement plan intended to provide benefits under Section 401(k) of the Code, pursuant to which employees (including our Named Executive Officers) may elect to defer a portion of their compensation on a pre-tax basis and have it contributed to the plan. Pre-tax contributions are allocated to each participant's individual account and are then invested in selected investment alternatives according to the participants' directions. We make safe harbor matching contributions of 100% of employee's elective deferrals up to a maximum per participant per calendar year of 4% of the participant's eligible plan compensation. We are also permitted to make discretionary employment contributions. Safe harbor matching contributions to our 401(k) plan vest immediately and discretionary employer contributions to our 401(k) plan vest annually over a six-year period whereby participants have complete ownership interest in such employer contributions once they have completed six years of service, provided that all contributions will vest upon an employee attaining retirement age of 60. All contributions under our 401(k) plan are subject to certain annual dollar limitations in accordance with applicable laws, which are periodically adjusted for changes in the cost of living. Other than the 401(k) plan, we do not provide any qualified or non-qualified retirement or deferred compensation benefits to our employees, including our Named Executive Officers.

Each of our Named Executive Officers received benefits during 2025 at the same level and offering made available to other employees. Independent contractors are ineligible to participate in the Company's health and welfare plans. Mr. Wallinger, who is classified by the Company as an independent contractor, is participating in the Company's health and welfare plans. If Mr. Wallinger or his participating spouse or dependents incurs a claim under the plans, the insurer could refuse to pay the claim and/or seek reimbursement for claims previously paid on the basis that Mr. Wallinger was ineligible to participate in the plan. Mr. Wallinger does not participate in our 401(k) plan. All of our Named Executive Officers also received company-paid life insurance coverage.

------

##### [**Table of Contents**](#toc)
*Potential Payments Upon Termination or Change in Control* 

Pursuant to the Messerle Arrangement and the Rudra Arrangement, in the event that Mr. Messerle or Mr. Rudra terminate their employment for any reason, or their employment is terminated due to death or disability, the Named Executive Officer shall be entitled to accrued compensation and benefits, including any accrued but unpaid bonus for the prior fiscal year (the "Accrued Bonus").

Pursuant to the Messerle Arrangement and the Rudra Arrangement, in the event that Mr. Messerle's or Mr. Rudra's employment is terminated by the Company without Cause the Named Executive Officer is entitled to the following: (i) cash severance equal to12 months of the Named Executive Officer's then-current base salary (the "Severance Amount"), payable in equal period installments in accordance with normal payroll procedures, (ii) the Accrued Bonus, and (iii) Company paid COBRA premiums until the earlier to occur of either (x) six months following the termination date, or (y) the Named Executive Officer becoming eligible for medical benefits with another employer (the "COBRA Payments"). Upon a termination without Cause within a 90-day period preceding a Change in Control or if Mr. Messerle's or Mr. Rudra's termination of employment is related to a Change in Control, he is entitled to the following: (i) the Severance Amount, payable in a lump sum, (ii) the Accrued Bonus, (iii) the COBRA Payments, and (iv) for Mr. Rudra, accelerated vesting of his Incentive Units. Receipt of severance by either Mr. Messerle or Mr. Rudra is conditioned upon the applicable Named Executive Officer's execution and non-revocation of a release of claims in favor of the Company and his continued compliance with restrictive covenant obligations.

For the purposes of both the Messerle Arrangement and Rudra Arrangement, "Cause" means the Named Executive Officer's (i) the failure to perform such duties as are reasonably requested by the Company or the Board, after being provided with written notice and a reasonable opportunity to cure; (ii) material breach of the Messerle Arrangement or of any agreement with the Company or any affiliate, including but not limited to the material breach of any non-competition, non-solicitation, non-disclosure, and intellectual property assignment agreement, or a material violation of the Company's or any affiliate's code of conduct or other written policy, after written notice by the Company or the Board and a reasonable opportunity to cure; (iii) conviction of, or plea of guilty or no contest to, a felony or a crime involving moral turpitude or the commission of any other act involving willful malfeasance or material fiduciary breach with respect to the Company or any affiliate; (iv) use of illegal drugs or abuse of alcohol that materially impairs Named Executive Officer's ability to perform his duties to the Company or any affiliate; (v) gross negligence or willful misconduct with respect to the Company or any affiliate; or (vi) as "cause" is defined under applicable law; provided, that Named Executive Officer has the opportunity to cure circumstances giving rise to Cause within a 30-day period.

For the purposes of both the Messerle Arrangement and Rudra Arrangement, "Change in Control" generally means (i) the acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of the combined voting power of the then outstanding membership interests of the Company or (ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company to any person other than an affiliate.

Please see the section entitled "—Equity Incentive Compensation" for more details regarding the treatment of our Named Executive Officer's Incentive Units upon a termination of employment or a Liquidity Event.

**Actions Taken in Connection with This Offering** 

***2026 Omnibus Incentive Plan***

Prior to the completion of this offering, we anticipate that our board will adopt, and our stockholders will approve, the 2026 Stock Plan, pursuant to which employees, consultants and directors of our company and our affiliates performing services for us, including our executive officers, will be eligible to receive awards. If adopted, the 2026 Stock Plan will provide for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, other stock-based awards, other cash-based awards, substitute

------

##### [**Table of Contents**](#toc)
awards, and performance awards intended to align the interests of participants with those of our stockholders. The following description of the 2026 Stock Plan is based on the form that will be adopted, but since the 2026 Stock Plan has not yet been adopted, the provisions remain subject to change. As a result, the following description is qualified in its entirety by reference to the form of the 2026 Stock Plan, a copy of which in substantially final form has been filed as an exhibit to the registration statement of which this prospectus is a part.

*Securities to Be Offered* 

The aggregate number of shares of common stock that may be issued or used for reference purposes or with respect to which awards may be granted under the 2026 Stock Plan shall not exceed a number of shares of our common stock equal to 10% of the fully diluted shares of our common stock outstanding at the closing of this offering (subject to adjustment in the event of certain transactions or changes of capitalization in accordance with the 2026 Stock Plan) (the "Initial Share Reserve"). The number of shares of common stock available for issuance under the 2026 Stock Plan will be subject to an annual increase on the first day of each calendar year beginning January 1, 2027, and ending and including January 1, 2036, equal to the lesser of (i) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) any such smaller number of shares as is determined by the board. The aggregate number of shares that may be issued or used under the 2026 Stock Plan pursuant to incentive stock options ("ISOs") shall not exceed an amount equal to the Initial Share Reserve. Shares of common stock subject to an award that expires or is cancelled, forfeited or otherwise terminated without delivery of shares, shares tendered in payment of an option, shares covered by a stock-settled stock appreciation right ("SAR") or other award that were not issued upon settlement, and shares delivered or withheld to satisfy any tax withholding obligations will again be available for delivery pursuant to other awards under the 2026 Stock Plan. The number of shares of common stock available for issuance under the 2026 Stock Plan will not be reduced by shares issued pursuant to awards issued or assumed in connection with a merger or acquisition as contemplated by applicable stock exchange rules.

*Administration* 

The 2026 Stock Plan will be administered by a committee of the board that has been authorized to administer the 2026 Stock Plan, except if no such committee is authorized by the board, the board will administer the 2026 Stock Plan (as applicable, the "Committee"). The Committee will have broad discretion to administer the 2026 Stock Plan, including the power to determine the eligible individuals to whom awards will be granted, the number and type of awards to be granted, and the terms and conditions of awards. The Committee may also accelerate the vesting or exercise of any award and make all other determinations and take all other actions necessary or advisable for the administration of the 2026 Stock Plan. To the extent the Committee is not the board, the board will still retain the authority to take all actions permitted by the Committee under the 2026 Stock Plan.

*Eligibility* 

Employees, consultants and non-employee directors of the Company and its affiliates will be eligible to receive awards under the 2026 Stock Plan. As stated above, the basis for participation in the 2026 Stock Plan is the Committee's decision to select, in its sole discretion, participants from among those eligible.

*Non-Employee Director Compensation Limits* 

In each calendar year, a non-employee director may not receive awards under the 2026 Stock Plan for such individual's service on the board that, taken together with any cash fees paid to such non-employee director during such calendar year for such individual's service on the board, have a value in excess of $750,000 (based on the grant date fair value of such awards); provided that (a) the Committee may make exceptions to this limit, except that the non-employee director receiving such additional compensation may not participate in the decision to award such compensation and (b) for any calendar year in which a non-employee director (i) first commences

------

##### [**Table of Contents**](#toc)
service on the board, (ii) serves on a special committee of the board, or (iii) serves as lead director or non-executive chair of the board, such limit shall be increased to $1,000,000.

*Types of Awards* 

**Options.** The 2026 Stock Plan provides for the grant of both ISOs intended to qualify under Section 422 of the Code and nonstatutory stock options. We may grant options to eligible persons, except that ISOs may only be granted to persons who are our employees or employees of one of our parents or subsidiaries, in accordance with Section 422 of the Code. The exercise price of an option cannot be less than 100% of the fair market value of a share of common stock on the date on which the option is granted and the option must not be exercisable for longer than ten years following the date of grant. However, in the case of an ISO granted to an individual who owns (or is deemed to own) at least 10% of the total combined voting power of all classes of our equity securities, the exercise price of the option must be at least 110% of the fair market value of a share of common stock on the date of grant and the option must not be exercisable more than five years from the date of grant.

Options granted under the 2026 Stock Plan generally must be exercised by the optionee before the earlier of the expiration of such option or at such time or times as shall be determined by the Committee at the time of grant. Each option award agreement will set forth the extent to which the optionee will have the right to exercise the option following the termination of the optionee's service with us, and the right to exercise the option of any executors or administrators of the optionee's estate or any person who has acquired such options directly from the optionee by bequest or inheritance.

Payment of the exercise price may be made in a manner approved by the Committee, which may include (a) immediately available funds in U.S. dollars, (b) delivery of common stock having a value equal to the exercise price, (c) a broker-assisted, cashless exercise, or (d) any other means approved by the Committee.

**SARs.** A SAR is the right to receive an amount equal to the excess of the fair market value of one share of common stock on the date of exercise over the grant price of the SAR. The grant price of a SAR cannot be less than 100% of the fair market value of a share of common stock on the date on which the SAR is granted. The term of a SAR may not exceed ten years. The Committee has the discretion to determine other terms and conditions of a SAR award.

**Restricted Stock Awards.** A restricted stock award is a grant of shares of common stock subject to the restrictions on transferability and risk of forfeiture imposed by the Committee. Unless otherwise determined by the Committee and specified in the applicable award agreement, the holder of a restricted stock award has rights as a stockholder, including the right to vote the shares of common stock subject to the restricted stock award or to receive dividends on the shares of common stock subject to the restricted stock award during the restriction period. In the discretion of the Committee, dividends distributed prior to vesting may be subject to the same restrictions and risk of forfeiture as the restricted shares with respect to which the distribution was made.

**Restricted Stock Units.** A restricted stock unit ("RSU") is a right to receive cash, shares of common stock, or a combination of cash and shares of common stock at the end of a specified period equal to the fair market value of one share of common stock on the date of vesting. RSUs may be subject to the restrictions, including a risk of forfeiture, imposed by the Committee. The Committee may determine that a grant of RSUs will provide a participant a right to receive dividend equivalents, which entitles the participant to receive the equivalent value (in cash or shares of common stock) of dividends paid on the underlying shares of common stock. Dividend equivalent rights may be paid currently or credited to an account, settled in cash or shares, and may be subject to the same restrictions as the RSUs with respect to which the dividend equivalent rights are granted.

**Performance Awards.** A performance award is an award that vests and/or becomes exercisable or distributable subject to the achievement of certain performance goals during a specified performance period, as

------

##### [**Table of Contents**](#toc)
established by the Committee. Performance awards may be granted alone or in addition to other awards under the 2026 Stock Plan and may be paid in cash, shares of common stock, other property, or any combination thereof, as determined in the sole discretion of the Committee.

**Other Stock-Based Awards.** Other stock-based awards are awards denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, the value of shares of common stock.

**Cash Awards.** Cash awards may be granted on a free-standing basis or as an element of, a supplement to, or in lieu of any other award.

**Substitute Awards.** Awards may be granted under the 2026 Stock Plan in substitution for similar awards held for individuals who become participants as a result of a merger, consolidation, or acquisition of another entity by or with the Company or one of its affiliates.

*Certain Transactions* 

If any change is made to our capitalization, such as a stock split, stock combination, stock dividend, exchange of stock, or other recapitalization, merger, or otherwise, which results in an increase or decrease in the number of outstanding shares of common stock, appropriate adjustments will be made by the Committee in the shares subject to an award under the 2026 Stock Plan. The Committee will also have the discretion to make certain adjustments to awards in the event of a change in control of the Company, such as the assumption or substitution of outstanding awards, the purchase of any outstanding awards in cash based on the applicable change in control price, the ability for participants to exercise any outstanding stock options, SARs, or other stock-based awards upon the change in control (and, if not exercised, such awards will be terminated) and the acceleration of vesting or exercisability of any outstanding awards.

*Clawback* 

All awards granted under the 2026 Stock Plan are subject to reduction, cancellation, or recoupment under any written clawback policy that we are required to adopt pursuant to listing standards or as is otherwise required under applicable law, including the final rule issued by the SEC implementing the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to recoupment of incentive-based compensation.

*Plan Amendment and Termination* 

The Committee may amend or terminate any award, award agreement, or the 2026 Stock Plan at any time, provided that the rights of a participant granted an award prior to such amendment or termination may not be impaired without such participant's consent. In addition, stockholder approval will be required for any amendment to the extent necessary to comply with applicable law or exchange listing standards. The Committee will not have the authority, without the approval of stockholders, to amend any outstanding option or SAR to reduce its exercise price per share. The 2026 Stock Plan will remain in effect for a period of ten years (unless earlier terminated by the board or Committee, as applicable).

***Changes to Base Salaries in Connection with This Offering***

Upon the consummation of this offering, we will increase the base salaries of our Named Executive Officers. Our Named Executive Officers' base salaries will be increased as follows: Messrs. Wallinger, Messerle and Rudra will have the following base salaries, respectively: $600,000, $425,000, and $375,000.

**Director Compensation** 

We did not pay any compensation or make any equity awards or non-equity awards to any members of our board of directors during the 2024 or 2025 fiscal year.

------

##### [**Table of Contents**](#toc)
We do not currently have a formal policy with respect to compensation of our non-employee directors for service as directors. Following the completion of this offering, we anticipate that we will implement a formal policy pursuant to which our non-employee directors will be eligible to receive compensation for service on our board of directors and committees of our board of directors. In addition, each director will be reimbursed for out-of-pocket expenses in connection with his or her services. As of the time of this offering, we are evaluating the specific terms of our director compensation program, which we expect will provide for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual cash retainer of $70,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual cash retainer of $20,000, $17,500 and $15,000 for a director's service as chair of our audit
committee, compensation committee and nominating and governance committee, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual cash retainer of $25,000 for our non-executive chairman of the board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual grant of RSUs pursuant to the 2026 Stock Plan with an approximate grant date value of $180,000 with
one-year cliff vesting.

**IPO Grants**

In connection with this offering, we will grant approximately $21,732,000 in RSUs under the 2026 Stock Plan to certain employees and non-employee directors (collectively, the "IPO Grants"), including our Named Executive Officers. The IPO Grants to our Named Executive Officers will have a grant date value of $7,000,000, $2,750,000 and $800,000, for each of Messrs. Wallinger, Messerle and Rudra, respectively. Each IPO Grant will vest in three substantially equal installments on each of the first, second and third anniversaries of the applicable vesting commencement date, subject generally to continued employment through the applicable vesting date. Due to the notice requirements applicable to certain individual employees, certain grants may become effective following completion of this offering, however it is expected that the size of all grants will be based upon the final initial public offering price.

------

##### [**Table of Contents**](#toc)
**PRINCIPAL STOCKHOLDERS** 

The following table sets forth the beneficial ownership of our common stock (i) as of January 16, 2026 and (ii) immediately following this offering, as adjusted to reflect the sale of shares of common stock by us, in each case, by the following individuals or groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our Named Executive Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our directors and executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, who is known by us to beneficially own more than 5% of our common
stock.

The percentage ownership information shown in the table prior to this offering is based upon 99,558,713 shares of common stock outstanding as of January 16, 2026 (after giving effect to the Corporate Conversion). The number of shares of common stock that will be outstanding following this offering gives effect to: (i) the completion of the Common Control Reorganization and the Class P Unit issuance, (ii) the Corporate Conversion, including the conversion of the Class P Units into an aggregate of 9,441,287 shares of common stock, (iii) the Incentive Unit Distributions, including the distribution of 2,189,106 shares of unrestricted common stock in respect of vested Incentive Units and 2,059,317 shares of restricted common stock in respect of unvested Incentive Units, (iv) the Credit Agreement Transactions, (v) the execution of the TRA, and (vi) the sale of 16,000,000 shares of common stock in this offering, in each case upon closing of this offering, but does not include 12,500,000 shares of common stock reserved for future issuance under the 2026 Stock Plan (including the IPO Grants).

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities, or have the right to acquire such powers within 60 days. Under these rules, more than one person may be deemed beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest. The information contained in the following table is not necessarily indicative of beneficial ownership for any other purpose, and the inclusion of any shares in the table does not constitute an admission of beneficial ownership of those shares. Unless otherwise indicated, the persons or entities identified in this table have sole voting and investment power with respect to all shares shown as beneficially owned by them, subject to applicable community property laws.

Except as otherwise noted below, the address for persons listed in the table is c/o York Space Systems Inc., 6060 S Willow Drive, Greenwood Village, CO 80111.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Beneficially<br>Owned Before Offering** | **Common Stock Beneficially<br>Owned Before Offering** | **Common Stock Beneficially<br>Owned After Offering** | **Common Stock Beneficially<br>Owned After Offering** |
|  | **Shares** | **Percent** | **Shares** | **Percent** |
|  **Directors, Director Nominees, and Named Executive Officers:** |  |  |  |  |
|  Dirk Wallinger(1) |  |  | 11167534 | 8.9% |
|  Kirk Konert |  |  |  |  |
|  Tyler Letarte |  |  |  |  |
|  Kevin Messerle(2) |  |  | 903735 | \* |
|  Devjyoti Rudra(3) |  |  | 324646 | \* |
|  Tamra Erwin |  |  | 69567 | \* |
|  Reggie Brothers |  |  |  |  |
|  Andrew Boyd |  |  |  |  |
|  General (RET) James McConville |  |  |  |  |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock Beneficially<br>Owned Before Offering** | **Common Stock Beneficially<br>Owned Before Offering** | **Common Stock Beneficially<br>Owned After Offering** | **Common Stock Beneficially<br>Owned After Offering** |
|  | **Shares** | **Percent** | **Shares** | **Percent** |
|  Directors and executive officers as a group (10 individuals)(4) |  |  | 13138858 | 10.5% |
|  **5% or Greater Stockholders:** |  |  |  |  |
|  Entities Affiliated with AE Industrial Partners(5)(6) | 99558713 | 100% | 29891235 | 23.9% |
|  Entities Affiliated with BlackRock(7) |  |  | 17131250 | 13.7% |

---

\* Represents less than 1%. 

(1) Common stock beneficially owned after offering includes 347,834 shares of restricted stock.

(2) Common stock beneficially owned after offering includes 231,890 shares of restricted stock.

(3) Common stock beneficially owned after offering includes 162,323 shares of restricted stock.

(4) Common stock beneficially owned after offering includes an aggregate of 856,600 shares of restricted stock.

(5) Shares beneficially owned before offering consists of 50,000,000 common units held in Yellowstone Midco
Holdings II, LLC, the predecessor to York Space Systems Inc., which will convert into 99,558,713 shares of common stock in the Corporate Conversion. Shares beneficially owned after the offering consists of 2,853,454 shares held by AE Industrial
Partners Fund II, LP, 1,826,486 shares held by AE Industrial Partners Fund II-A, LP, 6,892 shares held by AE Industrial Partners Fund II-B, LP, 10,989,234 shares held by AE Industrial Partners Fund III, LP, 3,282,498 shares held by AE Industrial
Partners Fund III-A, LP, 570,869 shares held by AE Aerospace Opportunities Fund, 8,771,019 shares held by AE Co-Investment Partners Fund III-Y, LP, 1,567,594 shares held by AE Co-Investment Partners Fund III Y-2, LP and 23,189 shares held by AE
Industrial PSO Equity Partners, LP.

(6) Each of AE Industrial Partners Fund II, LP, AE Industrial Partners Fund II-A, LP and AE Industrial Partners
Fund II-B, LP are controlled by AE Industrial Partners Fund II GP, LP ("AE Fund II GP"), their general partner. Each of AE Industrial Partners Fund III, LP, AE Industrial Partners Fund III-A, LP, AE Co-Investment Partners Fund III-Y, LP
and AE Co-Investment Partners Fund III Y-2, LP are controlled by AE Industrial Partners Fund III GP, LP ("AE Fund III GP"), their general partner. AE Industrial Partners PBCI Aggregator, LP is controlled by AE Industrial Partners PBCI
Aggregator GP, LP, its general partner. AE Industrial Partners Aerospace Opportunities, LP is controlled by AE Industrial Partners Aerospace Opportunities GP, LP, its general partner. The foregoing general partner entities are each managed by their
respective general partner, AeroEquity GP, LLC. AeroEquity GP, LLC is controlled by its managing members, Michael Greene and David Rowe. Messrs. Greene and Rowe make all voting and investment decisions with respect to the securities held by AE
Industrial Partners. Each of the entities and individuals named above disclaims beneficial ownership of the securities held by AE Industrial Partners, except to the extent of its pecuniary interest therein. The business address of each of the
foregoing entities and persons is 6700 Broken Sound Pkwy NW, Boca Raton, FL 33487.

(7) The registered holders of the referenced shares are the following funds and accounts under management by
subsidiaries of BlackRock, Inc.: BlackRock Private Equity Co-Investments; 2021 Aggregator Cayman Ltd.; BlackRock Growth Equity Fund Master Cayman Aggregator Ltd.; BR POF IV CAYMAN MASTER FUND, L.P.; BlackRock Private Opportunities Fund IV, L.P.;
BlackRock Private Opportunities Fund IV Master SCSp; TSCL Private Markets Cayman Fund Ltd.; 1885 Private Opportunities Cayman Fund, Ltd.; Heathrow Forest Opportunities Fund, L.P.; Lincoln Pension Private Equity BR, L.P.; NHRS Private Opportunities
Fund, L.P.; NDSIB Private Opportunities Fund Cayman Ltd.; Mutual of Omaha OF Cayman, Ltd.; BlackRock ERI Private Opportunities Master SCSp; Sullivan Way POF Cayman, Ltd; Total Alternatives Fund - Private Equity (B) LP; Total Alternatives Fund -
Private Equity LP; 1824 Private Equity Fund, L.P.; Tango Capital Opportunities Fund, L.P.; BlackRock Private Investments Fund; OV Private Opportunities Cayman, Ltd.; SONJ Opportunities Cayman, Ltd.; Red River Direct Investment Fund III, L.P.; and MB
BlackRock Holdings Cayman Ltd. BlackRock, Inc. is the ultimate parent holding company of such subsidiaries. On behalf of such subsidiaries, the applicable portfolio managers, as managing directors (or in other capacities) of such entities, and/or
the applicable investment committee members of such funds

------

##### [**Table of Contents**](#toc)
and accounts, have voting and investment power over the shares held by the funds and accounts which are the registered holders of the referenced shares. Such portfolio managers and/or investment committee members expressly disclaim beneficial ownership of all shares held by such funds and accounts. The address of such funds and accounts, such subsidiaries and such portfolio managers and/or investment committee members is 50 Hudson Yards, New York, NY 10001. Shares shown include only the securities held in the name of BlackRock Private Equity Co-Investments, 2021 Aggregator Cayman Ltd., BlackRock Growth Equity Fund Master Cayman Aggregator Ltd., BR POF IV CAYMAN MASTER FUND, L.P., BlackRock Private Opportunities Fund IV, L.P., BlackRock Private Opportunities Fund IV Master SCSp, TSCL Private Markets Cayman Fund Ltd., 1885 Private Opportunities Cayman Fund, Ltd., Heathrow Forest Opportunities Fund, L.P., Lincoln Pension Private Equity BR, L.P., NHRS Private Opportunities Fund, L.P., NDSIB Private Opportunities Fund Cayman Ltd., Mutual of Omaha OF Cayman, Ltd., BlackRock ERI Private Opportunities Master SCSp, Sullivan Way POF Cayman, Ltd, Total Alternatives Fund - Private Equity (B) LP, Total Alternatives Fund - Private Equity LP, 1824 Private Equity Fund, L.P., Tango Capital Opportunities Fund, L.P., BlackRock Private Investments Fund, OV Private Opportunities Cayman, Ltd., SONJ Opportunities Cayman, Ltd., Red River Direct Investment Fund III, L.P., and MB BlackRock Holdings Cayman Ltd., and may not incorporate all shares deemed to be beneficially held by BlackRock, Inc.

------

##### [**Table of Contents**](#toc)
**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS** 

**Related Party Transactions** 

Other than compensation arrangements for our directors and Named Executive Officers, including those discussed in the sections entitled "Management" and "Executive Compensation," the following is a description of each transaction since January 1, 2022 to which we were a participant or will be a participant, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers, or holders of more than 5% of our capital stock, or any member of the
immediate family of, or person sharing the household with, the foregoing persons, had or will have a direct or indirect material interest.

**Class P Unit Investment**

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million. Each Class P Unit initially has a preference amount of $1,000 and will automatically convert into shares of our common stock immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by 20% (with such percentage set to increase by 2.5% every 6 months from the issue date of such unit; provided that, such percentage will not exceed a discount of 30% of the initial public offering price). Funds affiliated with AE Industrial Partners purchased $91,656,473 of Class P Units and Monica Palko, our Chief Legal and Administrative Officer, purchased $250,000 of Class P Units. As of January 16, 2026, the Class P Units held by AE Industrial Partners and Ms. Palko had accrued dividends of $266,180 and $726, respectively, and would convert into 3,590,729 and 9,794 shares of common stock, respectively, assuming an initial public offering price of $32.00, which is the midpoint of the estimate price range set forth on the cover of this prospectus.

**Lending Arrangements** 

In connection with the First Amendment to the Term Loan Facility, Mr. Wallinger provided the Company with $10.0 million of loans under the Term Loan Facility, effective as of June 15, 2023. As of December 31, 2024 and 2023, approximately $10.0 million was recorded as long-term debt on the Company's consolidated balance sheets related to these loans and approximately $2.4 million and $0.8 million of paid-in-kind interest on these loans had accrued as of December 31, 2024 and 2023, respectively. In November 2025, the Company repaid these loans with proceeds from the Credit Agreement.

**Purchases of Design Services and Office Furniture** 

The Company contracts with Studio D Design to design, furnish and build out offices and manufacturing areas for certain of its facilities. The Company paid approximately $0.3 million and $2.1 million for these services in the years ended December 31, 2024 and 2023, respectively. Studio D Design is owned and managed by Mr. Wallinger's wife, Danielle Wallinger.

**Tax Receivable Agreement** 

We plan to enter into a TRA with the TRA Holders prior to the completion of this offering. The TRA is expected to remain effective until the earlier of an Early Termination (as described below) or all of the Covered Tax Assets described below have been utilized or have expired and all related TRA obligations have been satisfied. The following is a summary of the material provisions of the TRA; it does not purport to be a complete description and is qualified in its entirety by reference to the full text of the TRA, which will be filed as an exhibit to the registration statement of which this prospectus forms a part.

------

##### [**Table of Contents**](#toc)
***Covered Tax Assets***

The TRA contemplates payments in respect of the following attributes of the Company and its subsidiaries (the "Company Group"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax credits and credit carryforwards of Company Group, including any foreign tax credits allowed under Code
Sections 901 or 960 (or analogous or similar provision of law) and any research and development tax credit carryforward allowed under Code Section 41 (or analogous or similar provision of law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deductions that have accrued for U.S. federal, state, and local income tax purposes by the Company Group and for
which the applicable deductions have been deferred by reason of Code Sections 163(e), 163(j), 170(d), 267 or other applicable section of the Code (or analogous or similar provision of law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net operating losses for U.S. federal, state, and local income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal, state and local income amortization and depreciation deductions attributable to any assets owned by
the Company Group, including, for the avoidance of doubt, items arising with respect to "amortizable section 197 intangibles" (as defined in Code Sections 197(c) and (d) (or analogous or similar provision of law)) and/or Code Section 174
(or analogous or similar provision of law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deductions available to the Company Group that relate to (i) costs and expenses incurred by the Company
Group as a result of the consummation of this offering; (ii) all success-based fees of professionals (including investment bankers and other consultants and advisors) paid by or on behalf of the Company Group (calculated taking into account any
applicable election made pursuant to Revenue Procedure 2011-29 for any fees to which it applies) in connection with this offering; (iii) the capitalized financing costs and expenses and any prepayment premium as a result of the satisfaction of
any indebtedness in connection with this offering; (iv) all sale, "stay-around," retention, change of control or similar bonuses or payments paid to current or former employees, directors or consultants of the Company Group in
connection with this offering; (v) the exercise or cancellation of any option in connection with this offering; (vi) any management agreement termination fees paid by or on behalf of the Company Group in connection with the consummation of
this offering; and (vii) any employment or social security taxes imposed with respect to any of the foregoing.

The Covered Tax Assets described above will generally be measured as of the consummation of this offering.

Although the actual amount and timing of the utilization of the Covered Tax Assets will vary depending upon our future taxable income, the applicable tax laws and other factors, we expect that these attributes will reduce the amount of cash taxes that the Company Group would otherwise be required to pay in future taxable years.

***Sharing of Tax Benefits***

Under the TRA, we will pay to the TRA Holders 85% of the aggregate cash tax savings that we actually realize (or are deemed to realize in certain circumstances described below) as a result of utilizing the Covered Tax Assets in any taxable year plus an interest charge that accrues at a rate of SOFR plus 300 basis points from the due date of the applicable U.S. federal income tax return utilizing the applicable Covered Tax Assets until the due date for payment (each, a "Tax Benefit Payment"). We will retain the remaining 15% of such cash tax savings.

The cash tax savings for a taxable year generally equals the excess, if any, of (i) the hypothetical liability for U.S. federal, state and local income taxes of the Company Group that would have been due in the absence of the Covered Tax Assets over (ii) the actual liability (taking into account the use of the Covered Tax Assets), in each case determined using the "with-and-without" methodology and the other computational conventions set forth in the TRA.

------

##### [**Table of Contents**](#toc)
***Timing of Payments; Interest***

Within 45 days after filing the Company Group's U.S. federal income tax return for a taxable year, we will deliver to the Rights Holder Representative (as defined in the TRA) a schedule showing our calculation of the realized tax benefit and the resulting Tax Benefit Payment due to the TRA Holders for such year. Tax Benefit Payments are generally due five business days after the schedule becomes final in accordance with the TRA. If we fail to make any required payment when due, the unpaid amount accrues interest at a per annum rate equal to SOFR plus 500 basis points until paid in full, and our payment obligations under the TRA may be accelerated as discussed below.

***Early Termination and Acceleration***

The TRA permits (or, in certain cases, requires) the acceleration of our payment obligations, in which case we would be required to make a lump-sum payment on the date specified in the TRA to the TRA Holders equal to (i) the present value of all anticipated future payments under the TRA (the "Early Termination Payment"), calculated using specified valuation assumptions and a discount rate equal to SOFR plus 100 basis points, (ii) any Tax Benefit Payment that is due and payable but unpaid as of the specified date in the TRA, and (iii) any Tax Benefit Payment due for the taxable year ending prior to, with or including the date specified in the TRA (except to the extent that such amount is included in the Early Termination Payment). Acceleration can occur upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• early voluntary termination by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a change of control of the Company (including certain mergers, asset sales or other business combinations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain dispositions of subsidiaries or assets such that Covered Tax Assets are transferred outside the Company
Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a material breach by us of our obligations under the TRA.

Because the Early Termination Payment is based on assumptions regarding future taxable income and other factors, the payment could materially exceed the actual tax benefits that we ultimately realize. In either case, the TRA Holders will not reimburse us for any excess payments, and we will retain any additional benefits.

***Impact on Our Liquidity and Indebtedness***

The TRA obligations are solely our obligations; our subsidiaries will have no direct obligations under the agreement, provided that the TRA requires us to take commercially reasonable actions to cause members of the Company Group to pay dividends or make loans to us to make payments under the TRA. We expect to fund payments under the TRA from cash generated by our operations and, if necessary, borrowings under our credit facilities. The TRA does not materially limit our ability to incur debt, but our credit agreements may restrict our ability to make payments under the TRA under certain circumstances, provided that, the TRA requires us to use commercially reasonable efforts not to, and to cause our subsidiaries to use commercially reasonable efforts not to, enter into any agreement or indenture or any amendment or modification to any agreement or indenture that would directly or indirectly impede (or further impede) our ability to make payments pursuant to the TRA. If we are unable to make TRA payments when due, the unpaid amounts will accrue interest as described above, which could materially affect our results of operations and cash flows.

***Additional Provisions***

The TRA contains provisions regarding the preparation of schedules, dispute-resolution procedures, audit coordination and confidentiality. We will have responsibility for tax matters of the Company Group, although we must keep the Rights Holder Representative reasonably informed of matters that could affect TRA payments and the Rights Holder Representative has consent rights with respect to certain actions that might adversely impact Covered Tax Assets (including, for the avoidance of doubt, consent rights with respect to certain tax audits or proceedings relating to Covered Tax Assets or matters that could adversely affecting the timing or amount of payments under the TRA).

------

##### [**Table of Contents**](#toc)
***Risk Considerations***

The obligations we incur under the TRA could be substantial and could materially adversely affect our liquidity. In certain circumstances, particularly an early termination or change of control, we could be required to make a significant lump-sum payment that may be greater than the cash tax savings that we expect to realize. Investors in this offering will benefit only from the portion of the cash tax savings we retain and will bear the cost of any TRA payments made to the Rights Holders (as defined in the TRA). See "Risk Factors—Risks Related to Litigation and Regulation."

**Registration Rights Agreement** 

In connection with this offering, we intend to enter into a registration rights agreement with AE Industrial Partners and certain other equityholders (the "Registration Rights Agreement"). AE Industrial Partners and such equityholders will be entitled to request that we register the shares held by them on a long-form or short-form registration statement on one or more occasions in the future, which registrations may be "shelf registrations." AE Industrial Partners and such equityholders will also be entitled to participate in certain of our registered offerings, subject to the restrictions in the Registration Rights Agreement. We will pay AE Industrial Partners and such equityholders' expenses in connection with their exercise of these rights. The registration rights described in this paragraph apply to (i) shares of our common stock held by AE Industrial Partners, the other equityholders party to the Registration Rights Agreement and their respective affiliates and (ii) any of our capital stock (or that of our subsidiaries) issued or issuable with respect to the common stock described in clause (i) with respect to any dividend, distribution, recapitalization, reorganization or certain other corporate transactions ("Registrable Securities"). These registration rights are also for the benefit of any subsequent holder of Registrable Securities; provided that any particular securities will cease to be Registrable Securities when they have been sold in a registered public offering, sold in compliance with Rule 144 of the Securities Act or repurchased by us or our subsidiaries. In addition, with the consent of the Company and holders of a majority of Registrable Securities, any Registrable Securities held by a person other than AE Industrial Partners, the other equityholders party to the Registration Rights Agreement and their respective affiliates will cease to be Registrable Securities if they can be sold without limitation under Rule 144 of the Securities Act.

**Director Nomination Agreement** 

In connection with this offering, we will enter into a director nomination agreement (the "Director Nomination Agreement") with AE Industrial Partners and Dirk Wallinger that provides such parties with the right to designate nominees to our board of directors, subject to certain conditions. The Director Nomination Agreement will provide AE Industrial Partners the right to designate (i) 100% of the total number of Directors comprising our board of directors (the "Total Number of Directors") as nominees for election to our board of directors for so long as AE Industrial Partners controls, in the aggregate, 40% or more of the total number of shares of our common stock controlled by it and its affiliates upon completion of this offering, as adjusted for any reorganization, recapitalization, stock dividend, stock split, reverse stock split or similar changes in our capitalization (the "Original Amount"); (ii) 40% of the Total Number of Directors for election to our board of directors for so long as AE Industrial Partners controls at least 30% and less than 40% of the Original Amount; (iii) 30% of the Total Number of Directors for election to our board of directors for so long as AE Industrial Partners controls at least 20% and less than 30% of the Original Amount; (iv) 20% of the Total Number of Directors for election to our board of directors for so long as AE Industrial Partners controls at least 10% and less than 20% of the Original Amount; and (v) one nominee for election to our board of directors for so long as AE Industrial Partners controls at least 10% of the Original Amount. For purposes of the Director Nomination Agreement, shares will be deemed "controlled" by AE Industrial Partners if it or its affiliates beneficial owns such shares, or possesses the right to direct the voting of such shares with respect to the election of the Company's directors. In addition, the Director Nomination Agreement provides that Mr. Wallinger will be entitled to designate one nominee to our board of directors for so long as he beneficially owns, in the aggregate, at least 60% of the shares beneficially owned by him upon completion of this offering. In each case, any

------

##### [**Table of Contents**](#toc)
applicable nominee nominated pursuant to the Director Nomination Agreement must comply with applicable law and stock exchange rules.

**Voting Agreements** 

In connection with this offering, the Voting Agreement Stockholders (as defined below) will enter into voting agreements (collectively, the "Voting Agreements") with the Company, pursuant to which such Voting Agreement Stockholders will grant the Company the right to direct the voting of the shares of common stock held by such other stockholders with respect to the election of the Company's directors. The stockholders expected to execute and deliver Voting Agreements to the Company include various pre-IPO partners of Holdings and holders of Class P Units (collectively, the "Voting Agreement Stockholders") including BlackRock, who is expected to beneficially own greater than 5% of our outstanding common stock upon completion of this offering. The Voting Agreement Stockholders have agreed to execute and deliver Voting Agreements as consideration for AE Industrial Partner's election to cause the liquidation of Holdings in connection with this offering, which benefits such stockholders by enabling them to receive and directly own shares of our common stock following the offering and the Company will exercise its rights under the Voting Agreement's for the benefit of AE Industrial Partners pursuant to the terms of the Director Nomination Agreement.

The Voting Agreements will provide the Company with the right to direct the voting of shares of common stock held by the Voting Agreement Stockholders with respect to matters relating to the nomination and election of the Company's directors. The Voting Agreements do not restrict the right of any Voting Agreement Stockholder to transfer or dispose of shares or our common stock, subject to applicable securities law and any other contractual obligations to which such Voting Agreement Stockholder may be subject. Each Voting Agreement will terminate upon the earliest of: (i) the Company ceasing to be a "controlled company" within the meaning of NYSE rules; (ii) the applicable Voting Agreement Stockholder ceasing to own any securities of the Company; or (iii) the receipt of written notice from the Company terminating such agreement.

**Consulting Agreement with AE Industrial Partners** 

On November 10, 2022, we and AE Industrial Partners, together with AE Industrial Operating Partners, LLC ("AE Operating"), an affiliate of AE Industrial Partners, entered into an agreement for consulting services related to our operations. Pursuant to this agreement, we have utilized AE Operating, the operating and consulting arm of AE Industrial Partners, for consulting services and paid to AE Operating and AE Industrial Partners related fees and expenses. We paid approximately $2.1 million and $1.0 million for the years ended December 31, 2024 and 2023, respectively, in connection with services provided by AE Operating and AE Industrial Partners. Additionally, the Company made a $5.0 million payment to AE Industrial Partners during the year ended December 31, 2023 for certain transaction costs in connection with AE Industrial Partners' acquisition of the Company in November 2022. In connection with the completion of this offering, we expect to enter into an amended and restated consulting services agreement with AE Operating, pursuant to which the Company will pay AE Operating an annual fee of approximately $2,400,000 for consulting and advisory services until the earlier of: (i) two years following the completion of our initial public offering or (ii) the time AE Industrial Partners beneficially owns less than 10% of our outstanding common stock.

**Indemnification of Officers and Directors and Insurance** 

Following completion of this offering, our certificate of incorporation and bylaws will provide that we will indemnify each of our directors and officers to the fullest extent permitted by Delaware law. In addition, we have entered, or will enter, into indemnification agreements with each of our directors and executive officers. See "Description of Capital Stock—Limitations of Liability, Indemnification and Advancement" below for more details. We also have purchased directors' and officers' liability insurance.

------

##### [**Table of Contents**](#toc)
**Directed Share Program** 

At our request, the underwriters have reserved up to 5% of the shares of common stock offered by this prospectus for sale, at the initial public offering price, to certain individuals associated with the Company and AE Industrial Partners. Except for reserved shares purchased by our executive officers and directors, these reserved shares of common stock will not be subject to the lock-up restrictions described elsewhere in this prospectus. We do not currently know the extent to which these related persons will participate in the Directed Share Program, if at all, but the number of shares of common stock available for sale to the general public will be reduced to the extent these related persons purchase such reserved shares of common stock. Any reserved shares of common stock that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares of common stock offered by this prospectus. See "Underwriting—Directed Share Program."

**Related Persons Transaction Policy** 

Prior to completion of this offering, we intend to adopt formal written procedures for the review, approval, or ratification of transactions with related persons, or the Related Persons Transaction Policy. The Related Persons Transaction Policy will provide that the audit committee of our board of directors will be charged with reviewing for approval or ratification all transactions with "related persons" (as defined in paragraph (a) of Item 404 of Regulation S-K) that are brought to the audit committee's attention. This policy is expected to take effect upon the effectiveness of the Corporate Conversion in connection with this offering. We also maintain certain compensation agreements and other arrangements with certain of our executive officers, which are described under "Executive Compensation" elsewhere in this prospectus.

------

##### [**Table of Contents**](#toc)
**CORPORATE CONVERSION** 

We currently operate as a Delaware limited liability company under the name Midco II which directly and indirectly holds all of the equity interests in our operating subsidiaries. Substantially concurrently with the effectiveness of the registration statement of which this prospectus forms a part, Midco II will convert into a Delaware corporation pursuant to a statutory conversion and will change its name to York Space Systems Inc. In this prospectus, we refer to all of the transactions related to our conversion into a corporation as the "Corporate Conversion." Following the Corporate Conversion, we will remain a holding company and will continue to conduct our business through our operating subsidiaries.

Prior to October 3, 2025, we operated through Midco I. On October 3, 2025, all of the outstanding equity of Midco I was contributed to Midco II in exchange for common units of Midco II. As a result, Midco I became a wholly owned subsidiary of Midco II effective as of October 3, 2025. We refer to the contribution of Midco I to Midco II as the "Common Control Reorganization."

All of the outstanding common units of Midco II are currently held by Holdings and controlled by investment funds managed by AE Industrial Partners. In addition, between October 3, 2025 and November 14, 2025, Midco II issued Class P Units with an aggregate liquidation preference of approximately $241.0 million (the "Class P Unit Issuance"). As of January 16, 2026 the aggregate liquidation preference of the Class P Units, including accrued but unpaid yield, was approximately $241.7 million. In connection with the effectiveness of the registration statement of which the prospectus forms a part, all Class P Units of Midco II will automatically convert into a number of shares of our common stock equal to: (i) the aggregate liquidation preference of such Class P Units divided by (ii) the initial public offering price discounted by a discount of 20%. At the time of the Corporate Conversion, all Class P Units will convert into a number of shares of our common stock equal to the Class P Issuance Amount and all outstanding common units of Midco II will convert into an aggregate of 99,558,713 shares of our common stock.

Immediately following the Corporate Conversion, Holdings will distribute all common stock received upon conversion of the common units of Midco II to its limited partners and liquidate in the Holdings Liquidation. As a result of the Holdings Liquidation, all partners of Holdings, including investment funds managed by AE Industrial Partners, will become direct holders of our common stock. We refer to the Corporate Conversion, together with the Holdings Liquidation, as the "Organizational Transactions." Following the completion of the Organizational Transactions and prior to the closing of this offering, AE Industrial Partners will hold approximately 27.4% of York Space Systems Inc.'s outstanding common stock. York Space Systems Inc. will have several wholly owned direct and indirect subsidiaries that are legacies from the corporate structure that existed prior to this offering. See the section entitled Corporate Conversion.

In connection with the Holdings Liquidation, the Partnership Board will approve the Incentive Unit Distributions. Certain shares of common stock distributed in respect of unvested Incentive Units will be subject to time vesting and the recipients of such shares will enter into restricted stock agreements with us in connection with the receipt of such shares. We expect to recognize approximately $135.9 million of compensation expense as a result of such distributions, based on an initial public offering price of $32.00, which is the midpoint of the estimated price range set forth on the cover of this prospectus. The exact number of shares distributed in the Incentive Unit Distributions are subject to future vesting, and the compensation expense recognized by us, will vary based on the actual initial public offering price.

Prior to the consummation of this offering, Midco II intends to enter into a Tax Receivable Agreement (as defined herein) with the TRA Holders (including investment funds managed by AE Industrial Partners and certain of our officers and directors) that will require us to make payments to the TRA Holders in an amount equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax attributes of York Space Systems. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

------

##### [**Table of Contents**](#toc)
**DESCRIPTION OF CERTAIN INDEBTEDNESS** 

The following is a summary of the material provisions relating to our material indebtedness. The following summary does not purport to be complete and is subject to, and qualified in its entirety by reference to, the provisions of the corresponding agreement or instrument, including the definitions of certain terms therein that are not otherwise defined in this prospectus. You should refer to the relevant agreement or instrument for additional information, copies of which are filed as exhibits to the registration statement of which this prospectus is a part.

In November 2025, we entered into the Credit Agreement among Interco Holdings, the Pre-IPO Borrower, the Company, only after the Company becomes a party thereto as a borrower pursuant to the Credit Agreement, the lenders and issuing banks party thereto from time to time and Wells Fargo Bank, National Association, as the administrative agent, the collateral agent and the swingline lender. The Credit Agreement provides for the Term Loan Facility in the aggregate principal amount of $150.0 million and the Revolving Facility in the aggregate principal amount of $150.0 million. Borrowings under the Term Loan Facility and Revolving Facility bear interest at a floating rate on the unpaid principal amount thereof equal to (i) initially, (x) 3.50% per annum (or 3.00% per annum following a qualified IPO), in the case of Term SOFR Loans and (y) 2.50% per annum (or 2.00% per annum following a qualified IPO), in the case of ABR Loans, (ii) on and after the Leverage Covenant Toggle Date (as defined in the Credit Agreement) but prior to the consummation of any qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio (as defined in the Credit Agreement) as of the end of the fiscal quarter of the Pre-IPO Borrower:

---

| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR Margin** | **ABR Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 3.25% | 2.25% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 3.00% | 2.00% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.75% | 1.75% |

---

and (iii) on and after both the Leverage Covenant Toggle Date and the consummation of a qualified IPO, the applicable rate per annum set forth in the pricing grid below under the caption "Term SOFR Margin" or "ABR Margin," as the case may be, based upon the Total Net Leverage Ratio as of the end of the Company's fiscal quarter:

---

| | | | |
|:---|:---|:---|:---|
| **Level** | **Total Net Leverage Ratio** | **Term SOFR Margin** | **ABR Margin** |
| I | If the Total Net Leverage Ratio is greater than 3.00:1.00 | 2.75% | 1.75% |
| II | If the Total Net Leverage Ratio is less than or equal to 3.00:1.00 and greater than 2.00:1.00 | 2.50% | 1.50% |
| III | If the Total Net Leverage Ratio is less than or equal to 2.00:1.00 | 2.25% | 1.25% |

---

All obligations under the Credit Agreement are guaranteed by Interco Holdings and certain subsidiaries of the Pre-IPO Borrower or the Company, as applicable, comprised of all domestic subsidiaries of the Pre-IPO Borrower or the Company, as applicable, except certain excluded subsidiaries and are secured by substantially all of the Pre-IPO Borrower's or the Company's, as applicable, assets. The Term Loan Facility and Revolving Facility are expected to mature on November 14, 2028.

The Credit Agreement contains customary mandatory prepayments, including with respect to asset sale proceeds, proceeds of certain recovery events, and proceeds from certain incurrences of indebtedness. The

------

##### [**Table of Contents**](#toc)
principal amount owed under the Credit Agreement shall be due and payable on the maturity date. The Credit Agreement contains customary affirmative covenants and negative covenants. The Credit Agreement contains (i) a minimum revenue covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a minimum amount of revenue set forth below as of the last day of any each such fiscal quarter and measured on a trailing twelve month basis:

---

| | |
|:---|:---|
| **Date** | **Minimum Revenue** |
|  March 31, 2026 | $245591268 |
|  June 30, 2026 | $264387082 |
|  September 30, 2026 | $319190794 |
|  December 31, 2026 | $372510143 |
|  March 31, 2027 | $426903024 |
|  June 30, 2027 | $501782812 |
|  September 30, 2027 | $554984539 |
|  December 31, 2027 | $616972315 |
|  March 31, 2028 | $676839498 |
|  June 30, 2028 | $722972451 |
|  September 30, 2028 | $758499673 |

---

(ii) a minimum liquidity covenant, in effect from March 31, 2026 to (but not including) the first business day following the occurrence of a Leverage Covenant Toggle Date, that requires us not to permit Liquidity (defined as unrestricted cash together with amounts available for borrowing under the Revolving Facility), as of the last day of each fiscal quarter, to be less than (x) initially, $105,000,000 or (y) upon and after the repayment of the Term Loan Facility in full, 35.0% of the outstanding revolving commitment as of such date, and (iii) a maximum consolidated first lien net leverage ratio covenant, in effect commencing upon the occurrence of a Leverage Covenant Toggle Date, that requires us to maintain a consolidated total net leverage ratio of less than (x) 4.50 to 1.00 for the fiscal quarters ending March 31, 2026, June 30, 2026, September 30, 2026 and December 31, 2026, (y) 4.25 to 1.00 for the fiscal quarters ending March 31, 2027, June 30, 2027, September 30, 2027 and December 31, 2027 and (z) 4.00 to 1.00 for the fiscal quarters ending March 31, 2028, June 30, 2028 and September 30, 2028. The Credit Agreement also includes customary equity cure provisions that permit us to cure defaults in respect of either of the foregoing financial covenants.

The Credit Agreement Obligations are and will be guaranteed by the Credit Agreement Guarantors. The Credit Agreement Obligations are secured by first priority liens on substantially all assets, subject to customary exceptions, of the Pre-IPO Borrower or the Company, as applicable, and the Credit Agreement Guarantors.

------

##### [**Table of Contents**](#toc)
**DESCRIPTION OF CAPITAL STOCK** 

The following descriptions are summaries of our capital stock, certain provisions of our certificate of incorporation and bylaws, as each will be in effect upon the completion of this offering, and certain provisions of Delaware law. Please note that these summaries are not intended to be exhaustive. For further information, you should also refer to the full versions of our certificate of incorporation and the bylaws, which are filed as exhibits to the registration statement of which this prospectus is a part.

**General** 

Upon the completion of this offering, our certificate of incorporation will provide for one class of common stock. In addition, our certificate of incorporation will authorize shares of undesignated preferred stock, the rights, preferences, and privileges of which may be designated from time to time by our board of directors.

Upon the completion of this offering, our authorized capital stock will consist of 1,100,000,000 shares of capital stock, all with a par value of $0.0001 per share, of which 1,000,000,000 shares will be designated as common stock and 100,000,000 shares will be designated as preferred stock.

Following this offering, we expect to have 125,000,000 shares of our common stock outstanding, held of record by approximately 255 stockholders. Upon completion of this offering, no shares of our preferred stock will be designated, issued or outstanding.

**Common Stock** 

***Voting Rights***

Each share of our common stock entitles its holder to one vote per share on all matters to be voted upon by the stockholders. There is no cumulative voting, which means that a holder or group of holders of more than 50% of the shares of our common stock can elect all of our directors.

***Dividend Rights***

The holders of our common stock are entitled to receive, and will share ratably in, dividends when and as declared by our board of directors from legally available sources, subject to the prior rights of the holders of our preferred stock, if any. See "Dividend Policy."

***Preemptive or Similar Rights***

Our common stock is not entitled to preemptive rights. The rights of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares of any series of our preferred stock that our board of directors may designate and issue in the future.

***Liquidation Rights***

Upon our liquidation, dissolution or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our common stock and any participating preferred stock outstanding at that time after payment of liquidation preferences, if any, on any outstanding shares of preferred stock and payment of claims of creditors.

***Conversion or Redemption Rights***

Our common stock will be neither convertible nor redeemable.

------

##### [**Table of Contents**](#toc)
**Preferred Stock** 

Our board of directors will be authorized to issue up to 100,000,000 shares of our preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, to fix the designation, powers, preferences, and rights of the shares of each series and any qualifications, limitations, or restrictions thereof, in each case without further action by our stockholders. Subject to the terms of any series of preferred stock so designated, our board of directors is also authorized to increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding. Our board of directors may authorize the issuance of preferred stock with voting or conversion or other rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in our control and could adversely affect the market price of our common stock and the voting and other rights of the holders of our common stock.

**Anti-Takeover Provisions** 

Below are brief summaries of various anti-takeover provisions which will be contained primarily in our organizational documents. We believe the benefits of these provisions, including increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure our company, outweigh the disadvantages of discouraging takeover proposals, because negotiation of takeover proposals could result in an improvement of their terms.

***Anti-Takeover Statute***

Our certificate of incorporation will provide that we are not governed by Section 203 of the DGCL which, in the absence of such provisions, would have imposed additional requirements regarding mergers and other business combinations.

However, our certificate of incorporation, which will become effective on the consummation of this offering, will include a provision that restricts us from engaging in any business combination with an interested stockholder for three years following the date that person becomes an interested stockholder. These restrictions will not apply to any business combination involving AE Industrial Partners or any affiliate of AE Industrial Partners or their respective direct and indirect transferees, on the one hand, and us, on the other.

Additionally, we would be able to enter into a business combination with an interested stockholder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• before that person became an interested stockholder, our board of directors approved the transaction in which the
interested stockholder became an interested stockholder or approved the business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon consummation of the transaction that resulted in the interested stockholder becoming an interested
stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the
interested stockholder) stock held by directors who are also officers of our Company and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held under the plan will be tendered in a tender
or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the transaction in which that person became an interested stockholder, the business combination is
approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least 66 2/3% of our outstanding voting stock not owned by the interested stockholder.

------

##### [**Table of Contents**](#toc)
In general, a "business combination" is defined to include mergers, asset sales, and other transactions resulting in financial benefit to a stockholder and an "interested stockholder" is any person who, together with affiliates and associates, is the owner of 15% or more of our outstanding voting stock or is our affiliate or associate and was the owner of 15% or more of our outstanding voting stock at any time within the three-year period immediately before the date of determination. Under our certificate of incorporation, an "interested stockholder" generally will not include AE Industrial Partners or any affiliate of AE Industrial Partners or their respective direct and indirect transferees.

This provision of our certificate of incorporation could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.

***Anti-Takeover Effects of Certain Provisions of Our Certificate of Incorporation and Bylaws to Be in Effect Upon the Completion of This Offering Undesignated Preferred Stock***

As discussed above, our board of directors will have the ability to issue preferred stock with voting or other rights or preferences that could impede the success of any attempt to acquire control of us. These and other provisions may have the effect of deterring hostile takeovers or delaying changes in control or management.

***Board Classification***

Our certificate of incorporation, which will be in effect upon the completion of this offering, will provide for a board of directors comprised of three classes of directors, with each class serving a three-year term beginning and ending in different years than those of the other two classes. Only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three- year terms. The classification of our board of directors and the limitations on the ability of our stockholders to remove directors without cause following the time when AE Industrial Partners ceases to beneficially own or control, through share ownership and contractual arrangements, at least 40% of the shares of our outstanding common stock (the "Trigger Date") could make it more difficult for a third party to acquire, or discourage a third party from seeking to acquire, control of us.

***Action by Written Consent; Special Meetings of Stockholders***

Our certificate of incorporation will provide that, from and after the time when AE Industrial Partners ceases to beneficially own or control, through share ownership and contractual arrangements, at least 35% of the shares of our outstanding common stock (the "Stockholder Consent Trigger Date"), our stockholders may not act by written consent, which may lengthen the amount of time required to take stockholder actions. As a result, following the Stockholder Consent Trigger Date, a holder controlling a majority of our common stock would not be able to amend our bylaws or remove directors without holding a meeting of our stockholders called in accordance with our bylaws. In addition, our certificate of incorporation will provide that, from and after the Stockholder Consent Trigger Date, special meetings of the stockholders may be called only by the chairperson of our board of directors, our Chief Executive Officer, or our board of directors. Following the Stockholder Consent Trigger Date, stockholders may not call a special meeting of stockholders, which may delay the ability of our stockholders to force consideration of a proposal or for holders controlling a majority of our common stock to take any action, including the removal of directors.

***Advance Notice Procedures***

Our bylaws will establish advance notice procedures with respect to stockholder proposals and stockholder nomination of candidates for election as directors; provided, however, that at any time when AE Industrial Partners beneficially owns or controls, through share ownership and contractual arrangements, in the aggregate,

------

##### [**Table of Contents**](#toc)
at least 10% in voting power of the common stock of the Company entitled to vote generally in the election of directors, such advance notice procedure will not apply to AE Industrial Partners. These provisions may have the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed. These provisions may also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of us.

***Removal of Directors; Vacancies***

Our certificate of incorporation will provide that, from and after the Trigger Date, directors may only be removed for cause by the affirmative vote of at least two thirds of the voting power of our outstanding common stock. Prior to the Trigger Date, directors may be removed with or without cause by the affirmative vote of at least a majority of the voting power of our outstanding common stock. Except in the case of a vacancy arising with respect to a director designated by AE Industrial Partners where AE Industrial Partners continues to have a right of designation, our board of directors has the sole power to fill any vacancy on our board of directors, whether such vacancy occurs as a result of an increase in the number of directors or otherwise.

***No Cumulative Voting***

Because our stockholders will not have cumulative voting rights, stockholders holding a majority of the voting power of the common stock outstanding will be able to elect all of our directors. The absence of cumulative voting makes it more difficult for a minority stockholder to nominate and elect a director to our board of directors in order to influence our board of directors' decision regarding a takeover or otherwise.

**Amendment of Charter and Bylaw Provisions** 

Our certificate of incorporation will provide that, following the Trigger Date, the amendment of certain of the provisions of our certificate of incorporation described in this prospectus will require approval by holders of at least two-thirds of the voting power of our outstanding common stock. Our certificate of incorporation will provide that our board of directors may from time to time adopt, amend, alter, or repeal our bylaws without stockholder approval. The stockholders may adopt, amend, alter, or repeal our bylaws by the affirmative vote of a majority of the voting power of our outstanding common stock (other than certain specified bylaws which, following the Trigger Date, will require the affirmative vote of two-thirds of our outstanding common stock).

The combination of these provisions will make it more difficult for another party to obtain control of us by replacing our board of directors. Because our board of directors has the power to retain and discharge our officers, these provisions could also make it more difficult for another party to effect a change in management.

These provisions are intended to enhance the likelihood of continued stability in the composition of our board of directors and its policies and to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to reduce our vulnerability to hostile takeovers and to discourage certain tactics that may be used in proxy fights. However, such provisions could have the effect of discouraging others from making tender offers for our shares and may have the effect of delaying changes in our control or management.

**Corporate Opportunity** 

Section 122(17) of the DGCL permits a corporation to renounce, in advance, in its certificate of incorporation or by action of its board of directors, any interest or expectancy of a corporation in certain classes or categories of business opportunities. Where business opportunities are so renounced, certain of our officers and directors will not be obligated to present any such business opportunities to us. Upon the completion of this offering, our certificate of incorporation will provide that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, employee, managing director, or other affiliate of AE Industrial

------

##### [**Table of Contents**](#toc)
Partners will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to AE Industrial Partners, as applicable, instead of us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, managing director, or other affiliate has directed to AE Industrial Partners, as applicable. This provision may not be modified without the written consent of AE Industrial Partners until such time as AE Industrial Partners does not own any of our outstanding shares of common stock.

**Choice of Forum** 

**Limitations on Liability and Indemnification of Officers and Directors** 

The DGCL authorizes corporations to limit or eliminate the personal liability of directors or officers to corporations and their stockholders for monetary damages for breaches of directors' or officers' fiduciary duties, subject to certain exceptions. Our certificate of incorporation will include a provision that eliminates the personal liability of directors and officers for monetary damages for any breach of fiduciary duty as a director or officer, respectively, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. The effect of these provisions will be to eliminate the rights of us and our stockholders, through stockholders' derivative suits on our behalf, to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, respectively, including breaches resulting from grossly negligent behavior. However, exculpation will not apply to any director or officer if the director or officer has acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends or redemptions, or derived an improper benefit from his or her actions as a director or officer.

Our bylaws will provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the DGCL. We also will be expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers, and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance will be useful to attract and retain qualified directors and officers.

The limitation of liability, indemnification, and advancement provisions that will be included in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against directors for breaches of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

------

##### [**Table of Contents**](#toc)
There is currently no pending material litigation or proceeding involving any of our directors, officers, or employees for which indemnification is sought.

**Transfer Agent and Registrar** 

The transfer agent and registrar for our common stock is Equiniti Trust Company, LLC. The transfer agent's address is 28 Liberty Street, 53rd Floor, New York, New York 10005 and its phone number is 718-921-8157.

**Listing** 

We have applied to list our common stock on the NYSE under the symbol "YSS."

------

##### [**Table of Contents**](#toc)
**SHARES ELIGIBLE FOR FUTURE SALE** 

Prior to this offering, no public market existed for our capital stock. Future sales of substantial amounts of common stock in the public market, the availability of shares for future sale, or the perception that such sales may occur, could adversely affect the market price of our common stock and/or impair our ability to raise equity capital.

Upon the completion of this offering, 125,000,000 shares of our common stock will be outstanding, or 127,400,000 shares of our common stock if the underwriters exercise in full their option to purchase additional shares of common stock.

All of the shares of common stock sold in this offering will be freely tradable without restrictions or further registration under the Securities Act, except for any shares sold to our "affiliates," as defined in Rule 144 under the Securities Act. The outstanding shares of our common stock held by existing stockholders are "restricted securities," as defined in Rule 144. Restricted securities may be sold in the public market only if the offer and sale is registered under the Securities Act or if the offer and sale of those securities qualifies for exemption from registration, including exemptions provided by Rule 144 or Rule 701 under the Securities Act.

We intend to file with the SEC a registration statement on Form S-8 covering the shares of common stock reserved for issuance under the 2026 Stock Plan. Such registration statement is expected to be filed and become effective as soon as practicable after completion of this offering. Upon effectiveness, the shares of common stock covered by the registration statement of which this prospectus forms a part will generally be eligible for sale in the public market, subject to vesting restrictions, any applicable lock-up agreements described below and Rule 144 limitations applicable to affiliates.

As a result of lock-up agreements described below and the provisions of Rules 144 and 701, shares of our common stock will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all the shares of common stock sold in this offering will be eligible for immediate sale upon the completion of
this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantially all of the shares of our common stock outstanding prior to this offering will be eligible for sale
upon expiration of lock-up agreements described below, beginning 181 days after the date of this prospectus, subject in certain circumstances to the volume, manner of sale and other limitations under Rules 144
and 701.

We may issue shares of our capital stock from time to time for a variety of corporate purposes, including in capital-raising activities through future public offerings or private placements, in connection with the exercise of stock options and warrants, vesting of RSUs and other issuances relating to our employee benefit plans and as consideration for future acquisitions, investments, or other purposes. The number of shares of our capital stock that we may issue may be significant, depending on the events surrounding such issuances. In some cases, the shares we issue may be freely tradable without restriction or further registration under the Securities Act; in other cases, we may grant registration rights covering the shares issued in connection with these issuances, in which case the holders of the shares will have the right, under certain circumstances, to cause us to register any resale of such shares to the public.

**Rule 144** 

In general, persons who have beneficially owned restricted shares of our common stock for at least six months, and, subject to certain restrictions, described below, any affiliate of ours who owns either restricted or unrestricted shares of our common stock, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144.

------

##### [**Table of Contents**](#toc)
***Non-Affiliates***

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale may sell an unlimited number of restricted securities under Rule 144 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the restricted securities have been held for at least six months, including the holding period of any prior owner
other than one of our affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

***Affiliates***

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale would be subject to the restrictions described above. Sales of restricted or unrestricted shares of our common stock by affiliates are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three-month period only that number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our common stock then outstanding, which will equal
approximately 1,250,000 shares immediately following the completion of this offering (or 1,274,000 shares if the underwriters exercise in full their option to purchase additional shares of common stock); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a
notice on Form 144 with respect to the sale.

**Rule 701** 

In general, under Rule 701, a person who purchased shares of our common stock pursuant to a written compensatory plan or contract and who is not deemed to have been one of our affiliates during the immediately preceding 90 days may sell these shares in reliance upon Rule 144, but without being required to comply with the holding period, notice, manner of sale, public information requirements or volume limitation provisions of Rule 144. Rule 701 also permits affiliates to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required to wait until 90 days after the date of this prospectus before selling such shares pursuant to Rule 701, subject to the expiration of the lock-up agreements described below.

**Lock-Up Agreements** 

In connection with this offering, we and our officers, directors, and holders of substantially all of our common stock and securities convertible into or exercisable for our common stock, including AE Industrial Partners, have agreed, subject to certain exceptions, not to dispose of or hedge any of their common stock or securities convertible into or exchangeable for shares of common stock during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of at least two of the representatives (which must include Goldman Sachs & Co. LLC) on behalf of the

------

##### [**Table of Contents**](#toc)
underwriters. Assuming (i) an initial public offering price of $32.00 (the midpoint of the estimated price range set forth on the cover page of this prospectus), (ii) no exercise of the underwriters' option to purchase additional shares of our common stock and (iii) the outstanding aggregate total preference amount of each Class P Unit is $1,000, approximately 4,720,644 shares of common stock held by the Class P unit holders will be automatically released from the lock-up restrictions described herein upon the satisfaction of the Class P Lock-up Release Condition (as defined herein). See "Underwriting."

The agreements do not contain any pre-established conditions to the waiver by the written consent of at least two of the representatives (which must include Goldman Sachs & Co. LLC) on behalf of the underwriters of any terms of the lock-up agreements. Any determination to release shares subject to the lock-up agreements would be based on a number of factors at the time of determination, including but not necessarily limited to the market price of the common stock, the liquidity of the trading market for the common stock, general market conditions, the number of shares proposed to be sold and the timing, purpose, and terms of the proposed sale.

**Registration Rights** 

After the completion of this offering, the holders of substantially all shares of our common stock outstanding prior to this offering will be entitled to certain rights with respect to the registration of such shares under the Securities Act. The registration of these shares of our common stock under the Securities Act would result in these shares becoming eligible for sale in the public market without restriction under the Securities Act immediately upon the effectiveness of such registration. See "Certain Relationships and Related Party Transactions—Registration Rights Agreement" for a description of these registration rights.

------

##### [**Table of Contents**](#toc)
**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS** 

The following discussion is a summary of certain material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership, and disposition of our common stock issued pursuant to this offering but does not purport to be a complete analysis of all potential tax considerations relating thereto. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local, or non-U.S. tax laws are not discussed. This discussion is based on the Code, Treasury regulations promulgated or proposed thereunder (the "Treasury Regulations"), judicial decisions and published rulings, and administrative pronouncements of the U.S. Internal Revenue Service (the "IRS"), in each case as in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to those discussed below regarding the tax consequences of the purchase, ownership, and disposition of our common stock.

This discussion is limited to Non-U.S. Holders who purchase our common stock pursuant to this offering and who hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a
conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and other financial institutions (except to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers, or certain electing traders in securities, commodities, or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that elect to use a mark-to-market method of accounting for their holdings in our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "passive foreign investment companies," and
corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pass-through entities other than partnerships (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our common stock pursuant to the exercise of any employee stock options or otherwise
as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that own or have owned (actually or constructively) more than five percent of our capital stock (except
to the extent specifically set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules as a result of any item of gross income with respect to our
common stock being taken in account in an "applicable financial statement" (as defined in Section 451(b)(3) of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" (within the meaning of Section 897(1)(2)) of the Code and
entities, all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans.

------

##### [**Table of Contents**](#toc)
In addition, this discussion does not address the tax treatment of partnerships (or entities or arrangements that are treated as partnerships for U.S. federal income tax purposes) or persons that hold our common stock through such partnerships. If any entity or arrangement classified as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership, and certain determinations made at the partner level. Accordingly, partnerships holding our common stock and partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them of the purchase, ownership, and disposition of our common stock.

THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP, AND DISPOSITION OF OUR COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL, OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.

**Definition of a Non-U.S. Holder** 

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our common stock that is neither a "United States person" nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes. A United States person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or
organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and all substantial decisions of
which are under the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) or (2) has a valid election in effect to be treated as a United States person for U.S. federal income
tax purposes.

**Distributions** 

As described in the section entitled "Dividend Policy," we do not anticipate declaring or paying dividends to holders of our common stock in the foreseeable future. However, if we do make distributions of cash or property on our common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes generally will constitute a non-taxable return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its common stock, but not below zero. Any excess amounts generally will be treated as capital gain and will be treated as described below under "Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, backup withholding, and Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act ("FATCA")), dividends paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends or such lower rate specified by an applicable income tax treaty, provided that the Non-U.S. Holder furnishes to the applicable withholding agent prior to the payment of the dividends a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation or successor form) certifying qualification for the lower treaty rate. The Non-U.S. Holder will be

------

##### [**Table of Contents**](#toc)
required to update such forms and certifications, as applicable, from time to time as required by law. A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above if the Non-U.S. Holder satisfies applicable certification and disclosure requirements. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI (or a successor form), certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States. The Non-U.S. Holder will be required to update such forms and certifications, as applicable, from time to time as required by law. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different treatment.

Any such effectively connected dividends will generally be subject to U.S. federal income tax on a net income basis at the regular rates generally applicable to "United States persons" (as defined in the Code) unless an applicable income tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected dividends. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different treatment.

**Sale or Other Taxable Disposition** 

Subject to the discussion below on backup withholding and FATCA, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's
conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which
such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the
United States for 183 days or more during the taxable year of the disposition and certain other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our common stock constitutes a U.S. real property interest (a "USRPI"), by reason of our status as a
U.S. real property holding corporation (a "USRPHC"), for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates generally applicable to United States persons unless an applicable income tax treaty provides otherwise. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will include such effectively connected gain.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on any gain derived from the sale or other taxable disposition, which may generally be offset by U.S. source capital losses of the Non-U.S. Holder for the applicable taxable year (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair

------

##### [**Table of Contents**](#toc)
market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance that we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market during the calendar year in which the taxable disposition occurs, and such Non-U.S. Holder owned, actually and constructively, five percent or less of our common stock throughout the shorter of (1) the five-year period ending on the date of the sale or other taxable disposition or (2) the Non-U.S. Holder's holding period. No assurance can be provided that our common stock will be regularly traded on an established securities market at all times for purposes of the rules described above. If we were to become a USRPHC and our common stock were not considered to be "regularly traded" on an established securities market during the calendar year in which the relevant disposition by a Non-U.S. Holder occurs, such Non-U.S. Holder (regardless of the percentage of stock owned) would be subject to U.S. federal income tax on a sale or other taxable disposition of our common stock and a 15% withholding tax would apply to the gross proceeds from such disposition. No assurance can be provided that our common stock will continue to be regularly traded on an established securities market for purposes of the rules described above.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different treatment.

**Information Reporting and Backup Withholding** 

Payments of distributions on our common stock generally will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the Non-U.S. Holder is a United States person and the Non-U.S. Holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E, or W-8ECI (or other applicable or successor form), or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers by a Non-U.S. Holder generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such Non-U.S. Holder is a United States person or the Non-U.S. Holder otherwise establishes an exemption. If a Non-U.S. Holder does not provide the certification described above or the applicable withholding agent has actual knowledge or reason to know that such Non-U.S. Holder is a United States person, payments of distributions or of proceeds of the sale or other taxable disposition of our common stock may be subject to backup withholding at a rate currently equal to 24% of the gross proceeds of such distribution, sale, or taxable disposition. Proceeds of a sale or other taxable disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that does not have certain enumerated relationships with the U.S. generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

Non-U.S. Holders should consult their tax advisors regarding information reporting and backup withholding.

------

##### [**Table of Contents**](#toc)
**Additional Withholding Tax on Payments Made to Foreign Accounts** 

Withholding taxes may be imposed under FATCA and other administrative guidance issued thereunder, on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the discussion of certain proposed Treasury Regulations below) gross proceeds from the sale or other disposition of, our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code) (including, in some cases, when such foreign financial institution or non-financial foreign entity is acting as an intermediary), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) if the foreign entity is not a "foreign financial entity," the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each direct and indirect substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise establishes that it qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States-owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to noncompliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the Code, applicable Treasury Regulations, and administrative guidance, withholding under FATCA generally applies to payments of dividends on our common stock. On December 13, 2018, the U.S. Department of the Treasury released proposed regulations (which may be relied upon by taxpayers until final regulations are issued), which eliminate FATCA withholding on the gross proceeds from a sale or other disposition of our common stock. We will not pay additional amounts or "gross up" payments to Non-U.S. Holders as a result of any withholding or deduction for taxes imposed under FATCA. Under certain circumstances, certain Non-U.S. Holders might be eligible for refunds or credits of such taxes. Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

------

##### [**Table of Contents**](#toc)
**UNDERWRITING** 

The Company and the underwriters named below have entered into an underwriting agreement with respect to the shares being offered. Subject to certain conditions, each underwriter has severally agreed to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC, Jefferies LLC and Wells Fargo Securities, LLC are the representatives of the underwriters.

---

| | |
|:---|:---|
| **Underwriters** | **Number of<br>Shares** |
|  Goldman Sachs & Co. LLC |  |
|  Jefferies LLC |  |
|  Wells Fargo Securities, LLC |  |
|  J.P. Morgan Securities LLC |  |
|  Citigroup Global Markets Inc. |  |
|  Truist Securities, Inc. |  |
|  Robert W. Baird & Co. Incorporated |  |
|  Raymond James & Associates, Inc. |  |
|  Canaccord Genuity LLC |  |
|  Needham & Company, LLC |  |
|  Academy Securities, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 16000000 |

---

The underwriters are committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters have an option to buy up to an additional 2,400,000 shares of common stock from the Company to cover sales by the underwriters of a greater number of shares than the total number set forth in the table above. They may exercise that option for 30 days from the date of this prospectus. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares in approximately the same proportion as set forth in the table above.

The following tables show the per share and total underwriting discounts and commissions to be paid to the underwriters by the Company. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase 2,400,000 additional shares.

---

| | | |
|:---|:---|:---|
| **Paid by the Company** | **No Exercise** | **Full Exercise** |
|  Per Share | $| $|
|  Total | $| $|

---

Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of up to $ per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We have agreed that, for a period of 180 days after the date of this prospectus (the "restricted period") we will not (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially submit to the SEC a registration statement under the Securities Act relating to, any of our securities that are substantially similar to the shares, including but not limited to any options or warrants to purchase shares or any securities that are convertible into

------

##### [**Table of Contents**](#toc)
or exchangeable for, or that represent the right to receive, shares or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing, or (ii) enter into, or publicly disclose the intention to enter into, any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the shares or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of shares or such other securities, in cash or otherwise, without the prior written consent of at least two of the representatives (which must include Goldman Sachs & Co. LLC) on behalf of the underwriters; provided, however, that the restrictions described above shall not apply to (A) the offer, issuance, sale and disposition of the shares in this offering; (B) the issuance of shares pursuant to employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date of this prospectus; (C) grants of stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of the shares or securities convertible into or exercisable or exchangeable for the shares (whether upon the exercise of stock options or otherwise) to our employees, officers, directors, advisors or consultants pursuant to the terms of an equity compensation plan described herein; (D) the issuance, offer or entry into an agreement providing for the issuance of up to 10% of the total number of shares outstanding immediately following the offering of the shares contemplated by this prospectus in acquisitions or other strategic transactions, provided that such recipients enter into a lock-up agreement with the underwriters; (E) the filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to any plan in effect on the date the shares are delivered and described in this prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction contemplated by clause (D); or (F) the submission of a confidential registration statement in connection with the exercise of any registration rights described in this prospectus and any preparations related thereto, provided that such submission or preparations do not require or result in the public filing of a registration statement with the SEC or any other public announcement of such proposed registration by the Company or any third party during the restricted period (and no such filing, public announcement, or activity shall be voluntarily made or taken by the Company or any third party during the restricted period), and provided further that the Company shall notify the representatives prior to making any such submission; and provided, further, that in the case of clauses (B) and (C), we shall (a) cause each recipient of such securities that is a member of our board of directors, an executive officer or a beneficial holder of 1% of our fully-diluted capital stock to execute and deliver to the representatives, prior to or substantially concurrently with the issuance of such securities, a lock-up agreement (which, for the avoidance of doubt, shall not extend the restricted period beyond 180 days after the date of this prospectus) to the extent not already executed and delivered by such recipients as of the date hereof and (b) enter stop transfer instructions with our transfer agent and registrar on such securities with respect to all recipients of such securities, which we agrees we will not waive or amend without prior written consent of at least two of the representatives (which must include Goldman Sachs & Co. LLC) on behalf of the underwriters.

Our directors, executive officers, and the holders of substantially all of our common stock and securities convertible into or exercisable for our common stock (such persons, the "lock-up parties") have agreed that, for the duration of the restricted period, the lock-up parties may not (and may not cause any of their direct or indirect affiliates to), without the prior written consent of at least two of the representatives (which must include Goldman Sachs & Co. LLC) on behalf of the underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares, or any options or warrants to purchase any shares, or any securities convertible into, exchangeable for or that represent the right to receive shares (such shares, options, rights, warrants or other securities, collectively, "Lock-Up Securities"), including without limitation any such Lock-Up Securities now owned or hereafter acquired by a lock-up party, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the lock-up party or someone other than the lock-up party), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for

------

##### [**Table of Contents**](#toc)
thereunder) would be settled by delivery of shares or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "Transfer"), (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above.

Notwithstanding the foregoing, the lock-up parties may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the Lock-Up Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as one or more *bona fide* gifts or charitable contributions, or for *bona fide* estate planning
purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon death by will, testamentary document or intestate succession,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the lock-up party is a natural person, to any member of the lock-up party's immediate family (for purposes of the lock-up agreement, "immediate family" shall mean any relationship by blood, current or former marriage,
domestic partnership or adoption, not more remote than first cousin) or to any trust, partnership, limited liability company or other entity for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party or, if the lock-up party is a trust, to a trustor or beneficiary of the trust or the estate of a beneficiary of such trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a partnership, limited liability company or other entity of which the lock-up party and the immediate family of the lock-up party are the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under
clauses (a)(i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the lock-up party is a corporation, partnership, limited liability
company, trust or other business entity, (A) to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the lock-up party, or to any investment fund or other entity which fund or entity is controlled or managed by the lock-up party or affiliates of the lock-up party, or (B) as part of a distribution by the lock-up party to its stockholders, current or former partners, members or other equityholders or to the
estate of any such stockholders, partners, members or other equityholders,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or
separation agreement or other order of a court or regulatory authority,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to us from an employee upon death, disability or termination of employment, in each case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if the lock-up party is not an officer or director of the Company or a
stockholder holding 10% or more of the Company's common stock, in connection with a sale or transfer of the lock-up party's shares of common stock acquired (A) from the underwriters in this
offering (including shares of common stock purchased pursuant to our Direct Share Program) or (B) in open market transactions after the closing date of this offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to us in connection with the vesting, settlement or exercise of restricted stock units, options, warrants or
other rights to purchase shares (including, in each case, by way of "net" or "cashless" exercise), including any transfer to us for the payment of tax withholdings or remittance payments due as a result of the vesting,
settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other
equity award plan, or pursuant to the terms of convertible securities, each as described in the registration statement, the preliminary prospectus relating to the shares included in the registration statement immediately

------

##### [**Table of Contents**](#toc)
prior to the time the underwriting agreement is executed and the prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the terms of the lock-up agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in connection with the conversion, exchange or reclassification of any of our outstanding securities into
shares, or any conversion, exchange or reclassification of the shares, provided that any such shares received upon such conversion, exchange or reclassification shall be subject to the terms of the lock-up agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) with the prior written consent of at least two of the representatives (which must include Goldman Sachs &
Co. LLC) on behalf of the underwriters;

provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (xi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of the lock-up agreement, (C) in the case of clauses (a)(iii), (iv), (v) and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution, and (D) in the case of clauses (a)(i), (ii), (vii), (viii), (ix), (x) and (xi) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the restricted period, such filing, report or announcement shall clearly indicate in the footnotes thereto (A) the circumstances of such transfer or distribution and (B) in the case of a transfer or distribution pursuant to clauses (a)(i), (ii) or (vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement in the form of the lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into or amend a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the transfer, sale or other disposition of the lock-up party's Lock-Up Securities, if then permitted by us, provided that none of the securities subject to such plan may be transferred, sold or otherwise disposed of until after the expiration of the restricted period and no public announcement, report or filing under
the Exchange Act, or any other public filing, report or announcement, shall be voluntarily made regarding the establishment of such plan during the restricted period, and if such filing, report or announcement shall be legally required during the
restricted period, such filing, report or announcement shall clearly indicate that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the restricted
period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer the lock-up party's Lock-Up Securities pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by our board and made to all holders of our capital stock involving a
change of control; provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the lock-up party's Lock-Up Securities shall remain subject to the provisions of the lock-up agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent the lock-up party has demand and/or piggyback
registration rights under any registration rights agreement described in this prospectus, the lock-up party may notify the Company privately that the lock-up party is or
will be exercising his, her or its demand and/or piggyback registration rights under any such registration rights agreement following the expiration of the restricted period and undertake preparations related thereto; provided that the foregoing
notification and/or preparations do not request, require or result in the public filing of a registration statement with the SEC or any other public announcement of such proposed registration by the undersigned, the Company or any third party during
the restricted period (and no such filing, public announcement or activity shall be voluntarily made or taken by the undersigned, the Company or any third party during the restricted period); provided further that the Company shall notify the
representatives upon receipt of such notice.

------

##### [**Table of Contents**](#toc)
Notwithstanding the foregoing, solely with respect to lock-up parties that are Class P unit holders, if the closing price per share of our common stock on the NYSE is at least 15% greater than the initial public offering price per share of our common stock for at least five consecutive trading days ending on or after the date that is 90 days after the date of this prospectus (the "Class P Lock-up Release Condition"), then a number of shares of common stock will be automatically released from the foregoing restrictions as of the immediately succeeding trading day in an aggregate amount equal to the lesser of (x) 15% of the number of shares of common stock sold in this offering (including shares sold pursuant to the over-allotment option, if any) and (y) 50% of the aggregate number of shares of common stock issued to the Class P unit holders upon conversion of the Class P Units, such released shares to be allocated on a pro rata basis with respect to each Class P unit holder.

Prior to the offering, there has been no public market for the shares. The initial public offering price has been negotiated among the Company and the representatives. Among the factors to be considered in determining the initial public offering price of the shares, in addition to prevailing market conditions, will be the Company's historical performance, estimates of the business potential and earnings prospects of the Company, an assessment of the Company's management and the consideration of the above factors in relation to market valuation of companies in related businesses.

We have applied to list our common stock on the NYSE under the symbol "YSS."

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the Company's stock, and together with the imposition of the penalty bid, may stabilize, maintain, or otherwise affect the market price of the common stock. As a result, the price of the common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the NYSE, in the over-the-counter market or otherwise.

The Company estimates that its share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $10.2 million. The Company also agreed to reimburse the underwriters for certain Financial Industry Regulatory Authority ("FINRA")-related expenses incurred by them

------

##### [**Table of Contents**](#toc)
in connection with the offering in an amount up to $50,000. The underwriters have agreed to reimburse certain of our expenses in connection with the offering.

The Company has agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market-making, brokerage, and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to the Company and to persons and entities with relationships with the Company, for which they received or will receive customary fees and expenses. In particular, affiliates of Goldman Sachs & Co. LLC, Jefferies LLC, Wells Fargo Securities, LLC and J.P. Morgan Securities LLC, the underwriters in this offering, are lenders, joint lead arrangers and joint bookrunners under the Credit Agreement, and affiliates of Citigroup Global Markets Inc. and Truist Securities, Inc., underwriters in this offering, are lenders under the Credit Agreement, and an affiliate of Wells Fargo Securities, LLC, is administrative agent and collateral agent under the Credit Agreement, and accordingly, such entities have received and are entitled to receive additional customary fees and expenses in connection therewith.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps, and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities, and/or instruments of the Company (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the Company. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities, and instruments.

**Directed Share Program** 

At our request, the underwriters have reserved up to 5% of the shares of common stock offered by this prospectus for sale, at the initial public offering price, to certain individuals associated with the Company and AE Industrial Partners. Except for reserved shares purchased by our executive officers and directors, these reserved shares of common stock will not be subject to the lock-up restrictions described elsewhere in this prospectus. We do not currently know the extent to which these related persons will participate in the Directed Share Program, if at all, but the number of shares of common stock available for sale to the general public will be reduced to the extent these related persons purchase such reserved shares of common stock. Any reserved shares of common stock that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares of common stock offered by this prospectus.

**Selling Restrictions** 

***European Economic Area***

In relation to each Member State of the European Economic Area (each a "Member State"), no common shares (the "Shares") have been offered or will be offered pursuant to the offering to the public in that Member State prior to the publication of a prospectus in relation to the Shares which has been approved by the competent authority in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member State, all in accordance with the Prospectus Regulation), except that offers of Shares may be made to the public in that Member State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under the Prospectus Regulation;

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus
Regulation), subject to obtaining the prior consent of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that no such offer of Shares shall require the Issuer or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any Shares in any Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

***United Kingdom***

In relation to the UK, no shares have been offered or will be offered pursuant to this offering to the public in the UK prior to the publication of a prospectus in relation to the shares that either (i) has been approved by the Financial Conduct Authority, or (ii) is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provision in Regulation 74 of the Prospectus (Amendment etc.) (EU Exit) Regulations 2019, except that offers of shares may be made to the public in the UK at any time under the following exemptions under the UK Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined in Article 2 of the UK Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined in Article 2 of the UK
Prospectus Regulation), subject to obtaining the prior consent of the Representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000, as
amended, or the FSMA;

provided that no such offer of units shall require the issuer or any underwriter to publish a prospectus pursuant to section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to any units in the UK means the communication in any form and by any means of sufficient information on the terms of the offer and any units to be offered so as to enable an investor to decide to purchase or subscribe for any units, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

***Switzerland***

The shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland.

Neither this prospectus nor any other offering or marketing material relating to the shares or the offering may be publicly distributed or otherwise made publicly available in Switzerland. Neither this prospectus nor any other offering or marketing material relating to the offering, the Company, the shares have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the

------

##### [**Table of Contents**](#toc)
offer of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes ("CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of shares.

***Canada***

The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption form, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment hereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

***Hong Kong***

The shares may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong), or the Companies (Winding Up and Miscellaneous Provisions) Ordinance, or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong), or the Securities and Futures Ordinance, or (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

***Singapore***

This prospectus has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares may not be circulated or distributed, nor may the shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore, or the SFA) under Section 274 of the SFA, or (ii) to an accredited investor as defined in Section 4A of the SFA pursuant to and in accordance with the conditions specified in Section 275 of the SFA.

------

##### [**Table of Contents**](#toc)
Singapore Securities and Futures Act Product Classification—Solely for the purposes of our obligations pursuant to Section 309B(1)(a) and 309B(1)(c) of the SFA, we have determined, and hereby notify all relevant persons (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018, or the CMP Regulations) that the shares are "prescribed capital markets products" (as defined in the CMP Regulations) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products). Any reference to any term as defined in the SFA, or any provision in the SFA is a reference to that term as modified or amended from time to time including by such of its subsidiary legislation as may be applicable at the relevant time.

***Japan***

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended), or the FIEA. The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

***Australia***

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission ("ASIC"), in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the "Corporations Act"), and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

Any offer in Australia of the shares may only be made to persons (the "Exempt Investors") who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations Act.

The shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation, or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives, and circumstances, and, if necessary, seek expert advice on those matters.

***Brazil***

The offer and sale of the securities have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution no 160, dated 13 July 2022, as amended ("CVM resolution 160") or unauthorized distribution under Brazilian laws and regulations. The securities may

------

##### [**Table of Contents**](#toc)
only be offered to Brazilian professional investors (as defined by applicable CVM regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. the trading of these securities on regulated securities markets in Brazil is prohibited.

***Israel***

This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the shares is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum, or the

Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

------

##### [**Table of Contents**](#toc)
**LEGAL MATTERS** 

The validity of the shares of common stock being offered by this prospectus will be passed upon for us by Kirkland & Ellis LLP, Chicago, Illinois. Certain legal matters in connection with this offering will be passed upon for the underwriters by Davis Polk & Wardwell LLP, New York, New York.

------

##### [**Table of Contents**](#toc)
**EXPERTS** 

The audited financial statements included in this prospectus and elsewhere in the registration statement have been so included in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

------

##### [**Table of Contents**](#toc)
**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock offered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and our common stock, we refer you to the registration statement, including the exhibits filed as a part thereof. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

Upon the completion of this offering, we will be subject to the information reporting requirements of the Exchange Act, and we will file reports, proxy statements, and other information with the SEC. These reports, proxy statements, and other information will be available on the website of the SEC referred to above.

We also maintain a website at www.yorkspacesystems.com, at which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Information contained on, or that can be accessed through, our website is not incorporated by reference in this prospectus, and you should not consider information on our website to be part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

------

##### [**Table of Contents**](#toc)
**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS** 

**Yellowstone Midco Holdings, LLC**

---

| | |
|:---|:---|
|  | **Page** |
|  **Audited Consolidated Financial Statements** |  |
|  [Report of Independent Registered Public Accounting Firm](#fin941199_1) | F-2 |
|  [Consolidated Balance Sheets](#fin941199_2) | F-3 |
|  [Consolidated Statements of Operations and Comprehensive Loss](#fin941199_3) | F-4 |
|  [Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital](#fin941199_4) | F-5 |
|  [Consolidated Statements of Cash Flows](#fin941199_5) | F-6 |
|  [Notes to Consolidated Financial Statements](#fin941199_6) | F-7 |

---

---

| | |
|:---|:---|
|  [**Condensed Consolidated Balance Sheets (Unaudited)**](#fin941199_7) | F-37 |
|  [Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)](#fin941199_8) | F-38 |
|  [Condensed Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital (Unaudited)](#fin941199_9) | F-39 |
|  [Condensed Consolidated Statements of Cash Flows (Unaudited)](#fin941199_10) | F-40 |
|  [Notes to Condensed Consolidated Financial Statements (Unaudited)](#fin941199_11)<br>| F-41 |

---

**Yellowstone Midco Holdings II, LLC** 

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  **Audited Financial Statement** |  |  |
|  [Report of Independent Registered Public Accounting Firm](#fin941199_12) |  | F-55 |
|  [Balance sheet as of September 4, 2025](#fin941199_13) |  | F-56 |
|  [Notes to financial statement](#fin941199_14) |  | F-57 |

---

---

| | |
|:---|:---|
| **Interim Financial Statement (unaudited)** |  |
|  [Balance sheet as of September 30, 2025 (unaudited)](#fin941199_15) | F-59 |
|  [Notes to financial statement (unaudited)](#fin941199_16) | F-60 |

---

------

##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

Board of Directors and Unitholders

Yellowstone Midco Holdings, LLC

**Opinion on the financial statements** 

We have audited the accompanying consolidated balance sheets of Yellowstone Midco Holdings, LLC (a Delaware limited liability company) and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, changes in redeemable preferred units and member's capital, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion** 

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Company's auditor since 2025.

Denver, Colorado

September 28, 2025

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Consolidated Balance Sheets** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>December 31,<br>2024** | **As of<br>December 31,<br>2023** |
|  **Assets** |  |  |
|  Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $104656 | $81149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 2135 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 34602 | 23273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 51645 | 44059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 21558 | 73289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | 12661 | 17184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 227257 | 241249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets, net | 35112 | 29626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net | 21612 | 23234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 610832 | 610873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangibles, net | 423995 | 459497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 1457 | 1432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1320265** | $**1365911** |
|  **Liabilities, Temporary Equity and Member's Capital** |  |  |
|  Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | $165636 | $93420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 50599 | 37230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables |  | 14460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 2572 | 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | 7640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, current | 6730 | 9881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 225537 | 164642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, less current portion | 20519 | 22174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, less current portion | 4132 | 5482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net | 182249 | 181533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party long-term debt, net | 14784 | 14727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 3071 | 2047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables, less current portion | 3683 | 1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | 19959 | 38409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $**473934** | $**430233** |
|  Commitments and contingencies (See Note 12) |  |  |
|  **Temporary Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred units (56,619,831 authorized, issued and outstanding at December 31, 2024; 46,619,831 authorized, issued and outstanding at December 31, 2023; $68,413 and $51,011 liquidation preference as of December 31, 2024 and 2023, respectively) | 68413 | 51011 |
|  **Member's Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units (1,078,929,080 authorized, issued and outstanding at December 31, 2024 and 2023) | 963213 | 970615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss | (810) | (374) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (184485) | (85574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | 777918 | 884667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities, temporary equity and member's capital** | $**1320265** | $**1365911** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Consolidated Statements of Operations and Comprehensive Loss** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **2024** | **2023** |
|  Revenue | $253531 | $238103 |
|  Cost of revenues | 221110 | 183199 |
|  **Gross profit** | **32421** | **54904** |
|  Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 103947 | 94073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 20440 | 6973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 124387 | 101046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(91966)** | **(46142)** |
|  Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (29923) | (26175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1201 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | (3600) | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (32322) | (22620) |
|  **Loss before provision for income taxes** | **(124288)** | **(68762)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 25377 | 39106 |
|  **Net loss** | $**(98911)** | $**(29656)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | (436) | (797) |
|  **Comprehensive loss** | $**(99347)** | $**(30453)** |
|  **Net loss per common unit** |  |  |
|  Net loss | (98911) | (29656) |
|  Less: Accretion of redeemable preferred units | 7402 | 4391 |
|  **Net loss available to common unitholders** | **(106313)** | **(34047)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $(0.10) | $(0.03) |
|  **Weighted-average common units outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | 1078929080 | 1075271545 |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable<br>Preferred Units** | **Redeemable<br>Preferred Units** | **Common Units** | **Common Units** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  | **Units** | **Amount** | **Units** | **Amount** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  **Balance at December 31, 2022** |  | $— | 772013564 | $963592 | $(55918) | $423 | $908097 |
|  Issuance of Redeemable preferred units | 46619831 | 46620 |  |  |  |  |  |
|  Issuance of Common units for acquisition of Emergent |  |  | 15000000 | 10842 |  |  | 10842 |
|  Non-cash member's contribution |  |  |  | 572 |  |  | 572 |
|  Recapitalization |  |  | 291915516 |  |  |  |  |
|  Foreign currency translation adjustment |  |  |  |  |  | (797) | (797) |
|  Accretion of Redeemable preferred units |  | 4391 |  | (4391) |  |  | (4391) |
|  Net loss |  |  |  |  | (29656) |  | (29656) |
|  **Balance at December 31, 2023** | **46619831** | $**51011** | **1078929080** | $**970615** | $**(85574)** | $**(374)** | $**884667** |
|  Issuance of Redeemable preferred units | 10000000 | 10000 |  |  |  |  |  |
|  Foreign currency translation adjustment |  |  |  |  |  | (436) | (436) |
|  Accretion of Redeemable preferred units |  | 7402 |  | (7402) |  |  | (7402) |
|  Net loss |  |  |  |  | (98911) |  | (98911) |
|  **Balance at December 31, 2024** | **56619831** | $**68413** | **1078929080** | $**963213** | $**(184485)** | $**(810)** | $**777918** |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Consolidated Statements of Cash Flows** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended<br>December 31,** | **For the year ended<br>December 31,** |
|  | **2024** | **2023** |
|  **Cash flows from operating activities** |  |  |
|  Net loss | $(98911) | $(29656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 48072 | 44395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 773 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash lease expense | 2555 | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of capitalized commissions | 5770 | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax benefit | (18376) | (54382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | (23) | 5135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | (11461) | (17093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | (7346) | (8519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 51731 | (10174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | (1247) | (4825) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | (28) | (178) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | 72302 | 61282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 13393 | 16475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions | (4501) | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable | (7838) | 7058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables | (11996) | (3781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 770 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets and operating lease liabilities, net | (2025) | (1532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by operating activities** | **31614** | **15701** |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (18048) | (18496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of business, net of cash acquired |  | (44358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | **(18048)** | **(62854)** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from long-term debt |  | 34146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from related party long-term debt |  | 14700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of Redeemable preferred units | 10000 | 46619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | **10000** | **95465** |
|  **Net increase in cash** | **23566** | **48312** |
|  Effect of exchange rate changes on cash | (59) | (130) |
|  Cash and cash equivalents, beginning of period | 81149 | 32967 |
|  **Cash at end of period** | $**104656** | $**81149** |
|  **Supplemental disclosures of cash flow information** |  |  |
|  Cash payments for interest | $27093 | $25098 |
|  Cash paid for taxes | 50 | 4509 |
|  **Noncash operating, investing, and financing** |  |  |
|  Issuance of Common units for acquisition of Emergent |  | 10842 |
|  Non-cash member's contribution |  | 572 |
|  Changes in accounts payable and accruals for purchases of fixed assets | 279 | (1530) |

---

*The accompanying notes are an integral part of these consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 1. The Company and Basis of Presentation** 

Yellowstone MidCo Holdings, LLC, together with its wholly owned subsidiaries (collectively, the "Company"), is a privately held company based in Denver, Colorado.

The Company's primary operating entity, York Space Systems ("York") is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address its customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the entire mission lifecycle.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. York delivers mission critical solutions in a zero-tolerance for error environment where systems must work. York believes it is uniquely positioned to capture an outsized share of growth in its core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle.

York was founded in 2012 to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost.

For the years ending December 31, 2024 and 2023, 98% and 97%, respectively, of the Company's revenue was derived based in the U.S. market.

***Basis of Presentation***

The Company's Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the Company's accounts and the accounts of the Company's wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosures of contingencies at the reporting date, as well as the reported amounts of revenue and expenses during the reporting periods. Estimates have been prepared using the most recent and best available information. Although Management believes the estimates that have been used are reasonable, actual results could materially differ from the estimates that were used. Adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation.

***Balance Sheet Classifications***

The Company classifies certain assets and liabilities as current utilizing the duration of the related contract or program as the Company's operating cycle, which is generally longer than one year. This primarily impacts receivables, contract assets, inventories, and contract liabilities under construction contracts which may extend

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

beyond one year. All other assets and liabilities are classified based on whether the asset will be realized or the liability will be paid within one year.

***Cash and Cash Equivalents***

Cash and cash equivalents is comprised of cash on hand and short-term deposits with an original maturity at the date of purchase for three months or less. As of December 31, 2024 and 2023, the Company had deposits at two financial institutions. Both of those institutions maintained Federal Deposit Insurance Corporation ("FDIC") deposit insurance limiting coverage to $250 per depositor at December 31, 2024 and 2023. The excess over $250 for each financial institution represents a credit risk to the Company. The Company has not experienced any losses in such accounts.

***Accounts Receivable***

Accounts receivable are based on amounts billed to customers. The Company bills customers as work progresses in accordance with agreed upon contractual terms, either at periodic intervals, upon achievement of contractual milestones or upon deliveries. The carrying amount of accounts receivable are stated at cost, net of allowance for credit losses.

The Company continually evaluates the need for an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments, which results in bad debt expense. The Company periodically determines the adequacy of this allowance by evaluating the comprehensive risk profiles of all individual customer receivable balances including, but not limited to, the customer's financial condition, credit agency reports, financial statements, credit limit and overall current economic conditions. Normally accounts receivable are due 30 days after issuance of the invoice. Delinquent receivables are written off based on individual credit evaluation and specific circumstances of the customer. The provision for expected credit losses is recorded in selling, general, and administrative expenses in the consolidated statements of operations.

***Inventories***

Inventory is stated at the lower of cost or net realizable value. Cost is calculated on a first-in, first-out ("FIFO") basis. Inventory consists primarily of parts and sub-assemblies used in the manufacturing of satellites. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expense. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. Changes in these estimates are included in cost of revenues in the consolidated statements of operations and comprehensive loss. There have been no adjustments to reduce inventory to its net realizable value for the years ended December 31, 2024 and 2023.

***Contract Assets and Liabilities***

Contract assets include unbilled amounts typically resulting from sales under contracts when the percentage-of-completion cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. When costs incurred plus recognized profit (less recognized losses) on a contract exceeds progress billings, the net amount is recorded as a contract asset. Contract assets are classified as current based on the Company's operating cycle and include amounts that may be billed and collected beyond one year due to the long-cycle nature of the Company's contracts.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Contract liabilities include advance payments and billings in excess of revenue recognized. When progress billings exceed costs incurred plus recognized profit (less recognized losses), the net amount is recorded as a contract liability. Contract liabilities are classified as current based on the Company's contract operating cycle and reported on a contract-by-contract basis, net of revenue recognized, at the end of each reporting period.

***Deferred Contract Costs***

Sales commissions earned by the Company's employees are considered incremental costs of obtaining a contract. An asset is recognized for sales commissions if the Company expects the period of benefit from these costs to be more than one year. The Company amortizes the deferred contract costs over the period of expected benefit, which is typically three to four years, consistent with the pattern of revenue recognition of the related performance obligation. The amortized costs are recorded in selling, general, and administrative expense in the Company's consolidated statements of operations and comprehensive loss. The Company expenses sales commissions as incurred when the period of benefit is less than one year. Deferred contract costs are included in capitalized commissions, net, for the current portion, and other long-term assets, for the non-current portion, on the Company's consolidated balance sheets.

***Fixed assets***

Fixed assets are measured at cost less accumulated depreciation. Depreciation and amortization are computed using a straight-line method over the estimated useful lives of the assets, which range from 3 to 8 years. Leasehold improvements are amortized over the shorter of the useful lives of the related assets or the lease term. Additions, renewals, and betterments that significantly extend the life of an asset are capitalized. Expenditures for repairs and maintenance are charged to operations, as incurred. The Company occasionally designs and builds its own machinery. The cost of these projects, including direct material and labor, and other indirect costs directly attributable to the construction, are capitalized as construction in progress. No provision for depreciation is made on construction in progress until the related assets are completed and placed in service.

Expected useful lives for fixed assets are reviewed at least annually. Estimated useful lives are as follows:

---

| | | |
|:---|:---|:---|
| **Asset** | **Estimated useful life in years** | **Estimated useful life in years** |
|  Leasehold improvements |  | Shorter of estimated useful life or lease term |
|  Orbiting satellites |  | 5 |
|  Machinery and equipment |  | 5 – 8 |
|  Computer equipment |  | 3 |
|  Software |  | 3 – 5 |
|  Furniture and fixtures |  | 4 – 7 |

---

For assets sold or otherwise disposed of, the cost and related accumulated depreciation and amortization are derecognized and removed from the consolidated balance sheets, and any related gain or loss is reflected in operations in the period realized.

***Finite-lived Intangible Assets***

Finite-lived intangible assets consist of customer relationships, developed technology, trade names and licenses. These finite-lived intangible assets are reported at cost, net of accumulated amortization, and are either amortized on a straight-line basis over their estimated useful lives or over the period the economic benefits of the intangible asset are consumed.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

***Impairment of Long-lived Assets***

The carrying values of long-lived assets, which include equipment and other assets, and all finite-lived intangible assets, are evaluated periodically for impairment when circumstances indicate the carrying value of an asset may not be recoverable. Recoverability is measured by comparing the undiscounted future cash flows expected to be generated from the asset group to the carrying value of the asset group. If the test for recoverability identifies a possible impairment, the asset group's fair value is measured, using valuation techniques such as discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. An impairment loss is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value and is recognized as an expense in the period it is determined. No impairment losses have been recognized for the year ended December 31, 2024 and 2023.

***Goodwill***

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. The Company evaluates goodwill for impairment annually at October 1 and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company has determined that its business comprises one reporting unit. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considers factors in performing a qualitative assessment including, but not limited to, general macroeconomic conditions, industry and market conditions, company financial performance, changes in strategy, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or does not pass the qualitative assessment, a quantitative assessment is performed.

When a quantitative assessment is performed, the Company utilizes a discounted cash flow approach, which incorporates key assumptions such as future growth rates, terminal values, and discount rates. This process compares the estimated fair value of the reporting unit to the reporting unit's carrying value, including goodwill. The Company recognizes a goodwill impairment charge for the amount by which the reporting unit's carrying amount exceeds its fair value up to the amount of goodwill. If the fair value of a reporting unit exceeds its carrying value, goodwill of the reporting unit is considered not to be impaired. For the years ended December 31, 2024 and 2023, the Company elected to perform a qualitative assessment for its annual review of goodwill to determine whether or not indicators of impairment exist. As a result of the qualitative assessment, no indicators of impairment were identified that would require further testing for impairment.

***Redeemable Preferred Units***

The Company's Redeemable preferred units represent legal form of equity, are not mandatorily redeemable, and do not constitute unconditional obligations that may require issuance of a variable number of the Company's units. The Redeemable preferred units are classified as mezzanine (or temporary) equity as the Redeemable preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the Redeemable preferred units controls the Company and can make such distribution at any time and in the form of cash or other assets. Subsequent remeasurement of the carrying value of the Redeemable preferred units is required as they are currently redeemable. The Company records Redeemable preferred units at an amount equal to the then current maximum redemption value at the end of each reporting period.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

***Fair Value Measurements***

The Company measures certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Under the fair value standards, fair value is based on the exit price in the principal or most advantageous market for the asset or liability. The fair value measurement hierarchy is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect internal market assumptions. The following hierarchy classifies the inputs used to determine fair value into three levels:

• Level 1 – Quoted prices in active markets for identical assets or liabilities.

• Level 2 – Inputs, other than quoted prices in active markets, that are observable either directly or
indirectly; and

• Level 3 – Unobservable inputs in which there is little or no market data and that are significant to
the fair value of the assets and liabilities

Valuation techniques that maximize the use of observable inputs are favored. Assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. Reclassifications of fair value between Level 1, Level 2 and Level 3 of the fair value hierarchy, if applicable, are made at the end of each reporting period. See Note 16 – Fair Value Measurements for further details.

***Concentration of Credit Risk***

The Company's operating results are closely correlated with economic and budgetary actions of the U.S. Federal Government. Changes in any of these factors may significantly affect Management's estimates and the Company's performance. The Company has a proven set of supply chain partners; however, it is subject to the same general delays and shortages that impact the global supply chain. The Company's supply chain team works closely with these vendors to ensure that production timelines are met per customer requirements.

Approximately 93% and 90% of revenues for the years ended December 31, 2024 and 2023, respectively, were derived from one customer.

***Revenue Recognition***

The Company recognizes revenue in accordance with the five-step model under the Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers* ("ASC 606") which involves (i) identification of the contract(s), (ii) identification of performance obligations in the contract, (iii) determination of the transaction price, (iv) allocation of the transaction price to the previously identified performance obligations and (v) recognition of revenue as the performance obligations are satisfied.

The Company's revenues are primarily derived from firm-fixed-price ("FFP") contracts with both domestic U.S. Federal Government-controlled agencies as well as commercial customers and recognizes revenue for these arrangements over time. These contracts generally span several years in duration. Revenue arrangements where revenue is recognized at a point in time are immaterial as a percentage of total revenues to the consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts with customers generally do not include a right of return relative to delivered products. In certain cases, contracts are modified to account for changes in the contract specifications or requirements. In most instances, contract modifications are accounted for as part of the existing contract as modifications take place when the Company is in process of completing a performance obligation.

The Company's typical contracts include two performance obligations. The first performance obligation consists of the combined design, development, and integration of a specified number of satellites on payloads constituting a fully functional constellation of satellites once successfully launched in space, as well as the design, development, and delivery of the hardware and software components constituting a ground system missions control to strategically operate the satellites to obtain mission critical data. While acknowledging the assessment required significant judgment, the Company ultimately determined that the various promises constitute a single combined performance obligation because the Company deemed each promise to not be individually distinct within the context of the contract since the Company performs a significant service of integrating the inputs into a combined output for which the customer has contracted: that is, a fully functional constellation of satellites that reports real-time information to the customer for strategic operations of the customer. Further, the Company concluded that the hardware and software developed for the customer and installed at the customer's ground missions control are highly interdependent and highly interrelated with the satellites. The hardware and software serve as an interface to obtain the desired data from the constellation. The software enables the satellites to maneuver in space and communicate with each other and the ground systems in order to perform their intended function.

The second performance obligation consists of operations and maintenance services that operate the ground systems by sending instructions and commands to the satellites, obtaining data from the satellites, as well as maintenance and updates to the software. The Company concluded that these services constitute a series of daily time increments that are satisfied over time.

The Customer's contracts also typically include customer options to acquire additional operations and maintenance services. The pricing of these options is reflective of the standalone selling price for these services and therefore does not provide the customer with a material right that would constitute a separate performance obligation. Instead, the options are accounted for only when the customer exercises the option to purchase the additional services.

For some contracts, the Company arranges for launch services from a third-party provider. As the Company does not obtain control of the services before they are provided to the customer, the Company concluded it is acting as an agent when arranging for launch services. Upon reviewing the indicators in ASC 606, the Company does not establish pricing for the services, rather, it is entitled to a fee for its arranging services. The Company also is not primarily responsible for the launch services and does not have inventory risk or procure the services without a customer lined up.

Once the Company identifies the performance obligations, it determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. Typical contracts include variable consideration in the form of contingent milestone payments. The milestones are established at contract inception and outline the specifications and criteria that must be met for the Company to invoice the customer for the corresponding milestone payment. The Company utilizes the most likely approach to estimate

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

variable consideration as most of the milestones have only two possible outcomes. The Company continuously considers the constraint guidance and typically does not constrain variable consideration as it deems it not probable that inclusion of the variable payments in the transaction price would result in a significant revenue reversal of cumulative revenue recognized to date for any single contract. The Company carefully establishes project milestones with consultation of its engineers and experts that have significant experience in achieving such milestones.

The Company allocates the transaction price to its identified performance obligation based upon their stand-alone-selling-price ("SASP"). Because the Company does not have observable SASP, it estimates SASP using a cost-plus-margin approach.

The Company recognizes revenue for its performance obligations over time as the Company's performance creates an asset with no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date (for the design and build of the satellites and ground systems performance obligation) and as the customer benefits as the Company performs (for the operations and maintenance services performance obligation).

For the design and build of the satellites and ground systems performance obligation, the Company recognizes revenue using the percentage of completion method ("POC"), based on the proportion of total costs incurred relative to total estimated costs-at-completion ("EAC"). An EAC includes all direct costs and indirect costs directly attributable to a contract or allocable based on the Company's project cost pooling arrangements. The Company believes that this method represents the most faithful depiction of the Company's performance because it directly measures value transferred to the customer. Contract estimates are based on various assumptions to project the outcome of future events that may span several years. These assumptions include, but are not limited to, the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed; the cost and availability of materials; the availability of subcontractor services and materials; and the availability and timing of funding from the customer. The Company bears the risk of changes in estimates to complete on FFP contracts, which may cause profit levels to vary from period to period. For the operations and maintenance services performance obligation, the Company recognizes revenue on a straight-line basis over time.

Contracts are often modified for changes in contract value, specifications or requirements, which may result in scope and/or price changes. Most of the Company's contract modifications are for goods or services that are not distinct in the context of the contract and are therefore accounted for as part of the original performance obligation through a cumulative EAC adjustment.

Accounting for long-term contracts requires significant judgment relative to estimating total contract revenues and costs, in particular, assumptions relative to the amount of time to complete the contract, including the assessment of the nature and complexity of the work to be performed. The Company's estimates are based upon the professional knowledge and experience of its engineers, program managers and other personnel, who review each long-term contract quarterly to assess the contract's schedule, performance, technical matters and estimated cost at completion. If, at the time of the contract award or at any time during the life of a contract it becomes probable that total contract costs will exceed total contract revenue, the expected loss is recognized immediately in the consolidated statements of operations and comprehensive loss. A cumulative catch-up adjustment is recorded for changes in the transaction price or estimate at completion during the period when such revisions occur.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

For long-term contracts, the portion of the payments retained by the customer is not considered a significant financing component. At contract inception, the Company also expects that the lag period between the transfer of a promised good or service to a customer and when the customer pays for that good or service will not constitute a significant financing component. Many of the Company's long-term contracts have milestone payments, which align the payment schedule with the progress towards completion on the performance obligation. On some contracts, the Company may be entitled to receive an advance payment, which is not considered a significant financing component because it is used to facilitate inventory demands at the onset of a contract and to safeguard the Company from the failure of the other party to abide by some or all of their obligations under the contract.

***U.S. Federal Government Contracts***

The Company has engineering and construction contracts with the U.S. Federal Government, which typically provide the customer with the unilateral right to cancel the contract whenever the federal buying agency deems the cancelation is in the public interest. Under a termination for convenience clause, the Company is entitled to recover all costs incurred to the termination date, plus other costs not recovered at termination (such as ongoing costs not able to be discontinued, for example, rental costs), as well as an allowance for profit or fee. The U.S. Federal Government also typically has the right to the goods produced and in process under the contract at the time of a termination. Approximately 95% and 94% of revenues for the years ended December 31, 2024 and 2023, respectively, were derived from projects contracted by the U.S. Federal Government.

***Cost of revenues***

Cost of revenues consists primarily of direct material and labor costs, which include salaries, bonuses, and benefits directly attributable to fulfilling the Company's obligations under customer contracts, and related overhead. Overhead costs primarily include allocable amounts of utilities, rent, depreciation and amortization expense on assets used directly in revenue-producing activities, indirect materials, and production and test administrative expenses.

***Selling, General, and Administrative Costs***

Selling, general and administrative expenses consist of employee-related expenses for personnel in the Company's executive, finance and accounting, facilities, legal, human resources, and information technology and securities functions, as well as other administrative employees. In addition, selling, general and administrative expenses include fees for legal, accounting, tax and audit services, software subscriptions, facilities, sales commissions, other corporate costs, depreciation and amortization, and marketing and advertising. The Company expenses advertising costs as incurred. Advertising costs for the years ended December 31, 2024 and 2023 are not material.

***Research and Development Costs***

Research and development costs consist primarily of employee-related labor costs, software subscriptions, and supplies and materials for new product development. Research and development costs are expensed in the period incurred.

***Income Taxes***

The Company is taxed as a C-corporation under the provisions of the Internal Revenue Code. Under those provisions, the Company pays federal income taxes on its taxable income. Income taxes and uncertain tax

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

positions are accounted for in accordance with ASC 740, *Income Taxes* ("ASC 740"). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. All deferred tax assets and liabilities as presented as noncurrent. Valuation allowances on deferred tax assets are established when necessary to reduce deferred tax assets to the amount expected to be realized.

The tax benefits related to uncertain positions are recognized when the Company believes it is more likely than not that the position would be sustained if challenged. Tax positions meeting the more-likely-than-not recognition threshold are measured pursuant to the guidance set forth in ASC 740. Interest and penalties that may be incurred are recorded as a component of the Company's income tax expense.

Management's conclusions regarding uncertain tax positions may be subject to review and adjustment at a later date based upon ongoing analysis of tax laws, regulations and interpretations thereof as well as other factors.

***Foreign Currency Translation***

The Company's consolidated financial statements are presented in U.S. dollars ("USD"). The operations of each of the Company's entities are measured using the currency of the primary economic environment in which the subsidiary operates ("functional currency"). Assets and liabilities of foreign subsidiaries whose functional currency is the local currency are translated into U.S. dollars using period-end exchange rates. Revenues and expenses are translated at the average exchange rate in effect during each fiscal month during the year. The effects of foreign currency translation adjustments are included as a component of accumulated other comprehensive loss in the accompanying consolidated balance sheets.

***Accumulated Other Comprehensive Loss***

Adjustments resulting from unrealized gains and losses on foreign currency translation adjustments are recorded in accumulated other comprehensive loss in the accompanying consolidated balance sheets and consolidated statements of changes in redeemable preferred units and member's capital.

***Leases***

The Company enters into lease arrangements for its operations and administrative offices in the normal course of business. The Company determines if an arrangement is or contains a lease at inception of the arrangement. An arrangement is determined to be a lease if it conveys the right to control the use of identified property and equipment for a period of time in exchange for consideration. Operating lease right-of-use assets are recognized as the present value of future lease payments over the lease term as of the commencement date, plus any lease payments made prior to commencement, and less any lease incentives received. Operating lease liabilities are recognized as the present value of the future lease payments over the lease term as of the commencement date and are recorded in current and noncurrent liabilities in the consolidated balance sheets based on their contractual due dates. Operating lease expense is recognized based on the undiscounted future lease payments over the remaining lease term on a straight-line basis and is included in cost of revenues, selling, general, and administrative expenses, and research and development on the consolidated statements of operations and comprehensive loss.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Determinations with respect to lease terms (including any renewals and terminations), incremental borrowing rate used to discount lease payments, variable lease expense and future lease payments require the use of judgment based on the facts and circumstances related to each lease. As the Company's leases do not provide an implicit rate, it uses the incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company considers various factors, including economic incentives, intent, past history and business need, to determine the likelihood that a renewal option will be exercised. Lease and non-lease related components (maintenance, return of underlying asset, or costs to dismantle/remove the asset) are accounted for separately. Right-of-use assets are evaluated for impairment in accordance with the Company's policy for impairment of long-lived assets.

***Derivative Financial Instruments***

The Company enters into foreign currency forward exchange contracts to economically hedge against the effects of foreign currency fluctuations on payables denominated in foreign currencies. These derivative instruments are accounted for at fair value and included in other current assets or liabilities in the accompanying consolidated balance sheets. The Company does not designate its forward exchange contracts as hedges and, as a result, changes in their fair value are reported currently as other (expense) income, net in the consolidated statement of operations and comprehensive loss.

***Equity-Based Compensation***

The Company follows the guidelines of Topic 718, *Stock Compensation* ("ASC 718"), for the accounting of share-based compensation. Effective May 2023, Yellowstone Ultimate Holdings, LP ("Holdings"), a Delaware partnership and the Company's ultimate parent, adopted a written compensatory benefit plan ("the Plan") to provide incentives to existing or new employees, officers, managers, directors, and other service providers of the Company or its subsidiaries in the form of the Holding's Class B Units (the "Incentive Units"). The value of the Incentive Units is considered a capital contribution and is recognized by the Company in the same income statement line item as the cash compensation paid to employees receiving the Incentive Units. For the years ended December 31, 2024 and 2023, no expense was recognized. Equity-based compensation cost is measured at the grant date based on the fair value of the award, which is calculated using the Black-Scholes Option Pricing Model ("OPM"). The Plan contains three tranches of Incentive Units, each subject to time, performance, and market based vesting conditions established at the inception of the Plan. Share-based compensation expense for Incentive Units is recognized when the Company concludes it is probable the performance condition will be met. Forfeitures are recognized in the period they occur. The Incentive Units are intended to qualify and be treated as "profit interests" within the meaning of IRS Revenue Procedures 93-27 and 2001-43.

***Defined Contribution Plans***

Employees participate in various defined contribution savings plans that provide for Company-matching contributions. Costs for future employee benefits are accrued over the periods in which employees earn the benefits. Total expense related to defined contribution plans was $1,511 and $808 for the years ended December 31, 2024 and 2023, respectively, which approximates the cash outlays related to the plans.

***Acquisitions***

The Company utilizes the acquisition method of accounting in accordance with ASC 805, *Business Combinations* ("ASC 805"), for all transactions and events in which it obtains control over one or more other businesses (even

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

if less than 100% ownership is acquired), to recognize the fair value of all assets acquired and liabilities assumed and to establish the acquisition date fair value as of the measurement date.

While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business combination date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the business combination date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. For changes in the valuation of intangible assets between the preliminary and final purchase price allocation, the related amortization is adjusted in the period it occurs. Subsequent to the measurement period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is identified. Transaction costs that are incurred in connection with a business combination, other than costs associated with the issuance of debt or equity securities, are expensed as incurred. The Company capitalizes acquisition-related costs and fees associated with asset acquisitions and immediately expenses acquisition-related costs and fees associated with business combinations.

Refer to Note 10 – Acquisitions for additional information related to the Company's business combinations.

***Segment Information***

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is its Chief Executive Officer. The Company has concluded that it operates in one operating segment and one reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Please refer to Note 18 – Segment Reporting for additional information.

***Recently Adopted Accounting Pronouncements***

In November 2023, the FASB issued ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis, provide in interim periods all disclosures about a reportable segment's profit or loss and assets that are currently required annually and require a public entity that has a single reportable segment to provide all the disclosures required by the amendments in the ASU and existing requirements under Topic 280. Additionally, it requires a public entity to disclose the title and position of the CODM. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The Company adopted ASU 2023-07 effective December 31, 2024, using a retrospective transition method. Adoption of this guidance enhanced the footnote disclosures with no impact on the Company's results of operations, cash flows and financial condition.

***Recently Issued Accounting Pronouncements***

In March 2024, the FASB issued ASU 2024-01, "Compensation – Stock Compensation (Topic 718) – Scope Application of Profits Interest and Similar Awards" ("ASU 2024-01"), which intends to improve clarity and operability without changing the existing guidance. ASU 2024-01 provides an illustrative example intended to demonstrate how entities that account for profits interest and similar awards would determine whether a profits

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

interest award should be accounted for in accordance with Topic 718. The new guidance is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods. Entities can apply the guidance either retrospectively to all prior periods presented in the financial statements or prospectively to profits interest and similar awards granted or modified on or after the date of adoption. The Company is currently evaluating the impact of adoption, which is not expected to have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)*. The ASU requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. Additionally, the amendment requires a qualitative description of the amounts remaining in the relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The new guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption, which is expected to have an impact on disclosures only with no impact on the Company's results of operations, cash flows and financial condition.

In December 2023, the FASB issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*. The ASU requires qualitative disclosures for rate reconciliation about specific categories of reconciling items and individual jurisdictions that result in a significant difference between the statutory tax rate and the effective tax rate. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign, as well as by jurisdiction, if the amount is at least 5% of total income tax payments, net of refunds received. The new guidance is effective for annual periods beginning after December 15, 2025, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. The Company is currently evaluating the impact of adoption, which is expected to have an impact on disclosures with no impact on the Company's results of operations, cash flows and financial condition.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("ASU 2025-03"). This ASU improves the requirements for identifying the accounting acquirer in a business combination that is effected primarily by exchanging equity interests in which a variable interest entity is acquired. It is effective for fiscal years beginning after December 15, 2026 and is required to be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the legal acquiree in future business combinations.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 3. Revenues** 

The table below presents revenues disaggregated by type for the following periods:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Government | $239986 | $224478 |
|  Commercial and other | 13545 | 13625 |
|  **Total revenues** | $**253531** | $**238103** |

---

***Contract balances***

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **December 31, 2023** |
|  **Contract assets** | $**21558** | $**73289** |
|  **Contract liabilities** | $**165636** | $**93420** |

---

The decrease in contract assets during 2024 was primarily driven by billings for services previously rendered during the year ended December 31, 2023 and changes in EACs and transaction prices during the year-ended December 31, 2024.

The increase in contract liabilities during 2024 was primarily driven by the timing of large billable milestones occurring during the year ended December 31, 2024. Revenue recognized in the year ended December 31, 2024 that was included in the contract liability balance as of December 31, 2023 was $93,119. Revenue recognized in the year ended December 31, 2023 that was included in the contract liability balance as of December 31, 2022 was $29,847.

The Company evaluates the contract value and cost estimates at completion ("EAC") for performance obligations at least quarterly and more frequently when circumstances significantly change. Due to the nature of the work required to be performed on many of the Company's performance obligations, the estimate of total revenue and cost at completion is complex, subject to many variables and requires significant judgment by Management on a contract-by-contract basis. As part of this process, Management reviews information including, but not limited to, labor productivity, the nature and technical complexity of the work to be performed, availability and cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. When the Company's estimate of total costs to be incurred to satisfy a performance obligation exceeds the expected revenue, the Company recognizes the loss immediately. When the Company determines that a change in estimate has an impact on the associated profit of a performance obligation, the Company records the cumulative positive or negative adjustment to the statement of operations and comprehensive loss. Changes in estimates and assumptions related to the status of certain long-term contracts may have a material effect on the Company's operating results.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The below table summarizes the favorable (unfavorable) impact of the net EAC adjustments for the following periods:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Net EAC adjustments, before income taxes | $(22916) | $(824) |
|  Net EAC adjustments, net of income taxes | (18237) | (355) |
|  Net EAC adjustments, net of income taxes, per basic and diluted share | $(0.02) | $(0.00) |

---

The net unfavorable EAC adjustments in 2024 were primarily due to changes in estimated total transaction price resulting from contract modifications and additional unplanned labor, materials and subcontractor costs required to meet customer requirements in the Company's sale of satellites, launch services and ground services. The net unfavorable EAC adjustments in 2023 were primarily due to unplanned labor, materials and subcontractor cost.

***Remaining Performance Obligations***

As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $861,677. The Company expects to recognize approximately 44% of its remaining performance obligations as revenue within the next 12 months and the balance thereafter.

***Deferred Contract Costs***

The following table provides information about capitalized contract costs:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  **Capitalized commissions, net** | $**12661** | $**17184** |

---

Sales commissions earned by the Company's sales force are considered incremental and recoverable costs of obtaining a contract. These costs are capitalized and amortized over the life of the contract consistent with the pattern of transferring the goods to the customer. Amortization of sales commissions is included in selling, general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss and totaled $5,274 and $6,629 for the years ended December 31, 2024 and 2023, respectively. Unpaid sales commissions expected to be paid within the next twelve months are deferred and recorded as deferred commissions, current on the accompanying consolidated balance sheets. Unpaid sales commissions expected to be paid greater than a period of twelve months are classified as deferred commissions, less current portion on the accompanying consolidated balance sheets.

***Loss Contracts***

The Company recognizes a contract loss when the current estimate of the consideration expected to be received is less than the current estimate of total estimated costs to complete the contract. For purposes of determining the existence of or amount of a contract loss, the Company considers total contract consideration, including any variable consideration constrained for revenue recognition purposes. The Company may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

modifications that result in changes to contract prices. The Company recorded losses of $12,036 and $2,187 for the year ended December 31, 2024 and December 31, 2023, respectively, within cost of revenues in the accompanying consolidated statements of operations and comprehensive loss.

**Note 4. Prepaid expenses and other current assets** 

The components of prepaid expenses and other current assets consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  Prepaid expenses | 51350 | 42934 |
|  Income tax receivable | 177 |  |
|  Other | 118 | 1125 |
|  **Prepaid expenses and other current assets** | $**51645** | $**44059** |

---

**Note 5. Fixed Assets, net** 

Fixed assets, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  Leasehold improvements | $16386 | $12111 |
|  Orbiting satellites | 5793 | 8583 |
|  Machinery and equipment | 6648 | 4030 |
|  Computer equipment | 4826 | 2876 |
|  Software | 2516 | 1606 |
|  Furniture and fixtures | 3665 | 2935 |
|  Construction in process | 5097 | 2457 |
|  **Total fixed assets, at cost** | **44931** | **34598** |
|  Less: accumulated depreciation | (9819) | (4972) |
|  **Total fixed assets, net** | $**35112** | $**29626** |

---

Depreciation expense was $7,361 and $4,211 for the years ended December 31, 2024 and 2023, respectively. Amortization expense related to software was $411 and $298 for the years ended December 31, 2024 and 2023, respectively. There was no impairment recognized related to fixed assets during the year ended December 31, 2024 and 2023.

**Note 6. Financing Arrangements** 

***Secured Credit Facilities***

The Company has a $150,000 secured credit facility (the "Original Term Loan Facility") with CO Finance LVS XXIII LLC ("Lender"). The Original Term Loan Facility has a maturity date of November 10, 2027, and bears interest at a rate of Secured Overnight Financing Rate ("SOFR"), plus a margin of 9.00%. Interest is accrued and paid every three months, with the initial interest payment having been paid on February 10, 2023. There is no scheduled amortization on the Original Term Loan Facility, with the entire amount payable at maturity. The Original Term Loan Facility contains covenants including a requirement for a minimum cash balance, certain

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

financial covenants, and negative covenants including customary restrictions related to acquisitions, divestitures, dividends, prepayments of certain indebtedness, and other corporate actions.

On June 15, 2023, the Company entered into Amendment #1 of the Original Term Loan Facility (the "First Amendment"). The First Amendment provided an incremental $50,000 to the initial $150,000 Original Term Loan Facility, collectively (the "Term Loan Facility"). Of the incremental amount, $35,000 ("First Amendment Loans") was funded by the Lender, while $15,000 ("Last Out Loans") was funded by two related parties (refer to Note 13 – Related Parties). The First Amendment Loans have the same terms and conditions as the Original Term Loan Facility. The Last Out Loans also have the same terms and conditions as the Original Term Loan Facility, with two exceptions – (i) the Last Out Loans are not repaid until the Original Term Loan Facility and First Amendment Loans have been fully repaid, and (ii) the Last Out Loans have paid-in-kind ("PIK") interest. All obligations under the Term Loan Facility are guaranteed by certain subsidiaries of the Company and are secured by substantially all of the Company's assets. The Company was in compliance with all financial debt covenants as of December 31, 2024 and 2023. The Company received a waiver to waive any potential defaults or events of default that may have occurred and be continuing under the Credit Agreement. The waiver relates to the provision of Yellowstone Midco Holdings, LLC's consolidated financial statements to the borrower as opposed to the financial statements of Yellowstone Borrower, LLC, a subsidiary of the Company, as required by the Term Loan Facility.

Long-term debt consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Term Loan Facility principal amount outstanding | $200000 | $200000 |
|  Unamortized debt issuance costs | (2967) | (3740) |
|  **Net carrying amount** | $**197033** | $**196260** |

---

Interest expense recognized related to the Term Loan Facility was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Contractual interest expense | $29122 | $25320 |
|  Amortization of debt issuance costs | 773 | 834 |
|  **Total interest expense** | $**29895** | $**26154** |

---

***Aggregate Maturities***

The aggregate maturities of all long-term debt at December 31, 2024, are as follows:

---

| | |
|:---|:---|
| **Years ending December 31** | **Amount** |
| 2025 | $— |
| 2026 |  |
| 2027 | 200000 |
|  | $**200000** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 7. Goodwill and Intangible Assets** 

The changes in the carrying amount of goodwill are as follows:

---

| | |
|:---|:---|
|  | **Amount** |
|  **Balance at December 31, 2022** | $**570152** |
|  Additions | 40813 |
|  Effect of foreign currency translation | (92) |
|  **Balance at December 31, 2023** | $**610873** |
|  Additions |  |
|  Effect of foreign currency translation | (41) |
|  **Balance at December 31, 2024** | $**610832** |

---

There was no impairment recognized related to goodwill during the years ended December 31, 2024 and 2023.

Intangible assets, net consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted<br>Average<br>Useful Life** | **Gross carrying<br>amount** | **Accumulated<br>Amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $251477 | $(55207) | $196270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242270 | (26134) | 216136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 11676 | (4977) | 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 9.8 | 5232 | (342) | 4890 |
|  **Total other intangible assets** |  | $**510655** | $**(86660)** | $**423995** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Weighted<br>Average<br>Useful Life** | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $251701 | $(29670) | $222031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242286 | (13968) | 228318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 11688 | (2681) | 9007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 4.4 | 238 | (97) | 141 |
|  **Total other intangible assets** |  | $**505913** | $**(46416)** | $**459497** |

---

There was no impairment recognized related to intangible assets during the year ended December 31, 2024 and 2023, respectively. Amortization expense of intangible assets for the years ended December 31, 2024, and 2023, is $40,300 and $39,885, respectively, and is recorded in cost of revenues and selling, general and administrative

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

expenses in the consolidated statements of operations and comprehensive loss. Estimated future amortization expense for finite-lived intangibles is as follows:

---

| | |
|:---|:---|
| **Years ending December 31** | **Amount** |
| 2025 | $40547 |
| 2026 | 40374 |
| 2027 | 39975 |
| 2028 | 37701 |
| 2029 | 37505 |
|  Thereafter | 227893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total future amortization expense on intangible assets** | $**423995** |

---

**Note 8. Accounts Payable & Accrued Expenses** 

Accounts payable and accrued expenses were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
|  Accounts payable | $29465 | $21965 |
|  Accrued project costs | 14239 | 6246 |
|  Accrued interest | 3334 | 3766 |
|  Payroll and benefits accrual | 2387 | 3895 |
|  Other | 1174 | 1358 |
|  **Total accounts payable and accrued expenses** | $**50599** | $**37230** |

---

**Note 9. Leases** 

The Company has several noncancellable operating leases primarily for warehouses and office space that expire at various dates through January 2034. The Company leases all of its real estate under non-cancelable operating lease agreements. All of the Company's leases are classified as operating for the years ended December 31, 2024, and 2023. These leases contain renewal options for periods ranging from two to ten years. Because the Company is not reasonably certain to exercise these renewal options, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company's leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contract include fixed payments plus, for many of the Company's leases, variable payments. For office space leases that include variable payments, those include payments for the Company's proportionate share of the building's property taxes, insurance, and common area maintenance.

The following table presents lease expense recognized during the years ended December 31, 2024 and 2023, respectively:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Operating lease expense | $5610 | $4884 |
|  Variable lease costs | 2006 | 1816 |
|  Short-term lease costs | 220 | 143 |
|  **Total lease costs** | $**7836** | $**6843** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Total lease costs are included in selling, general and administrative expenses, cost of revenues, and research and development on the consolidated statements operations and comprehensive loss.

The following table presents other supplemental information related to the Company's leases:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Cash paid for lease liabilities | $7130 | $6095 |
|  Right-of-use assets obtained in exchange for new lease liabilities | 842 | 4974 |
|  Weighted average remaining lease term (in years) | 6.9 | 7.8 |
|  Weighted average discount rate | 13.2% | 13.2% |

---

The table below reconciles the undiscounted future minimum lease payments (displayed by year and in the aggregate) under non-cancelable operating leases with terms of more than one year to the total operating lease liabilities recognized on the consolidated balance sheet at December 31, 2024.

---

| | |
|:---|:---|
| **Years Ending December 31,** | **Amount** |
| 2025 | 5412 |
| 2026 | 4791 |
| 2027 | 4789 |
| 2028 | 4856 |
| 2029 | 4750 |
|  Thereafter | 11488 |
|  **Total undiscounted lease payments** | $**36086** |
|  Less: Imputed interest | (12995) |
|  **Total lease liabilities** | $**23091** |

---

**Note 10. Acquisitions** 

***Emergent Acquisition***

On March 31, 2023 (the "Acquisition Date"), the Company acquired 100% of the shares of Emergent, a leading software technology company focused on developing and fielding software, guidance, and navigation solutions for multi-spacecraft missions. Emergent offers a suite of 10 proprietary, IP-backed products, and has traditionally served U.S. Federal Government and defense agencies, including Intelligence Community agencies and NASA. Emergent is headquartered in Laurel, MD, and has offices in Austin, TX. Consideration for this acquisition was $55,191, which consisted of $44,349 in cash ($43,938 of which was raised from equity issuance at Holdings) and $10,842 in rollover equity at fair market value for selling shareholders (in the form of 15,000,000 Common units). The Company obtained $401 of cash on hand as part of the acquisition. The Company incurred $3,271 of acquisition related expenses which are recorded in selling, general and administrative expenses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2023. Acquisition related expenses include $572 of Holdings equity issued to transaction vendors.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The acquisition was accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets and liabilities acquired were recorded at fair value. The determination of the fair value of assets acquired and liabilities assumed was based on Management's analysis with the assistance of an independent third-party valuation firm. The excess purchase price resulting in goodwill is primarily related to future technology development and acquired workforce. The results of operations from the Emergent acquisition were included in the consolidated financial statements from the Acquisition Date.

The following table summarizes the purchase price allocation of assets acquired and liabilities assumed:

---

| | |
|:---|:---|
| **Allocation of Purchase Price** | **Amount** |
|  Customer relationships | $11000 |
|  Software | 2100 |
|  Leasehold interest | 77 |
|  Cash acquired | 401 |
|  Net working capital | 1275 |
|  Fixed assets | 168 |
|  Other long-term assets | 738 |
|  Goodwill | 40813 |
|  Deferred tax liability | (850) |
|  Other long-term liabilities | (531) |
|  **Fair value of net assets acquired** | $**55191** |

---

The acquired customer relationships and software intangible assets have an estimated useful life of 20 years and 5 years, respectively, and their fair values were determined using an income approach. Acquired customer relationship assets were determined using the multi-period excess earnings method ("MPEEM") using a discount rate of 12%. Acquired software was determined using the relief-from-royalty method, using discount rate of 10%. The discounted cash flow models reflect the Company's estimates of future cash flows and other factors including estimates of: (i) future operating performance, including future sales, long-term growth rates, gross margins, operating expenses, discount rates and the probability of achieving the estimated cash flows, and (ii) future economic conditions. The cash flows were discounted commensurate with the level of risk associated with each asset or its projected cash flows.

**Note 11. Accounting for Income Taxes** 

***Loss Before Income Taxes***

The provision for income taxes was computed based on loss from continuing operations before income taxes for the years ended December 31, 2024 and 2023, respectively. The sources of income from continuing operations before income taxes are:

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  United States | $(124124) | (74253) |
|  Foreign | (164) | 5491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from continuing operations before income taxes** | $**(124288)** | $**(68762)** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The components of the Company's income tax (benefit) expense were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  <u>Current</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | $(4914) | $7650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and local | (2810) | 6678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | 723 | 948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current (benefit) expense** | **(7001)** | **15276** |
|  <u>Deferred</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | (18299) | (46423) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State and local | 826 | (8276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign | (903) | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total deferred (benefit) expense** | **(18376)** | **(54382)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total income tax (benefit) expense** | $**(25377)** | $**(39106)** |

---

A reconciliation of income taxes computed by applying the statutory U.S. income tax rate to the Company's loss before income tax provision is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Income tax rates |  |  |
|  Federal statutory income tax rate | 21.00% | 21.00% |
|  State, net of federal benefit  | 1.26% | 1.84% |
|  Foreign rate differential | 0.12% | (0.16%) |
|  Research credits | 18.80% | 44.39% |
|  Uncertain tax positions | (6.11%) | (23.95%) |
|  Non-deductible transaction related expenses |  | 14.05% |
|  Other | (0.82%) | (0.30%) |
|  Valuation allowance | (13.84%) |  |
|  **Effective tax rate** | **20.41%** | **56.87%** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The deferred tax liability is comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Capitalized research costs | 53959 | 11987 |
|  Accruals & other | 2107 | 1264 |
|  Contract costs |  | 36321 |
|  Credits | 29892 | 7424 |
|  Lease liability | 6291 | 6054 |
|  Limitation on business-interest expense | 36823 | 21653 |
|  Net operating losses and other carryforwards | 39410 |  |
|  Valuation allowance | (18071) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets | 150411 | 84703 |
|  Basis difference in intangibles | (111797) | (111916) |
|  Basis difference in fixed assets | (1290) | (5380) |
|  ROU asset | (5888) | (5816) |
|  Contract revenue | (51395) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | (170370) | (123112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net deferred tax liability** | $**(19959)** | $**(38409)** |

---

As of December 31, 2024, the Company has federal and state research and development credit carryforwards of $29,099 and $1,034, respectively. As of December 31, 2023, the Company had federal and state research and development credit carryforwards of $6,886 and $680, respectively. The federal credits begin to expire in 2042 and state credits begin to expire in 2026. As of December 31, 2024, the Company has federal and state net operating losses of $144,258 and $144,316, respectively, which carryforward indefinitely for federal purposes and are subject to varying expiration for state purposes.

The deferred income tax assets have been offset by a valuation allowance, as realization is dependent on future earnings, if any, the timing and amount of which are uncertain. The net valuation allowance increased by $18.1 million from December 31, 2023 to December 31, 2024.

The Company's accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company's deferred tax assets, and the timing, likelihood, and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that a portion of the deferred tax assets will be realized; accordingly, a valuation allowance has been established.

The Company recognizes a tax benefit from uncertain tax positions when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

A reconciliation of the change in the unrecognized tax benefits balance for the years ended 2024 and 2023 is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  **Unrecognized tax benefits, beginning of period** | $17073 | $608 |
|  Increase (decrease) for tax positions taken related to a prior period | 4429 | 10056 |
|  Increase (decrease) for tax positions taken related to current period | 4027 | 6409 |
|  Settlements with tax authorities |  |  |
|  Reductions due to statute of limitations |  |  |
|  **Unrecognized tax benefits, end of period** | $**25529** | $**17073** |

---

The Company does not expect a significant change in its uncertain tax positions over the next twelve months.

The Company is subject to tax and files returns in the U.S. and various state and foreign jurisdictions. The tax returns filed in previous years are subject to audit by various federal, foreign, and state taxing authorities. As of December 31, 2024, tax years prior to 2020 are no longer subject to audit. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense in the consolidated statements of operations. As of December 31, 2024, the Company had accrued no interest or penalties.

On July 4, 2025, the United States enacted the One Big Beautiful Bill Act ("OBBBA"), which, among other provisions, provides for the immediate expensing of domestic research and development expenditures for tax purposes, permanently restores 100% bonus depreciation and modifies the limitation on business-interest expense to be based on taxable income before interest, amortization, and depreciation. The Company is continuing to evaluate OBBBA's impacts, including potential effects on deferred-tax balances, and will refine these estimates as additional guidance becomes available.

**Note 12. Commitments and Contingencies** 

In the ordinary course of business, the Company may be involved in ordinary, routine legal proceedings. The Company has assessed its positions and is of the opinion that the ultimate resolution of such matters will not have a material adverse effect on the results of operations, cash flows or the financial position of the Company.

**Note 13. Related Parties** 

The consolidated financial statements include all related party transactions, other than base compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The related party transactions for the Company are as follows:

***Vendor Purchases***

The Company contracted with a relative of one of the Company officers to design, furnish and build out the offices and manufacturing areas for its new facilities. During the years ended December 31, 2024 and 2023, the Company paid approximately $273 and $2,072, respectively, for these services.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The Company contracted with another Company executive to lease an office space starting in February 2021. During the years ended December 31, 2024 and 2023, the Company paid approximately $105 and $102, respectively, for this lease which is recorded in selling, general and administrative expense on the consolidated statements of operations and comprehensive loss. The Company also paid $225 for leasehold improvements to this office space during the year ended December 31, 2023.

The Company contracted with a vendor to provide software engineering services in which one of the Company's employees is a shareholder. During the years ended December 31, 2024 and 2023, the Company paid approximately $1,167 and $2,100, respectively, to this vendor for these services.

***Lending***

As part of the First Amendment, $5,000 and $10,000 of the $15,000 Last Out Loans borrowed were provided by two Company officers, respectively. There is $3,683 and $1,219 of PIK interest recorded as Related party payables, net of current in the consolidated balance sheets as of December 31, 2024 and 2023, respectively. Of the $197,033 long-term debt, net recorded in the consolidated balance sheet as of December 31, 2024, $4,928 and $9,856 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively. Of the $196,260 long-term debt, net recorded in the consolidated balance sheet as of December 31, 2023, $4,909 and $9,818 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively.

***Customer Sales***

A Company executive is the Executive Chairman of one of the Company's customers. During the years ended December 31, 2024 and 2023, the Company received $0 and $150, respectively, from this customer.

***AEI Transaction***

In November 2022, AE Industrial Partners LP ("AEI") and certain co-investors, through their ownership of Holdings, the Company's ultimate parent, acquired the Company's primary operating entity, York (this transaction hereafter referred to as the "AEI Transaction"). AEI is the controlling shareholder of Holdings.

A final $5,000 payment relating to AEI Transaction costs was made to AEI in 2023. Following the AEI Transaction, AEI provided $2,051 and $1,000 of consulting to the Company for the years ended December 31, 2024 and 2023, respectively. An agreement is in place for the Company to pay a consulting fee each quarter equal to the greater of $250 or 3.5% of adjusted EBITDA as defined in the agreement through 2032. These consulting fees are recorded in selling, general and administrative expense on the consolidated statements of operations and comprehensive loss.

As part of the AEI transaction, the Company deferred a payment to shareholders of $14,460. This is recorded in related party payables in the consolidated balance sheet as of December 31, 2023. The payment was made in 2024.

**Note 14. Member's Capital and Redeemable Preferred Units** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Authorized as of**<br>**December 31,** | **Authorized as of**<br>**December 31,** | **Held by Member as of**<br>**December 31,** | **Held by Member as of**<br>**December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
|  Common units | 1078929080 | 1078929080 | 1078929080 | 1078929080 |
|  Redeemable preferred units | 56619831 | 46619831 | 56619831 | 46619831 |
|  **Total** | **1135548911** | **1125548911** | **1135548911** | **1125548911** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

***Common units***

On March 31, 2023 the Company entered into the Second Amended and Restated LLC Agreement (the "LLC Agreement"), pursuant to which, an additional 291,915,516 Common Units were issued to Holdings in the form of a recapitalization. The LLC Agreement authorizes the Company to issue both Common units and Redeemable preferred units (together the "Units"). Concurrently, an additional 15,000,000 Common Units were issued for the purchase of Emergent (see Note 10 – Acquisitions). The holders of Common units are entitled to dividends when and if declared by the Board. There have been no distributions declared to date. As of December 31, 2024 and 2023, Holdings owns all authorized and outstanding Common units of the Company.

***Redeemable preferred units***

On March 31, 2023, Holdings subscribed to 46,619,831 Redeemable preferred units with a price of $1.00 per unit. On March 6, 2024, Holdings subscribed to an additional 10,000,000 Redeemable preferred units with a price of $1.00 per unit. As of December 31, 2024 and 2023, Holdings owns all authorized and outstanding Redeemable preferred units of the Company.

Under the terms of the LLC Agreement, distributions are in the following priorities:

Distributions: Distributions will only be made in such amounts, in such form (including in-kind property) and at such times as determined by the Managing Member in its sole discretion. Distributions, if declared by the Managing Member, will be made:

First, to the Redeemable preferred unit holders until such time as their preferred unreturned capital value has been reduced to zero; Second, to the Redeemable preferred unit holders until such time as their preferred unpaid yield value has been reduced to zero; and thereafter, to the Common unit holders.

Pursuant to the LLC Agreement, the Units contain the following key provisions as of December 31, 2024:

Dissolution/Liquidation: Upon the dissolution of the Company, the Managing Member shall wind up the affairs of the Company. Following the payment of or provision for all debts and liabilities of the Company and all expenses of liquidation, (i) a final allocation of all items of income, gain, loss, and expense shall be made and (ii) the proceeds of the liquidation and any other funds (or other remaining assets) of the Company shall be distributed to the members in accordance with the distribution waterfall above.

Voting: The voting rights of the holders of Units are limited to the removal or replacement of the Managing Member.

Preferred Yield: The Redeemable preferred units provide for a Preferred Yield which accrues on a daily basis at an annual rate of 12.5% and compounds on December 31 of each calendar year, based on the sum of the (i) capital contributions less any distributions, and (ii) the amount of Preferred Yield that has not been distributed.

The Redeemable preferred units are not convertible. The Redeemable preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the Redeemable preferred units controls the Company and can make distributions at any time in the form of cash or other assets. The Redeemable preferred units are initially recorded at cash proceeds received (no issuance costs incurred) and are subsequently remeasured at their maximum redemption amount at the end of each reporting date.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

**Note 15. Incentive Unit Employee Equity Plan** 

Under the Plan, Incentive Units are divided into three tranches ("Tranche I," "Tranche II," and "Tranche III"): Tranche I, Tranche II, and Tranche III Incentive Units are subject to performance-based, service-based, and market-based conditions.

- The performance condition relates to the sale of Holdings ("Exit Sale") (defined as a change in control at Holdings or a sale of substantially all of Holdings consolidated assets) for Tranche I, and an Exit Sale and additional performance requirements for Tranche II and Tranche III.

- The service condition relates to a five-year required service period of the grantee for Tranche I and continued employment of the grantee through the performance condition achievement date for Tranche II and Tranche III.

- The market-based condition relates to a target internal rate of return, as defined in the Class B Unit Incentive Plan.

The Incentive Units are measured at their grant date fair value. Share-based compensation for awards with performance conditions is based on the probable outcome of the related performance condition. The vesting for each tranche of the Incentive Units is contingent on the sale of the Parent. As such events are not considered probable until they occur and recognition of share-based compensation for the Incentive Units is deferred until the sale of the Holdings or a liquidity event occurs. Once the event occurs, unrecognized compensation cost associated with the performance-vesting Incentive Units (based on their grant date fair value) will be recognized based on the portion of the requisite service period that has been rendered.

The performance conditions have not been achieved prior to or during the reporting periods, and therefore, no compensation expense has been recognized for the years ended December 31, 2024 and 2023, respectively.

The table below presents the activity of Incentive Units:

---

| | | |
|:---|:---|:---|
|  | **Incentive<br>Units<br>Outstanding** | **Weighted<br>Average<br>Grant Date**<br>**Fair Value** |
|  **Nonvested as of December 31, 2022** | **—** | **—** |
|  Granted | 52612502 | $0.32 |
|  Vested |  |  |
|  Forfeited |  |  |
|  **Nonvested as of December 31, 2023** | **52612502** | $**0.32** |
|  Granted | 22070499 | $0.43 |
|  Vested | **—** | **—** |
|  Forfeited | **—** | **—** |
|  **Nonvested as of December 31, 2024** | **74683001** | $**0.35** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

The assumptions used in determining the fair value of the Incentive Units are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Volatility | 65.0% | 60.0% |
|  Risk-free interest rate | 4.26% | 3.77% |
|  Expected time to exit (years) | 3.1 | 4.6 |

---

The volatility used in the determination of the fair value of the Incentive Units was based on analysis of the historical volatility of guideline public companies and factors specific to the Company. In the absence of a public trading market for our equity, on each grant date, the Company develops an estimate of the fair value of our equity based on the information known on the date of grant, including a review of any recent events and their potential impact on the estimated fair value per unit of the equity and recent arms-length transactions in our equity. The Company's valuations of equity were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation (the Practice Aid).

As of December 31, 2024, there was approximately $26,345 of unrecognized share-based compensation costs related to the Incentive Units.

**Note 16. Fair Value Measurements** 

The carrying amounts of the Company's financial instruments, which include cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses, are reflected on the consolidated balance sheets at amounts that approximate fair value because of their short-term maturities. The carrying amount of the Senior Credit Facilities are reflected on the consolidated balance sheets at an amount that approximates fair value as interest incurred is variable based on market rates.

***Derivatives Financial Instruments***

The following tables represent the fair value hierarchy for the financial assets and liabilities measured at fair value as of December 31, 2023.

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Foreign exchange derivative instruments | $— | $987 | $— |
|  **Total financial assets** | $**—** | $**987** | $**—** |

---

The Company economically hedges certain portions of exposure to foreign currency exchange risk by entering into derivative transactions. The derivative instruments are recognized as either prepaid expenses and other current assets or accounts payable and accrued expenses on the consolidated balance sheet at estimated fair value. The Company recognizes amounts subject to master netting arrangements on a gross basis in the consolidated balance sheet. The Company has not entered into any derivative arrangements and does not have any recurring fair value measurements as of December 31, 2024.

The Company's derivative financial instruments are valued based on an income approach (discounted cash flow) using market observable inputs, including swap curves and both forward and spot exchange rates for currencies.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

Realized losses related to derivative instruments was $3,885 for the year ended December 31, 2024. Unrealized gains related to derivative instruments was $987 for the year ended December 31, 2023. Realized losses and unrealized gains are recorded in other (expense) income, net in the consolidated statement of operations and comprehensive loss. Cash flows from the foreign currency forward contracts are included in operating activities. The aggregate notional value of these contracts was $0 at December 31, 2024 and $51,321 at December 31, 2023.

**Note 17. Net Loss per Unit** 

Basic net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of common units outstanding during each period.

Diluted net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of fully dilutive common units outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. The Incentive Units described in Note 15 – Incentive Unit Employee Equity Plan are granted by and settled in the equity of Holdings, the Company's ultimate parent, and therefore are not included in the Company's net loss per unit calculations. During the periods presented, the Company did not have any dilutive equity instruments outstanding or any antidilutive equity instruments that could potentially be dilutive in future periods. As a result, diluted net loss per common unit is the same as basic net loss per common unit for the periods presented. Please refer to Note 14 – Member's Capital and Redeemable Preferred Units for additional information on the Company's units outstanding.

The following table summarizes the computation of basic and diluted net loss per unit attributable to common unitholders of the Company:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  **Numerator:** |  |  |
|  Net loss as reported | $(98911) | $(29656) |
|  Less: Accretion of Redeemable preferred units | 7402 | 4391 |
|  Net loss available to common unitholders | $(106313) | $(34047) |
|  **Denominator:** |  |  |
|  Weighted average common units outstanding | 1078929080 | 1075271545 |
|  Basic and diluted |  |  |
|  **Net loss per unit – basic and diluted:** | $**(0.10)** | $**(0.03)** |

---

**Note 18. Segment Reporting** 

The Company operates in one operating segment and one reportable segment, and as a result, manages its operations and allocates resources as a single operating segment. space infrastructure, which comprises all of its operations. The Company's CODM is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The CODM uses consolidated net income or loss that is also reported on the consolidated statements of operations and comprehensive income (loss) to evaluate the return on assets and determine

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

strategic initiatives related to product development and new technologies to meet the growing demands of the Company's unique customers. Consolidated net income (loss) is used to monitor budget versus actual results.

The measure of segment assets is reported on the Consolidated Balance Sheets as total assets. There are no other significant segment assets that would require disclosure or are regularly provided to the CODM. The Company has no intra-segment sales or transfers as it operates in one operating segment and one reportable segment. Information related to the geographical distribution of the Company's revenues is disclosed in Note 2—Summary of Significant Accounting Policies.

At December 31, 2024 and December 31, 2023, $32,830 and $28,221 of the Company's fixed assets, net representing net book amounts, are located in the United States. There were no other material tangible long-lived assets located outside of the U.S., individually or in the aggregate.

In accordance with ASU 2023-07, *Improvements to Reportable Segment Disclosures*, significant expenses included within consolidated net loss have been assessed and disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **December 31, 2024** | **December 31, 2023** |
|  Revenue | $253531 | $238103 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct materials | 178341 | 148574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 103947 | 94073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 20440 | 6973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (29923) | (26175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1201 | 2328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | (3600) | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 25377 | 39106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items (a) | 42769 | 34625 |
|  **Net loss** | $**(98911)** | $**(29656)** |

---

(a) Other segment items is comprised other costs of revenue excluding direct materials, including direct labor,
overhead costs and depreciation and amortization

**Note 19. Subsequent Events** 

The Company has performed a review of events subsequent to the balance sheet date through September 28, 2025, the date the consolidated financial statements were issued.

**Skyloom Investment** 

On February 10, 2025, the Company closed on a Convertible Note investment ("SKLM Note") in Skyloom Global Corp. ("Skyloom"). Skyloom is a key supplier of Optimal Communication Terminals to York, and is based in Broomfield, CO. The purpose of the SKLM Note was to provide additional cash liquidity to Skyloom, to assist in the completion of a York purchase order. The SKLM Note consists of a $2,500 Initial Note (funded February 2025) and a $2,500 Second Note (funded July 2025). The SKLM Note has a two-year maturity and accrues interest at 10% per annum. The SKLM Note is unsecured but it is structurally senior to all existing debt

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Consolidated Financial Statements** 

**For the years ended December 31, 2024 and 2023** 

**(Dollars in thousands, except units and per unit amounts)** 

at Skyloom,and prohibits Skyloom from issuing any additional debt. At SKLM's sole discretion, the SKLM Note can be converted into Skyloom equity at a 15% discount to the valuation of any future equity rounds at Skyloom**.**

**Acquisition of ATLAS Space Operations** 

On June 9, 2025, the Company invested in Series C-1 Preferred Stock of ATLAS Space Operations, Inc. ("ATLAS"), representing an approximate 5% equity interest. ATLAS is a leading provider of Ground Software-as-a-Service (GSaaS) solutions for space-based communication and global connectivity. On August 29, 2025, the Company completed the acquisition of the remaining outstanding equity of ATLAS. The total purchase price was approximately $87,000 and was comprised of equity and cash. The acquisition is expected to enhance the Company's capabilities in ground operations, enabling the Company to integrate its satellite manufacturing and in-orbit operations with ground station services, thereby streamlining mission delivery and improving customer experience.

The Company is in the process of finalizing the purchase price allocation and assessing the impact of the acquisition on its consolidated financial statements. The transaction will be accounted for as a business combination under ASC 805, Business Combinations. The initial accounting for the business combination is incomplete as of the date of issuance of these financial statements.

The Company noted no other subsequent events that require recognition or disclosure in these consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Balance Sheets (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **As of<br>September 30,<br>2025** | **As of<br>December 31,<br>2024** |
|  **Assets** |  |  |
|  Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $22537 | $104656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | 22718 | 2135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 22766 | 34602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 28571 | 51645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | 39612 | 21558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | 8516 | 12661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 144720 | 227257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed assets, net | 40948 | 35112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use assets, net | 23591 | 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 674658 | 610832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other intangibles, net | 418120 | 423995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 9770 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | $**1311807** | $**1320265** |
|  **Liabilities, Temporary Equity, and Member's Capital** |  |  |
|  Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | $87478 | $165636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 83527 | 50599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, current | 3331 | 2572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, current | 7135 | 6730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 181471 | 225537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities, less current portion | 22217 | 20519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions, less current portion | 2261 | 4132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term debt, net | 182859 | 182249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party long-term debt, net | 14832 | 14784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 3670 | 3071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables | 5636 | 3683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax liability | 2596 | 19959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities** | $**415542** | $**473934** |
|  Commitments and contingencies (See Note 11) |  |  |
|  **Temporary Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemable preferred units (82,858,291 authorized, issued and outstanding at September 30, 2025; 56,619,831 authorized, issued and outstanding at December 31, 2024; $102,069 and $68,413 liquidation preference as of September 30, 2025 and December 31, 2024, respectively) | 102069 | 68413 |
|  **Member's Capital** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units (1,078,929,080 authorized, issued and outstanding at September 30, 2025 and December 31, 2024) | 1034383 | 963213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 342 | (810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (240529) | (184485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | 794196 | 777918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities, temporary equity and member's capital** | $**1311807** | $**1320265** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Revenue | $280854 | $176925 |
|  Cost of revenues | 226460 | 160160 |
|  **Gross profit** | **54394** | **16765** |
|  Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 94125 | 76433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research & development | 13796 | 15480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 107921 | 91913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Loss from operations** | **(53527)** | **(75148)** |
|  Other income (expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (22529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense | (18440) | (22255) |
|  **Loss before provision for income taxes** | **(71967)** | **(97403)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 23760 |
|  **Net loss** | $**(56044)** | $**(73643)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustment | 1152 | 578 |
|  **Comprehensive loss** | $**(54892)** | $**(73065)** |
|  **Net loss per common unit** |  |  |
|  Net loss | $(56044) | $(73643) |
|  Less: Accretion of redeemable preferred units | 7418 | 5485 |
|  **Net loss available to common unitholders** | $(63462) | $(79128) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | $(0.06) | $(0.07) |
|  **Weighted-average common units outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted | 1078929080 | 1078929080 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Statements of Changes in Redeemable Preferred Units and Member's Capital (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable Preferred<br>Units** | **Redeemable Preferred<br>Units** | **Common Units** | **Common Units** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total Member's<br>Capital** |
|  | **Units** | **Amount** | **Units** | **Amount** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total Member's<br>Capital** |
|  **Balance at December 31, 2024** | 56619831 | $68413 | 1078929080 | $963213 | $(184485) | $(810) | $777918 |
|  Issuance of Redeemable preferred units | 25000000 | 25000 |  |  |  |  |  |
|  Non-cash contribution for acquisition of ATLAS |  |  |  | 78588 |  |  | 78588 |
|  Foreign currency translation adjustment |  |  |  |  |  | 1152 | 1152 |
|  Accretion of Redeemable preferred units |  | 7418 |  | (7418) |  |  | (7418) |
|  Retention equity awards | 1238460 | 1238 |  |  |  |  |  |
|  Net loss |  |  |  |  | (56044) |  | (56044) |
|  **Balance at September 30, 2025** | **82858291** | $**102069** | **1078929080** | $**1034383** | $**(240529)** | $**342** | $**794196** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Redeemable<br>Preferred Units** | **Redeemable<br>Preferred Units** | **Common Units** | **Common Units** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  | **Units** | **Amount** | **Units** | **Amount** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>Member's<br>Capital** |
|  **Balance at December 31, 2023** | 46619831 | $51011 | 1078929080 | $970615 | $(85574) | $(374) | $884667 |
|  Issuance of Redeemable preferred units | 10000000 | 10000 |  |  |  |  |  |
|  Foreign currency translation adjustment |  |  |  |  |  | 578 | 578 |
|  Accretion of Redeemable preferred units |  | 5485 |  | (5485) |  |  | (5485) |
|  Net loss |  |  |  |  | (73643) |  | (73643) |
|  **Balance at September 30, 2024** | **56619831** | $**66496** | **1078929080** | $**965130** | $**(159217)** | $**204** | $**806117** |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Condensed Consolidated Cash Flow Statement (Unaudited)** 

**(Dollars in thousands, except units and per unit amounts)** 

---

| | | |
|:---|:---|:---|
|  | **For the nine months<br>ended September 30,** | **For the nine months<br>ended September 30,** |
|  | **2025** | **2024** |
|  **Cash flows from operating activities** |  |  |
|  Net loss | $(56044) | $(73643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization | 36611 | 35975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of debt issuance costs | 657 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash lease expense | 1983 | 1875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of capitalized commissions | 4016 | 3514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retention equity awards | 1238 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred taxes | (13217) | (23771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized (gain) loss on derivative instruments | (741) | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on equity investment | (750) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in assets and liabilities, net of effects from acquisition of business: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | (19468) | (12615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 9175 | (10698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 23812 | (23481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract assets | (18054) | 53756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capitalized commissions, net | 129 | (1247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term assets | (286) | (29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contract liabilities | (79337) | 23274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses | 22730 | 5856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred commissions | (1467) | (2099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income taxes payable |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Related party payables | 1953 | (12632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities | 516 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right-of-use assets and operating lease liabilities, net | (1685) | (1425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | **(88229)** | **(35894)** |
|  **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | (4311) | (13729) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity investment | (5000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acquisition of business, net of cash acquired | (1097) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of notes receivable | (5000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities** | **(15408)** | **(13729)** |
|  **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from issuance of Redeemable preferred units | 25000 | 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of notes payable | (3732) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | **21268** | **10000** |
|  **Net decrease in cash** | **(82369)** | **(39623)** |
|  Effect of exchange rate changes on cash | 250 | 93 |
|  Cash and cash equivalents, beginning of period | 104656 | 81149 |
|  **Cash at end of period** | $**22537** | $**41619** |
|  **Supplemental disclosures of cash flow information** |  |  |
|  Cash payments for interest | $18772 | $20401 |
|  Cash paid (refunded) for taxes | (2698) | 49 |
|  **Noncash operating, investing, and financing activities** |  |  |
|  Non-cash contribution | 78588 |  |
|  Deferred offering costs in accounts payable and accrued expenses | (2797) |  |
|  Changes in accounts payable and accruals for purchases of fixed assets | 224 | 956 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.* 

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 1. The Company and Basis of Presentation** 

Yellowstone MidCo Holdings, LLC, together with its wholly owned subsidiaries (collectively, the "Company"), is a privately held company based in Denver, Colorado.

The Company's primary operating entity, York Space Systems ("York") is a leading, U.S.-based, space and defense prime providing a comprehensive suite of mission-critical solutions for national security, government and commercial customers. York is one of the only space and defense primes with proprietary hardware and software capabilities designed to address its customers' complex mission requirements across the critical elements of the entire space ecosystem throughout the entire mission lifecycle.

York is purpose built to address evolving national security space challenges and to adapt to the ongoing shift in the U.S. government's mission needs and procurement processes, where economics, agility, rapid capabilities, and heritage drive customer decision making. York delivers mission critical solutions in a zero-tolerance for error environment where systems must work. York believes it is uniquely positioned to capture an outsized share of growth in its core markets. York provides customers a vertically integrated, full technology stack of solutions including design, production, integration, and operation of spacecraft with turnkey offerings to manage spacecraft and constellations throughout their entire mission lifecycle.

York was founded in 2012 to create an innovative space technology mission prime, with a goal of meeting the evolving national security threats from space by providing mission-critical spacecraft at scale, faster, and at lower cost.

For the nine months ended September 30, 2025 and 2024, 97% and 98%, respectively, of the Company's revenue was derived based in the U.S. market.

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. The unaudited condensed consolidated financial statements include the Company's accounts and the accounts of the Company's wholly owned subsidiaries. Certain information and disclosures normally included in the Company's annual financial statements have been condensed or omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024.

In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which are necessary for the fair statement of the unaudited condensed consolidated balance sheets, statements of operations and comprehensive loss, statements of changes in redeemable preferred units and member's capital, and statements of cash flows for these interim periods. The results for the interim period are not necessarily indicative of the results that may be expected for a full year. All intercompany balances and transactions have been eliminated in consolidation.

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of the unaudited condensed consolidated financial statements in accordance with GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities and the

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

disclosures of contingencies at the reporting date, as well as the reported amounts of revenue and expenses during the reporting periods. Estimates have been prepared using the most recent and best available information. Although management believes the estimates that have been used are reasonable, actual results could materially differ from the estimates that were used. Adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation.

***Concentration of Credit Risk***

The Company's operating results are closely correlated with economic and budgetary actions of the U.S. Federal Government. Changes in any of these factors may significantly affect management's estimates and the Company's performance. The Company has a proven set of supply chain partners; however, it is subject to the same general delays and shortages that impact the global supply chain. The Company's supply chain team works closely with these vendors to ensure that production timelines are met per customer requirements.

Approximately 95% and 92% of revenues for the nine months ended September 30, 2025 and 2024, respectively, were derived from one customer. Approximately 86% of accounts receivable as of September 30, 2025 was derived from one customer.

***U.S. Federal Government Contracts***

The Company has engineering and construction contracts with the U.S. Federal Government, which typically provide the customer with the unilateral right to cancel the contract whenever the federal buying agency deems the cancelation is in the public interest. Under a termination for convenience clause, the Company is entitled to recover all costs incurred to the termination date, plus other costs not recovered at termination (such as ongoing costs not able to be discontinued, for example, rental costs), as well as an allowance for profit or fee. The U.S. Federal Government also typically has the right to the goods produced and in process under the contract at the time of a termination. Approximately 96% and 94% of revenues for the nine months ended September 30, 2025 and 2024, respectively, were derived from projects contracted by the U.S. Federal Government.

***Recently Issued Accounting Pronouncements***

In July 2025, the FASB issued ASU 2025-05, "Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which provides a practical expedient and an accounting policy election for estimating expected credit losses on current accounts receivable and contract assets arising from revenue transactions under ASC 606. ASU 2025-05 intends to simplify the application of the current expected credit loss (CECL) model for these financial assets. The practical expedient allows entities to assume that current conditions as of the balance sheet date will persist through the forecast period. The new guidance is effective for annual periods beginning after December 15, 2025, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact of adoption, which is not expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, "Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06") to simplify accounting for internal-use software by removing stage-based accounting and introducing a "probable-to-complete" threshold for capitalization. It also consolidates website development guidance under Subtopic 350-40. The standard is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adoption, which is not expected to have a material impact on the Company's unaudited condensed consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 3. Revenues** 

The table below presents revenues disaggregated by type for the following periods:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Government | $270039 | $166511 |
|  Commercial and other | 10815 | 10414 |
|  **Total revenues** | $**280854** | $**176925** |

---

***Contract balances***

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  **Contract assets** | $**39612** | $**21558** |
|  **Contract liabilities** | $**87478** | $**165636** |

---

The increase in contract assets during the nine months ended September 30, 2025 was primarily driven by revenue recognized for services rendered that had not yet been billed to the customer.

The decrease in contract liabilities during the nine months ended September 30, 2025 was primarily driven by the satisfaction of performance obligations for services previously billed to the customer. Revenue recognized in the nine months ended September 30, 2025 that was included in the contract liability balance as of December 31, 2024 was $163,074. Revenue recognized for the nine months ended September 30, 2024 that was included in the contract liability balance as of December 31, 2023 was $76,854.

The Company evaluates the contract value and cost estimates at completion ("EAC") for performance obligations at least quarterly and more frequently when circumstances significantly change. Due to the nature of the work required to be performed on many of the Company's performance obligations, the estimate of total revenue and cost at completion is complex, subject to many variables and requires significant judgment by management on a contract-by-contract basis. As part of this process, management reviews information including, but not limited to, labor productivity, the nature and technical complexity of the work to be performed, availability and cost volatility of materials, subcontractor and vendor performance, volume assumptions, inflationary trends, and schedule and performance delays. When the Company's estimate of total costs to be incurred to satisfy a performance obligation exceeds the expected revenue, the Company recognizes the loss immediately. When the Company determines that a change in estimate has an impact on the associated profit of a performance obligation, the Company records the cumulative positive or negative adjustment to the statement of operations and comprehensive loss. Changes in estimates and assumptions related to the status of certain long-term contracts may have a material effect on the Company's operating results.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

The below table summarizes the favorable (unfavorable) impact of the net EAC adjustments for the following periods:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Net EAC adjustments, before income taxes | $(10804) | $(20384) |
|  Net EAC adjustments, net of income taxes | (8414) | (15412) |
|  Net EAC adjustments, net of income taxes, per basic and diluted share | $(0.01) | $(0.01) |

---

The net unfavorable EAC adjustments during the nine months ended September 30, 2025 were primarily due to additional unplanned labor, materials and subcontractor costs required to meet customer requirements in the Company's sale of satellites, launch services and ground segment services. The net unfavorable EAC adjustments for the nine months ended September 30, 2024 were primarily due to changes in estimated total transaction price resulting from contract modifications and unplanned labor, materials and subcontractor cost.

***Remaining Performance Obligations***

As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $642,019. The Company expects to recognize approximately 67% of its remaining performance obligations as revenue within the next 12 months and the balance thereafter.

***Deferred Contract Costs***

The following table provides information about capitalized contract costs:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  **Capitalized commissions, net** | $**8516** | $**12661** |

---

Sales commissions earned by the Company's sales force are considered incremental and recoverable costs of obtaining a contract. These costs are capitalized and amortized over the life of the contract consistent with the pattern of transferring the goods to the customer. Amortization of sales commissions is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss and totaled $4,016 and $3,514 for the nine months ended September 30, 2025 and 2024, respectively. Unpaid sales commissions expected to be paid within the next twelve months are deferred and recorded as deferred commissions, current on the accompanying unaudited condensed consolidated balance sheets. Unpaid sales commissions expected to be paid greater than a period of twelve months are classified as deferred commissions, less current portion on the accompanying unaudited condensed consolidated balance sheets.

***Loss Contracts***

The Company recognizes a contract loss when the current estimate of the consideration expected to be received is less than the current estimate of total estimated costs to complete the contract. For purposes of determining the

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

existence or amount of a contract loss, the Company considers total contract consideration, including any variable consideration constrained for revenue recognition purposes. The Company may experience favorable or unfavorable changes to contract losses from time to time due to changes in estimated contract costs and modifications that result in changes to contract prices. The Company recorded losses of $2,942 and $10,928 for the nine months ended September 30, 2025 and 2024, respectively, within cost of revenues in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.

**Note 4. Acquisitions** 

***ATLAS Space Operations Acquisition***

On June 9, 2025, the Company invested in Preferred Stock of ATLAS Space Operations, Inc. ("ATLAS"), representing an approximate 5% equity interest. On August 29, 2025 (the "Acquisition Date"), the Company obtained control of the remaining outstanding equity of ATLAS, a leading provider of Ground Software-as-a-Service (GSaaS) solutions for space-based communication and global connectivity. ATLAS is headquartered in Traverse City, MI.

Consideration for this acquisition was $85,839, which consisted of $1,501 in cash (including $1,251 in seller transaction expenses, and $250 escrow holdback) and $78,588 in equity consideration in the form of Yellowstone Ultimate Holdings, LP ("Holdings") common units. The fair value of these units was determined by the Company with the assistance of a third-party valuation. Through a series of common control transactions contemplated in the Agreement & Plan of Merger and effected on August 29, 2025, ownership of ATLAS was transferred to the Company. Additionally, the fair value of preferred shares held by York from the initial investment in ATLAS was $5,750 which was included in the total consideration. The fair value of this investment was determined using a 1.15x liquidation preference and the resulting gain of $750 is recorded in other (expense) income, net on the unaudited condensed consolidated statement of operations and comprehensive loss for the period ended September 30, 2025.

The Company incurred $7,308 of acquisition-related expenses, which are recorded in selling, general and administrative expenses on the unaudited condensed consolidated statement of operations and comprehensive loss for the period ended September 30, 2025. These expenses include legal and advisory fees paid at closing, deal fees, and other related expenses. Additionally, the expenses included $1,238 of retention equity awards issued in connection with the acquisition.

The acquisition was accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets and liabilities acquired were recorded at their estimated fair values. The determination of fair value was based on management's analysis with the assistance of an independent third-party valuation firm. The excess purchase price resulting in goodwill is primarily attributable to ATLAS's acquired workforce and expected synergies. None of the goodwill is expected to be deductible for income tax purposes. The results of operations from the ATLAS Acquisition were included in the unaudited condensed consolidated financial statements from the Acquisition Date.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

The following table summarizes the provisional fair values of the assets acquired and liabilities assumed. Provisional fair value measurements were made for assets acquired and liabilities assumed. Adjustments to those measurements may be made in subsequent periods, up to one year from the date of acquisition, as the Company continues to evaluate the information necessary to complete the analysis.

---

| | |
|:---|:---|
| **Allocation of Purchase Price** | **Amount** |
|  Cash and cash equivalents | $404 |
|  Accounts receivable | 833 |
|  Prepaid expenses and other current assets | 55 |
|  Fixed assets, net | 3995 |
|  Right of use assets, net | 2098 |
|  Trademark | 600 |
|  Technology | 12300 |
|  Customer Relationship | 11300 |
|  Deferred income tax asset | 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total identifiable assets acquired | $35885 |
|  Accounts payable and accrued expenses | $(7176) |
|  Notes payable – short term | (1500) |
|  Contract Liabilities | (570) |
|  Operating lease liabilities, current | (830) |
|  Operating lease liabilities, less current portion | (1443) |
|  Notes payable – long term | (2232) |
|  Other liabilities | (7) |
|  Total liabilities assumed | (13758) |
|  Net identifiable assets acquired | 22127 |
|  Goodwill | 63712 |
|  **Fair value of net assets acquired** | $**85839** |

---

The acquired intangible assets are expected to have useful lives ranging from 5 to 20 years. Their provisional fair values were determined using income-based valuation methodologies, including the multi-period excess earnings method ("MPEEM") and the relief-from-royalty method, applying discount rates between 9% and 12%. These models reflect management's estimates of future cash flows, operating performance, and economic conditions.

**Note 5. Prepaid expenses and other current assets** 

The components of prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Prepaid expenses | $27124 | $51350 |
|  Income tax receivable | 44 | 177 |
|  Other | 1403 | 118 |
|  **Prepaid expenses and other current assets** | $**28571** | $**51645** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

The decrease in prepaid expenses is primarily due to the amortization of upfront payments to subcontractors. The increase in the Other category is primarily related to the change in fair value of the Company's derivative assets.

**Note 6. Fixed Assets, net** 

Fixed assets, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Leasehold improvements | $16499 | $16386 |
|  Orbiting satellites | 5793 | 5793 |
|  Machinery and equipment | 13215 | 6648 |
|  Computer equipment | 5343 | 4826 |
|  Software | 2679 | 2516 |
|  Furniture and fixtures | 3867 | 3665 |
|  Construction in process | 9510 | 5097 |
|  **Total fixed assets, at cost** | **56906** | **44931** |
|  Less: accumulated depreciation | (15958) | (9819) |
|  **Total fixed assets, net** | $**40948** | $**35112** |

---

Depreciation expense was $5,617 and $5,519 for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense related to software was $359 and $303 for the nine months ended September 30, 2025 and 2024, respectively. There was no impairment recognized related to fixed assets during the nine months ended September 30, 2025 and 2024, respectively.

**Note 7. Financing Arrangements** 

***Secured Credit Facilities***

The Company has a $150,000 secured credit facility (the "Original Term Loan Facility") with CO Finance LVS XXIII LLC ("Lender"). The Original Term Loan Facility has a maturity date of November 10, 2027, and bears interest at a rate of Secured Overnight Financing Rate ("SOFR"), plus a margin of 9.00%. Interest is accrued and paid every three months, with the initial interest payment having been paid on February 10, 2023. There is no scheduled amortization on the Original Term Loan Facility, with the entire amount payable at maturity. The Original Term Loan Facility contains covenants including a requirement for a minimum cash balance, certain financial covenants, and negative covenants including customary restrictions related to acquisitions, divestitures, dividends, prepayments of certain indebtedness, and other corporate actions.

On June 15, 2023, the Company entered into Amendment #1 of the Original Term Loan Facility (the "First Amendment"). The First Amendment provided an incremental $50,000 to the initial $150,000 Original Term Loan Facility, collectively (the "Term Loan Facility"). Of the incremental amount, $35,000 ("First Amendment Loans") was funded by the Lender, while $15,000 ("Last Out Loans") was funded by two related parties (refer to Note 12—Related Parties). The First Amendment Loans have the same terms and conditions as the Original Term Loan Facility. The Last Out Loans also have the same terms and conditions as the Original Term Loan Facility, with two exceptions – (i) the Last Out Loans are not repaid until the November 2022 Loan and First

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

Amendment Loans have been fully repaid, and (ii) the Last Out Loans have paid-in-kind ("PIK") interest. All obligations under the Term Loan Facility are guaranteed by certain subsidiaries of the Company and aresecured by substantially all of the Company's assets. The Company was in compliance with all financial debtcovenants as of September 30, 2025 and December 31, 2024. The Company received a waiver to waive any potential defaults or events of default that may have occurred and by continuing under the Credit Agreement. The waiver relates to the provision of Yellowstone Midco Holdings, LLC's consolidated financial statements to the borrower as opposed to the financial statements of Yellowstone Borrower, LLC, a subsidiary of the Company, as required by the Term Loan Facility.

Long-term debt consists of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Term Loan Facility loan principal amount outstanding | $200000 | $200000 |
|  Unamortized debt issuance costs | (2309) | (2967) |
|  **Net carrying amount** | $**197691** | $**197033** |

---

Interest expense recognized related to the Term Loan Facility was as follows:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Contractual interest expense | $20656 | $21940 |
|  Amortization of debt issuance costs | 657 | 568 |
|  **Total interest expense** | $**21313** | $**22508** |

---

**Note 8. Goodwill and Intangible Assets** 

The changes in the carrying amount of goodwill are as follows:

---

| | |
|:---|:---|
|  | **Amount** |
|  **Balance at December 31, 2024** | $**610832** |
|  Goodwill acquired in connection with the ATLAS Acquisition (Note 4) | 63712 |
|  Effect of foreign currency translation | 114 |
|  **Balance at September 30, 2025** | $**674658** |

---

There was no impairment recognized related to goodwill during the nine months ended September 30, 2025 and 2024, respectively.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

Intangible assets, net consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
|  | **Weighted<br>Average Useful<br>Life** | **Gross carrying<br>amount** | **Accumulated<br>Amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $263478 | $(74726) | $188752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242914 | (35328) | 207586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 24012 | (6721) | 17291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 9.8 | 5247 | (756) | 4491 |
|  **Total other intangible assets** |  | $**535651** | $**(117531)** | $**418120** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Weighted<br>Average Useful<br>Life** | **Gross carrying<br>amount** | **Accumulated<br>amortization** | **Net carrying<br>amount** |
|  **Finite-lived intangible assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Developed technology | 9.9 | $251477 | $($55207) | $196270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer relationships | 20.0 | 242270 | (26134) | 216136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade names | 5.2 | 11676 | (4977) | 6699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 9.8 | 5232 | (342) | 4890 |
|  **Total other intangible assets** |  | $**510655** | $**(86660)** | $**423995** |

---

There was no impairment recognized related to intangible assets during the nine months ended September 30, 2025 and 2024, respectively. Amortization expense of intangible assets for the nine months ended September 30, 2025 and 2024, is $30,635 and $30,153, respectively, and is recorded in cost of revenues and selling, general and administrative expenses in the unaudited condensed consolidated statements of operations and comprehensive loss. Estimated future amortization expense for finite-lived intangibles held as of September 30, 2025 is as follows:

---

| | |
|:---|:---|
| **Years ending December 31** | **Amount** |
|  2025 (for the remaining period) | 10619 |
| 2026 | 42374 |
| 2027 | 41974 |
| 2028 | 39693 |
| 2029 | 39485 |
|  Thereafter | 243975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total future amortization expense on intangible assets** | $**418120** |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 9. Accounts Payable & Accrued Expenses** 

Accounts payable and accrued expenses were comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **September 30, 2025** | **December 31, 2024** |
|  Accounts payable | $68355 | $29465 |
|  Accrued project costs | 8132 | 14239 |
|  Accrued interest | 3263 | 3334 |
|  Payroll and benefits accrual | 3768 | 2387 |
|  Other | 9 | 1174 |
|  **Total accounts payable and<br>accrued expenses** | $**83527** | $**50599** |

---

The increase in accounts payable is primarily due to the timing of payments and volume of invoices received from the Company's various vendors.

**Note 10. Accounting for Income Taxes** 

The table below presents the Company's effective income tax rate on pre-tax income from continuing operations for the following periods:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  **Income tax (benefit)** | $(15923) | $(23760) |
|  **Effective tax rate ("ETR")** | 22.12% | 24.39% |

---

The decrease in ETR for the nine months ended September 30, 2025 compared to nine months ended September 30, 2024 was due to the increase in valuation allowance. The ETR for the nine months ended September 30, 2025 and the nine months ended September 30, 2024 differs from the U.S. federal income tax rate of 21.0% primarily due to an increase in the valuation allowance offset by a decrease in state tax expense.

The Company assesses the deferred tax assets for recoverability on a quarterly basis. In assessing the realizability of deferred tax assets, the Company evaluates whether it is more-likely-than-not that a portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating loss ("NOL"), research credit and interest expense carryforwards are available. During the nine months ended September 30, 2025, the Company recognized additional tax expense of $15,917 for the nine months ended September 30, 2025, substantially all of which relates to the acquisition of additional deferred tax assets in connection with the ATLAS business combination which are now anticipated to be utilized prior to existing York assets.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted, introducing amendments to the U.S. federal income tax code, including permanent reinstatement of immediate expensing for domestic research expenditures, a reduction in the benefit of the research and development ("R&D") credit, restoration of full expensing for qualified depreciable assets, and updates to the limitation of deductions for business interest. GAAP requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Certain provisions are effective for 2025, the effects of which have been recognized in the nine months ended September 30, 2025.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 11. Commitments and Contingencies** 

In the ordinary course of business, the Company may be involved in ordinary, routine legal proceedings. The Company has assessed its positions and is of the opinion that the ultimate resolution of such matters will not have a material adverse effect on the results of operations, cash flows or the financial position of the Company.

**Note 12. Related Parties** 

The unaudited condensed consolidated financial statements include all related party transactions, other than base compensation arrangements, expense allowances, and other similar items in the ordinary course of business. The related party transactions for the Company are as follows:

***Vendor Purchases***

The Company contracted with a relative of one of the Company officers to design, furnish and build out the offices and manufacturing areas for its new facilities. During the nine months ended September 30, 2025 and 2024, the Company paid approximately $268 and $116, respectively, for these services.

The Company contracted with another Company executive to lease an office space starting in February 2021. During the nine months ended September 30, 2025 and 2024, the Company paid approximately $81 and $78, respectively, for this lease which is recorded in selling, general and administrative expense on the unaudited condensed consolidated statements of operations and comprehensive loss.

The Company contracted with a vendor to provide software engineering services in which one of the Company's employees is a shareholder. During the nine months ended September 30, 2025 and 2024, the Company paid approximately $1,100 and $1,167, respectively, to this vendor for these services.

***Lending***

As part of the First Amendment, $5,000 and $10,000 of the $15,000 Last Out Loans borrowed were provided by two Company officers, respectively. There is $5,636 and $3,683 of PIK interest recorded as Related party payables, net of current in the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. Of the $197,691 long-term debt, net recorded in the unaudited condensed consolidated balance sheet as of September 30, 2025, $4,944 and $9,888 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively. Of the $197,033 long-term debt, net recorded in the audited consolidated balance sheet as of December 31, 2024, $4,928 and $9,856 net of debt issuance costs, relate to the Last Out Loans provided by the two Company officers, respectively.

***AEI Transaction***

In November 2022, AE Industrial Partners LP ("AEI") and certain co-investors, through their ownership of Holdings, the Company's ultimate parent, acquired the Company's primary operating entity, York (this transaction hereafter referred to as the "AEI Transaction"). AEI is the controlling shareholder of Holdings.

Following the AEI Transaction, AEI provided $3,459 and $1,005 of consulting to the Company for the nine months ended September 30, 2025 and 2024, respectively. An agreement is in place for the Company to pay a consulting fee each quarter equal to the greater of $250 or 3.5% of adjusted EBITDA as defined in the agreement through 2032. These consulting fees are recorded in selling, general and administrative expense on the unaudited condensed consolidated statements of operations and comprehensive loss.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 13. Member's Capital and Redeemable Preferred Units** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Authorized as of** | **Authorized as of** | **Held by Member as of** | **Held by Member as of** |
|  | **September 30, 2025** | **December 31, 2024** | **September 30, 2025** | **December 31, 2024** |
|  Common units | 1078929080 | 1078929080 | 1078929080 | 1078929080 |
|  Redeemable preferred units | 82858291 | 56619831 | 82858291 | 56619831 |
|  **Total** | **1161787371** | **1135548911** | **1161787371** | **1135548911** |

---

***Common units***

The holders of Common units are entitled to dividends when and if declared by the Board. There have been no distributions declared to date. As of September 30, 2025 and December 31, 2024, Holdings owns all authorized and outstanding Common units of the Company.

***Redeemable preferred units***

On June 3, 2025, Holdings subscribed to an additional 25,000,000 Redeemable preferred units with a price of $1.00 per unit. As of September 30, 2025 and December 31, 2024, Holdings owns all authorized and outstanding Redeemable preferred units of the Company.

Under the terms of the Second Amended and Restated LLC Agreement ("LLC Agreement"), distributions are in the following priorities:

Distributions: Distributions will only be made in such amounts, in such form (including in-kind property) and at such times as determined by the Managing Member in its sole discretion. Distributions, if declared by the Managing Member, will be made:

First, to the Redeemable preferred unit holders until such time as their preferred unreturned capital value has been reduced to zero; Second, to the Redeemable preferred unit holders until such time as their preferred unpaid yield value has been reduced to zero; and thereafter, to the Common unit holders.

Pursuant to the LLC Agreement, the Units contain the following key provisions as of September 30, 2025:

Dissolution/Liquidation: Upon the dissolution of the Company, the Managing Member shall wind up the affairs of the Company. Following the payment of or provision for all debts and liabilities of the Company and all expenses of liquidation, (i) a final allocation of all items of income, gain, loss, and expense shall be made and (ii) the proceeds of the liquidation and any other funds (or other remaining assets) of the Company shall be distributed to the members in accordance with the distribution waterfall above.

Voting: The voting rights of the holders of Units are limited to the removal or replacement of the Managing Member.

Preferred Yield: The Redeemable preferred units provide for a Preferred Yield which accrues on a daily basis at an annual rate of 12.5% and compounds on December 31 of each calendar year, based on the sum of the (i) capital contributions less any distributions, and (ii) the amount of Preferred Yield that has not been distributed.

The Redeemable preferred units are not convertible. The Redeemable preferred units are in-substance currently redeemable through the distribution waterfall since the holder of the Redeemable preferred units controls the Company and can make distributions at any time in the form of cash or other assets. The Redeemable preferred units are initially recorded at cash proceeds received (no issuance costs incurred) and are subsequently remeasured at their maximum redemption amount at the end of each reporting date.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

**Note 14. Net Loss per Unit** 

Basic net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of common units outstanding during each period.

Diluted net loss per unit is computed by dividing net loss attributable to common unitholders by the weighted average number of fully dilutive common units outstanding for the period using the treasury-stock method, the if-converted method, or two-class method for participating securities, whichever is more dilutive. The Company's Incentive Units are granted by and settled in the equity of Holdings, the Company's ultimate parent, and therefore are not included in the Company's net loss per unit calculations. During the periods presented, the Company did not have any dilutive equity instruments outstanding or any antidilutive equity instruments that could potentially be dilutive in future periods. As a result, diluted net loss per common unit is the same as basic net loss per common unit for the periods presented. Please refer to Note 13—Member's Capital and Redeemable Preferred Units for additional information on the Company's units outstanding.

The following table summarizes the computation of basic and diluted net loss per unit attributable to common unitholders of the Company:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  **Numerator:** |  |  |
|  Net loss as reported | $(56044) | $(73643) |
|  Less: Accretion of Redeemable<br>preferred units | 7418 | 5485 |
|  Net loss available to<br>common unitholders | $(63462) | $(79128) |
|  **Denominator:** |  |  |
|  Weighted average common<br>units outstanding | 1078929080 | 1078929080 |
|  Basic and diluted |  |  |
|  **Net loss per unit – basic and diluted:** | $**(0.06)** | $**(0.07)** |

---

**Note 15. Segment Reporting** 

The measure of segment assets is reported on the unaudited condensed Consolidated Balance Sheets as total assets. There are no other significant segment assets that would require disclosure or are regularly provided to the CODM. The Company has no intra-segment sales or transfers as it operates in one operating segment and one reportable segment. Information related to the geographical distribution of the Company's revenues is disclosed in Note 2—Summary of Significant Accounting Policies.

At September 30, 2025 and December 31, 2024, $38,125 and $32,830 of the Company's fixed assets, net, are located in the United States. There were no other material tangible long-lived assets located outside of the U.S., individually or in the aggregate.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings, LLC** 

**Notes to Condensed Consolidated Financial Statements (Continued)** 

**(Dollars in thousands, except units and per unit amounts)** 

**(Unaudited)** 

In accordance with ASU 2023-07, *Improvements to Reportable Segment Disclosures*, significant expenses included within consolidated net loss have been assessed and disclosed in the table below:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended** | **For the nine months ended** |
|  | **September 30, 2025** | **September 30, 2024** |
|  Revenue | $280854 | $176925 |
|  Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct materials | 193519 | 128519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses | 94125 | 76433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 13796 | 15480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (21385) | (22529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 1035 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (expense) income, net | 1910 | (658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit | 15923 | 23760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other segment items (a) | 32941 | 31641 |
|  **Net loss** | $**(56044)** | $**(73643)** |

---

(a) Other segment items is comprised of other costs of revenue excluding direct materials, including direct labor,
overhead costs and depreciation and amortization

**Note 16. Subsequent Event** 

The Company has performed a review of events subsequent to the balance sheet date through November 17, 2025, the date the unaudited condensed consolidated financial statements were issued.

On October 3, 2025, Holdings entered into a Contribution and Acceptance Agreement between Holdings and Yellowstone Midco Holdings II, LLC ("Midco II") whereby Holdings contributed and transferred its ownership in the Company to Midco II. Prior to October 3, 2025, both the Company and Midco II were direct, wholly owned subsidiaries of Holdings. As a result, the transaction will be accounted for as a combination of entities under common control, as defined by ASC 805. Midco II will account for the transaction at carrying amount with retrospective adjustment of prior period financial statements. The assets and liabilities of the Company will be recognized at their carrying amounts as of the date of the transfer.

In November 2025, the Company refinanced the Term Loan Facility for a first-lien term loan A facility (the "Term Facility") in an aggregate principal amount of $150 million and a senior secured first-lien revolving credit facility in an aggregate principal amount of $140 million (the "Revolving Facility," and together with the Term Facility, the "Facilities"). The Facilities mature three years after the closing date. The Term Facility provides an option for the Company to extend maturity date for another year subject to certain conditions following a Qualified IPO. The Term Facility requires quarterly installments commencing on the last day of the first full fiscal quarter ending after the Closing Date in an aggregate annual amount equal to 2.50% for the first four fiscal quarters and thereafter 5.00% of the original principal amount of the term loans. The Company will use the net proceeds from the Facilities to repay the Term Loan Facility and for working capital and general corporate purposes. Interest rates under the Facilities are, at the option of the Company, initially SOFR plus 3.5% or ABR plus 2.5% and may be adjusted downward based on certain qualifying events and Total Net Leverage Ratios.

The Company noted no other subsequent events that require recognition or disclosure in these unaudited condensed consolidated financial statements.

------

##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

Board of Directors and Unitholders

Yellowstone Midco Holdings II, LLC

**Opinion on the financial statement** 

We have audited the accompanying balance sheet of Yellowstone Midco Holdings II, LLC (a Delaware limited liability company) (the "Company") as of September 4, 2025, and the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of September 4, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for opinion** 

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

---

| |
|:---|
|  /s/ GRANT THORNTON LLP |
|  We have served as the Company's auditor since 2025. |
|  Denver, Colorado |
|  November 17, 2025 |

---

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Balance Sheet** 

---

| | |
|:---|:---|
|  | **As of September 4,<br>2025** |
|  **Assets** |  |
|  Total assets | $— |
|  **Liabilities and Member's Capital** |  |
|  Total liabilities | $— |
|  **Member's capital** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units, 100 shares authorized, issued and outstanding |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in-capital |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and member's capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes to the financial statement.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement** 

**(dollars in millions)** 

**Note 1. Description of Business and Basis of Presentation** 

***Description of Business***

Yellowstone Midco Holdings II, LLC, (the "Company" or "Midco II") was formed in Delaware on September 4, 2025 as a wholly owned subsidiary of Yellowstone Ultimate Holdings, LP ("Holdings"), a Delaware limited partnership, to directly and indirectly hold all of the equity interests in Yellowstone Midco Holdings, LLC and its operating subsidiaries.

Holdings is controlled by investment funds managed by AE Industrial Partners LP.

***Corporate Conversion***

Prior to the effectiveness of a registration statement and consummation of an initial public offering (the "IPO transaction"), Midco II will convert into a Delaware corporation pursuant to a statutory conversion (the "Corporate Conversion"). In connection with the Corporate Conversion, all of the outstanding limited liability company units will be converted into shares of common stock. The number of shares of common stock issuable to holders of limited liability units in connection with the Corporate Conversion will be determined pursuant to the applicable provision of the plan of conversion. Following the Corporate Conversion, Midco II will remain a holding company and will continue to conduct business through its operating subsidiaries.

***Basis of Presentation***

The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission. Separate statements of operations and comprehensive income, changes in member's capital and cash flows have not been presented because there have been no activities in this entity since its formation.

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

***Organization costs***

Costs related to the formation of Midco II have been paid by Holdings.

**Note 3. Member's Capital** 

The capital structure of Midco II consists of one class of 100 authorized common interests (the "Common Units"). On September 4, 2025, Midco II entered into a Limited Liability Company Agreement (the "LLC Agreement"), pursuant to which 100 Common Units were issued for no consideration to Holdings.

**Note 4. Commitments and Contingencies** 

The Company did not have any commitments or contingencies as of September 4, 2025.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement (Continued)** 

**(dollars in millions)** 

**Note 5. Subsequent Events** 

The Company has evaluated all subsequent events through November 17, 2025, the date on which the balance sheet and notes to the financial statement were available to be issued.

On October 3, 2025, the Company entered into a Contribution and Acceptance Agreement between the Company and Holdings whereby Holdings contributed and transferred its ownership in Yellowstone Midco Holdings, LLC to the Company. Prior to October 3, 2025, both the Company and Yellowstone Midco Holdings, LLC were direct, wholly owned subsidiaries of Holdings. As a result, the transaction will be accounted for as a combination of entities under common control, as defined by ASC 805. The Company will account for the transaction at carrying amount with retrospective adjustment of prior period financial statements. The assets and liabilities of Yellowstone Midco Holdings, LLC will be recognized at their carrying amounts as of the date of the transfer.

Additionally, the Company and Holdings entered into an amendment to the LLC Agreement (the "Amended and Restated LLC Agreement"), pursuant to which (i) the Company was authorized to issue from time to time, subject to Board approval, additional Common Units and Class P Units, (ii) Midco II issued 50,000,000 Common Units to Holdings iii) all authorized and outstanding Common Units issued prior to October 3, 2025 and owned by Holdings were cancelled and forfeited for no consideration.

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units of the Company to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million.

Each Class P Unit accrues dividends and will convert into shares of the Company's common stock immediately prior to the effectiveness of a registration statement with respect to a Qualified initial public offering at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by a discount of 20% (with such percentage set to increase by 2.5% every 6 months for the issue date of such unit; provided that, such percentage will not exceed 30% of the initial public offering price). The issuance of the Class P Units was not registered under the Securities Act because the Class P Units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Balance Sheets** 

---

| | | |
|:---|:---|:---|
|  | **As of**<br> **September 30, 2025**<br> **(unaudited)** | **As of**<br> **September 4, 2025** |
|  **Assets** |  |  |
|  Total assets | $— | $— |
|  **Liabilities and Member's Capital** |  |  |
|  Total liabilities | $— | $— |
|  **Member's capital:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common units, 100 shares authorized, issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in-capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's capital | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and member's capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See accompanying notes to the financial statement.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement** 

**(Unaudited)** 

**(dollars in millions)** 

**Note 1. Description of Business and Basis of Presentation** 

***Description of Business***

Yellowstone Midco Holdings II, LLC, (the "Company" or "Midco II") was formed in Delaware on September 4, 2025, as a wholly owned subsidiary of Yellowstone Ultimate Holdings, LP ("Holdings"), a Delaware limited partnership, to directly and indirectly hold all of the equity interests in Yellowstone Midco Holdings, LLC and its operating subsidiaries.

Holdings is controlled by investment funds managed by AE Industrial Partners LP.

***Corporate Conversion***

Prior to the effectiveness of a registration statement and consummation of an initial public offering (the "IPO transaction"), Midco II will convert into a Delaware corporation pursuant to a statutory conversion (the "Corporate Conversion"). In connection with the Corporate Conversion, all of the outstanding limited liability company units will be converted into shares of common stock. The number of shares of common stock issuable to holders of limited liability units in connection with the Corporate Conversion will be determined pursuant to the applicable provision of the plan of conversion. Following the Corporate Conversion, Midco II will remain a holding company and will continue to conduct business through its operating subsidiaries.

***Basis of Presentation***

The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"), and the applicable rules and regulations of the Securities and Exchange Commission. Separate statements of operations, changes in member's capital and cash flows have not been presented because there have been no activities in this entity since its formation through September 30, 2025 (unaudited).

**Note 2. Summary of Significant Accounting Policies** 

***Use of Estimates***

The preparation of financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet. Actual results could differ from those estimates.

***Organization costs***

Costs related to the formation of Midco II have been paid by Holdings.

**Note 3. Member's Capital** 

As of September 4, 2025 and September 30, 2025, the capital structure of Midco II consists of one class of 100 authorized common interests (the "Common Units"). On September 4, 2025, Midco II entered into a Limited Liability Company Agreement (the "LLC Agreement"), pursuant to which 100 Common Units were issued to for no consideration to Holdings. As of September 30, 2025, Holdings owns all authorized and outstanding Common Units of the Company.

**Note 4. Commitments and Contingencies** 

The Company did not have any commitments or contingencies as of September 4, 2025 or September 30, 2025.

------

##### [**Table of Contents**](#toc)
**Yellowstone Midco Holdings II, LLC** 

**Notes to the Financial Statement (Continued)** 

**(Unaudited)** 

**(dollars in millions)** 

**Note 5. Subsequent Events** 

The Company has evaluated all subsequent events through November 17, 2025, the date on which the balance sheets and notes to the financial statement were available to be issued.

On October 3, 2025, the Company entered into a Contribution and Acceptance Agreement between the Company and Holdings whereby Holdings contributed and transferred its ownership in Yellowstone Midco Holdings, LLC to the Company. Prior to October 3, 2025, both the Company and Yellowstone Midco Holdings, LLC were direct, wholly owned subsidiaries of Holdings. As a result, the transaction will be accounted for as a combination of entities under common control, as defined by ASC 805. The Company will account for the transaction at carrying amount with retrospective adjustment of prior period financial statements. The assets and liabilities of Yellowstone Midco Holdings, LLC will be recognized at their carrying amounts as of the date of the transfer.

Additionally, the Company and Holdings entered into an amendment to the LLC Agreement (the "Amended and Restated LLC Agreement"), pursuant to which (i) the Company was authorized to issue from time to time, subject to Board approval, additional Common Units and Class P Units, (ii) Midco II issued 50,000,000 Common Units to Holdings and (iii) all authorized and outstanding Common Units issued prior to October 3, 2025 and owned by Holdings were cancelled and forfeited for no consideration.

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units of the Company to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million.

Each Class P Unit accrues dividends and will convert into shares of the Company's common stock immediately prior to the effectiveness of a registration statement with respect to a Qualified initial public offering at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by a discount of 20% (with such percentage set to increase by 2.5% every 6 months for the issue date of such unit; provided that, such percentage will not exceed 30% of the initial public offering price). The issuance of the Class P Units was not registered under the Securities Act because the Class P Units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

------

##### [**Table of Contents**](#toc)
**16,000,000 Shares**![LOGO](g941199g01a68.jpg)

**Common Stock** 

**Prospectus** 

***Joint Book-Runners***

**Goldman Sachs & Co. LLC** 

**Jefferies** 

**Wells Fargo Securities** 

**J.P. Morgan** 

**Citigroup** 

**Truist Securities** 

**Baird** 

**Raymond James** 

***Co-Managers***

**Canaccord Genuity** 

**Needham & Company** 

**Academy Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2026** 

------

##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

**Item 13. *Other Expenses of Issuance and Distribution.*** 

The following table sets forth all costs and expenses, other than underwriting discounts and commissions, payable by us in connection with the offer and sale of the common stock being registered. All amounts shown are estimates except for the SEC registration fee, the FINRA filing fee and the exchange listing fee.

---

| | |
|:---|:---|
|  | **Amount to be<br>Paid** |
|  SEC registration fee | $100000 |
|  FINRA filing fee | 109000 |
|  Initial exchange listing fee | 295000 |
|  Printing expenses | 600000 |
|  Legal fees and expenses | 3000000 |
|  Accounting fees and expenses | 2600000 |
|  Transfer agent and registrar fees | 12000 |
|  Miscellaneous fees and expenses | 3500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $10216000 |

---

**Item 14. *Indemnification of Directors and Officers.*** 

Section 102(b)(7) of the DGCL allows a corporation to provide in its certificate of incorporation that a director of the corporation will not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except where the director or officer breached the duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend, or approved a stock repurchase in violation of Delaware corporate law, or obtained an improper personal benefit. Our certificate of incorporation will provide for this limitation of liability.

Section 145 of the DGCL ("Section 145") provides that a Delaware corporation may indemnify any person who was, is, or is threatened to be made, party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee, or agent of such corporation or is or was serving at the request of such corporation as a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit, or proceeding, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his conduct was illegal. A Delaware corporation may indemnify any persons who are, were, or are a party to any threatened, pending, or completed action or suit by or in the right of the corporation by reason of the fact that such person is or was a director, officer, employee, or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys' fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the corporation's best interests, provided that no indemnification is permitted without judicial approval if the officer, director, employee, or agent is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him against the expenses which such officer or director has actually and reasonably incurred.

------

##### [**Table of Contents**](#toc)
Section 145 further authorizes a corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee, or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation or enterprise, against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the corporation would otherwise have the power to indemnify him under Section 145.

Our bylaws will provide that we will indemnify our directors and officers to the fullest extent authorized by the DGCL and must also pay expenses incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled to be indemnified under this section or otherwise.

Upon completion of this offering, we intend to enter into indemnification agreements with each of our executive officers and directors. The indemnification agreements will provide the executive officers and directors with contractual rights to indemnification, expense advancement, and reimbursement to the fullest extent permitted under the DGCL.

The indemnification rights set forth above shall not be exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of our certificate of incorporation or bylaws, agreement, vote of stockholders or disinterested directors, or otherwise.

We will maintain standard policies of insurance that provide coverage (1) to our directors and officers against loss arising from claims made by reason of breach of duty or other wrongful act and (2) to us with respect to indemnification payments that we may make to such directors and officers. The proposed form of underwriting agreement to be filed as Exhibit 1.1 to this registration statement provides for indemnification of our directors and officers by the underwriters party thereto against certain liabilities arising under the Securities Act or otherwise.

**Item 15. *Recent Sales of Unregistered Securities.*** 

The following sets forth information regarding securities sold or issued by us in the three years preceding the date of this registration statement. No underwriters were involved in these sales. There was no general solicitation of investors or advertising, and we did not pay or give, directly or indirectly, any commission or other remuneration, in connection with the offering of these shares. In the transactions described below, the recipients of the securities represented their intention to acquire the securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate legends were affixed to the securities issued in these transactions.

On September 4, 2025, in connection with its formation, the Company issued 100 units to Yellowstone Ultimate Holdings, LP for nominal consideration. The issuance of such units was not registered under the Securities Act because the units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

In the fourth quarter of 2025, the Company issued and sold an aggregate of approximately 240,956 Class P Units to several investors, including funds affiliated with AE Industrial Partners, for an aggregate purchase price of approximately $241.0 million. Each Class P Unit initially has a preference amount of $1,000 and will automatically convert into shares of our common stock immediately prior the effectiveness of the registration statement of which this prospectus forms a part, at a conversion rate per unit equal to (i) the outstanding aggregate total preference amount of such Class P Unit, divided by (ii) the initial public offering price discounted by a discount of 20%. The issuance of the Class P Units was not registered under the Securities Act because the Class P Units were offered and sold in a transaction exempt from registration under Section 4(a)(2) of the Securities Act.

------

##### [**Table of Contents**](#toc)
**Item 16. *Exhibits and Financial Statement Schedules.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) Exhibits***

The exhibits to this registration statement are listed in the Exhibit Index attached hereto and incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b) Financial Statement Schedules***

Financial statement schedules are omitted because the required information is not applicable, not required or included in the financial statements or the notes thereto included in the prospectus that forms a part of this registration statement.

**Item 17. *Undertakings.*** 

The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the registrant pursuant to the provisions referenced in Item 14 of this registration statement, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered hereunder, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for purposes of determining any liability under the Securities Act, the information omitted from the form of
prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part
of this registration statement as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) for the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at the time shall be deemed to be the initial bona fide offering thereof.

------

##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | [Form of Underwriting Agreement](d941199dex11.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1# | [Certificate of Formation of Yellowstone Midco Holdings II, LLC, as currently in effect](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex31.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | [Form of Certificate of Incorporation (to be effective upon completion of this offering)](d941199dex32.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | [Form of Bylaws (to be effective upon completion of this offering)](d941199dex33.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | [Form of Registration Rights Agreement](d941199dex41.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | [Opinion of Kirkland & Ellis LLP](d941199dex51.htm) |
| 10.1# | [Credit Agreement, dated as of November 14, 2025, by and among Yellowstone Interco Holdings, LLC, Yellowstone Borrower, LLC, the lenders party thereto and Wells Fargo Bank, National Association.](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex101.htm) |
| 10.2# | [Amendment No. 1, dated as of November 21, 2025, to the Credit Agreement, dated as of November 14, 2025, by and among Yellowstone Interco Holdings, LLC, Yellowstone Borrower, LLC, the lenders party thereto and Wells Fargo Bank, National Association](http://www.sec.gov/Archives/edgar/data/2086587/000119312525318602/d941199dex102.htm) |
| 10.3#+ | [Offer Letter, dated March 21, 2021, as amended, by and between Kevin Messerle and York Space Systems, LLC](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex102.htm) |
| 10.4#+ | [Offer Letter, dated August 2, 2023, by and between Devjyoti Rudra and York Space Systems, LLC](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex103.htm) |
| 10.5 | [Form of Indemnification Agreement](d941199dex105.htm) |
| 10.6 | [Form of Tax Receivable Agreement (to be effective upon completion of this offering)](d941199dex106.htm) |
| 10.7+ | [York Space Systems Inc. 2026 Omnibus Incentive Plan](d941199dex107.htm) |
| 10.8+ | [Form of Restricted Stock Unit Grant Notice and Award Agreement](d941199dex108.htm) |
| 10.9+ | [Form of Restricted Stock Award Grant Notice and Agreement (Employee Form)](d941199dex109.htm) |
| 10.10+ | [Form of Restricted Stock Award Grant Notice and Agreement (Non-Employee Form)](d941199dex1010.htm) |
| 10.11 | [Form of Director Nomination Agreement](d941199dex1011.htm) |
| 10.12 | [Form of Voting Agreement](d941199dex1012.htm) |
| 10.13 | [Form of Amended and Restated Consulting Agreement between York Space Systems Inc., AE Industrial Operating Partners, LLC and AE Industrial Partners, LP](d941199dex1013.htm) |
| 10.14 | [Lease, dated September 22, 2021, between The GC Net Lease (Greenwood Village) Investors, LLC and York Space Systems LLC](d941199dex1014.htm) |
| 10.15 | [Lease, effective July 18, 2023, by and between Westcore CG Potomac Park, LLC and York Space Systems LLC](d941199dex1015.htm) |
| 21.1# | [Subsidiaries of the Registrant](http://www.sec.gov/Archives/edgar/data/2086587/000119312525318602/d941199dex211.htm) |
| 23.1 | [Consent of Grant Thornton LLP, independent registered accounting firm for Yellowstone Midco Holdings, LLC](d941199dex231.htm) |
| 23.2 | [Consent of Grant Thornton LLP, independent registered accounting firm for Yellowstone Midco Holdings II, LLC](d941199dex232.htm) |
| 23.3 | [Consent of Kirkland & Ellis LLP (included in Exhibit 5.1)](d941199dex51.htm) |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description of Document** |
| 24.1# | [Power of Attorney (included on signature page)](http://www.sec.gov/Archives/edgar/data/2086587/000119312525284187/d941199ds1.htm#sig) |
| 99.1# | [Consent of Dirk Wallinger to be named as a director nominee](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex991.htm) |
| 99.2# | [Consent of Kirk Konert to be named as a director nominee](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex992.htm) |
| 99.3# | [Consent of Tyler Letarte to be named as a director nominee](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex993.htm) |
| 99.4# | [Consent of Tamra Erwin to be named as a director nominee](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex994.htm) |
| 99.5# | [Consent of Reggie Brothers to be named as a director nominee](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex995.htm) |
| 99.6# | [Consent of Andrew Boyd to be named as a director nominee](http://www.sec.gov/Archives/edgar/data/0002086587/000119312525284187/d941199dex996.htm) |
| 99.7 | [Consent of General (RET) James McConville to be named as a director nominee](d941199dex997.htm) |
| 107 | [Calculation of the Filing Fee Table](d941199dexfilingfees.htm) |

---

# Indicates previously filed.

+ Indicates a management contract or compensatory plan or agreement.

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Greenwood Village, State of Colorado, on January 16, 2026.

---

| | |
|:---|:---|
| **Yellowstone Midco Holdings II, LLC** | **Yellowstone Midco Holdings II, LLC** |
| By: | /s/ Dirk Wallinger |
|  | Dirk Wallinger |
|  | *Chief Executive Officer* |

---

------

##### [**Table of Contents**](#toc)
Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Dirk Wallinger<br> Dirk Wallinger | Chief Executive Officer and Manager<br> *(Principal Executive Officer*) | January 16, 2026 |
| /s/ Kevin Messerle<br> Kevin Messerle | Chief Financial Officer <br> *(Principal Financial Officer)* | January 16, 2026 |
| /s/ Brian Frantz<br> Brian Frantz | Chief Accounting Officer<br> *(Principal Accounting Officer)* | January 16, 2026 |
| \*<br> Kirk Konert | Manager | January 16, 2026 |
| \*<br> Tyler Letarte | Manager | January 16, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Dirk Wallinger |
|  | Dirk Wallinger |
|  | Attorney-in-Fact |

---

## Exhibit 1.1

**Exhibit 1.1** 

Yellowstone Midco Holdings II, LLC

**Common Stock, Par Value $0.0001 Per Share** 

**<u>Form of Underwriting Agreement</u>**

January [•], 2026

Goldman Sachs & Co. LLC

Jefferies LLC

Wells Fargo Securities, LLC

As representatives (the "Representatives") of the several Underwriters named in Schedule I hereto,

c/o Goldman Sachs & Co. LLC

200 West Street,

New York, New York 10282-2198

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, New York 10001

Ladies and Gentlemen:

Yellowstone Midco Holdings II, LLC, a Delaware limited liability company, and following the Corporate Conversion (as defined below) a Delaware corporation (the "Company"), proposes, subject to the terms and conditions stated in this agreement (this "Agreement"), to issue and sell to the Underwriters named in Schedule I hereto (the "Underwriters") an aggregate of [•] shares (the "Firm Shares") and, at the election of the Underwriters, up to [•] additional shares (the "Optional Shares") of common stock, par value $0.0001 ("Stock"), of the Company (the Firm Shares and the Optional Shares that the Underwriters elect to purchase pursuant to Section 2 hereof are collectively called the "Shares").

Prior to the delivery of the Shares under this Agreement, Yellowstone Midco Holdings II, LLC, will effect the Corporate Conversion (as defined in each of the Registration Statement, the Pricing Prospectus and the Prospectus) as a result of which, among other things, it will undergo a statutory conversion into a Delaware corporation and change its name to York Space Systems Inc. As used in this Agreement, references to the Company refer to (i) Yellowstone Midco Holdings II, LLC prior to the Corporate Conversion and (ii) York Space Systems Inc. after giving effect to the Corporate Conversion.

Goldman Sachs & Co. LLC (the "Directed Share Underwriter") has agreed to reserve up to [•] shares of the Shares to be purchased by it under this Agreement for sale at the direction of the Company to certain parties related to the Company (collectively, "Participants"). The Shares to be sold by the Directed Share Underwriter pursuant to the Directed Share Program are hereinafter called the "Directed Shares." Any Directed Shares not confirmed for purchase by the deadline established therefor by the Directed Share Underwriter in consultation with the Company will be offered to the public by the Underwriters as set forth in the Prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company represents and warrants to, and agrees with, each of the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A registration statement on Form S-1 (File No. 333-291581) (the "Initial Registration Statement") in respect of the Shares has been filed with the Securities and Exchange Commission (the "Commission"); the Initial Registration Statement and any post effective amendment thereto, each in the form heretofore delivered to you, have been declared effective by the Commission in such form; other than a registration statement, if any, increasing the size of the offering (a "Rule 462(b) Registration Statement"), filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended (the "Act"), which became effective upon filing, no other document with respect to the Initial Registration Statement has been filed with the Commission; and no stop order suspending the effectiveness of the Initial Registration Statement, any post-effective amendment thereto or the Rule 462(b) Registration Statement, if any, has been issued and no proceeding for that purpose or pursuant to Section 8A of the Act has been initiated or, to the Company's knowledge, threatened by the Commission (any preliminary prospectus included in the Initial Registration Statement or filed with the Commission pursuant to Rule 424(a) of the rules and regulations of the Commission under the Act is hereinafter called a "Preliminary Prospectus"; the various parts of the Initial Registration Statement and the Rule 462(b) Registration Statement, if any, including all exhibits thereto and including the information contained in the form of final prospectus filed with the Commission pursuant to Rule 424(b) under the Act in accordance with Section 5(a) hereof and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement at the time it was declared effective, each as amended at the time such part of the Initial Registration Statement became effective or such part of the Rule 462(b) Registration Statement, if any, became or hereafter becomes effective, are hereinafter collectively called the "Registration Statement"; the Preliminary Prospectus relating to the Shares that was included in the Registration Statement immediately prior to the Applicable Time (as defined in Section 1(c) hereof) is hereinafter called the "Pricing Prospectus"; and such final prospectus, in the form first filed pursuant to Rule 424(b) under the Act, is hereinafter called the "Prospectus"; any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Act or Rule 163B under the Act is hereinafter called a "Testing-the-Waters Communication"; and any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 under the Act is hereinafter called a "Written Testing-the-Waters Communication"; and any "issuer free writing prospectus" as defined in Rule 433 under the Act relating to the Shares is hereinafter called an "Issuer Free Writing Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (A) No order preventing or suspending the use of any Preliminary Prospectus or any Issuer Free Writing Prospectus has been issued by the Commission, and (B) each Preliminary Prospectus, at the time of filing thereof, conformed in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder, and did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information (as defined in Section 9(b) of this Agreement);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Agreement, the "Applicable Time" is [•] p.m. (Eastern time) on the date of this Agreement. The Pricing Prospectus, as supplemented by the information listed on Schedule II(c) hereto, taken together (collectively, the "Pricing Disclosure Package"), as of the Applicable Time, did not, and as of each Time of Delivery (as defined in Section 4(a) of this Agreement) will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication does not conflict with the information contained in the Registration Statement, the Pricing Prospectus or the Prospectus and each Issuer Free Writing Prospectus and each Written Testing-the-Waters Communication, as supplemented by and taken together with the Pricing Disclosure Package, as of the Applicable Time, did not , and as of each Time of Delivery will not, include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No documents were filed with the Commission since the Commission's close of business on the business day immediately prior to the date of this Agreement and prior to the execution of this Agreement, except as set forth on Schedule II(b) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement conforms, and the Prospectus and any further amendments or supplements to the Registration Statement and the Prospectus will conform, in all material respects to the requirements of the Act and the rules and regulations of the Commission thereunder and do not and will not, as of the applicable effective date as to each part of the Registration Statement, as of the applicable filing date as to the Prospectus and any amendment or supplement thereto, and as of each Time of Delivery, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with the Underwriter Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the Company nor any of its subsidiaries has, since the date of the latest audited financial statements included in the Pricing Prospectus, (i) sustained any material loss or material interference with its business, from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree or (ii) entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole, in each case otherwise than as set forth or contemplated in the Pricing Prospectus; and, since the respective dates as of which information is given in the Registration Statement and the Pricing Prospectus, there has not been (x) any change in the capital stock (other than as a result of (i) the exercise, vesting or settlement (including any "net" or "cashless" exercises or settlements), if any, of stock options, restricted stock units, incentive units or other equity awards or the award, if any, of stock options, restricted stock units, incentive units or other equity awards in the ordinary course of business pursuant to the Company's equity plans that are described in the Pricing Prospectus and the Prospectus, (ii) the issuance, if any, of stock upon the exercise or conversion of Company securities as described in the Pricing Prospectus and the Prospectus or, except as disclosed in or contemplated by the Pricing Prospectus and the Prospectus, long term debt of the Company or any of its subsidiaries or (iii) the Corporate Conversion) or (y) any Material Adverse Effect (as defined below); as used in this

------

Agreement, "Material Adverse Effect" shall mean any material adverse change or effect, or any development involving a prospective material adverse change or effect, in or affecting (i) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (ii) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company and its subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them, in each case free and clear of all liens, encumbrances and defects except (i) such as are described the Pricing Prospectus and the Prospectus or (ii) such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such property; and any real property and buildings held under lease by the Company and its subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not materially interfere with the use made and proposed to be made of such property and buildings by the Company and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each of the Company and each of its subsidiaries has been (i) duly organized and is validly existing and in good standing under the laws of its jurisdiction of organization, with power and authority (corporate and other) to own its properties and conduct its business as described in the Pricing Prospectus, and (ii) duly qualified as a foreign corporation for the transaction of business and is in good standing (or foreign equivalent) under the laws of each other jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except, in the case of this clause (ii), where the failure to be so qualified or in good standing (or foreign equivalent) would not, individually or in the aggregate, have a Material Adverse Effect, and each subsidiary of the Company required to be identified has been listed in the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and its subsidiaries (a) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions, judgments, decrees, orders and the common law relating to pollution or the protection of the environment, natural resources or human health or safety, including those relating to the generation, storage, treatment, use, handling, transportation, release or threat of release of hazardous materials (collectively, "Environmental Laws"), (b) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws, (c) have not received notice of any actual or potential liability under or relating to, or actual or potential violation of, any Environmental Laws, (d) are not conducting or paying for, in whole or in part, any investigation, remediation or other corrective action pursuant to any Environmental Law at any location, and (e) are not a party to any order, decree or agreement that imposes any obligation or liability under any Environmental Law each of (a)-(e) above, for any such matter, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (ii) except as described in the Registration Statement and the Preliminary Prospectus, (a) there are no proceedings that are pending, or that are known to be contemplated, against the Company or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $300,000 or more will be imposed, (b) the Company and its subsidiaries are not aware of any facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws, that could reasonably be expected to have a material adverse effect on the capital expenditures, earnings or competitive position of the Company and its subsidiaries, and (c) none of the Company and its subsidiaries anticipates material capital expenditures relating to any Environmental Laws;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Following the completion of the Corporate Conversion, the Company will have an authorized capitalization as set forth in the Registration Statement, the Pricing Prospectus and the Prospectus and all of the issued shares of capital stock of the Company following the Corporate Conversion will have been duly and validly authorized and issued and will be fully paid and non-assessable and conform, in all material respects, to the description of the Stock contained in the Pricing Disclosure Package and Prospectus; and all of the issued shares of capital stock of each subsidiary of the Company will have been duly and validly authorized and issued, will be fully paid and non-assessable and (except, in the case of any foreign subsidiary, for directors' qualifying shares) will be owned directly or indirectly by the Company, free and clear of all liens, encumbrances, equities or claims, except as otherwise disclosed in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The unissued Shares to be issued and sold by the Company to the Underwriters hereunder have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein, will be duly and validly issued and fully paid and non assessable and will conform, in all material respects, to the description of the Stock contained in the Pricing Disclosure Package and the Prospectus; and the issuance of the Shares is not subject to any preemptive or similar rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The issue and sale of the Shares and the compliance by the Company with this Agreement and the consummation of the Corporate Conversion and the other transactions contemplated in this Agreement and the Pricing Prospectus will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (A) any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (B) the certificate of incorporation or by-laws (or other applicable organizational document) of the Company or any of its subsidiaries, or (C) any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties; except, in the case of clauses (A) and (C) for such defaults, breaches, or violations that would not, individually or in the aggregate, have a Material Adverse Effect, and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the issue and sale of the Shares or the consummation by the Company of the Corporate Conversion and the other transactions contemplated by this Agreement or the offering of the Directed Shares in any jurisdiction where the Directed Shares are being offered, except such as have been obtained under the Act, the approval by the Financial Industry Regulatory Authority ("FINRA") of the underwriting terms and arrangements and such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Shares by the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Neither the Company nor any of its subsidiaries is (i) in violation of its certificate of incorporation or by-laws (or other applicable organizational document), (ii) in violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, or (iii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which it is a party or by which it or any of its properties may be bound, except, in the case of the foregoing clauses (ii) and (iii), for such violations or defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The statements set forth in the Pricing Prospectus and Prospectus under the caption "Description of Capital Stock," insofar as they purport to constitute a summary of the terms of the Stock, under the caption "Material U.S. Federal Income Tax Consequences to Non-U.S. Holders," and under the caption "Underwriting," insofar as they purport to describe the provisions of the laws and documents referred to therein, are accurate, complete and fair in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Company and its subsidiaries have paid all federal, state and local taxes and filed all tax returns required to be paid or filed through the date hereof, except with respect to any taxes for which extensions of time to file have been timely filed and for taxes that are currently being contested in good faith and with respect to which appropriate reserves have been made in accordance with GAAP, or as would not have, individually or in the aggregate, a Material Adverse Effect; and except as otherwise disclosed in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus, there is no tax deficiency that has been, or would reasonably be expected to be, asserted against the Company or any of its subsidiaries or any of their respective properties or assets, except for tax deficiencies that would not have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Other than as set forth in the Pricing Prospectus, there are no legal, governmental or regulatory investigations, actions, demands, claims, suits, arbitrations, inquiries or proceedings ("Actions") pending to which the Company or any of its subsidiaries or, to the Company's knowledge, any officer or director of the Company, is a party or of which any property of the Company or any of its subsidiaries or, to the Company's knowledge, any officer or director of the Company, is the subject which, if determined adversely to the Company or any of its subsidiaries (or such officer or director), would individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and, to the Company's knowledge, no such proceedings are threatened or contemplated by governmental authorities or others; there are no current or pending Actions that are required under the Act to be described in the Registration Statement or the Pricing Prospectus that are not so described therein; and there are no statutes, regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration Statement, the Pricing Prospectus that are not so filed as exhibits to the Registration Statement or described in the Registration Statement and the Pricing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Company is not and, after giving effect to the offering and sale of the Shares and the application of the proceeds thereof, will not be an "investment company," as such term is defined in the Investment Company Act of 1940, as amended (the "Investment Company Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) At the time of filing the Initial Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act) of the Shares, and at the date hereof, the Company was not and is not an "ineligible issuer," as defined under Rule 405 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Grant Thornton LLP, who have certified certain financial statements of the Company and its subsidiaries (including Yellowstone Midco Holdings, LLC ("Midco I")), are independent public accountants as required by the Act and the rules and regulations of the Commission thereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Company maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) that (i) complies with the requirements of the Exchange Act, (ii) has been designed by the Company's principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and (iii) is designed to provide reasonable assurance that (A) transactions are executed in accordance with management's general or specific authorization, (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets, (C) access to assets is permitted only in accordance with management's general or specific authorization and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and except as disclosed in the Pricing Prospectus, the Company's internal control over financial reporting is effective and the Company is not aware of any material weaknesses in its internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Since the date of the latest audited financial statements included in the Pricing Prospectus, there has been no change in the Company's internal control over financial reporting that has materially and adversely affected, or is reasonably likely to materially and adversely affect, the Company's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act) that comply with the requirements of the Exchange Act; such disclosure controls and procedures have been designed to ensure that material information relating to the Company and its subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within those entities; and such disclosure controls and procedures are effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) This Agreement has been duly authorized, executed and delivered by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Neither the Company nor any of its subsidiaries, nor any director or officer thereof, nor, to the knowledge of the Company, any employee of the Company or any of its subsidiaries or any agent, affiliate or other person acting on behalf of the Company or any of its subsidiaries has (i) made, offered, promised or authorized any unlawful contribution, gift, entertainment or other unlawful expense (or taken any act in furtherance thereof); (ii) made, offered, promised or authorized any direct or indirect unlawful payment; or (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or the rules and regulations thereunder, the Bribery Act 2010 of the United Kingdom or any other applicable anti-corruption, anti-bribery or related law, statute or regulation (collectively, "Anti-Corruption Laws"); the Company and its subsidiaries have conducted their businesses in compliance with Anti-Corruption Laws and have instituted and maintained and will continue to maintain policies and procedures reasonably designed to promote and achieve compliance with such laws and with the representations and warranties contained herein; neither the Company nor any of its subsidiaries will use, directly or indirectly, the proceeds of the offering in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of Anti-Corruption Laws;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with the requirements of applicable anti-money laundering laws, including, but not limited to, the Bank Secrecy Act of 1970, as amended by the USA PATRIOT ACT of 2001, and the rules and regulations promulgated thereunder, and the anti-money laundering laws of the various jurisdictions in which the Company and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulation or guidelines issued, administered or enforced by any governmental agency (collectively, the "Money Laundering Laws") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) Neither the Company nor any of its subsidiaries, nor any director, officer or employee of the Company or any of its subsidiaries nor, to the knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the Company or any of its subsidiaries is (i) currently the subject or the target of any sanctions administered or enforced by the U.S. Government, including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC"), or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person," the European Union, His Majesty's Treasury, the United Nations Security Council, or other relevant sanctions authority (collectively, "Sanctions"), (ii) located, organized, or resident in a country or territory that is the subject or target of Sanctions (including, but not limited to, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, or any other Covered Region of Ukraine identified pursuant to Executive Order 14065, Crimea, Cuba, Iran and North Korea) (a "Sanctioned Jurisdiction"), and the Company will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding, is the subject or the target of Sanctions or (ii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions; neither the Company nor any of its subsidiaries is engaged in, or has, at any time since April 24, 2019, engaged in, any dealings or transactions with or involving any individual or entity that was or is, as applicable, at the time of such dealing or transaction, the subject or target of Sanctions or with any Sanctioned Jurisdiction; the Company and its subsidiaries have instituted, and maintain, policies and procedures designed to promote and achieve continued compliance with Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) The financial statements included in the Registration Statement, the Pricing Prospectus and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the Company and its subsidiaries (including Midco I) at the dates indicated and the statement of operations, stockholders' equity and cash flows of the Company and its subsidiaries (including Midco I) for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") applied on a consistent basis throughout the periods involved. The supporting schedules, if any, present fairly in all material respects and in accordance with GAAP, the information required to be stated therein. The selected financial data and the summary financial information included in the Registration Statement, the Pricing Prospectus and the Prospectus present fairly in all material respects the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Prospectus or

------

the Prospectus under the Act or the rules and regulations promulgated thereunder. All disclosures contained in the Registration Statement, the Pricing Prospectus and the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Act, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The Company and each of its subsidiaries (i) own or otherwise possess valid and enforceable rights to use all patents, trademarks, service marks, trade names, domain names, copyrights and registrations and applications thereof, licenses, know-how, software, systems and technology (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems and procedures) and all other similar intellectual property and proprietary rights (collectively, "Intellectual Property") used in or necessary for the conduct of their respective businesses, (ii) do not, through the conduct of their respective businesses, infringe, misappropriate, or otherwise violate or conflict with, and have not in the six years prior to the date hereof infringed, misappropriated or otherwise violated or conflicted with, any Intellectual Property of any third party, and (iii) have not in the six years prior to the date hereof received any written notice and do not have knowledge of any pending or threatened claim of infringement, misappropriation, violation of or other conflict with any Intellectual Property of any third party by the Company and its subsidiaries or challenging the validity, enforceability, scope or ownership of any Intellectual Property owned by the Company or any of its subsidiaries. No material Intellectual Property owned by the Company or any of its subsidiaries and, to the knowledge of the Company, no material Intellectual Property exclusively licensed to the Company and its subsidiaries has been infringed, misappropriated or otherwise violated by any person in the six years prior to the date hereof. All Intellectual Property owned by the Company and its subsidiaries, and, to the knowledge of the Company, all Intellectual Property licensed to the Company and its subsidiaries, is valid and enforceable. The Company and its subsidiaries take reasonable steps in accordance with normal industry practice to maintain the confidentiality of all such confidential Intellectual Property, the value of which to the Company or any of its subsidiaries is contingent upon maintaining the confidentiality thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) The Company and its subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively, "IT Systems") are adequate for, and operate and perform as required in connection with, the operation of the business of the Company and its subsidiaries as currently conducted, free and clear of all Trojan horses, time bombs, malware and other malicious corruptants. The Company and its subsidiaries have implemented and maintain commercially reasonable controls, policies, procedures, and safeguards designed to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data stored thereon or transmitted or otherwise processed thereby (including the data of their respective customers, employees, suppliers, vendors and any third-party data maintained by or on behalf of the Company and its subsidiaries and all personal, personally identifiable, sensitive, confidential or regulated data (collectively, "Data")) used in connection with their businesses and there have been no material breaches, violations, outages or unauthorized uses of or accesses to the IT Systems or Data, nor any incidents under internal Company review or internal Company investigations relating to the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Company and its subsidiaries have complied, and are presently in compliance, in all material respects with all applicable laws or statutes and all applicable judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, internal and external policies of the Company and its subsidiaries, and, to the extent to which the Company and its subsidiaries are bound in writing, industry standards and

------

contractual obligations, in each case, to the extent relating to (i) the privacy and security of the IT Systems and Data, (ii) the protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification and (iii) the collection, use, transfer, import, export, storage, protection, disposal, disclosure and other processing of Data (collectively, "Data Security Obligations"). Neither the Company nor any of its subsidiaries has received in writing any notification of or complaint regarding, or have knowledge of any other facts that, individually or in the aggregate, reasonably indicate the Company's and its subsidiaries' non-compliance with any Data Security Obligation. There is no pending, or to the knowledge of the Company, threatened, action, suit or proceeding by or before any court or governmental agency, authority or body against the Company and its subsidiaries alleging the Company's and its subsidiaries' non-compliance with any Data Security Obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included or incorporated by reference in any of the Registration Statement, the Pricing Prospectus or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included in each of the Registration Statement, the Pricing Prospectus and the Prospectus is not based on or derived from sources that are reliable and accurate in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) There is and has been no failure on the part of the Company or any of the Company's directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith (the "Sarbanes-Oxley Act"), including Section 402 related to loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) Neither the Company nor any of its controlled affiliates has taken or will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of the Company or any of its subsidiaries in connection with the offering of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company and each of its subsidiaries have such permits, licenses, approvals, consents, franchises, certificates of need and other approvals or authorizations of governmental or regulatory authorities ("Permits") as are necessary under applicable law to own their respective properties and conduct their respective businesses in the manner described in the Registration Statement, the Pricing Prospectus and the Prospectus, except for any of the foregoing that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its subsidiaries has received written notice of any proceedings related to the revocation or modification of any such Permits that, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) The Company and its subsidiaries, taken as a whole, are insured against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged and as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) The Registration Statement, the Pricing Disclosure Package and the Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectuses and any Written Testing-the-Waters Communication comply in all material respects, and any further amendments or supplements thereto will comply in all material respects, with any applicable laws or regulations

------

of foreign jurisdictions in which the Pricing Disclosure Package, the Prospectus, any Preliminary Prospectus, any Issuer Free Writing Prospectus and any Written Testing-the-Waters Communication, as amended or supplemented, if applicable, are distributed in connection with the Directed Share Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) No authorization, approval, consent, license, order, registration or qualification of or with any government, governmental instrumentality or court, other than such as have been obtained, is necessary under the securities laws and regulations of foreign jurisdictions in which the Directed Shares are offered outside the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) The Company has specifically directed in writing the allocation of Shares to each Participant in the Directed Share Program, and neither the Directed Share Underwriter nor any other Underwriter has had any involvement or influence, directly or indirectly, in such allocation decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) The Company has not offered, or caused the Directed Share Underwriter or its affiliates to offer, Shares to any person pursuant to the Directed Share Program (i) for any consideration other than the cash payment of the initial public offering price per share set forth in Schedule II hereof or (ii) with the specific intent to unlawfully influence (x) a customer or supplier of the Company to alter the customer or supplier's terms, level or type of business with the Company or (y) a trade journalist or publication to write or publish favorable information about the Company or its products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) From the time of initial confidential submission of a registration statement relating to the Shares with the Commission through the date hereof, the Company has been and is treated as an "emerging growth company" as defined in Section 2(a)(19) of the Act (an "Emerging Growth Company");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) The Company and its subsidiaries are in compliance with all applicable laws, regulations or other requirements of the United States Federal Aviation Administration and similar aviation regulatory bodies (collectively, "Aviation Laws"), and neither the Company nor any of its subsidiaries has received any notice of a failure to comply with applicable Aviation Law, except for any failures to comply that would not, individually or in the aggregate, have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) (i) Except as would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on the Company and its subsidiaries, taken as a whole, the Company and its subsidiaries have conducted and will conduct their businesses in compliance with Export Controls, and (ii) no investigation, inquiry, action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to Export Controls is pending or, to the knowledge of the Company, threatened. The Company and its subsidiaries have instituted and maintained and will continue to maintain and enforce policies and procedures reasonably designed to promote compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws, Export Controls and Sanctions. As used in this Section 1(qq), "Export Controls" means applicable export controls implemented by the United States, European Union or other jurisdictions to which the Company or any of its subsidiaries are subject, including any export controls administered by the Bureau of Industry Security of the U.S. Department of Commerce, the U.S. Department of State, and any export control measures under any statute, executive order, directive or regulation pursuant to the authority of any of the foregoing, or any orders or licenses issued thereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) (i) Neither the Company nor any of its subsidiaries are in breach of or default under any current Government Contract in any material respect, and no event has occurred which would constitute such a material breach or default by the Company or any of its subsidiaries; (ii) the Company and its subsidiaries are in material compliance with all applicable laws, including the Federal Acquisition Regulation ("FAR"), cost principles, Service Contract Act of 1963, as amended (including requirements for paying applicable Service Contract Act wage rate and fringe benefit rates), the Truth in Negotiations Act, the Procurement Integrity Act and the Anti-Kickback Act, where and as applicable to each current Government Contract or Government Bid in all material respects; (iii) to the knowledge of the Company, no reasonable basis exists to give rise to a claim for fraud (as such concept is defined under the laws of the United States) in connection with any Government Contract under the False Claims Act; and (iv) no current Government Contract or Government Bid is currently the subject of any bid protest before any Governmental Authority. For the past three years, the Company and its subsidiaries have not (i) been the subject or target of any audit (other than pre-award, post-award or indirect rate audits by the Defense Contract Audit Agency or the Defense Contract Management Agency or other Governmental Authorities performing a similar function in the ordinary course of business), subpoena, investigation, prosecution or administrative proceeding related to any Government Contract or Government Bid, nor (ii) made any voluntary or mandatory disclosure to any Governmental Authority with respect to any alleged material irregularity, misstatement, noncompliance or omission arising under or relating to a Government Contract or Government Bid. The Company and its subsidiaries are not, nor, to the knowledge of the Company in the past three years, have not been, (i) debarred or suspended from participation in, or the award of, contracts with any Governmental Authority, nor (ii) the subject of any debarment or suspension inquiry. As used in this Section 1(rr): "Governmental Authority" means any federal, state, local or foreign court or governmental agency, authority, instrumentality or regulatory or legislative body; "Government Bid" means any outstanding quotation, bid or proposal by the Company that, if accepted or awarded, would lead to a Government Contract; and "Government Contract" means any contract, including any purchase order or other transaction authority agreement, entered into between the Company and (i) any Governmental Authority; (ii) any prime contractor to any Governmental Authority (in its capacity as such); or (iii) any subcontractor (of any tier) with respect to any contract described in clauses (i) and (ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) Neither the Company nor any of its subsidiaries is a "covered foreign person" as that term is used in the Outbound Investment Rules. Neither the Company nor any of its subsidiaries currently engages, or has any present intention to engage in the future, directly or indirectly, in (i) a "covered activity" or a "covered transaction," as each such term is defined in the Outbound Investment Rules, (ii) any activity or transaction that would constitute a "covered activity" or a "covered transaction," as each such term is defined in the Outbound Investment Rules, if the Company were a U.S. Person or (iii) any other activity that would cause the Underwriters to be in violation of the Outbound Investment Rules or cause the Underwriters to be legally prohibited by the Outbound Investment Rules from performing under this Agreement. For the purpose of this Agreement, "Outbound Investment Rules" means the regulations administered and enforced, together with any related public guidance issued, by the United States Treasury Department under U.S. Executive Order 14105 of August 9, 2023, or any similar law or regulation as of the date of this Agreement, and as codified at 31 C.F.R. §850.202 et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) The Company is in material compliance with the terms of, all adequate certificates, authorizations, franchises, licenses and permits ("Licenses") necessary to the conduct of the business now conducted or proposed in the Pricing Disclosure Package to be conducted by them, except where failure of such possession or compliance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, and have not received any notice of proceedings relating to the revocation or modification of any Licenses that would individually or in the aggregate be reasonably expected to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) No material labor dispute with the employees of the Company exists or, to the knowledge of the Company, is imminent that would reasonably be expected have a Material Adverse Effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subject to the terms and conditions herein set forth, (a) the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at a purchase price per share of $[•], the number of Firm Shares set forth opposite the name of such Underwriter in Schedule I hereto and (b) in the event and to the extent that the Underwriters shall exercise the election to purchase Optional Shares as provided below, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agrees, severally and not jointly, to purchase from the Company, at the purchase price per share set forth in clause (a) of this Section 2 (provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares), that portion of the number of Optional Shares as to which such election shall have been exercised (to be adjusted by you so as to eliminate fractional shares) determined by multiplying such number of Optional Shares by a fraction, the numerator of which is the maximum number of Optional Shares which such Underwriter is entitled to purchase as set forth opposite the name of such Underwriter in Schedule I hereto and the denominator of which is the maximum number of Optional Shares that all of the Underwriters are entitled to purchase hereunder.

The Company hereby grants to the Underwriters the right to purchase at their election up to [•] Optional Shares, at the purchase price per share set forth in the paragraph above, provided that the purchase price per Optional Share shall be reduced by an amount per share equal to any dividends or distributions declared by the Company and payable on the Firm Shares but not payable on the Optional Shares. Any such election to purchase Optional Shares may be exercised only by written notice from you to the Company, given within a period of 30 calendar days after the date of this Agreement, setting forth the aggregate number of Optional Shares to be purchased and the date on which such Optional Shares are to be delivered, as determined by you but in no event earlier than the First Time of Delivery (as defined in Section 4 hereof) or, unless you and the Company otherwise agree in writing, earlier than one or later than ten business days after the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon the authorization by you of the release of the Shares, the several Underwriters propose to offer the Shares for sale upon the terms and conditions set forth in the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) The Shares to be purchased by each Underwriter hereunder, in definitive or book-entry form, and in such authorized denominations and registered in such names as the Representatives may request upon at least twenty-four hours' prior notice to the Company shall be delivered by or on behalf of the Company to the Representatives, through the facilities of The Depository Trust Company ("DTC"), for the account of such Underwriter, against payment by or on behalf of such Underwriter of the purchase price therefor by wire transfer of Federal (same-day) funds to the account specified by the Company to the Representatives at least twenty-four hours in advance. The Company will cause the certificates, if any, representing the Shares to be made available for checking and packaging at least twenty-four hours prior to the Time of Delivery (as defined below) with respect thereto at the office of DTC or its designated custodian (the "Designated Office"). The time and date of such delivery and payment shall be, with respect to the Firm Shares, 9:30 a.m., New York City time, on [•], 2026 or such other time and date as the Representatives and the Company may agree upon in writing, and, with respect to the Optional Shares, 9:30 a.m., New York time, on the date specified by the Representatives in the written notice given by the Representatives of the Underwriters' election to purchase such Optional Shares, or such other time and date as the Representatives and the Company may agree upon in writing. Such time and date for delivery of the Firm Shares is herein called the "First Time of Delivery," such time and date for delivery of the Optional Shares, if not the First Time of Delivery, is herein called the "Second Time of Delivery," and each such time and date for delivery is herein called a "Time of Delivery."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The documents to be delivered at each Time of Delivery by or on behalf of the parties hereto pursuant to Section 8 hereof, including the cross receipt for the Shares and any additional documents requested by the Underwriters pursuant to Section 8(k) hereof, will be delivered at the offices of Davis Polk & Wardwell LLP: 450 Lexington Avenue, New York, New York 10017 (the "Closing Location"), and the Shares will be delivered at the Designated Office, all at such Time of Delivery. A meeting will be held at the Closing Location at 4:00 p.m., New York City time, on the New York Business Day next preceding such Time of Delivery, at which meeting the final drafts of the documents to be delivered pursuant to the preceding sentence will be available for review by the parties hereto. For the purposes of this Section 4, "New York Business Day" shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York City are generally authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Company agrees with each of the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To prepare the Prospectus in a form approved by you and to file such Prospectus pursuant to Rule 424(b) under the Act prior to the earlier of (i) the First Time of Delivery and (ii) the Commission's close of business on the second business day following the execution and delivery of this Agreement, or, if applicable, such earlier time as may be required by Rule 430A(a)(3) under the Act; to make no further amendment or any supplement to the Registration Statement or the Prospectus prior to the last Time of Delivery which shall be disapproved by you promptly after reasonable notice thereof; to advise you, promptly after it receives notice thereof, of the time when any amendment to the Registration Statement has been filed or becomes effective or any amendment or supplement to the Prospectus has been filed and to furnish you with copies thereof; to file promptly all material required to be filed by the Company with the Commission pursuant to Rule 433(d) under the Act; to advise you, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus in respect of the Shares, of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for the amending or supplementing of the Registration Statement or the Prospectus or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Preliminary Prospectus or other prospectus or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly from time to time to take such action as you may reasonably request to qualify the Shares for offering and sale under the securities laws of such jurisdictions as you may reasonably request and to comply with such laws so as to permit the continuance of sales and dealings therein in such jurisdictions for as long as may be necessary to complete the distribution of the Shares, provided that in connection therewith the Company shall not be required to qualify as a foreign corporation (where not otherwise required) or to file a general consent to service of process in any jurisdiction (where not otherwise required);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to 10:00 a.m., New York City time, on the New York Business Day next succeeding the date of this Agreement and from time to time, to furnish the Underwriters with written and electronic copies of the Prospectus in New York City in such quantities as you may reasonably request, and, if the delivery of a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is required at any time prior to the expiration of nine months after the time of issue of the Prospectus in connection with the offering or sale of the Shares and if at such time any event shall have occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) is delivered, not misleading, or, if for any other reason it shall be necessary during such same period to amend or supplement the Prospectus in order to comply with the Act, to notify you and upon your request to prepare and furnish without charge to each Underwriter and to any dealer in securities as many written and electronic copies as you may from time to time reasonably request of an amended Prospectus or a supplement to the Prospectus which will correct such statement or omission or effect such compliance; and in case any Underwriter is required to deliver a prospectus (or in lieu thereof, the notice referred to in Rule 173(a) under the Act) in connection with sales of any of the Shares at any time nine months or more after the time of issue of the Prospectus, upon your request but at the expense of such Underwriter, to prepare and deliver to such Underwriter as many written and electronic copies as you may request of an amended or supplemented Prospectus complying with Section 10(a)(3) of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To make generally available to its securityholders as soon as practicable (which may be satisfied by filing with the Commission's Electronic Data Gathering Analysis and Retrieval System ("EDGAR")), but in any event not later than sixteen months after the effective date of the Registration Statement (as defined in Rule 158(c) under the Act), an earnings statement of the Company and its subsidiaries (which need not be audited) complying with Section 11(a) of the Act and the rules and regulations of the Commission thereunder (including, at the option of the Company, Rule 158);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) During the period beginning from the date hereof and continuing to and including the date 180 days after the date of the Prospectus (the "Lock-Up Period"), not to (i) offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, or file with or confidentially submit to the Commission a registration statement under the Act relating to, any securities of the Company that are substantially similar to the Shares, including but not limited to any options or warrants to purchase shares of Stock or any securities that are convertible into or exchangeable for, or that represent the right to receive, Stock or any such substantially similar securities, or publicly disclose the intention to make any offer, sale, pledge, disposition or filing or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Stock or any such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Stock or such other securities, in cash or otherwise, without the prior written consent of at least two of the Representatives (which must include Goldman Sachs & Co. LLC); provided, however, that the restrictions described above shall not apply to (A) the Shares to be sold hereunder, (B) the Shares issued pursuant to

------

employee stock option plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of the date of this Agreement, (C) grants of stock options, stock awards, restricted stock, RSUs, or other equity awards and the issuance of Stock or securities convertible into or exercisable or exchangeable for Stock (whether upon the exercise of stock options or otherwise) to the Company's employees, officers, directors, advisors or consultants pursuant to the terms of an equity compensation plan in effect on the date of the First Time of Delivery and described in the Pricing Prospectus, (D) issuance of Stock in connection with the Corporate Conversion as described in the Registration Statement, Pricing Prospectus and Prospectus; (E) the issuance, offer or entry into an agreement providing for the issuance of up to 10% of the total number of shares of Stock outstanding immediately following the offering of the Shares contemplated by this Agreement in acquisitions or other strategic transactions, provided that such recipients enter into a lock-up agreement with the Underwriters substantially to the effect set forth in Annex II hereto; (F) the filing of any registration statement on Form S-8 relating to securities granted or to be granted pursuant to any plan in effect on the date of the First Time of Delivery and described in the Pricing Prospectus or any assumed benefit plan pursuant to an acquisition or similar strategic transaction contemplated by clause (E); or (G) the submission of a confidential registration statement in connection with the exercise of any registration rights described in the Pricing Prospectus and any preparations related thereto, provided that such submission or preparations do not require or result in the public filing of a registration statement with the Securities and Exchange Commission or any other public announcement of such proposed registration by the Company or any third party during the Lock-Up Period (and no such filing, public announcement or activity shall be voluntarily made or taken by the Company or any third party during the Restricted Period), and provided further that the Company shall notify the Representatives prior to making any such submission; and provided, further, that in the case of clauses (B) and (C), the Company shall (a) cause each recipient of such securities that is a member of the Company's board of directors, an executive officer or a beneficial holder of 1% of the fully-diluted capital stock of the Company to execute and deliver to the Representatives, prior to or substantially concurrently with the issuance of such securities, a lock-up agreement substantially to the effect set forth in Annex II hereto (which, for the avoidance of doubt, shall not extend the lock-up period beyond 180 days after the date of the Prospectus) to the extent not already executed and delivered by such recipients as of the date hereof and (b) enter stop transfer instructions with the Company's transfer agent and registrar on such securities with respect to all recipients of such securities, which the Company agrees it will not waive or amend without prior written consent of at least two of the Representatives (which must include Goldman Sachs & Co. LLC);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If at least two of the Representatives (which must include Goldman Sachs & Co. LLC), in their sole discretion, agree to release or waive the restrictions set forth in a lock-up letter described in Section 8(i) hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three business days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of Annex I hereto through a major news service at least two business days before the effective date of the release or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During a period of three years from the effective date of the Registration Statement, to furnish to its stockholders as soon as practicable after the end of each fiscal year an annual report (including a balance sheet and statements of income, stockholders' equity and cash flows of the Company and its consolidated subsidiaries certified by independent public accountants) and, as soon as practicable after the end of each of the first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement), to make available to its stockholders consolidated summary financial information of the Company and its subsidiaries for such quarter in reasonable detail; provided, however, that the Company may satisfy the requirements of this Section 5(f) by filing such information through EDGAR;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During a period of three years from the effective date of the Registration Statement, to furnish to you copies of all reports or other communications (financial or other) furnished to stockholders, and to deliver to you (i) as soon as they are available, copies of any reports and financial statements furnished to or filed with the Commission or any national securities exchange on which any class of securities of the Company is listed; and (ii) such additional information concerning the business and financial condition of the Company as you may from time to time reasonably request (such financial statements to be on a consolidated basis to the extent the accounts of the Company and its subsidiaries are consolidated in reports furnished to its stockholders generally or to the Commission); provided, however, that the Company may satisfy the requirements of this Section 5(g) by filing such information through EDGAR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To use the net proceeds received by it from the sale of the Shares pursuant to this Agreement in the manner specified in the Pricing Prospectus under the caption "Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To use its best efforts to list, subject to notice of issuance, the Shares on the New York Stock Exchange ("NYSE");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To file with the Commission such information on Form 10-Q or Form 10-K as may be required by Rule 463 under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If the Company elects to rely upon Rule 462(b), the Company shall file a Rule 462(b) Registration Statement with the Commission in compliance with Rule 462(b) by 10:00 P.M., Washington, D.C. time, on the date of this Agreement, and the Company shall at the time of filing either pay to the Commission the filing fee for the Rule 462(b) Registration Statement or give irrevocable instructions for the payment of such fee pursuant to Rule 111(b) under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Upon request of any Underwriter, to furnish, or cause to be furnished, to such Underwriter an electronic version of the Company's corporate logo (the "Offering Logo") for use on the website, if any, operated by such Underwriter solely for the purpose of facilitating the on-line offering of the Shares; provided, however, that (i) Underwriter shall use the Offering Logo solely for the purpose described above without any fee, (ii) Underwriter shall not use the Offering Logo in any manner that does, or may reasonably be expected to, harm the reputation or goodwill of the Company or the Company's rights in the Offering Logo, and (iii) such right may not be assigned, sublicensed or transferred by the Underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To comply with all applicable securities and other laws, rules and regulations in each jurisdiction in which the Directed Shares are offered in connection with the Directed Share Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To promptly notify you if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Shares within the meaning of the Act and (ii) the last Time of Delivery.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Company represents and agrees that, without the prior consent of the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a "free writing prospectus" as defined in Rule 405 under the Act; each Underwriter represents and agrees that, without the prior consent of the Company and the Representatives, it has not made and will not make any offer relating to the Shares that would constitute a free writing prospectus required to be filed with the Commission; any such free writing prospectus the use of which has been consented to by the Company and the Representatives is listed on Schedule II(a) hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has complied and will comply with the requirements of Rule 433 under the Act applicable to any Issuer Free Writing Prospectus, including timely filing with the Commission or retention where required and legending; and the Company represents that it has satisfied and agrees that it will satisfy the conditions under Rule 433 under the Act to avoid a requirement to file with the Commission any electronic road show;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company agrees that if at any time following issuance of an Issuer Free Writing Prospectus or Written Testing-the-Waters Communication any event occurred or occurs as a result of which such Issuer Free Writing Prospectus or Written Testing-the-Waters Communication would conflict with the information in the Registration Statement, the Pricing Prospectus or the Prospectus or would include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances then prevailing, not misleading, the Company will give prompt notice thereof to the Representatives and, if requested by the Representatives, will prepare and furnish without charge to each Underwriter an Issuer Free Writing Prospectus, Written Testing-the-Waters Communication or other document which will correct such conflict, statement or omission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company represents and agrees that (i) it has not engaged in, or authorized any other person to engage in, any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the prior consent of the Representatives with entities that the Company reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Act; and (ii) it has not distributed, or authorized any other person to distribute, any Written Testing-the-Waters Communications, other than those distributed with the prior consent of the Representatives that are listed on Schedule II(c) hereto; and the Company reconfirms that the Underwriters have been authorized to act on its behalf in engaging in Testing-the-Waters Communications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Underwriter represents and agrees that any Testing-the-Waters Communications undertaken by it were with entities that such Underwriter reasonably believes are qualified institutional buyers as defined in Rule 144A under the Act or institutions that are accredited investors as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Company covenants and agrees with the several Underwriters that the Company will pay or cause to be paid the following: (i) the reasonable and documented fees, disbursements and expenses of the Company's counsel, and accountants in connection with the registration of the Shares under the Act and all other expenses in connection with the preparation, printing, reproduction and filing of the Registration Statement, any Preliminary Prospectus, any Written Testing-the-Waters Communication, any Issuer Free Writing Prospectus and the Prospectus and amendments and supplements thereto and the mailing and delivering of copies thereof to the Underwriters and dealers; (ii) the cost of printing or producing any Agreement among Underwriters, this Agreement, the Blue Sky Memorandum, closing documents (including any compilations thereof) and any other documents in connection with the offering, purchase, sale and delivery of the Shares; (iii) all expenses in connection with the

------

qualification of the Shares for offering and sale under state securities laws as provided in Section 5(b) hereof, including the reasonable and documented fees and disbursements of counsel for the Underwriters in connection with such qualification and in connection with the Blue Sky survey (iv) all fees and expenses in connection with listing the Shares on the Exchange; (v) the reasonable and documented filing fees incident to, and the fees and disbursements of counsel for the Underwriters in connection with, any required review by FINRA of the terms of the sale of the Shares (provided that aggregate fees and disbursements of counsel for the Underwriters pursuant to clause (iii) and this clause (v) of this Section 7 shall not exceed $50,000 in the aggregate); (vi) the cost of preparing stock certificates, to the extent applicable; (vii) the cost and charges of any transfer agent or registrar and (viii) all other costs and expenses incident to the performance of its obligations hereunder which are not otherwise specifically provided for in this Section 7. In addition, the Company shall pay or cause to be paid all fees and disbursements of counsel for the Underwriters in connection with the Directed Share Program and stamp duties, similar taxes or duties or other taxes, if any, incurred by the Underwriters in connection with the Directed Share Program. It is understood, however, that, except as provided in this Section 7, and Sections 9 and 12 hereof, the Underwriters will pay (i) all of their own costs and expenses, including the fees of their counsel, stock transfer taxes on resale of any of the Shares by them, and any advertising expenses connected with any offers they may make, and (ii) in connection with any "roadshow" as defined in Rule 433(h) under the Act (a "roadshow") undertaken in connection with the marketing of the offering of the Shares, the travel, lodging and meal expenses of the Underwriters; provided, however, the Representatives and the Company agree that the Underwriters shall pay or cause to be paid fifty percent (50%) of the cost of any aircraft chartered in connection with such roadshow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The obligations of the Underwriters hereunder, as to the Shares to be delivered at each Time of Delivery, shall be subject, in their discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as of the Applicable Time and such Time of Delivery, true and correct, the condition that the Company shall have performed all of its obligations hereunder theretofore to be performed, and the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Prospectus shall have been filed with the Commission pursuant to Rule 424(b) under the Act within the applicable time period prescribed for such filing by the rules and regulations under the Act and in accordance with Section 5(a) hereof; all material required to be filed by the Company pursuant to Rule 433(d) under the Act shall have been filed with the Commission within the applicable time period prescribed for such filing by Rule 433; if the Company has elected to rely upon Rule 462(b) under the Act, the Rule 462(b) Registration Statement shall have become effective by 10:00 P.M., Washington, D.C. time, on the date of this Agreement; no stop order suspending the effectiveness of the Registration Statement or any part thereof shall have been issued and no proceeding for that purpose or pursuant to Section 8A of the Act shall have been initiated or, to the Company's knowledge, threatened by the Commission; no stop order suspending or preventing the use of the Pricing Prospectus, Prospectus or any Issuer Free Writing Prospectus shall have been initiated or, to the Company's knowledge, threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to your reasonable satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Davis Polk & Wardwell LLP, counsel for the Underwriters, shall have furnished to you such written opinion or opinions, dated such Time of Delivery, in form and substance satisfactory to you, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Kirkland & Ellis LLP, as counsel for the Company, shall have furnished to you their written opinion, dated such Time of Delivery, in form and substance satisfactory to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the date of the Prospectus at a time prior to the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, Grant Thornton LLP shall have furnished to you a letter or letters, dated the respective dates of delivery thereof, in form and substance satisfactory to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On the date of the Prospectus concurrently with the execution of this Agreement, at 9:30 a.m., New York City time, on the effective date of any post-effective amendment to the Registration Statement filed subsequent to the date of this Agreement and also at each Time of Delivery, the Company shall have furnished to the Representatives a certificate or certificates, dated the respective dates of delivery thereof, of its chief financial officer with respect to certain financial data contained in the Pricing Disclosure Package and the Prospectus, providing "management comfort" with respect to such information, in form and substance reasonably satisfactory to the Representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) Neither the Company nor any of its subsidiaries shall have sustained since the date of the latest audited financial statements included in the Pricing Prospectus any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Prospectus, and (ii) since the respective dates as of which information is given in the Pricing Prospectus there shall not have been any change in the capital stock (other than as a result of (i) the exercise, vesting or settlement, if any, of stock options, restricted stock units or other equity awards (including any "net" or "cashless" exercises or settlements) or the award, if any, of stock options, restricted stock units or other equity awards in the ordinary course of business pursuant to the Company's equity plans that are described in the Pricing Prospectus and the Prospectus, (ii) the issuance, if any, of stock upon exercise, conversion, exchange or reclassification of Company securities as described in the Pricing Prospectus and the Prospectus or (iii) the Corporate Conversion) or long term debt of the Company or any of its subsidiaries or any change or effect, or any development involving a prospective change or effect, in or affecting (x) the business, properties, general affairs, management, financial position, stockholders' equity or results of operations of the Company and its subsidiaries, taken as a whole, except as set forth or contemplated in the Pricing Prospectus, or (y) the ability of the Company to perform its obligations under this Agreement, including the issuance and sale of the Shares, or to consummate the transactions contemplated in the Pricing Prospectus and the Prospectus, the effect of which, in any such case described in clause (i) or (ii), is in your judgment so material and adverse as to make it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There are no debt securities or preferred stock issued by the Company or any of its subsidiaries that are rated by any "nationally recognized statistical rating organization," as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On or after the Applicable Time there shall not have occurred any of the following: (i) a suspension or material limitation in trading in securities generally on the NYSE or the Nasdaq Global Market; (ii) a suspension or material limitation in trading in the Company's securities on the Exchange; (iii) a general moratorium on commercial banking activities declared

------

by either Federal or New York or State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States; (iv) the outbreak or escalation of hostilities involving the United States or the declaration by the United States of a national emergency or war or (v) the occurrence of any other calamity or crisis or any change in financial, political or economic conditions in the United States or elsewhere, if the effect of any such event specified in clause (iv) or (v) in your judgment makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Shares being delivered at such Time of Delivery on the terms and in the manner contemplated in the Pricing Prospectus and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Shares to be sold at such Time of Delivery shall have been duly listed, subject to notice of issuance, for quotation on the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company shall have obtained and delivered to the Underwriters executed copies of an agreement from each officer, director, and stockholder of the Company listed on Schedule III hereto, substantially to the effect set forth in Annex II hereto in form and substance satisfactory to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company shall have complied with the provisions of Section 5(c) hereof with respect to the furnishing of prospectuses on the New York Business Day next succeeding the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall have furnished or caused to be furnished to you at such Time of Delivery certificates of officers of the Company satisfactory to you as to the accuracy of the representations and warranties of the Company herein at and as of such Time of Delivery, as to the performance by the Company of all of its obligations hereunder to be performed at or prior to such Time of Delivery, as to the matters set forth in subsections (a) and (f) of this Section 8(l) and as to such other matters as you may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Corporate Conversion shall have been completed on terms substantially consistent with those described in the Registration Statement, Pricing Prospectus and Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Company will indemnify and hold harmless each Underwriter against any losses, claims, damages or liabilities, joint or several, to which such Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, any Issuer Free Writing Prospectus, any roadshow, any "issuer information" filed or required to be filed pursuant to Rule 433(d) under the Act or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Registration Statement (and any amendments and supplements thereto) only, not misleading, and, in the case of such other documents, not misleading in light of the circumstances under which such statements were made and will reimburse each Underwriter for any legal or other expenses reasonably incurred by such Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, will indemnify and hold harmless the Company against any losses, claims, damages or liabilities to which the Company may become subject, under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any roadshow or any Testing-the-Waters Communication, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements , in the case of the Registration Statement (and any amendments and supplements thereto) only, not misleading, and, in the case of such other documents, not misleading in light of the circumstances under which such statements were made, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, or any amendment or supplement thereto, or any Issuer Free Writing Prospectus, or any roadshow or any Testing-the-Waters Communication, in reliance upon and in conformity with the Underwriter Information; and will reimburse the Company for any legal or other expenses reasonably incurred by the Company in connection with investigating or defending any such action or claim as such expenses are incurred. As used in this Agreement with respect to an Underwriter and an applicable document, "Underwriter Information" shall mean the written information furnished to the Company by such Underwriter through the Representatives expressly for use therein; it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the concession and reallowance figures appearing in the fifth paragraph under the caption "Underwriting," and the information contained in the twelfth, thirteenth and fourteenth paragraph under the caption "Underwriting."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt by an indemnified party under subsection (a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify the indemnifying party in writing of the commencement thereof; provided that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under the preceding paragraphs of this Section 9 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the indemnifying party shall not relieve it from any liability that it may have to an indemnified party otherwise than under the preceding paragraphs of this Section 9. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred and documented by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or

------

consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 9 is unavailable to or insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Underwriters, in each case as set forth in the table on the cover page of the Prospectus. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this subsection (d) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection (d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages which such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations in this subsection (d) to contribute are several in proportion to their respective underwriting obligations and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the Company under this Section 9 shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of each Underwriter and each person, if any, who controls any Underwriter within the meaning of the Act and each broker-dealer or other

------

affiliate of any Underwriter; and the obligations of the Underwriters under this Section 9 shall be in addition to any liability which the respective Underwriters may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Company (including any person who, with his or her consent, is named in the Registration Statement as about to become a director of the Company) and to each person, if any, who controls the Company within the meaning of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (i) The Company will indemnify and hold harmless the Directed Share Underwriter against any losses, claims, damages and liabilities to which the Directed Share Underwriter may become subject, under the Act or otherwise, insofar as such losses, claims damages or liabilities (or actions in respect thereof) (x) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any material prepared by or with the consent of the Company for distribution to Participants in connection with the Directed Share Program or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (y) arise out of or are based upon the failure of any Participant to pay for and accept delivery of Directed Shares that the Participant agreed to purchase, or (z) are related to, arise out of or are in connection with the Directed Share Program, and will reimburse the Directed Share Underwriter for any legal or other expenses reasonably incurred by the Directed Share Underwriter in connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that with respect to clauses (y) and (z) above, the Company shall not be liable in any such case to the extent that any such loss, claim, damage or liability is finally judicially determined to have resulted from the bad faith or gross negligence of the Directed Share Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Promptly after receipt by the Directed Share Underwriter of notice of the commencement of any action, the Directed Share Underwriter shall, if a claim in respect thereof is to be made against the Company, notify the Company in writing of the commencement thereof; provided that the failure to notify the Company shall not relieve the Company from any liability that it may have under the preceding paragraph of this Section 9(f) except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided further that the failure to notify the Company shall not relieve it from any liability that it may have to the Directed Share Underwriter otherwise than under the preceding paragraph of this Section 9(f). In case any such action shall be brought against the Directed Share Underwriter and it shall notify the Company of the commencement thereof, the Company shall be entitled to participate therein and, to the extent that it shall wish, to assume the defense thereof, with counsel satisfactory to the Directed Share Underwriter (who shall not, except with the consent of the Directed Share Underwriter, be counsel to the Company), and, after notice from the Company to the Directed Share Underwriter of its election so to assume the defense thereof, the Company shall not be liable to the Directed Share Underwriter under this subsection for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by the Directed Share Underwriter, in connection with the defense thereof other than reasonable costs of investigation. The Company shall not, without the written consent of the Directed Share Underwriter, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the Directed Share Underwriter is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (x) includes an unconditional release of the Directed Share Underwriter from all liability arising out of such action or claim and (y) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of the Directed Share Underwriter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the indemnification provided for in this Section 9(f) is unavailable to or insufficient to hold harmless the Directed Share Underwriter under Section 9(f)(i) above in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then the Company shall contribute to the amount paid or payable by the Directed Share Underwriter as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Directed Share Underwriter on the other from the offering of the Directed Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable law, then the Company shall contribute to such amount paid or payable by the Directed Share Underwriter in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Directed Share Underwriter on the other in connection with any statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Directed Share Underwriter on the other shall be deemed to be in the same proportion as the total net proceeds from the offering of the Directed Shares (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions received by the Directed Share Underwriter for the Directed Shares. If the loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement of a material fact or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, the relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Directed Share Underwriter on the other and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the Directed Share Underwriter agree that it would not be just and equitable if contribution pursuant to this Section 9(f)(iii) were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section 9(f)(iii). The amount paid or payable by the Directed Share Underwriter as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this Section 9(f)(iii) shall be deemed to include any legal or other expenses reasonably incurred by the Directed Share Underwriter in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 9(f)(iii), the Directed Share Underwriter shall not be required to contribute any amount in excess of the amount by which the total price at which the Directed Shares sold by it and distributed to the Participants exceeds the amount of any damages which the Directed Share Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The obligations of the Company under this Section 9(f) shall be in addition to any liability which the Company may otherwise have and shall extend, upon the same terms and conditions, to each employee, officer and director of the Directed Share Underwriter and each person, if any, who controls the Directed Share Underwriter within the meaning of the Act and each broker-dealer or other affiliate of the Directed Share Underwriter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. (a) If any Underwriter shall default in its obligation to purchase the Shares which it has agreed to purchase hereunder at a Time of Delivery, you may in your discretion arrange for you or another party or other parties to purchase such Shares on the terms contained herein. If within thirty six hours after such default by any Underwriter you do not arrange for the purchase of such Shares, then the Company shall be entitled to a further period of thirty six hours within which to procure another party or other parties satisfactory to you to purchase such Shares on such terms. In the event that, within the respective prescribed periods, you notify the Company that you have so arranged for the purchase of such Shares, or the Company notifies you that it has so arranged for the purchase of such Shares, you or the Company shall have the right to postpone such Time of Delivery for a period of not more than seven days, in order to effect whatever changes may thereby be made necessary in the Registration Statement or the Prospectus, or in any other documents or arrangements, and the Company agrees to file promptly any amendments or supplements to the Registration Statement or the Prospectus which in your opinion may thereby be made necessary. The term "Underwriter" as used in this Agreement shall include any person substituted under this Section 10 with like effect as if such person had originally been a party to this Agreement with respect to such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by you and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased does not exceed one eleventh of the aggregate number of all the Shares to be purchased at such Time of Delivery, then the Company shall have the right to require each non defaulting Underwriter to purchase the number of shares which such Underwriter agreed to purchase hereunder at such Time of Delivery and, in addition, to require each non defaulting Underwriter to purchase its pro rata share (based on the number of Shares which such Underwriter agreed to purchase hereunder) of the Shares of such defaulting Underwriter or Underwriters for which such arrangements have not been made; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after giving effect to any arrangements for the purchase of the Shares of a defaulting Underwriter or Underwriters by you and the Company as provided in subsection (a) above, the aggregate number of such Shares which remains unpurchased exceeds one eleventh of the aggregate number of all of the Shares to be purchased at such Time of Delivery, or if the Company shall not exercise the right described in subsection (b) above to require non defaulting Underwriters to purchase Shares of a defaulting Underwriter or Underwriters, then this Agreement (or, with respect to the Second Time of Delivery, the obligations of the Underwriters to purchase and of the Company to sell the Optional Shares) shall thereupon terminate, without liability on the part of any non-defaulting Underwriter or the Company, except for the expenses to be borne by the Company and the Underwriters as provided in Section 7 hereof and the indemnity and contribution agreements in Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The respective indemnities, rights of contribution, agreements, representations, warranties and other statements of the Company and the several Underwriters, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of any Underwriter or any director, officer, employee, affiliate or controlling person of any Underwriter, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If this Agreement shall be terminated pursuant to Section 10 hereof, the Company shall not then be under any liability to any Underwriter except as provided in Sections 7 and 9 hereof; but, if for any other reason, any Shares are not delivered by or on behalf of the Company as provided herein or the Underwriters decline to purchase the Shares for any reason

------

permitted under this Agreement, the Company will reimburse the Underwriters through you for all reasonably incurred and documented out of pocket expenses approved in writing by you, including fees and disbursements of counsel, reasonably incurred and documented by the Underwriters in making preparations for the purchase, sale and delivery of the Shares not so delivered, but the Company shall then be under no further liability to any Underwriter except as provided in Sections 7 and 9 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. In all dealings hereunder, the Representatives shall act on behalf of each of the Underwriters, and the parties hereto shall be entitled to act and rely upon any statement, request, notice or agreement on behalf of any Underwriter made or given by you jointly.

All statements, requests, notices and agreements hereunder shall be in writing, and if to the Underwriters shall be delivered or sent by mail, telex or facsimile transmission to Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282-2198, Attention: Registration Department; Jefferies LLC 520 Madison Avenue, New York, New York 10022 Attention: General Counsel; and Wells Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001, Attention: Equity Syndicate Department (fax no: (212) 214--5918); and if to the Company shall be delivered or sent by mail, telex or facsimile transmission to the address of the Company set forth on the cover of the Registration Statement, Attention: Chief Legal and Administrative Officer; provided, however, that any notice to an Underwriter pursuant to Section 9(c) hereof shall be delivered or sent by mail, telex or facsimile transmission to such Underwriter at its address set forth in its Underwriters' Questionnaire, or telex constituting such Questionnaire, which address will be supplied to the Company by you upon request. Any such statements, requests, notices or agreements shall take effect upon receipt thereof.

In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of their respective clients, as well as other information that will allow the Underwriters to properly identify their respective clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. This Agreement shall be binding upon, and inure solely to the benefit of, the Underwriters, the Company and, to the extent provided in Sections 9 and 11 hereof, the officers and directors of the Company and each person who controls the Company or any Underwriter, or any director, officer, employee, or affiliate of any Underwriter, and their respective heirs, executors, administrators, successors and assigns, and no other person shall acquire or have any right under or by virtue of this Agreement. No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign by reason merely of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Time shall be of the essence of this Agreement. As used herein, the term "business day" shall mean any day when the Commission's office in Washington, D.C. is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Company acknowledges and agrees that (i) the purchase and sale of the Shares pursuant to this Agreement is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other, (ii) in connection therewith and with the process leading to such transaction each Underwriter is acting solely as a principal and not the agent or fiduciary of the Company, (iii) no Underwriter has assumed an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) or any other obligation to

------

the Company except the obligations expressly set forth in this Agreement, (iv) the Company has consulted its own legal and financial advisors to the extent it deemed appropriate, and (v) none of the activities of the Underwriters in connection with the transactions contemplated herein constitutes a recommendation, investment advice, or solicitation of any action by the Underwriters with respect to any entity or natural person. The Company agrees that it will not claim that the Underwriters, or any of them, has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Company, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and the Underwriters, or any of them, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Agreement and any transaction contemplated by this Agreement and any claim, controversy or dispute arising under or related thereto shall be governed by and construed in accordance with the laws of the State of New York without regard to principles of conflict of laws that would results in the application of any other law than the laws of the State of New York. The Company agrees that any suit or proceeding arising in respect of this Agreement or any transaction contemplated by this Agreement will be tried exclusively in the U.S. District Court for the Southern District of New York or, if that court does not have subject matter jurisdiction, in any state court located in The City and County of New York and the Company agrees to submit to the jurisdiction of, and to venue in, such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Company and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. This Agreement may be executed by any one or more of the parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Notwithstanding anything herein to the contrary, the Company is authorized to disclose to any persons the U.S. federal and state income tax treatment and tax structure of the potential transaction and all materials of any kind (including tax opinions and other tax analyses) provided to the Company relating to that treatment and structure, without the Underwriters imposing any limitation of any kind. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, "tax structure" is limited to any facts that may be relevant to that treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. Recognition of the U.S. Special Resolution Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this section 22:

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"Covered Entity" means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"Default Right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

If the foregoing is in accordance with your understanding, please sign and return to us counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Underwriters, this letter and such acceptance hereof shall constitute a binding agreement between each of the Underwriters and the Company. It is understood that your acceptance of this letter on behalf of each of the Underwriters is pursuant to the authority set forth in a form of Agreement among Underwriters, the form of which shall be submitted to the Company for examination upon request, but without warranty on your part as to the authority of the signers thereof.

*[Signature Pages Follow]* 

------

---

| |
|:---|
| Very truly yours, |
| **Yellowstone Midco Holdings II, LLC** |
| By: |
| Name: |
| Title: |

---

------

Accepted as of the date hereof

---

| | |
|:---|:---|
| **Goldman Sachs & Co. LLC** | **Goldman Sachs & Co. LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **Jefferies LLC** | **Jefferies LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **Wells Fargo Securities, LLC** | **Wells Fargo Securities, LLC** |
| By: |  |
|  | Name: |
|  | Title: |

---

On behalf of each of the Underwriters

------

**SCHEDULE I** 

---

| | | |
|:---|:---|:---|
| **Underwriter** | **Total Number of<br>Firm Shares<br>to be Purchased** | **Number of Optional<br>Shares to be<br>Purchased if<br>Maximum Option<br>Exercised** |
|  Goldman Sachs & Co. LLC |  |  |
|  Jefferies LLC |  |  |
|  Wells Fargo Securities, LLC |  |  |
|  J.P. Morgan Securities LLC |  |  |
|  Citigroup Global Markets Inc. |  |  |
|  Truist Securities, Inc. |  |  |
|  Robert W. Baird & Co. Incorporated |  |  |
|  Raymond James & Associates, Inc. |  |  |
|  Canaccord Genuity LLC |  |  |
|  Needham & Company, LLC |  |  |
|  Academy Securities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total |  |  |

---

------

**SCHEDULE II** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issuer Free Writing Prospectuses not included in the Pricing Disclosure Package: Electronic roadshow dated January 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Information other than the Pricing Prospectus that comprise the Pricing Disclosure Package:

The initial public offering price per share for the Shares is $[•]

The number of Firm Shares purchased by the Underwriters is [•]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Written Testing-the-Waters Communications:

Testing-the-Waters presentations dated September 2025, October 2025, November 2025 and December 2025

------

**SCHEDULE III** 

**<u>Name of Officer, Director or Stockholder</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Dirk Wallinger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Kevin Messerle

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Monica Palko

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Devjyoti Rudra

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Kirk Konert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Tyler Letarte

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Tamra Erwin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Reggie Brothers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Andrew Boyd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. General (RET) James McConville

------

**ANNEX I** 

**Form of Press Release** 

York Space Systems Inc.

[•], 2026

"York Space Systems Inc." announced today that [•], the book-running managers in the Company's recent public sale of [•] shares of common stock, are [waiving] [releasing] a lock-up restriction with respect to [•] shares of the Company's common stock held by [certain officers or directors] [an officer or director] of the Company. The waiver will take effect on [•], 2026, and the shares may be sold on or after such date.

This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.

------

**ANNEX II** 

**[FORM OF LOCK-UP AGREEMENT]** 

**York Space Systems Inc.** 

**Lock-Up Agreement** 

[•], 2026

Goldman Sachs & Co. LLC

Jefferies LLC

Wells Fargo Securities, LLC

As Representatives of the several Underwriters

named in Schedule I to the Underwriting Agreement

c/o Goldman Sachs & Co. LLC

200 West Street

New York, NY 10282-2198

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, New York 10001

Re: <u>York Space Systems Inc. - Lock-Up Agreement</u>

Ladies and Gentlemen:

The undersigned understands that you, as representatives (the "Representatives"), propose to enter into an underwriting agreement (the "Underwriting Agreement") on behalf of the several Underwriters named in Schedule I to such agreement (collectively, the "Underwriters"), with Yellowstone Midco Holdings II, LLC, a Delaware limited liability company (the "Company"), providing for a public offering (the "Public Offering") of shares (the "Shares") of the common stock , par value $0.0001 per share, of York Space Systems Inc., a Delaware corporation (the "Common Stock"), pursuant to a Registration Statement on Form S-1 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC"). As used in this Lock-Up Agreement, references to the Company refer to (i) Yellowstone Midco Holdings II, LLC prior to the Corporate Conversion (as defined in each of the Registration Statement, the Pricing Prospectus and the Prospectus) and (ii) York Space Systems Inc. after giving effect to the Corporate Conversion.

In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 180 days after the date of the final prospectus relating to the Public Offering (the "Prospectus") (such period, the "Lock-Up Period"), the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant

------

any option, right or warrant to purchase, purchase any option or contract to sell, lend or otherwise transfer or dispose of any shares of Common Stock, or any options or warrants to purchase any shares of Common Stock, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock (such shares of Common Stock, options, rights, warrants or other securities, collectively, "Lock-Up Securities"), including without limitation any such Lock-Up Securities now owned or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Lock-Up Securities, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a "Transfer"), (iii) make any demand for or exercise any right with respect to the registration of any Lock-Up Securities or (iv) otherwise publicly announce any intention to engage in or cause any action, activity, transaction or arrangement described in clause (i), (ii) or (iii) above. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be or become, currently a party to any agreement or arrangement that provides for, is designed to or reasonably could be expected to lead to or result in any Transfer during the Lock-Up Period.

Notwithstanding the foregoing, the undersigned may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transfer the undersigned's Lock-Up Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as one or more *bona fide* gifts or charitable contributions, or for *bona fide* estate planning
purposes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon death by will, testamentary document or intestate succession,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the undersigned is a natural person, to any member of the undersigned's immediate family (for purposes
of this Lock-Up Agreement, "immediate family" shall mean any relationship by blood, current or former marriage, domestic partnership or adoption, not more remote than first cousin) or to any trust,
partnership, limited liability company or other entity for the direct or indirect benefit of the undersigned or the immediate family of the undersigned or, if the undersigned is a trust, to a trustor or beneficiary of the trust or the estate of a
beneficiary of such trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to a partnership, limited liability company or other entity of which the undersigned and the immediate family
of the undersigned are the legal and beneficial owner of all of the outstanding equity securities or similar interests,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under
clauses (a)(i) through (iv) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity,
(A) to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity
which fund or entity is controlled or managed by the undersigned or affiliates of the undersigned, or (B) as part of a distribution by the undersigned to its stockholders, current or former partners, members or other equityholders or to the
estate of any such stockholders, partners, members or other equityholders,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree or
separation agreement or other order of a court or regulatory authority,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Company from an employee of the Company upon death, disability or termination of employment, in each
case, of such employee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if the undersigned is not an officer or director of the Company or a stockholder holding 10% or more of the
Company's Common Stock, in connection with a sale or transfer of the undersigned's shares of Common Stock acquired (A) from the Underwriters in the Public Offering or (B) in open market transactions after the closing date of
the Public Offering,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Company in connection with the vesting, settlement or exercise of restricted stock units, options,
warrants or other rights to purchase shares of Common Stock (including, in each case, by way of "net" or "cashless" exercise), including any transfer to the Company for the payment of tax withholdings or remittance payments
due as a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a
stock incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in the Registration Statement, the preliminary prospectus relating to the Shares included in the Registration Statement
immediately prior to the time the Underwriting Agreement is executed and the Prospectus, provided that any securities received upon such vesting, settlement, exercise or conversion shall be subject to the terms of this Lock-Up Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in connection with the conversion, exchange or reclassification of any outstanding securities of the Company
into shares of Common Stock, or any conversion, exchange or reclassification of the Common Stock, provided that any such shares of Common Stock received upon such conversion, exchange or reclassification shall be subject to the terms of this Lock-Up Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) with the prior written consent of at least two of the Representatives (which must include Goldman
Sachs & Co. LLC) on behalf of the Underwriters;

provided that (A) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (xi) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock-up agreement in the form of this Lock-Up Agreement, (C) in the case of clauses (a)(iii), (iv), (v) and (vi) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Securities Exchange Act of 1934, as amended (the "Exchange Act), or other public filing, report or announcement reporting a reduction in beneficial ownership of Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution, and (D) in the case of clauses (a)(i), (ii), (vii), (viii), (ix), (x) and (xi) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement

------

shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto (I) the circumstances of such transfer or distribution and (II) in the case of a transfer or distribution pursuant to clauses (a)(i), (ii) or (vii) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement in the form of this Lock-Up Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enter into or amend a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the transfer, sale or other disposition of the undersigned's Lock-Up Securities, if then permitted by the Company,
provided that none of the securities subject to such plan may be transferred, sold or otherwise disposed of until after the expiration of the Lock-Up Period and no public announcement, report or filing under
the Exchange Act, or any other public filing, report or announcement, shall be voluntarily made (whether by or on behalf of the undersigned, the Company or any other party) regarding, or that otherwise discloses, the establishment of such plan
during the Lock-Up Period, and if any such filing, report or announcement shall be legally required during the Lock-Up Period, such filing, report or announcement shall
clearly indicate that that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the Lock-Up Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) transfer the undersigned's Lock-Up Securities pursuant to a bona
fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control of the Company
(for purposes hereof, "Change of Control" shall mean the transfer (whether by tender offer, merger, consolidation or other similar transaction), in one transaction or a series of related transactions, to a person or group of affiliated
persons, of shares of capital stock if, after such transfer, such person or group of affiliated persons would hold at least a majority of the outstanding voting securities of the Company (or the surviving entity)); provided that in the event that
such tender offer, merger, consolidation or other similar transaction is not completed, the undersigned's Lock-Up Securities shall remain subject to the provisions of this Lock-Up Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent the undersigned has demand and/or piggyback registration rights under any registration rights
agreement described in the Prospectus, the undersigned may notify the Company privately that the undersigned is or will be exercising his, her or its demand and/or piggyback registration rights under any such registration rights agreement following
the expiration of the Lock-Up Period and undertake preparations related thereto; provided that the foregoing notification and/or preparations do not request, require or result in the public filing of a
registration statement with the Securities and Exchange Commission or any other public announcement of such proposed registration by the undersigned, the Company or any third party during the Lock-Up Period
(and no such filing, public announcement or activity shall be voluntarily made or taken by the undersigned, the Company or any third party during the Lock-Up Period); provided further that the Company shall
notify the Representatives upon receipt of such notice.

[If the closing price per share of the Common Stock is at least 15% greater than the initial public offering price per share of Common Stock set forth on the cover page of the Prospectus for at least five consecutive Trading Days (as defined below) ending on or after the date that is 90 days after the date of the final prospectus relating to the Public Offering, then a number of shares equal to the Early Release Amount (as defined below) will be automatically released from the

------

restrictions contained in this agreement effective on the next Trading Day following such five consecutive Trading Day period . For purposes of this agreement: (i) the "Early Release Amount" shall mean a number of shares of Common Stock equal to (x) the undersigned's Class P Pro Rata Proportion times (y) the lesser of (a) 15% of the number of shares of Common Stock sold in the Public Offering (including shares sold upon the exercise of the Underwriters' option to purchase additional shares, if any) and (b) 50% of the aggregate number of shares of Common Stock issued upon conversion of the Class P units of Yellowstone Midco Holdings II, LLC (the "Class P Units") in connection with the Public Offering; (ii) the undersigned's "Class P Pro Rata Proportion" shall mean a percentage equal to (x) the number of shares of Common Stock received by the undersigned upon conversion of Class P Units divided by (y) the aggregate number of shares of Common Stock issued upon conversion of the Class P Units.; and (c) "Trading Day" shall mean a day on which the New York Stock Exchange is open for the buying and selling of securities.]<sup>1</sup>

If the undersigned is an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable to any issuer-directed or other Shares the undersigned may purchase in the Public Offering.

If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or "group" (within the meaning of Section 13(d)(3) of the Exchange Act), other than a natural person, entity or "group" (as described above) that has executed a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.

If the undersigned is an officer or director of the Company, (i) the Representatives agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of shares of Common Stock, Goldman Sachs & Co. LLC will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service (or such other method approved by at least two of the Representatives (which must include Goldman Sachs & Co. LLC) that satisfies the requirements of FINRA Rule 5131(d)(2)) at least two business days before the effective date of the release or waiver. Any release or waiver granted hereunder to any such officer or director shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a transfer not for consideration or that is to an immediate family member as defined in FINRA Rule 5130(i)(5) and (ii) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

The undersigned now has, and, except as contemplated by clauses (a) and (c) of the third paragraph of this Lock-Up Agreement, for the duration of this Lock-Up Agreement will have, good and marketable title to the undersigned's Lock-Up Securities, free and clear of all liens, encumbrances and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions with the Company's transfer agent and registrar against the transfer of the undersigned's Lock-Up Securities except in compliance with the foregoing restrictions.

The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal,

<sup>1</sup> To be inserted for holders of Class P Units.

------

accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Underwriters may have provided or hereafter provide to the undersigned in connection with the Public Offering a Form CRS and/or certain other disclosures as contemplated by Regulation Best Interest, the Underwriters have not made and are not making a recommendation to the undersigned to enter into this Lock-Up Agreement or to transfer, sell or dispose of, or to refrain from transferring, selling or disposing of, any shares of Common Stock, and nothing set forth in such disclosures or herein is intended to suggest that any Underwriter is making such a recommendation.

This Lock-Up Agreement shall automatically terminate and the undersigned shall be released from all of his, her or its obligations hereunder upon the earlier of (i) the date on which the Registration Statement filed with the SEC with respect to the Public Offering is withdrawn, (ii) the date on which for any reason the Underwriting Agreement is terminated (other than the provisions thereof that survive termination) prior to payment for and delivery of the Shares to be sold thereunder (other than pursuant to the Underwriters' option thereunder to purchase additional Shares), (iii) the date on which the Company notifies the Representatives, in writing and prior to the execution of the Underwriting Agreement, that it does not intend to proceed with the Public Offering and (iv) March 31, 2026, in the event that the Underwriting Agreement has not been executed by such date (provided, however, that the Company may, by written notice to the undersigned prior to such date, extend such date by a period of up to an additional 90 days).

The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned's heirs, legal representatives, successors and assigns. The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to principles of conflict of laws that would result in the application of any law other than the laws of the State of New York. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

------

Very truly yours,

---

| | | | |
|:---|:---|:---|:---|
| **IF AN INDIVIDUAL:** | **IF AN INDIVIDUAL:** | **IF AN ENTITY:** | **IF AN ENTITY:** |
| By: |  |  |  |
|  | *(duly authorized signature)* |  | *(please print complete name of entity)* |
| Name: |  | By: |  |
|  | *(please print full name)* |  | *(duly authorized signature)* |
|  |  | Name: |  |
|  |  |  | *(please print full name)* |
|  |  | Title: |  |
|  |  |  | *(please print full title)* |

---

*[Signature Page to Lock-Up Agreement]*

## Exhibit 3.2

**Exhibit 3.2** 

**FORM OF** 

**YORK SPACE SYSTEMS INC.** 

**CERTIFICATE OF INCORPORATION** 

**ARTICLE ONE** 

The name of the corporation is York Space Systems Inc. (the "**Corporation**").

**ARTICLE TWO** 

The address of the Corporation's registered office in the State of Delaware is 1209 Orange Street, in the City of Wilmington, County of New Castle 19801. The name of its registered agent at such address is The Corporation Trust Company.

**ARTICLE THREE** 

The nature and purpose of the business of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware ("**DGCL**").

**ARTICLE FOUR** 

Section 1. <u>Authorized Shares</u>. The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 1,100,000,000 shares, consisting of two classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100,000,000 shares of preferred stock, par value $0.0001 per share (the "**Preferred Stock**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1,000,000,000 shares of common stock, par value $0.0001 per share (the "**Common Stock**").

The Preferred Stock and the Common Stock shall have the designations, rights, powers, and preferences and the qualifications, restrictions, and limitations thereof, if any, set forth below.

Section 2. <u>Preferred Stock</u>. The Board of Directors of the Corporation (the "**Board**") is authorized, subject to limitations prescribed by law, to provide, by resolution or resolutions for the issuance of shares of Preferred Stock in one or more series, and with respect to each series, to establish the number of shares to be included in each such series, and to fix the voting powers (if any), designations, powers, preferences, privileges and relative, participating, optional, or other special rights, if any, of the shares of each such series, and any qualifications, limitations, or restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, and liquidation preferences, any or all of which may be greater than the rights of the Common Stock. The powers (including voting powers), preferences, and relative, participating, optional, and other special rights of each series of Preferred Stock and the qualifications, limitations, or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. Subject to the rights of the holders of any series of Preferred Stock, the number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then-outstanding) by the approval of the Board and by the affirmative vote of the holders of a majority in voting power of the outstanding shares of capital stock of the Corporation entitled to vote generally in an election of directors, without the separate vote of the holders of the Preferred Stock as a class, irrespective of the provisions of Section 242(b)(2) of the DGCL. For the avoidance of doubt, the Corporation does not intend by the foregoing sentence, or by the last sentence of Section 3(a), to opt out of the provisions of Section 242(d) of the DGCL, and intends that Section 242(d) be applicable to the Corporation.

------

Section 3. <u>Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided by the DGCL or this Certificate of Incorporation (as it may be amended and/or restated from time to time, including pursuant to any certificate of designation relating to any series of Preferred Stock, the "**Certificate**") and subject to the rights of holders of any series of Preferred Stock then-outstanding, all of the voting power of the stockholders of the Corporation shall be vested in the holders of the Common Stock. Each share of Common Stock shall entitle the holder thereof to one vote for each share held by such holder on all matters voted upon by the stockholders of the Corporation; *provided*, *however*, that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Certificate (including any certificate of designation relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Certificate (including any certificate of designation relating to any series of Preferred Stock) or pursuant to the DGCL. Subject to the rights of the holders of any series of Preferred Stock, the number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then-outstanding) without the separate vote of the holders of the Common Stock as a class, irrespective of the provisions of Section 242(b)(2) of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the rights of the holders of any series of Preferred Stock then-outstanding and to the other provisions of applicable law and this Certificate, holders of Common Stock shall be entitled to receive equally, on a per share basis, such dividends in cash, securities, or other property of the Corporation if, as, and when declared thereon by the Board from time to time out of assets of the Corporation legally available therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of any liquidation, dissolution, or winding up of the affairs of the Corporation, whether voluntary or involuntary, after payment or provision for payment of the Corporation's debts and any other payments required by law and amounts payable upon outstanding shares of Preferred Stock ranking senior to the shares of Common Stock upon such dissolution, liquidation, or winding up, if any, the remaining net assets of the Corporation shall be distributed to the holders of shares of Common Stock and the holders of shares of any other class or series ranking equally with the shares of Common Stock upon such dissolution, liquidation, or winding up, equally on a per share basis. Subject to the rights of the holders of Preferred Stock then-outstanding and the other provisions of this Certificate, a merger or consolidation of the Corporation with or into any other corporation or other entity, or a sale or conveyance of all or any part of the assets of the Corporation (which shall not in fact result in the liquidation of the Corporation and the distribution of assets to its stockholders) shall not be deemed to be a voluntary or involuntary liquidation, dissolution, or winding up of the Corporation within the meaning of this Paragraph (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No holder of shares of Common Stock shall be entitled to preemptive or subscription rights. For the avoidance of doubt, the foregoing shall not restrict the Corporation from entering into an agreement providing for preemptive or subscription rights.

**ARTICLE FIVE** 

Section 1. <u>Board of Directors</u>. Except as otherwise provided in this Certificate or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board.

------

Section 2. <u>Number of Directors</u>. Subject to any rights of the holders of any series of Preferred Stock then-outstanding to elect additional directors under specified circumstances or otherwise, the number of directors which shall constitute the Board shall initially be seven and, thereafter, shall be fixed from time to time exclusively by resolution of the Board; *provided that*, before the Trigger Date, the size of the Board may also be fixed by the holders of a majority of the voting power present or represented by proxy at a duly convened meeting of stockholders or by a consent of stockholders in lieu of a meeting in accordance with Section 228 of the DGCL.

Section 3. <u>Classes of Directors</u>. The directors of the Corporation, other than those who may be elected by the holders of any series of Preferred Stock, shall be divided into three classes, as nearly equal in number as possible, designated Class I, Class II, and Class III.

Section 4. <u>Election and Term of Office</u>. Subject to the rights of the holders of any series of Preferred Stock then-outstanding, the directors shall be elected by a plurality of the votes cast. The term of office of the initial Class I directors shall expire at the first annual meeting of stockholders following the date the Common Stock is first publicly traded (the "**IPO Date**"), the term of office of the initial Class II directors shall expire at the second annual meeting of stockholders after the IPO Date, and the term of office of the initial Class III directors shall expire at the third annual meeting of the stockholders after the IPO Date. At each annual meeting of stockholders after the IPO Date, directors elected to replace those of a class whose terms expire at such annual meeting shall be elected to hold office until the third succeeding annual meeting after their election and until their respective successors shall have been duly elected and qualified. Each such director shall hold office until the annual meeting of stockholders for the year in which such director's term expires and a successor is duly elected and qualified or until his or her earlier death, resignation, or removal. Nothing in this Certificate shall preclude a director from serving consecutive terms. Elections of directors need not be by written ballot unless the Bylaws of the Corporation (as amended and/or restated, the "**Bylaws**") shall so provide.

Section 5. <u>Newly Created Directorships and Vacancies</u>. Subject to the rights of holders of any series of Preferred Stock then-outstanding, newly created directorships resulting from any increase in the authorized number of directors or any vacancies in the Board resulting from death, resignation, disqualification, removal from office, or any other cause may be filled only by resolution of a majority of the directors then in office, although less than a quorum, or by a sole remaining director, and may not be filled in any other manner; *provided that*, before the Trigger Date, vacant and newly created directorships may also be filled by a plurality vote of the stockholders entitled to vote thereon at a duly convened meeting of stockholders or by a consent of a majority in voting power of the stock entitled to vote thereon in accordance with Section 228 of the DGCL. A director elected or appointed to fill a vacancy shall serve for the unexpired term of his or her predecessor in office and until his or her successor is elected and qualified or until his or her earlier death, resignation, or removal. A director elected or appointed to fill a position resulting from an increase in the number of directors shall hold office until the next election of the class for which such director shall have been elected or appointed and until his or her successor is elected and qualified, or until his or her earlier death, resignation, or removal. Notwithstanding the foregoing, before the Trigger Date, a director appointed to a vacant or newly created directorship by directors shall serve for a term expiring at the earlier of (i) first annual meeting following his or her appointment as a director and (ii) a special meeting called for the purposes of enabling the stockholders to elect a successor to the nominee appointed by directors to fill the vacant or new directorship. No decrease in the authorized number of directors shall shorten the term of any incumbent director.

Section 6. <u>Removal and Resignation of Directors</u>. Notwithstanding any other provision of this Certificate, (i) prior to the Trigger Date, directors may be removed with or without cause upon the affirmative vote of stockholders representing at least a majority of the voting power of the then-outstanding shares of stock entitled to vote thereon, voting together as a single class, and (ii) on and after the Trigger Date, directors may only be removed for cause and only upon the affirmative vote of stockholders representing at least 66 2/3% of the voting power of the then-outstanding shares of Voting Stock. Any director may resign at any time upon notice in writing or by electronic transmission to the Corporation.

------

Section 7. <u>Rights of Holders of Preferred Stock</u>. Notwithstanding the provisions of this ARTICLE FIVE, whenever the holders of one or more series of Preferred Stock shall have the right, voting separately or together by series, to elect directors at an annual or special meeting of stockholders, the election, term of office, filling of vacancies, and other features of such directorship shall be subject to the rights of such series of Preferred Stock. During any period when the holders of any series of Preferred Stock, voting separately as a series or together with one or more series, have the right to elect additional directors, then upon commencement and for the duration of the period during which such right continues (i) the then otherwise total authorized number of directors of the Corporation shall automatically be increased by such specified number of directors, and the holders of such Preferred Stock shall be entitled to elect the additional directors so provided for or fixed pursuant to said provisions, and (ii) each such additional director shall serve until such director's successor shall have been duly elected and qualified, or until such director's right to hold such office terminates pursuant to said provisions, whichever occurs earlier, subject to his or her earlier death, resignation, disqualification, or removal. Except as otherwise provided by the Board in the resolution or resolutions establishing such series, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such stock, the terms of office of all such additional directors elected by the holders of such stock, or elected to fill any vacancies resulting from the death, resignation, disqualification, or removal of such additional directors, shall forthwith terminate (in which case each such director thereupon shall cease to be qualified as, and shall cease to be, a director), and the total authorized number of directors of the Corporation shall automatically be reduced accordingly.

Section 8. <u>Advance Notice</u>. Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws.

Section 9. <u>Definitions</u>. For purposes of this Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**AE Industrial Partners**" means AE Industrial Partners, LP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Affiliated Companies**" shall mean (A) in respect of AE Industrial Partners, any entity that controls, is controlled by, or under common control with AE Industrial Partners (other than the Corporation and any company that is controlled by the Corporation) and any investment funds managed or advised by AE Industrial Partners, and (B) in respect of the Corporation, any entity controlled by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Investor Group**" means AE Industrial Partners and its Affiliated Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Trigger Date**" means the first date on which the Investor Group ceases to beneficially own or control, through share ownership and contractual arrangements (directly or indirectly), 40% or more of the voting power of the outstanding shares of Voting Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Voting Stock**" means the capital stock of the Corporation then entitled to vote generally in the election of directors.

------

**ARTICLE SIX** 

Section 1. <u>Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by the DGCL as it now exists or may hereafter be amended, no director or officer of the Corporation shall be liable to the Corporation or its stockholders for monetary damages arising from a breach of fiduciary duty as a director or officer. Any disinterested failure to satisfy Section 365 of the DGCL shall not, for the purposes of Sections 102(b)(7) or 145 of the DGCL, constitute an act or omission not in good faith, or a breach of the duty of loyalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amendment, repeal, or modification of the foregoing paragraph shall not adversely affect any right or protection of a director or officer of the Corporation existing at the time of such amendment, repeal, or modification with respect to any act, omission, or other matter occurring prior to such amendment, repeal, or modification. Solely for purposes of Section 1(a) and 1(b) of this ARTICLE SIX, "officer" has the meaning provided in Section 102(b)(7) of the DGCL.

**ARTICLE SEVEN** 

Section 1. <u>Action by Consent</u>. Prior to the first date (the "**Stockholder Consent Trigger Date**") on which the Investor Group ceases to beneficially own or control, through share ownership and contractual arrangements (directly or indirectly) at least 35% of the voting power of the then outstanding Voting Stock, any action which is required or permitted to be taken by the Corporation's stockholders may be taken without a meeting, without prior notice, and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of the Corporation's stock entitled to vote thereon were present and voted. On and after the Stockholder Consent Trigger Date, any action required or permitted to be taken by the Corporation's stockholders may be taken only at a duly called annual or special meeting of the Corporation's stockholders and the power of stockholders to act by consent without a meeting is specifically denied; *provided*, *however*, that any action required or permitted to be taken by the holders of Preferred Stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice, and without a vote, to the extent expressly so provided in the resolutions creating such series of Preferred Stock.

Section 2. <u>Special Meetings of Stockholders</u>. Subject to the rights of the holders of any series of Preferred Stock then-outstanding and to the requirements of applicable law, special meetings of stockholders of the Corporation may be called only (i) by or at the direction of the Board or the Chair of the Board pursuant to a written resolution adopted by the affirmative vote of the majority of the total number of directors that the Corporation would have if there were no vacancies, and (ii) prior to the Stockholder Consent Trigger Date, by the Chair of the Board at the request of AE Industrial Partners in the manner provided for in the Bylaws. Any business transacted at any special meeting of stockholders shall be limited to the purpose or purposes stated in the notice of the meeting.

**ARTICLE EIGHT** 

Section 1. <u>Certain Acknowledgments</u>. It is hereby acknowledged that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) certain of the directors, partners, principals, officers, members, managers, employees, operating partners, and/or contractors of AE Industrial Partners or its Affiliated Companies (as defined below) may serve as directors or officers of the Corporation, (ii) AE Industrial Partners and its Affiliated Companies engage and may continue to engage in the same or similar activities or related lines of business as those in which the Corporation, directly or indirectly, may engage and/or other business activities that overlap with or compete with those in which the Corporation, directly or indirectly, may engage, and (iii) the Corporation and its Affiliated Companies may engage in material business transactions with AE Industrial Partners and its Affiliated Companies, and the Corporation is expected to benefit therefrom,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provisions of this ARTICLE EIGHT are set forth to renounce certain business opportunities as they may involve AE Industrial Partners and/or its Affiliated Companies and/or their respective directors, partners, principals, officers, members, managers, employees, operating partners, and/or contractors, including any of the foregoing who serve as officers or directors of the Corporation (AE Industrial Partners and/or its Affiliated Companies and all such other persons each an "**Exempted Person**" and collectively, the "**Exempted Persons**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as a result of the renunciations set forth in this ARTICLE EIGHT, (i) each Exempted Person will have no obligation to communicate or offer a business opportunity to the Corporation or any of its subsidiaries unless Section 3 of this ARTICLE EIGHT applies to such opportunity; (ii) an Exempted Person may direct any such business opportunity to itself or persons or entities other than the Corporation and its subsidiaries unless Section 3 of this ARTICLE EIGHT applies to such opportunity; and (iii) AE Industrial Partners has approved an initial public offering of the stock of the Corporation in reliance on the adoption of this ARTICLE EIGHT.

Section 2. <u>Renunciation of Corporate Opportunities</u>. To the fullest extent permitted by the DGCL, but subject to Section 3 of this ARTICLE EIGHT, the Corporation hereby renounces any interest or expectancy in, or being offered an opportunity to participate in, any and all business opportunities: (a) originated or acquired by an Exempted Person; (b) in which the Exempted Person has an interest; or (c) that is received from any person or entity by an Exempted Person. The business opportunities renounced under this paragraph include any actual or potential investment or business opportunity or prospective economic advantage in which the Corporation could, but for this paragraph, have an interest or expectancy (including, without limitation, acquisitions, dispositions, business combinations, financings or investment opportunities), whether or not such opportunities are in the same or similar lines of business in which the Corporation is engaged or intends to engage.

Section 3. <u>Excluded Opportunities</u>. Notwithstanding the foregoing provisions of this ARTICLE EIGHT, but subject to Section 4 of this ARTICLE EIGHT, the Corporation does not renounce any business opportunity (a) expressly offered to a person in his or her capacity as a director or officer of the Corporation; (b) offered to, or acquired by, a person while he or she is a full-time employee of the Corporation; or (c) that has been developed using the confidential information of the Corporation or any of its subsidiaries.

Section 4. <u>Certain Matters Deemed Not Corporate Opportunities</u>. In addition to and notwithstanding the foregoing provisions of this ARTICLE EIGHT, a corporate opportunity shall not be deemed to belong to the Corporation if it is a business opportunity the Corporation is not financially able, contractually permitted or legally able to undertake, or that is, from its nature, not in the line of the Corporation's business or is of no practical advantage to it, or that is one in which the Corporation has no interest or reasonable expectancy.

------

Section 5. <u>Amendment of this Article</u>. Notwithstanding anything to the contrary elsewhere contained in this Certificate, subject to the rights of the holders of any series of Preferred Stock then-outstanding, and in addition to any vote required by applicable law, the affirmative vote of AE Industrial Partners, so long as AE Industrial Partners and/or its Affiliated Companies continues to beneficially own any outstanding shares of Voting Stock, shall be required to alter, amend, or repeal, or to adopt any provision inconsistent with, this ARTICLE EIGHT; *provided*, *however*, that, to the fullest extent permitted by law, neither the alteration, amendment, or repeal of this ARTICLE EIGHT nor the adoption of any provision of this Certificate inconsistent with this ARTICLE EIGHT shall apply to or have any effect on the liability or alleged liability of any Exempted Person for or with respect to any activities or opportunities which such Exempted Person becomes aware of prior to such alteration, amendment, repeal, or adoption.

Section 6. <u>Deemed Notice</u>. Any person or entity purchasing or otherwise acquiring or holding any interest in any shares of the Corporation shall be deemed to have notice of and to have consented to the provisions of this ARTICLE EIGHT.

**ARTICLE NINE** 

Section 1. <u>Section 203 of the DGCL</u>. The Corporation expressly elects not to be subject to the provisions of Section 203 of the DGCL.

Section 2. <u>Business Combinations with Interested Stockholders</u>. Notwithstanding any other provision in this Certificate to the contrary, the Corporation shall not engage in any Business Combination (as defined hereinafter), at any point in time at which the Common Stock is registered under Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), with any Interested Stockholder (as defined hereinafter) for a period of three years following the time that such stockholder became an Interested Stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to such time the Board approved either the Business Combination or the transaction which resulted in such stockholder becoming an Interested Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon consummation of the transaction which resulted in such stockholder becoming an Interested Stockholder, such stockholder owned at least 85% of the Voting Stock of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the Voting Stock outstanding (but not the outstanding Voting Stock owned by such Interested Stockholder) those shares owned (i) by Persons (as defined hereinafter) who are directors and also officers of the Corporation, and (ii) employee stock plans of the Corporation in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at or subsequent to such time, the Business Combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding Voting Stock which is not owned by such Interested Stockholder.

Section 3. <u>Exceptions to Prohibition on Interested Stockholder Transactions</u>. The restrictions contained in this ARTICLE NINE shall not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a stockholder becomes an Interested Stockholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that the stockholder ceases to be an Interested Stockholder, and (ii) would not, at any time within the three-year period immediately prior to a Business Combination between the Corporation and such stockholder, have been an Interested Stockholder but for the inadvertent acquisition of ownership; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required hereunder of a proposed transaction which (i) constitutes one of the transactions described in the second sentence of this Section 3(b) of ARTICLE NINE, (ii) is with or by a Person who either was not an Interested Stockholder during the previous three years or who became an Interested Stockholder with the approval of the Board, and (iii) is approved or not opposed by a majority of the directors then in office (but not less than one) who were directors prior to any Person becoming an Interested Stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to: (x) a merger or consolidation of the Corporation (except for a merger in respect of which, pursuant to Section 251(f) of the DGCL, no vote of the stockholders of the Corporation is required); (y) a sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation (other than to any direct or indirect wholly owned subsidiary or to the Corporation) having an aggregate market value equal to 50% or more of either that aggregate market value of all of the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding Stock (as defined hereinafter) of the Corporation; or (z) a proposed tender or exchange offer for 50% or more of the outstanding Voting Stock of the Corporation. The Corporation shall give not less than 20 days' notice to all Interested Stockholders prior to the consummation of any of the transactions described in clause (x) or (y) of the second sentence of this Section 3(b) of ARTICLE NINE.

Section 4. <u>Definitions</u>. As used in this ARTICLE NINE only, and unless otherwise provided by the express terms of this ARTICLE NINE, the following terms shall have the meanings ascribed to them as set forth in this Section 4 and, to the extent such terms are defined elsewhere in this Certificate, such definitions shall not apply to this ARTICLE NINE:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Affiliate**" means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Associate,**" when used to indicate a relationship with any Person, means (i) any corporation, partnership, unincorporated association, or other entity of which such Person is a director, officer, or general partner or is, directly or indirectly, the owner of 20% or more of any class of Voting Stock, (ii) any trust or other estate in which such Person has at least a 20% beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity, and (iii) any relative or spouse of such Person, or any relative of such spouse, who has the same residence as such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Business Combination**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any merger or consolidation of the Corporation (other than a merger effected pursuant to Sections 253 or 267 of the DGCL) or any direct or indirect majority-owned subsidiary of the Corporation with (A) the Interested Stockholder, or (B) any other corporation, partnership, unincorporated association, or entity if the merger or consolidation is caused by the Interested Stockholder and as a result of such merger or consolidation Section 2 of this ARTICLE NINE is not applicable to the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any sale, lease, exchange, mortgage, pledge, transfer, or other disposition (in one transaction or a series of transactions), except proportionately as a stockholder of the Corporation, to or with the Interested Stockholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding Stock of the Corporation;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any transaction which results in the issuance or transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any Stock of the Corporation or of such subsidiary to the Interested Stockholder, except (A) pursuant to the exercise, exchange, or conversion of securities exercisable for, exchangeable for, or convertible into Stock of the Corporation or any such subsidiary which securities were outstanding prior to the time that the Interested Stockholder became such, (B) pursuant to a merger under Sections 251(g), 253, or 267 of the DGCL, (C) pursuant to a dividend or distribution paid or made, or the exercise, exchange, or conversion of securities exercisable for, exchangeable for, or convertible into Stock of the Corporation or any such subsidiary which security is distributed, pro rata to all holders of a class or series of Stock of the Corporation subsequent to the time the Interested Stockholder became such, (D) pursuant to an exchange offer by the Corporation to purchase Stock made on the same terms to all holders of such Stock, or (E) any issuance or transfer of Stock by the Corporation; *provided*, *however*, that in no case under items (C)-(E) of this Section 4(c)(iii) of ARTICLE NINE shall there be an increase in the Interested Stockholder's proportionate share of the Stock of any class or series of the Corporation or of the Voting Stock of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of increasing the proportionate share of the Stock of any class or series, or securities convertible into the Stock of any class or series, of the Corporation or of any such subsidiary which is owned by the Interested Stockholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of Stock not caused, directly or indirectly, by the Interested Stockholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any receipt by the Interested Stockholder of the benefit, directly or indirectly (except proportionately as a stockholder of the Corporation), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly permitted in Sections 4(c)(i)-(iv) of ARTICLE NINE) provided by or through the Corporation or any direct or indirect majority-owned subsidiary of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "control," including the terms "controlling," "controlled by" and "under common control with," means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise. A Person who is the owner of 20% or more of the outstanding Voting Stock of any corporation, partnership, unincorporated association, or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary; notwithstanding the foregoing, a presumption of control shall not apply where such Person holds Voting Stock, in good faith and not for the purpose of circumventing this ARTICLE NINE, as an agent, bank, broker, nominee, custodian, or trustee for one or more owners who do not individually or as a group (as such term is used in Rule 13d-5 under the Exchange Act ("**Rule 13d-5**"), as such Rule 13d-5 is in effect as of the date of this Certificate) have control of such entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Interested Stockholder**" means any Person (other than the Corporation and any direct or indirect majority-owned subsidiary of the Corporation) that (i) is the owner of 15% or more of the outstanding Voting Stock of the Corporation, or (ii) is an Affiliate or Associate of the Corporation and was the owner of 15% or more of the outstanding Voting Stock of the Corporation at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such Person is an Interested Stockholder, and the affiliates and associates of such Person. Notwithstanding anything in this ARTICLE NINE to the contrary, the term "Interested Stockholder" shall not include: (x) AE Industrial Partners or any of its Affiliated Companies, or any other Person with whom any of the foregoing are acting as a group or in concert for the purpose of acquiring, holding, voting, or disposing of shares of Stock of the

------

Corporation; (y) any Person who would otherwise be an Interested Stockholder either in connection with or because of a transfer, sale, assignment, conveyance, hypothecation, encumbrance, or other disposition of 5% or more of the outstanding Voting Stock of the Corporation (in one transaction or a series of transactions) by AE Industrial Partners or any of its affiliates or associates to such Person; *provided*, *however*, that such Person was not an Interested Stockholder prior to such transfer, sale, assignment, conveyance, hypothecation, encumbrance, or other disposition; or (z) any Person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken solely by the Corporation, *provided that*, for purposes of this clause (z) only, such Person shall be an Interested Stockholder if thereafter such Person acquires additional shares of Voting Stock of the Corporation, except as a result of further action by the Corporation not caused, directly or indirectly, by such Person; *provided*, *that*, for the purpose of determining whether a Person is an Interested Stockholder, the Voting Stock of the Corporation deemed to be outstanding shall include Stock deemed to be owned by the Person through application of this definition of "owned" but shall not include any other unissued Stock of the Corporation which may be issuable pursuant to any agreement, arrangement, or understanding, or upon exercise of conversion rights, warrants, or options, or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "owner," including the terms "own" and "owned," when used with respect to any Stock, means a Person that individually or with or through any of its affiliates or associates beneficially owns such Stock, directly or indirectly; or has (A) the right to acquire such Stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement, or understanding, or upon the exercise of conversion rights, exchange rights, warrants, or options, or otherwise; *provided*, *however*, that a Person shall not be deemed the owner of Stock tendered pursuant to a tender or exchange offer made by such Person or any of such Person's affiliates or associates until such tendered Stock is accepted for purchase or exchange, (B) the right to vote such Stock pursuant to any agreement, arrangement, or understanding; *provided*, *however*, that a Person shall not be deemed the owner of any Stock because of such Person's right to vote such Stock if the agreement, arrangement, or understanding to vote such Stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to 10 or more Persons, or (C) has any agreement, arrangement, or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in (B) of this Section 4(f) of ARTICLE NINE), or disposing of such Stock with any other Person that beneficially owns, or whose affiliates or associates beneficially own, directly or indirectly, such Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Person**" means any individual, corporation, partnership, unincorporated association, or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Stock**" means, with respect to any corporation, any capital stock of such corporation and, with respect to any other entity, any equity interest of such entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Voting Stock**" means, with respect to any corporation, Stock of any class or series entitled to vote generally in the election of directors, and, with respect to any entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity. Every reference to a percentage of Voting Stock shall refer to such percentage of the votes of such Voting Stock.

**ARTICLE TEN** 

Section 1. <u>Amendments to the Bylaws</u>. Subject to the rights of holders of any series of Preferred Stock then-outstanding, in furtherance and not in limitation of the powers conferred by law, prior to the Trigger Date, the Bylaws may be amended, altered, or repealed and new bylaws made by (i) the Board, or (ii) in addition to any vote of the holders of any class or series of capital stock of the Corporation required herein (including any certificate of designation relating to any series of Preferred Stock)

------

and any other vote otherwise required by applicable law, the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of Voting Stock, voting together as a single class. On and after the Trigger Date, the Bylaws may be amended, altered, or repealed and new bylaws made by (i) the Board, or (ii) in addition to any vote of the holders of any class or series of capital stock of the Corporation required herein (including any certificate of designation relating to any series of Preferred Stock), the Bylaws or applicable law, the affirmative vote of the holders of at least 66 2/3% of the voting power of the then-outstanding Voting Stock, voting together as a single class.

Section 2. <u>Amendments to this Certificate</u>. Subject to the rights of holders of any series of Preferred Stock then-outstanding, and in addition to any other vote required by law or this Certificate, no provision of ARTICLE FIVE, ARTICLE SIX, ARTICLE SEVEN, ARTICLE EIGHT, ARTICLE TEN, or ARTICLE ELEVEN of this Certificate may be altered, amended, or repealed in any respect, nor may any provision of this Certificate or the Bylaws inconsistent therewith be adopted, unless (i) prior to the Trigger Date, such alteration, amendment, repeal, or adoption is approved by the affirmative vote of the holders of a majority of the voting power of all outstanding shares of Voting Stock, voting together as a single class, and (ii) on and after the Trigger Date, such alteration, amendment, repeal, or adoption is approved by the affirmative vote of holders of at least 66 2/3% of the voting power of all outstanding shares of Voting Stock, voting together as a single class.

**ARTICLE ELEVEN** 

Section 2. <u>Notice</u>. Any Person purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation (including, without limitation, shares of Common Stock) shall be deemed to have notice of and to have consented to the provisions of this ARTICLE ELEVEN.

**ARTICLE TWELVE** 

If any provision or provisions of this Certificate shall be held to be invalid, illegal, or unenforceable as applied to any circumstance for any reason whatsoever, the validity, legality, and enforceability of such provisions in any other circumstance and of the remaining provisions of this Certificate (including, without limitation, each portion of any paragraph of this Certificate containing any such provision held to be invalid, illegal, or unenforceable that is not itself held to be invalid, illegal, or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired thereby.

------

For the avoidance of doubt, for purposes of applying this Certificate to any contract authorized by Section 122(18) of the DGCL, a restriction, prohibition, or covenant in any such contract that relates to any specified action shall not be deemed contrary to this Certificate.

## Exhibit 3.3

**Exhibit 3.3** 

**FORM OF** 

**BYLAWS** 

**OF** 

**YORK SPACE SYSTEMS INC.** 

A Delaware corporation

(Adopted as of , 2026)

ARTICLE I

<u>OFFICES</u> 

Section 1. <u>Offices</u>. York Space Systems Inc. (the "**Corporation**") may have an office or offices other than its registered office at such place or places, either within or outside the State of Delaware, as the Board of Directors of the Corporation (the "**Board**") may from time to time determine or the business of the Corporation may require. The registered office of the Corporation in the State of Delaware shall be as stated in the Corporation's certificate of incorporation as then in effect (as amended, restated, modified, and/or supplemented from time to time, including any certificate of designation relating to any series of preferred stock, the "**Certificate of Incorporation**").

ARTICLE II

<u>MEETINGS OF STOCKHOLDERS</u> 

Section 1. <u>Place of Meetings</u>. The Board may designate a place, if any, either within or outside the State of Delaware, as the place of meeting for any annual meeting or for any special meeting of stockholders. The Board may, in its sole discretion, determine that meetings of stockholders shall not be held at any place, but may in addition to or instead be held solely by means of remote communication (including virtually) in accordance with Section 211(a)(2) of the General Corporation Law of the State of Delaware (the "**DGCL**").

Section 2. <u>Annual Meeting</u>. An annual meeting of the stockholders shall be held at such date and time as is specified by resolution of the Board. At the annual meeting, stockholders shall elect directors to succeed those whose terms expire at such annual meeting and transact such other business as properly may be brought before the annual meeting pursuant to <u>Section</u> <u>11</u> of this ARTICLE II of these bylaws (as amended, restated, modified, and/or supplemented from time to time, these "**Bylaws**"). The Board may postpone, reschedule, or cancel any annual meeting of stockholders previously scheduled by the Board.

Section 3. <u>Special Meetings</u>. Special meetings of the stockholders may only be called in the manner provided in the Certificate of Incorporation and may be held at such place, if any, either within or without the State of Delaware, and at such time and date as the Board or the Chair of the Board (the "**Chair**") or the Chief Executive Officer of the Corporation (the "**Chief Executive Officer**") shall determine and state in the notice of such meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice. The Board may postpone, reschedule, or cancel any special meeting of stockholders previously scheduled by the Board; *provided* that prior to the Trigger Date (as defined in the Certificate of Incorporation) any special meeting called at the request of the Principal Stockholder or any Principal Stockholder Affiliate may not be postponed, rescheduled, or cancelled without the consent of the Principal Stockholder or such Principal Stockholder Affiliate, as the case may be, at whose request the meeting was originally called.

------

Section 4. <u>Notice of Meetings</u>. Whenever stockholders are required or permitted to take action at a meeting, notice of the meeting, which shall state the place, if any, date, and time of the meeting of the stockholders, the means of remote communications, if any, by which stockholders and proxyholders not physically present may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting, if such date is different from the record date for determining stockholders entitled to notice of the meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given, not less than 10 nor more than 60 days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting, except as otherwise provided herein or required by law (meaning, here and hereinafter, as required from time to time by the DGCL) or the Certificate of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Form of Notice</u>. All such notices shall be delivered in writing or by electronic transmission in the manner provided in Section 232 of the DGCL, or in any other manner permitted by the DGCL. If mailed, such notice shall be deemed given when deposited in the United States mail, postage prepaid, addressed to the stockholder at his, her, or its address as the same appears on the records of the Corporation. If delivered by courier service, notice shall be deemed given at the earlier of when the notice is received or left at such stockholder's address as the same appears on the records of the Corporation. If given by electronic mail, notice shall be deemed given when directed to such stockholder's electronic mail address unless the stockholder has notified the Corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail or such notice is prohibited by the DGCL. Notice to stockholders may also be given by other forms of electronic transmission consented to by the stockholder. If given by facsimile telecommunication, such notice shall be deemed given when directed to a number at which the stockholder has consented to receive notice by facsimile. If given by a posting on an electronic network together with separate notice to the stockholder of such specific posting, such notice shall be deemed given upon the later of: (A) such posting; and (B) the giving of such separate notice. If notice is given by any other form of electronic transmission, such notice shall be deemed given when directed to the stockholder. An affidavit of the secretary of the Corporation (the "**Secretary**") or an assistant secretary of the Corporation (the "**Assistant Secretary**"), the transfer agent of the Corporation (the "**Transfer Agent**"), or any other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Waiver of Notice</u>. Whenever notice is required to be given under any provisions of the DGCL, the Certificate of Incorporation, or these Bylaws, a written waiver thereof, signed by the stockholder entitled to notice, or a waiver by electronic transmission given by the stockholder entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Neither the business to be transacted at, nor the purpose of, any meeting of the stockholders of the Corporation need be specified in any waiver of notice of such meeting. Attendance of a stockholder of the Corporation at a meeting of such stockholders shall constitute a waiver of notice of such meeting, except when the stockholder attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and does not further participate in the meeting.

Section 5. <u>List of Stockholders</u>. The Corporation shall prepare, at least 10 days before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting; *provided*, *however*, if the record date for determining the stockholders entitled to vote is less than 10 days before the meeting date, the list shall reflect the stockholders entitled to vote as of the 10th day before the meeting date, arranged in alphabetical order and showing the address of each such stockholder and the number of shares registered in the name of each such stockholder. Nothing contained in this section shall require the Corporation to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder for any purpose germane to the meeting for a period of at least 10 days prior to the meeting: (A) on a reasonably accessible electronic network, *provided* that the information required to gain access to such list is provided with the notice of the meeting; or (B) during

------

ordinary business hours, at the principal place of business of the Corporation. In the event the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. If the meeting is to be held at a place, the list shall also be produced and kept at the time and place of the meeting during the whole time thereof and may be inspected by any stockholder who is present. Except as otherwise provided by law, the list shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this <u>Section</u> <u>5</u> or to vote in person or by proxy at any meeting of stockholders.

Section 6. <u>Quorum</u>. The holders of a majority in voting power of the outstanding capital stock entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders, except as otherwise provided by law, by the Certificate of Incorporation or these Bylaws. If a quorum is not present, the chair of the meeting or the holders of a majority of the voting power present in person or represented by proxy at the meeting and entitled to vote at the meeting may adjourn the meeting to another time and/or place from time to time until a quorum shall be present in person or represented by proxy. When a specified item of business requires a vote by a class or series (if the Corporation shall then have outstanding shares of more than one class or series) voting as a separate class or series, the holders of a majority in voting power of the outstanding stock of such class or series shall constitute a quorum (as to such class or series) for the transaction of such item of business. A quorum once established at a meeting shall not be broken by the withdrawal of enough votes to leave less than a quorum.

Section 7. <u>Adjourned Meetings</u>. Any meeting of stockholders, annual or special, may adjourn from time to time to reconvene at the same or some other place. When a meeting is adjourned to another time or place (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are (i) announced at the meeting at which the adjournment is taken, (ii) displayed, during the time scheduled for the meeting, on the same electronic network used to enable stockholders and proxy holders to participate in the meeting by means of remote communication or (iii) set forth in the notice of meeting given in accordance with these Bylaws. At the adjourned meeting the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix a new record date for notice of such adjourned meeting in accordance with these Bylaws, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such adjourned meeting as of the record date fixed for notice of such adjourned meeting.

Section 8. <u>Vote Required</u>. Subject to the rights of the holders of any series of preferred stock then-outstanding, when a quorum has been established, all matters other than the election of directors shall be determined by the affirmative vote of the majority of voting power of capital stock present in person or represented by proxy at the meeting and entitled to vote on the subject matter, unless by express provisions of the DGCL or other applicable law, the rules of any stock exchange upon which the Corporation's securities are listed, any regulation applicable to the Corporation or its securities, the Certificate of Incorporation, or these Bylaws a minimum or different vote is required, in which case such minimum or different vote shall be the required vote for such matter. Except as otherwise provided in the Certificate of Incorporation, directors shall be elected by a plurality of the votes cast.

Section 9. <u>Voting Rights</u>. Subject to the rights of the holders of any series of preferred stock then-outstanding, except as otherwise provided by the DGCL or the Certificate of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one vote in person or by proxy for each share of capital stock held by such stockholder which has voting power upon the matter in question. Voting at meetings of stockholders need not be by written ballot.

------

Section 10. <u>Proxies</u>. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action without a meeting may authorize another person or persons to act for such stockholder by proxy, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A proxy may be made irrevocable regardless of whether the interest with which it is coupled is an interest in the stock itself or an interest in the Corporation generally.

Section 11. <u>Advance Notice of Stockholder Business and Director Nominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Nominations of Directors and Other Business at Annual Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Only such business, including nominations of persons for election to the Board, shall be conducted at an annual meeting of the stockholders as shall have been brought before the meeting: (A) as specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board or any duly authorized committee thereof; (B) by or at the direction of the Board or any duly authorized committee thereof; or (C) by any stockholder of the Corporation who (1) was a stockholder of record at the time of giving of notice provided for in <u>Section</u> <u>11(a)(iii)</u> of this ARTICLE II, on the record date for determination of stockholders of the Corporation entitled to vote at the meeting, and at the time of the annual meeting, (2) at the time of the meeting, is entitled to vote at the meeting, and (3) complies with the notice procedures set forth in <u>Section</u> <u>11(a)</u> of this ARTICLE II. For the avoidance of doubt, the foregoing clause (C) of this <u>Section</u> <u>11(a)(i)</u> of ARTICLE II shall be the exclusive means for a stockholder to make nominations or propose such business (other than business included in the Corporation's proxy materials pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), or nominations or business brought by AE Industrial Partners, LP (the "**Principal Stockholder**") and any entity that controls, is controlled by, or under common control with the Principal Stockholder (other than the Corporation and any entity that is controlled by the Corporation), and any investment vehicles or funds managed or controlled, directly or indirectly, by or otherwise affiliated with the Principal Stockholder (the "**Principal Stockholder Affiliates**") at any time prior to the Advance Notice Trigger Date (as defined herein)) before an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For nominations or other business (other than nominations or other business brought by the Principal Stockholder and/or Principal Stockholder Affiliates at any time prior to the date when the Principal Stockholder and Principal Stockholder Affiliates cease to beneficially own or control, through share ownership and contractual arrangements (directly or indirectly) at least 10% of the voting power of the then-outstanding shares of capital stock of the Corporation then entitled to vote generally in the election of directors (the "**Advance Notice Trigger Date**")) to be properly brought before an annual meeting by a stockholder (any such stockholder of record, as required by <u>Sections 11(a)(i)</u> of this ARTICLE II, proposing business or nominating persons for election to the Board at a meeting of stockholders, the "**Noticing Stockholder**"), the Noticing Stockholder must have given timely notice thereof in proper written form as described in <u>Section</u> <u>11(a)(iii)</u> of this ARTICLE II to the Secretary; any such proposed business other than nominations of persons for election to the Board must be a proper matter for stockholder action; and the Noticing Stockholder and any other stockholder, if any, on whose behalf the business is being proposed or the nomination is being made (collectively with the Noticing Stockholder, the "**Holders**" and each a "**Holder**") must have acted in accordance with the representations set forth in the Solicitation Statement (as defined in <u>Section</u> <u>11(a)(iii)</u> of this

------

ARTICLE II) required by these Bylaws and otherwise complied with the requirements with respect to such nominations or business set forth in this ARTICLE II of these Bylaws. To be timely, a stockholder's notice for such nominations or other business (other than such a notice by the Principal Stockholder and/or Principal Stockholder Affiliates prior to the Advance Notice Trigger Date, which may be delivered at any time prior to the mailing of the definitive proxy statement pursuant to Section 14(a) of the Exchange Act related to the next annual meeting of stockholders) must be delivered by hand and received by the Secretary at the principal executive offices of the Corporation in proper written form not less than 90 days and not more than 120 days prior to the first anniversary of the preceding year's annual meeting of stockholders (which date shall, for purposes of the Corporation's first annual meeting of stockholders after its shares of common stock, par value $0.0001 ("**Common Stock**"), are first publicly traded, be deemed to have occurred on , 2026); *provided*, *however*, that if and only if the annual meeting is not scheduled to be held within a period that commences 30 days before such anniversary date and ends 70 days after such anniversary date, or if no annual meeting was held in the preceding year (other than for purposes of the Corporation's first annual meeting of stockholders after its shares of Common Stock are first publicly traded), such stockholder's notice must be delivered not earlier than the 120th day prior to the date of such annual meeting and by the later of: (A) the 10th day following the day the Public Announcement (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) of the date of the annual meeting is first made; or (B) the date which is 90 days prior to the date of the annual meeting. In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Notices delivered pursuant to <u>Section</u> <u>11(a)</u> of this ARTICLE II will be deemed received on any given day only if received prior to the Close of Business (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) on such day (and otherwise shall be deemed received on the next succeeding Business Day (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To be in proper written form, a Noticing Stockholder's notice to the Secretary must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to any business that the Noticing Stockholder (as defined below) proposes to bring before the meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a brief description of the business desired to be brought before the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the reasons for conducting such business at the meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a description of any direct or indirect material interest of any Holder or Stockholder Associated Person of such Holder in such business (whether by holdings of securities, or by virtue of being a creditor or contractual counterparty of the Corporation or of a third party, or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the text of the proposal or business (including the specific text of any resolutions or actions proposed for consideration and if such business includes a proposal to amend these Bylaws, the specific language of the proposed amendment), which business must be a proper subject for stockholder action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a description of all agreements, arrangements and understandings between each Holder and any Stockholder Associated Person of such Holder and any other person or persons (including their names) in connection with the proposal of such business by the Noticing Stockholder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) as to each Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name, age, citizenship, and address of the Noticing Stockholder, as they appear on the Corporation's books, and, if different from the Corporation's books, the name and address of the Noticing Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the name, age, citizenship, and address of such Holder and each Stockholder Associated Person of such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as of the date of the notice (which information, for the avoidance of doubt, shall be updated and supplemented pursuant to <u>Section</u> <u>11(d)</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the class or series and number of shares of stock of the Corporation which are directly or indirectly held of record or beneficially owned by such Holder and each Stockholder Associated Person of such Holder (*provided* that, for the purposes of this <u>Section</u> <u>11(a)(iii)(B)(3)</u>, any such person shall in all events be deemed to beneficially own any shares of stock of the Corporation as to which such person has a right to acquire beneficial ownership at any time in the future (whether such right is exercisable immediately or only after the passage of time or the fulfillment of a condition or both)),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a description of all agreements, arrangements or understandings between such Holder and each Stockholder Associated Person of such Holder, on the one hand, and any other person or persons (naming such person or persons), on the other hand, in connection with such proposal of business and/or nomination, excluding engagements with financial, legal, strategic or other advisors in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. a description of any Derivative Instrument (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) directly or indirectly held or beneficially held by such Holder and any Stockholder Associated Person of such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. whether and to the extent to which a Hedging Transaction (as defined in <u>Section</u> <u>11(i)</u> of this ARTICLE II) has been entered into by or on behalf of such Holder or any Stockholder Associated Person of such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. a description of any proxy, contract, arrangement, understanding, or relationship pursuant to which each Holder and any Stockholder Associated Person of such Holder has any right to vote or has granted a right to vote any shares of stock or any other security of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. a description of any agreement, arrangement or understanding with respect to any rights to dividends or payments in lieu of dividends on the shares of the Corporation owned beneficially by each Holder or any Stockholder Associated Person of such Holder that are separated or separable pursuant to such agreement, arraignment or understanding from the underlying shares of stock or other security of the Corporation;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. any direct or indirect legal, economic or financial interest (including Short Interest) of each Holder and each Stockholder Associated Person, if any, of such Holder in the outcome of any (x) vote to be taken at any annual or special meeting of stockholders of the Corporation or (y) any meeting of stockholders of any other entity with respect to any matter that is related, directly or indirectly, to any nomination or business proposed by any Holder under these Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. any material pending or threatened action, suit, or proceeding (whether civil, criminal, investigative, administrative, or otherwise) in which any Holder or any Stockholder Associated Person of such Holder is, or is reasonably expected to be made, a party or material participant involving the Corporation or any of its officers, directors or employees, or any Affiliate of the Corporation, or any officer, director or employee of such Affiliate (the information required by this subclause (3) shall be referred to as the "**Specified Information**"); *provided*, *however*, that the Specified Information shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who otherwise would be required to disclose Specified Information hereunder solely as a result of being the stockholder directed to prepare and submit the notice required by this <u>Section</u> <u>11(a)</u> on behalf of a beneficial owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a representation by the Noticing Stockholder that such stockholder is a stockholder of record of the Corporation entitled to vote at such meeting on the nominations or other business proposed, that the Noticing Stockholder will continue to be a stockholder of record of the Corporation entitled to vote at such meeting on the matter proposed through the date of such meeting and that such Noticing Stockholder intends to appear in person or by proxy at such meeting to make such nominations or propose such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all information that would be required to be set forth in a Schedule 13D filed pursuant to Rule 13d-1(a) or an amendment pursuant to Rule 13d-2(a) if such a statement were required to be filed under the Exchange Act and the rules and regulations promulgated thereunder by each Holder and each Stockholder Associated Person, if any, of such Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any other information relating to each Holder and each Stockholder Associated Person, if any, of such Holder that would be required to be disclosed in a proxy statement and form of proxy or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a representation by the Noticing Stockholder as to whether any Holder and/or any Stockholder Associated Person of such Holder intends or is part of a group which intends (A) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding capital stock required to elect the proposed nominee or approve or adopt the other business being proposed and/or (B) otherwise to solicit proxies or votes from stockholders in support of such nomination or other business (such representation, a "Solicitation Statement");

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) in connection with a nomination for any persons for election as director, a representation by the Noticing Stockholder whether any Holder intends, or is part of a group which intends, (x) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding shares of capital stock required to approve or adopt the proposal or elect the nominee and/or (y) otherwise to solicit proxies or votes from stockholders in support of such proposal or nomination; and, if applicable, (z) to solicit proxies in support of any proposed nominee in accordance with Rule 14a-19 promulgated under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) a certification by the Noticing Stockholder that each Holder and any Stockholder Associated Person of such Holder has complied with all applicable federal, state and other legal requirements in connection with its acquisition of shares of capital stock or other securities of the Corporation and/or such person's acts or omissions as a stockholder of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the information and statement required by Rule 14a-19(b) of the Exchange Act (or any successor provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) to the extent known after reasonable investigation, the names and addresses of other stockholders (including beneficial owners) known by any Holder or Related Person of such Holder to provide financial or otherwise material support with respect to such proposal(s) or nomination(s) (it being understood that delivery of a revocable proxy with respect to such proposal or nomination shall not in itself require disclosure under this subclause (11)) and, to the extent known, the class and number of all shares of the Corporation's capital stock owned beneficially or of record by such other stockholder(s) or other beneficial owner(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) a representation by the Noticing Stockholder as to the accuracy of the information set forth in the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) as to each person whom the Noticing Stockholder proposes to nominate for election or re-election as a director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name, age, citizenship and address (business and residential) of such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a complete biography and statement of such person's qualifications, including the principal occupation or employment of such person (at present and for the past five years);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Specified Information for such person as if such person were a Holder (except that no disclosure will be required hereunder with respect to any Stockholder Associated Person of any proposed nominee unless such Stockholder Associated Person is also a Stockholder Associated Person of any Holder);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a complete and accurate description of all agreements, arrangements and understandings between each Holder and any Stockholder Associated Person of such Holder, on the one hand, and such person, on the other hand, (at present and for the past three years) including, without limitation, a complete and accurate description of all direct and indirect compensation and other monetary agreements, arrangements and understandings at present and for the past three years between the person and such parties (including all biographical, related party transaction and other information that would be required to be disclosed pursuant to the federal and state securities laws, including Rule 404 promulgated under Regulation S-K ("**Regulation S-K**") under the Securities Act of 1933, as amended (the "**Securities Act**") (or any successor provision), if any Holder or such Stockholder Associated Person were the "registrant" for purposes of such rule and such person were a director or executive officer of such registrant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any other information relating to such person that would be required to be disclosed in a proxy statement or any other filings required to be made in connection with solicitation of proxies for the election of directors in a contested election or that is otherwise required pursuant to and in accordance with Section 14 of the Exchange Act, and the rules and regulations promulgated thereunder (including such person's written consent to being named in proxy statements as a proposed nominee of the Noticing Stockholder and to serving as a director if elected); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a completed and signed questionnaire, representation and agreement and any and all other information required by <u>Section</u> <u>11(d)</u> of this ARTICLE II.

In addition, any Noticing Stockholder who submits a notice pursuant to <u>Section</u> <u>11(a)</u> of this ARTICLE II is required to update and supplement the information disclosed in such notice, if necessary, in accordance with <u>Section</u> <u>11(c)</u> of this ARTICLE II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted or nominations made at an annual meeting except in accordance with the procedures set forth in <u>Section</u> <u>11(a)</u> of this ARTICLE II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II to the contrary, if the number of directors to be elected to the Board is increased effective after the time period for which nominations would otherwise be due under <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II and there is no Public Announcement naming the nominees for additional directorships at least 10 days prior to the last day a stockholder may deliver a notice of nomination in accordance with <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II, a stockholder's notice required by <u>Section</u> <u>11(a)(ii)</u> of this ARTICLE II shall also be considered timely, but only with respect to nominees for the additional directorships, if it shall be received by the Secretary at the principal executive offices of the Corporation not later than the Close of Business on the 10th day following the day on which such Public Announcement is first made by the Corporation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Special Meetings of Stockholders</u>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the notice of meeting. Only persons who are nominated in accordance and compliance with the procedures set forth in this <u>Section</u> <u>11(b)</u> of ARTICLE II shall be eligible for election to the Board at a special meeting of stockholders at which directors are to be elected. Nominations of persons for election to the Board may be made at a special meeting of stockholders at which directors are to be elected pursuant to the notice of meeting only: (i) by or at the direction of the Board, any duly authorized committee thereof, or stockholders (if stockholders are permitted to call a special meeting of stockholders pursuant to <u>Section</u> <u>2</u> of ARTICLE SEVEN of the Certificate of Incorporation); or (ii) *provided* that the Board or stockholders (if stockholders are permitted to call a special meeting of stockholders pursuant to <u>Section</u> <u>2</u> of ARTICLE SEVEN of the Certificate of Incorporation) has determined that directors are to be elected at such special meeting, by any stockholder of the Corporation who: (A) was a stockholder of record at the time of giving of notice provided for in this <u>Section</u> <u>11(b)</u> of ARTICLE II, and at the time of the special meeting; (B) is entitled to vote at the meeting; and (C) complies with the notice procedures provided for in this <u>Section</u> <u>11(b)</u> of ARTICLE II. For nominations to be properly brought by a stockholder at a special meeting of stockholders, the stockholder must have given timely notice thereof in proper written form as described in this <u>Section</u> <u>11(b)</u> of ARTICLE II to the Secretary. To be timely, a stockholder's notice for the nomination of persons for election to the Board (other than such a notice by the Principal Stockholder and/or Principal Stockholder Affiliates prior to the Advance Notice Trigger Date, which may be delivered at any time prior to the mailing of the definitive proxy statement pursuant to Section 14(a) of the Exchange Act related to the special meeting of stockholders) must be received by the Secretary at the principal executive offices of the Corporation not earlier than the 120th day prior to such special meeting and not later than the Close of Business on the later of the 90th day prior to such special meeting or the 10th day following the day on which a Public Announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall any adjournment or postponement of a special meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Notices delivered pursuant to this <u>Section</u> <u>11(b)</u> of ARTICLE II will be deemed received on any given day if received prior to the Close of Business on such day (and otherwise, on the next succeeding day). To be in proper written form, such stockholder's notice shall set forth all of the information required by, and otherwise be in compliance with, <u>Section</u> <u>11(a)(iii)</u> of this ARTICLE II. In addition, any stockholder who submits a notice pursuant to this <u>Section</u> <u>11(b)</u> of ARTICLE II is required to update and supplement the information disclosed in such notice, if necessary, in accordance with <u>Section</u> <u>11(c)</u> of this ARTICLE II and shall comply with <u>Section</u> <u>11(e)</u> of this ARTICLE II. The number of nominees a stockholder may nominate for election at the special meeting (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Update and Supplement of Stockholder's Notice</u>. Any stockholder who submits a notice of proposal for business or nomination for election pursuant to this <u>Section</u> <u>11</u> of ARTICLE II is required to update and supplement the information disclosed in such notice, if necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting of stockholders and as of the date that is 10 Business Days prior to the meeting of stockholders or any adjournment, recess, rescheduling or postponement thereof, and such update and supplement shall be delivered to the Secretary at the principal executive offices of the Corporation not later than five Business Days after the record date for the meeting of stockholders in the case of the update and supplement required to be made as of the record date, and not later than eight Business Days prior to the date for the meeting of stockholders or any adjournment, recess, rescheduling or postponement thereof in the case of the update and supplement required to be made as of 10 Business Days prior to the meeting of stockholders or any adjournment, recess, rescheduling or postponement thereof. In addition, if the Noticing Stockholder has delivered to the Corporation a notice relating to the nomination of directors, the Noticing Stockholder shall deliver to the Corporation not later than eight Business Days prior to the date of the meeting or any adjournment, recess, rescheduling or postponement thereof (or, if not practicable, on the

------

first practicable date prior to the date to which the annual meeting has been adjourned or postponed) reasonable evidence that it has complied with the requirements of Rule 14a-19 of the Exchange Act (or any successor provision). For the avoidance of doubt, the obligation to update and supplement set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding nominees, matters, business and/or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Submission of Questionnaire, Representation, and Agreement</u>. To be qualified to be a nominee for election or re-election as a director of the Corporation, a person must deliver (in the case of a person nominated by a stockholder in accordance with <u>Sections 11(a)</u> or <u>11(b)</u> of this ARTICLE II, in accordance with the time periods prescribed for delivery of notice under such sections) to the Secretary at the principal executive offices of the Corporation a written questionnaire with respect to the background and qualification of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request of any stockholder of record identified by name within five Business Days of such written request) and a written representation and agreement (in the form provided by the Secretary upon written request of any stockholder of record identified by name within five Business Days of such written request) that such person: (i) is not and will not become a party to: (A) any agreement, arrangement, or understanding (whether written or oral) with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question (a "**Voting Commitment**") that has not been disclosed to the Corporation; or (B) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law; (ii) is not and will not become a party to any agreement, arrangement, or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement, or indemnification in connection with service or action as a director that has not been disclosed to the Corporation; and (iii) would be in compliance, and if elected as a director of the Corporation will comply, with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality, and stock ownership and trading policies and guidelines of the Corporation that are publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Update and Supplement of Nominee Information</u>. The Corporation may also, as a condition to any such nomination or business being deemed properly brought before an annual meeting of stockholders, require any Holder or any proposed nominee to deliver to the Secretary, within five Business Days of any such request, such other information as may reasonably be requested by the Corporation, including: (i) such other information as may be reasonably required by the Board, in its sole discretion, to determine whether such proposed nominee is eligible under the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or any law or regulation applicable to the Corporation to serve as a director of the Corporation; and (ii) such other information that the Board determines, in its sole discretion, could be material to a reasonable stockholder's understanding of the independence, or lack thereof, of such proposed nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Authority of Chair; General Provisions</u>. Except as otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws and subject to the supervision of the Board, the chair of the meeting shall have the power and duty to determine whether any nomination or other business proposed to be brought before the meeting was made or brought in accordance with the procedures set forth in these Bylaws (including whether the stockholder or Stockholder Associated Person, if any, on whose behalf the nomination or proposal is made or solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies or votes in support of such stockholder's nominee or proposal in compliance with such stockholder's representation as required by <u>Section</u> <u>11(a)(iii)(B)(8)</u> of this ARTICLE II) and, if any nomination or other business is not made or brought in compliance with these Bylaws, to declare that such nomination or proposal of other business be disregarded and not acted upon.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Compliance with Exchange Act</u>. Notwithstanding the foregoing provisions of these Bylaws, a stockholder shall also comply with all applicable requirements of the Exchange Act and the rules, regulations, and schedules promulgated thereunder with respect to the matters set forth in these Bylaws; *provided*, *however*, that any references in these Bylaws to the Exchange Act or the rules, regulations, and schedules promulgated thereunder are not intended to and shall not limit the requirements applicable to any nomination or other business to be considered pursuant to <u>Section</u> <u>11</u> of this ARTICLE II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Effect on Other Rights</u>. Nothing in these Bylaws shall be deemed to: (A) affect any rights of the stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act; (B) confer upon any stockholder a right to have a nominee or any proposed business included in the Corporation's proxy statement, except as set forth in the Certificate of Incorporation or these Bylaws; (C) affect any rights of the holders of any series of preferred stock to elect directors pursuant to any applicable provisions of the Certificate of Incorporation; or (D) limit the exercise, the method, or timing of the exercise of the rights of any person granted by the Corporation to nominate directors (including pursuant to that Director Nomination Agreement, dated as of on or about , 2026 (as amended and/or restated or supplemented from time to time, the "**Director Nomination Agreement**")), by and among the Corporation and the investors named therein, which rights may be exercised without compliance with the provisions of <u>Section</u> <u>11</u> of this ARTICLE II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Definitions</u>. For purposes of this <u>Section</u> <u>11</u> of ARTICLE II, the term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Affiliate**" has the meaning attributed to such term in Rule 12b-2 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Associate**" has the meaning attributed to such term in Rule 12b-2 under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Business Day**" shall mean each Monday, Tuesday, Wednesday, Thursday, and Friday that is not a day on which banking institutions in Greenwood Village, CO or New York, NY are authorized or obligated by law or executive order to close;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Close of Business**" shall mean 5:00 p.m. local time at the principal executive offices of the Corporation, and if an applicable deadline falls on the Close of Business on a day that is not a Business Day, then the applicable deadline shall be deemed to be the Close of Business on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Derivative Instrument**" means any short position, profits interest, option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value of any class or series of shares of the Corporation, or any derivative or synthetic arrangement having the characteristics of a long position in any class or series of shares of the Corporation, or any contract, derivative, swap or other transaction or series of transactions designed to produce economic benefits and risks that correspond substantially to the ownership of any class or series of shares of the Corporation, including due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to the price, value or volatility of

------

any class or series of shares of the Corporation, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of the Corporation, through the delivery of cash or other property, or otherwise, and without regard to whether the stockholder and any Stockholder Related Person may have entered into transactions that hedge or mitigate the economic effect of such instrument, contract or right, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the value of shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**Hedging Transaction**" means, with respect to a stockholder or any Stockholder Associated Person, any hedging or other transaction (such as borrowed or loaned shares) or series of transactions, or any other agreement, arrangement, or understanding, the effect or intent of which is to increase or decrease the voting power or economic or pecuniary interest of such stockholder or any Stockholder Associated Person with respect to the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "**Public Announcement**" means disclosure (a) in a press release released by the Corporation, provided such press release is released by the Corporation following its customary procedures, as reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or a comparable news service, or is generally available on internet news sites, or (b) in a document publicly filed by the Corporation with the SEC pursuant to Sections 13, 14 or 15(d) of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "**Stockholder Associated Person**" means, with respect to any Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any participant (as defined in paragraphs (a)(ii)–(vi) of Instruction 3 to Item 4 of Schedule 14A, or any successor instructions) with such Holder in a solicitation of proxies in respect of any business or director nomination proposed by such stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Affiliate or Associate of such Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any person who is a member of a "group" (as such term is used in Rule 13d-5 under the Exchange Act (or any successor provision)) with such Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "**Short Interest**" means any agreement, arrangement, understanding relationship or otherwise, including any repurchase or similar so-called "**stock borrowing**" agreement or arrangement, involving any stockholder or any Stockholder Associated Person, the purpose or effect of which is to mitigate loss to, reduce the economic risk (of ownership or otherwise) or any class or series of the shares of the Corporation by, manage the risk of share price changes for, or increase or decrease the voting power of, such stockholder or any Stockholder Associated Person with respect to any class or series of the shares or other securities of the Corporation, or which provides, directly or indirectly, the opportunity to profit or share in any profit derived from any decrease in the price or value of any class or series of the shares or other securities of the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) For purposes of these Bylaws, the words "include," "includes" or "including" is deemed to be followed by the words "without limitation." Where a reference in these Bylaws is made to any statue or regulation, such reference shall be to (1) the statute or regulation as amended from time to time (except as context may otherwise require) and (2) any rules or regulations promulgated thereunder.

------

Section 12. <u>Requirement to Appear</u>. Notwithstanding anything to the contrary contained in <u>Section</u> <u>11</u>, if the stockholder that has provided timely notice of a nomination or item of business in accordance with <u>Section</u> <u>11</u> (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present such nomination or item of business, such proposed business shall not be transacted and such nomination shall be disregarded, notwithstanding that such proposed business or such nomination is set forth in the notice of meeting or other proxy materials and notwithstanding that proxies in respect of such vote may have been received by the Corporation. For purposes of these Bylaws, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.

Section 13. <u>Fixing a Record Date for Stockholder Meetings</u>. In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than 60 days nor less than 10 days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the day next preceding the day on which notice is first given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided*, *however*, that the Board may fix a new record date for the adjourned meeting in conformity herewith; and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance with the foregoing provisions of this <u>Section</u> <u>13</u> of ARTICLE II at the adjourned meeting.

Section 14. <u>Action by Stockholders Without a Meeting</u>. So long as stockholders of the Corporation have the right to act by written consent in accordance with <u>Section</u> <u>1</u> of ARTICLE SEVEN of the Certificate of Incorporation, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Record Date</u>. For the purpose of determining the stockholders entitled to consent to corporate action without a meeting as may be permitted by the Certificate of Incorporation or the certificate of designation relating to any outstanding class or series of preferred stock, the Board may fix a record date, which record date shall not precede the date on which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than 10 (or the maximum number permitted by applicable law) days after the date on which the resolution fixing the record date is adopted by the Board. Any stockholder of record seeking to have the stockholders authorize or take action by consent in lieu of a meeting shall, by written notice delivered to the Secretary at the Corporation's principal place of business during regular business hours, request that the Board fix a record date, which notice shall include the text of any proposed resolutions. Notices delivered pursuant to this <u>Section</u> <u>14(a)</u> of ARTICLE II will be deemed received on any given day only if received prior to the close of business on such day (and otherwise, shall be deemed received on the next succeeding Business Day). The Board shall promptly, but in all events within 10 days after the date on which such written notice is properly delivered to and deemed received by the Secretary, adopt a resolution fixing the record date (unless a record date has previously been fixed by the Board pursuant to the first sentence of this <u>Section</u> <u>14(a)</u> of ARTICLE II). If no record date has been

------

fixed by the Board pursuant to this <u>Section</u> <u>14(a)</u> or otherwise within 10 days of receipt of a valid request by a stockholder, the record date for determining stockholders entitled to consent to corporate action without a meeting, when no prior action by the Board is required pursuant to applicable law, shall be the first date after the expiration of such 10 day time period on which a signed consent setting forth the action taken or proposed to be taken is delivered to the Corporation pursuant to <u>Section</u> <u>14(b)</u> of this ARTICLE II; *provided*, *however*, that if prior action by the Board is required by applicable law, the record date for determining stockholders entitled to consent to corporate action without a meeting shall in such an event be at the close of business on the day on which the Board adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Generally</u>. No consent shall be effective to take the corporate action referred to therein unless consents signed by a sufficient number of stockholders to take such action are delivered to the Corporation, in the manner required by this <u>Section</u> <u>14</u> of ARTICLE II, within 60 (or the maximum number permitted by applicable law) days of the first date on which a consent is delivered to the Corporation in the manner required by applicable law. The validity of any consent executed by a proxy for a stockholder pursuant to an electronic transmission transmitted to such proxy holder by or upon the authorization of the stockholder shall be determined by or at the direction of the Secretary. A written record of the information upon which the person making such determination relied shall be made and kept in the records of the proceedings of the stockholders. Any such consent shall be inserted in the minute book as if it were the minutes of a meeting of stockholders. Prompt notice of the taking of the corporate action without a meeting by less than unanimous consent shall be given by the Corporation (at its expense) to those stockholders who have not consented and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date that consents signed by a sufficient number of holders to take the action were delivered to the Corporation.

Section 15. <u>Conduct of Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Generally</u>. Meetings of stockholders shall be presided over by the Chair, if any, or in the Chair's absence or disability, by the Chief Executive Officer (the "**CEO**"), or in the CEO's absence or disability, by the President of the Corporation (the "**President**"), or in the President's absence or disability, by a Vice President of the Corporation (the "**Vice President**") (in the order as determined by the Board), or in the absence or disability of the foregoing persons by a director or officer designated by the Board, or in the absence or disability of such person, by a chair chosen at the meeting. The Secretary shall act as secretary of the meeting, but in the Secretary's absence or disability, the chair of the meeting may appoint any person to act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rules, Regulations, and Procedures</u>. The Board may adopt by resolution such rules, regulations, and procedures for the conduct of any meeting of stockholders of the Corporation as it shall deem appropriate including, without limitation, such guidelines and procedures as it may deem appropriate regarding the participation by means of remote communication of stockholders and proxyholders not physically present at a meeting. Except to the extent inconsistent with such rules, regulations, and procedures as adopted by the Board, the chair of any meeting of stockholders shall have the right and authority to prescribe such rules, regulations, and procedures and to do all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations, or procedures, whether adopted by the Board or prescribed by the chair of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies, or such other persons as the chair of the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; (v) limitations on the time allotted to questions or comments by participants; and (vi) restrictions on the use of mobile phones, audio or video recording devices, and similar devices at the meeting. The chair of the meeting of

------

stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting, shall, if the facts warrant, determine and declare to the meeting that a nomination or matter or business was not properly brought before the meeting and if such chair should so determine, such chair shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the chair of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. The chair of the meeting shall announce at the meeting when the polls for each matter to be voted upon at the meeting will be opened and closed. After the polls close, no ballots, proxies, or votes or any revocations or changes thereto may be accepted. The chair of the meeting shall have the power, right, and authority, for any or no reason, to convene, recess, and/or adjourn any meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Inspectors of Elections</u>. The Corporation may, and to the extent required by law shall, in advance of any meeting of stockholders, appoint one or more inspectors of election to act at the meeting and make a written report thereof. One or more other persons may be designated as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of stockholders, the chair of the meeting shall appoint one or more inspectors to act at the meeting. Unless otherwise required by law, inspectors may be officers, employees, or agents of the Corporation. No person who is a candidate for an office at an election may serve as an inspector at such election. Each inspector, before entering upon the discharge of such inspector's duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of such inspector's ability. The inspector shall have the duties prescribed by law and, when the vote is completed, shall make a certificate of the result of the vote taken and of such other facts as may be required by law.

Section 16. <u>Remote Communication</u>. If authorized by the Board in its sole discretion, and subject to such guidelines and procedures as the Board may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) participate in a meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be deemed present in person and vote at a meeting of stockholders whether such meeting is to be held at a designated place or solely by means of remote communication;

*provided* that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation shall implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation shall implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Corporation.

------

ARTICLE III

<u>DIRECTORS</u> 

Section 1. <u>General Powers</u>. Except as otherwise provided in this Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board.

Section 2. <u>Regular Meetings and Special Meetings</u>. Regular meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by resolution of the Board and publicized among all directors. Special meetings of the Board may be called by: (i) the Chair, if any; (ii) by the Secretary upon the written request of a majority of the directors then in office; or (iii) if the Board then includes a director nominated or designated for nomination by the Principal Stockholder or any Principal Stockholder Affiliate, by any director so nominated or designated, and in each case shall be held at the place, if any, on the date and at the time as he, she, or they shall fix. Any and all business may be transacted at a special meeting of the Board.

Section 3. <u>Notice of Meetings</u>. Notice of regular meetings of the Board need not be given except as otherwise required by law or these Bylaws. Notice of each special meeting of the Board, and of each regular and annual meeting of the Board for which notice is required, shall be given by the Secretary as hereinafter provided in <u>Section</u> <u>4</u> of this ARTICLE III. Such notice shall state the date, time, and place, if any, of the meeting. Notice of any special meeting, and of any regular or annual meeting for which notice is required, shall be given to each director at least: (A) 24 hours before the meeting if by telephone or by being personally delivered or sent by overnight courier, telecopy, electronic transmission, email, or similar means; or (B) five days before the meeting if delivered by mail to the director's residence or usual place of business. Such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage prepaid, or when transmitted if sent by telex, telecopy, electronic transmission, email, or similar means. Neither the business to be transacted at, nor the purpose of, any special meeting of the Board need be specified in the notice or waiver of notice of such meeting.

Section 4. <u>Waiver of Notice</u>. Any director may waive notice of any meeting of directors by a writing signed by the director or by electronic transmission. Any member of the Board or any committee thereof who is present at a meeting shall have waived notice of such meeting except when such member attends for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened and does not further participate in the meeting. Such member shall be conclusively presumed to have assented to any action taken unless his or her dissent shall be entered in the minutes of the meeting or unless his or her written dissent to such action shall be filed with the person acting as the secretary of the meeting before the adjournment thereof or shall be forwarded by registered mail to the Secretary immediately after the adjournment of the meeting. Such right to dissent shall not apply to any member who voted in favor of such action.

Section 5. <u>Chair of the Board, Quorum, Required Vote, and Adjournment</u>. The Board may elect the Chair. The Chair must be a director and may be an officer of the Corporation. Subject to the provisions of these Bylaws and the direction of the Board, he, she, or they shall perform all duties and have all powers which are commonly incident to the position of Chair or which are delegated to him or her by the Board, preside at all meetings of the stockholders and Board at which he or she is present and have such powers and perform such duties as the Board may from time to time prescribe. If the Chair is not present at a meeting of the Board, the CEO (if the CEO is a director and is not also the Chair) shall preside at such meeting, and, if the CEO is not present at such meeting, a majority of the directors present at such meeting shall elect one of the directors present at the meeting to so preside. At all meetings of the Board, a majority of the directors then in office shall constitute a quorum for the transaction of business, *provided*, *however*, that a quorum shall never be less than one-third the total number of directors. Unless by express provision

------

of an applicable law, the Certificate of Incorporation, or these Bylaws a different vote is required, the vote of a majority of directors present at a meeting at which a quorum is present shall be the act of the Board. At any meeting of the Board, business shall be transacted in such order and manner as the Board may from time to time determine. If a quorum shall not be present at any meeting of the Board, the directors present thereat may, to the fullest extent permitted by law, adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 6. <u>Committees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may designate one or more committees, including an executive committee, consisting of one or more of the directors of the Corporation, and any committees required by the rules and regulations of such exchange as any securities of the Corporation are listed. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. Except to the extent restricted by applicable law or the Certificate of Incorporation, each such committee, to the extent provided by the DGCL and in the resolution creating it, shall have and may exercise all the powers and authority of the Board. Each such committee shall serve at the pleasure of the Board. Each committee shall keep regular minutes of its meetings and report the same to the Board upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each committee of the Board may fix its own rules of procedure and shall hold its meetings as provided by such rules, except as may otherwise be provided by a resolution of the Board designating such committee. Unless otherwise provided in such a resolution, the presence of at least a majority of the members of the committee shall be necessary to constitute a quorum. All matters shall be determined by a majority vote of the members present at a meeting at which a quorum is present. Unless otherwise provided in such a resolution, in the event that a member and that member's alternate, if alternates are designated by the Board, of such committee is or are absent or disqualified, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in place of any such absent or disqualified member.

Section 7. <u>Action by Written Consent</u>. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or such committee, as the case may be, consent thereto in writing or by electronic transmission. After the action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board or committee in the same paper form or electronic form as the minutes are maintained.

Section 8. <u>Compensation</u>. The Board shall have the authority to fix the compensation, including fees, reimbursement of expenses, and equity compensation, of directors for services to the Corporation in any capacity, including for attendance of meetings of the Board or participation on any committees. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

Section 9. <u>Reliance on Books and Records</u>. A member of the Board, or a member of any committee designated by the Board, shall, in the performance of such member's duties, be fully protected in relying in good faith upon records of the Corporation and upon such information, opinions, reports, or statements presented to the Corporation by any of the Corporation's officers or employees, or committees of the Board, or by any other person as to matters the member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation.

------

Section 10. <u>Telephonic and Other Meetings</u>. Unless restricted by the Certificate of Incorporation, any one or more members of the Board or any committee thereof may participate in a meeting of the Board or such committee by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other. Participation by such means shall constitute presence in person at a meeting.

ARTICLE IV

<u>OFFICERS</u> 

Section 1. <u>Number and Election</u>. Subject to the authority of the CEO to appoint officers as set forth in <u>Section</u> <u>11</u> of this ARTICLE IV, the officers of the Corporation shall be elected by the Board and may consist of a CEO, a President, one or more Vice Presidents, a Secretary, a Chief Financial Officer (the "**CFO**"), a Treasurer (the "**Treasurer**"), and such other officers and assistant officers as may be deemed necessary or desirable by the Board. Any number of offices may be held by the same person. In its discretion, the Board may choose not to fill any office for any period as it may deem advisable.

Section 2. <u>Term of Office</u>. Each officer shall hold office until a successor is duly elected and qualified or until his or her earlier death, resignation, or removal as hereinafter provided.

Section 3. <u>Removal</u>. Any officer or agent of the Corporation may be removed with or without cause by the Board, a duly authorized committee thereof or by such officers as may be designated by a resolution of the Board, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer appointed by the CEO in accordance with <u>Section</u> <u>11</u> of this ARTICLE IV may also be removed by the CEO in his or her sole discretion.

Section 4. <u>Vacancies</u>. Any vacancy occurring in any office because of death, resignation, removal, disqualification, or otherwise may be filled by the Board or the CEO in accordance with <u>Section</u> <u>11</u> of this ARTICLE IV.

Section 5. <u>Compensation</u>. Compensation of all executive officers shall be approved by the Board or a duly authorized committee thereof, and no officer shall be prevented from receiving such compensation by virtue of his or her also being a director of the Corporation.

Section 6. <u>Chief Executive Officer</u>. The CEO shall have the powers and perform the duties incident to that position. The CEO shall, in the absence of the Chair, or if a Chair shall not have been elected, preside at each meeting of (a) the Board if the CEO is a director and (b) the stockholders. Subject to the powers of the Board and the Chair, the CEO shall be in general and active charge of the entire business and affairs of the Corporation and shall be its chief policy-making officer. The CEO shall have such other powers and perform such other duties as may be prescribed by the Board or provided in these Bylaws. The CEO is authorized to execute bonds, mortgages, and other contracts requiring a seal under the seal of the Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board to some other officer or agent of the Corporation. Whenever the President is unable to serve, by reason of sickness, absence, or otherwise, the CEO shall perform all the duties and responsibilities and exercise all the powers of the President.

Section 7. <u>President</u>. The President of the Corporation shall, subject to the powers of the Board, the Chair, and the CEO, have general charge of the business, affairs, and property of the Corporation, and, in the absence of the CEO, control over its officers, agents, and employees. The President shall see that all orders and resolutions of the Board are carried into effect. The President is authorized, in the absence of the CEO, to execute bonds, mortgages, and other contracts requiring a seal under the seal of the

------

Corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board to some other officer or agent of the Corporation. The President shall, in the absence of the CEO, act with all of the powers and be subject to all of the restrictions of the CEO. The President shall have such other powers and perform such other duties as may be prescribed by the Chair, the CEO, the Board, or as may be provided in these Bylaws or otherwise are incident to the position of President.

Section 8. <u>Vice Presidents</u>. The Vice President, or if there shall be more than one, the Vice Presidents, in the order determined by the Board or the Chair, shall, perform such duties and have such powers as the Board, the Chair, the CEO, the President, or these Bylaws may, from time to time, prescribe or which otherwise are incident to the position of Vice President. The Vice Presidents may also be designated as Executive Vice Presidents or Senior Vice Presidents, as the Board may from time to time prescribe.

Section 9. <u>Secretary and Assistant Secretaries</u>. The Secretary shall attend all meetings of the Board (other than executive sessions thereof) and all meetings of the stockholders and record all the proceedings of the meetings in a book or books to be kept for that purpose or shall ensure that his or her designee attends each such meeting to act in such capacity. Under the Board's supervision, the Secretary shall give, or cause to be given, all notices required to be given by these Bylaws or by law; shall have such powers and perform such duties as the Board, the Chair, the CEO, the President, or these Bylaws may, from time to time, prescribe or which otherwise are incident to the position of Secretary; and shall have custody of the corporate seal of the Corporation. The Secretary, or an Assistant Secretary, shall have authority to affix the corporate seal to any instrument requiring it and when so affixed, it may be attested by his or her signature or by the signature of such Assistant Secretary. The Board may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his or her signature. The Assistant Secretary, or if there be more than one, any of the Assistant Secretaries, shall in the absence or disability of the Secretary, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board, the Chair, the CEO, the President, or Secretary may, from time to time, prescribe.

Section 10. <u>Chief Financial Officer and Treasurer</u>. The CFO shall have the custody of the corporate funds and securities; shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation as shall be necessary or desirable in accordance with applicable law or generally accepted accounting principles; shall deposit all monies and other valuable effects in the name and to the credit of the Corporation as may be ordered by the Chair or the Board; shall receive, and give receipts for, moneys due and payable to the Corporation from any source whatsoever; shall cause the funds of the Corporation to be disbursed when such disbursements have been duly authorized, taking proper vouchers for such disbursements; and shall render to the Board, at its regular meeting or when the Board so requires, an account of the financial condition and operations of the Corporation; shall have such powers and perform such duties as the Board, the Chair, the CEO, the President, or these Bylaws may, from time to time, prescribe or which otherwise are incident to the position of CFO. The Treasurer shall in the absence or disability of the CFO, perform the duties and exercise the powers of the CFO, subject to the power of the Board. The Treasurer, if any, shall perform such other duties and have such other powers as the Board may, from time to time, prescribe.

Section 11. <u>Appointed Officers</u>. In addition to officers designated by the Board in accordance with this ARTICLE IV, the CEO shall have the authority to appoint other officers below the level of Board appointed Vice President as the CEO may from time to time deem expedient and may designate for such officers titles that appropriately reflect their positions and responsibilities. Such appointed officers shall have such powers and shall perform such duties as may be assigned to them by the CEO or the senior officer to whom they report, consistent with corporate policies. An appointed officer shall serve until the earlier of such officer's resignation or such officer's removal by the CEO or the Board at any time, either with or without cause.

------

Section 12. <u>Other Officers, Assistant Officers, and Agents</u>. Officers, assistant officers, and agents, if any, other than those whose duties are provided for in these Bylaws, shall have such authority and perform such duties as may from time to time be prescribed by resolution of the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board.

Section 13. <u>Officers' Bonds or Other Security</u>. If required by the Board, any officer of the Corporation shall give a bond or other security for the faithful performance of such officer's duties, in such amount and with such surety as the Board may require.

Section 14. <u>Delegation of Authority</u>. The Board may by resolution delegate the powers and duties of such officer to any other officer or to any director, or to any other person whom it may select.

ARTICLE V

<u>CERTIFICATES OF STOCK</u> 

Section 1. <u>Form</u>. The shares of stock of the Corporation shall be represented by certificates, *provided* that the Board may provide by resolution that some or all of any or all classes or series of its stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. If shares are represented by certificates, the certificates shall be in such form as required by applicable law and as determined by the Board. Each certificate shall certify the number of shares owned by such holder in the Corporation and shall be signed by, or in the name of the Corporation by two authorized officers of the Corporation including, but not limited to, the Chair (if an officer), the CEO, the President, a Vice President, the CFO, the Treasurer, the Secretary, and an Assistant Secretary. Any or all signatures on the certificate may be a facsimile. In case any officer, transfer agent, or registrar who has signed, or whose facsimile signature or signatures have been used on, any such certificate or certificates shall cease to be such officer, transfer agent, or registrar of the Corporation whether because of death, resignation, or otherwise before such certificate or certificates have been issued by the Corporation, such certificate or certificates may nevertheless be issued as though the person or persons who signed such certificate or certificates or whose facsimile signature or signatures have been used thereon had not ceased to be such officer, transfer agent, or registrar of the Corporation at the date of issue. All certificates for shares shall be consecutively numbered or otherwise identified. The Board may appoint a bank or trust company organized under the laws of the United States or any state thereof to act as its transfer agent, registrar, or both in connection with the transfer of any class or series of securities of the Corporation. The Corporation, or its designated transfer agent or other agent, shall keep a book or set of books to be known as the stock transfer books of the Corporation, containing the name of each holder of record, together with such holder's address and the number and class or series of shares held by such holder and the date of issue. When shares are represented by certificates, the Corporation shall issue and deliver to each holder to whom such shares have been issued or transferred, certificates representing the shares owned by such holder, and shares of stock of the Corporation shall only be transferred on the books of the Corporation by the holder of record thereof or by such holder's attorney duly authorized in writing, upon surrender to the Corporation or its designated transfer agent or other agent of the certificate or certificates for such shares endorsed by the appropriate person or persons, with such evidence of the authenticity of such endorsement, transfer, authorization, and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps. In that event, it shall be the duty of the Corporation to issue a new certificate to the person entitled thereto, cancel the old certificate or certificates, and record the transaction on its books. When shares are not represented by certificates, shares of stock of the Corporation shall only be transferred on the books of the Corporation by the holder of record thereof or by such holder's attorney duly authorized in writing, with such evidence of the authenticity of such transfer, authorization, and other

------

matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps, and within a reasonable time after the issuance or transfer of such shares, the Corporation shall, if required by applicable law, send the holder to whom such shares have been issued or transferred a written statement of the information required by applicable law. Unless otherwise provided by applicable law, the Certificate of Incorporation, these Bylaws, or any other instrument, the rights and obligations of the holders of uncertificated stock, and the rights and obligations of the holders of certificates representing stock of the same class and series shall be identical.

Section 2. <u>Lost Certificates</u>. The Corporation may issue or direct a new certificate or certificates or uncertificated shares to be issued in place of any certificate or certificates previously issued by the Corporation alleged to have been lost, stolen, or destroyed, upon the making of an affidavit of that fact by the owner of the lost, stolen, or destroyed certificate. When authorizing such issue of a new certificate or certificates or uncertificated shares, the Corporation may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen, or destroyed certificate or certificates, or his or her legal representative, to give the Corporation a bond in such sum as it may direct, sufficient to indemnify the Corporation against any claim that may be made against the Corporation on account of the alleged loss, theft, or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

Section 3. <u>Registered Stockholders</u>. The Corporation shall be entitled to recognize the exclusive right of a person registered on its records as the owner of shares of stock to receive dividends, to vote, to receive notifications, and otherwise to exercise all the rights and powers of an owner, except as otherwise required by applicable law. The Corporation shall not be bound to recognize any equitable or other claim to or interest in such share or shares of stock on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise required by applicable law.

Section 4. <u>Fixing a Record Date for Purposes Other Than Stockholder Meetings or Actions by Written Consent</u>. In order that the Corporation may determine the stockholders entitled to receive payment of any dividend, other distribution or allotment, or any rights, or the stockholders entitled to exercise any rights in respect of any change, conversion, or exchange of stock, or for the purposes of any other lawful action (other than stockholder meetings and stockholder consents which are expressly governed by <u>Sections 12</u>, <u>13</u>, and <u>14</u> of ARTICLE II hereof), the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

ARTICLE VI

<u>GENERAL PROVISIONS</u> 

Section 1. <u>Dividends</u>. Subject to and in accordance with applicable law, the Certificate of Incorporation and any certificate of designation relating to any series of preferred stock, dividends upon the shares of capital stock of the Corporation may be declared and paid by the Board in accordance with applicable law. Dividends may be paid in cash, in property, or in shares of the Corporation's capital stock, subject to the provisions of applicable law and the Certificate of Incorporation. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends a reserve or reserves for any proper purpose. The Board may modify or abolish any such reserves in the manner in which they were created.

Section 2. <u>Checks, Notes, Drafts, Etc.</u> All checks, notes, drafts, or other orders for the payment of money of the Corporation shall be signed, endorsed, or accepted in the name of the Corporation by such officer, officers, person, or persons as from time to time may be designated by the Board, or by an officer or officers authorized by the Board to make such designation.

------

Section 3. <u>Contracts</u>. In addition to the powers otherwise granted to officers pursuant to ARTICLE IV, the Board may authorize any officer or officers, or any agent or agents, in the name and on behalf of the Corporation to enter into or execute and deliver any and all deeds, bonds, mortgages, contracts, and other obligations or instruments, and such authority may be general or confined to specific instances.

Section 4. <u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board.

Section 5. <u>Corporate Seal</u>. The Board may provide a corporate seal which shall be in the form of a circle and shall have inscribed thereon the name of the Corporation and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise. Notwithstanding the foregoing, no seal shall be required by virtue of <u>Section</u> <u>5</u> of this ARTICLE VI.

Section 6. <u>Voting Securities Owned By Corporation</u>. Voting securities in any other corporation or entity held by the Corporation shall be voted by the Chair, CEO, the President, or the CFO, unless the Board specifically confers authority to vote with respect thereto, which authority may be general or confined to specific instances, upon some other person or officer. Any person authorized to vote securities shall have the power to appoint proxies, with general power of substitution.

Section 7. <u>Facsimile/Electronic Signatures</u>. In addition to the provisions for use of facsimile signatures elsewhere specifically authorized in these Bylaws, Docusign, facsimile, and other forms of electronic signatures of any officer or director of the Corporation may be used to the fullest extent permitted by applicable law.

Section 8. <u>Section Headings</u>. Section headings in these Bylaws are for convenience of reference only and shall not be given any substantive effect in limiting or otherwise construing any provision herein.

Section 9. <u>Inconsistent Provisions</u>. In the event that any provision (or part thereof) of these Bylaws is or becomes inconsistent with any provision of the Certificate of Incorporation, the DGCL, any other applicable law, or the Director Nomination Agreement, the provision (or part thereof) of these Bylaws shall be construed to be consistent with such other provision or provisions, and to the extent such provision may not be so construed, such provision shall be deemed amended to incorporate such other provision so as to eliminate any such inconsistency and as so amended shall be given full force and effect.

ARTICLE VII

<u>INDEMNIFICATION</u> 

Section 1. <u>Right to Indemnification and Advancement</u>. Each person who was or is made a party or is threatened to be made a party to or is otherwise involved (including involvement, without limitation, as a witness) in any actual or threatened action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "**proceeding**"), by reason of the fact that he or she is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, manager, officer, employee, or agent of another corporation or of a partnership, joint venture, trust, or other enterprise, including service with respect to an employee benefit plan (an "**indemnitee**"), whether the basis of such proceeding is alleged action in an official capacity as a

------

director or officer or in any other capacity while serving as a director or officer, shall be indemnified and held harmless by the Corporation to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Corporation to provide broader indemnification rights than permitted prior thereto), against all expense, liability, and loss (including attorneys' fees and related disbursements, judgments, fines, excise taxes, or penalties under the Employee Retirement Income Security Act of 1974, as amended from time to time ("ERISA") and any other penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such indemnitee in connection therewith, and such indemnification shall continue as to an indemnitee who has ceased to be a director, officer, employee, or agent and shall inure to the benefit of the indemnitee's heirs, executors, and administrators; *provided*, *however*, that, except as provided in <u>Section</u> <u>2</u> of this ARTICLE VII with respect to proceedings to enforce rights to indemnification and advance of expenses (as defined herein), the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized in the specific case by the Board of the Corporation. In addition to the right to indemnification conferred herein, an indemnitee shall also have the right, to the fullest extent not prohibited by law, to be paid by the Corporation the expenses incurred in defending any such proceeding in advance of its final disposition (an "advance of expenses"); *provided*, *however*, that if and to the extent that the DGCL requires, an advance of expenses shall be made only upon delivery to the Corporation of an undertaking (an "undertaking"), by or on behalf of such indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal (a "**final adjudication**") that such indemnitee is not entitled to be indemnified for such expenses under <u>Section</u> <u>1</u> of this ARTICLE VII or otherwise. The Corporation may also, by action of its Board, provide indemnification and advancement to employees and agents of the Corporation. Any reference to an officer of the Corporation in this ARTICLE VII shall be deemed to refer exclusively to the Chair, CEO, President, CFO, Secretary, and Treasurer appointed pursuant to ARTICLE IV, and to any Vice President, Assistant Secretary, assistant treasurer, or other officer of the Corporation appointed by the Board pursuant to ARTICLE IV of these Bylaws, and any reference to an officer of any other enterprise shall be deemed to refer exclusively to an officer appointed by the Board or equivalent governing body of such other entity pursuant to the certificate of incorporation and bylaws or equivalent organizational documents of such other enterprise. The fact that any person who is or was an employee of the Corporation or an employee of any other enterprise has been given or has used the title of "Vice President" or any other title, including any title granted to such person by the CEO pursuant to <u>Section</u> <u>11</u> of ARTICLE IV, that could be construed to suggest or imply that such person is or may be an officer of the Corporation or of such other enterprise shall not result in such person being constituted as, or being deemed to be, an officer of the Corporation or of such other enterprise for purposes of this ARTICLE VII unless such person's appointment to such office was approved by the Board pursuant to ARTICLE IV.

Section 2. <u>Procedure for Indemnification</u>. Any claim for indemnification or advance of expenses by an indemnitee under <u>Section</u> <u>2</u> of this ARTICLE VII shall be made promptly, and in any event within 45 days (or, in the case of an advance of expenses, 20 days, *provided* that the director or officer has delivered the undertaking contemplated by <u>Section</u> <u>1</u> of this ARTICLE VII if required), upon the written request of the indemnitee. If the Corporation denies a written request for indemnification or advance of expenses, in whole or in part, or if payment in full pursuant to such request is not made within 45 days (or, in the case of an advance of expenses, 20 days, *provided* that the indemnitee has delivered the undertaking contemplated by <u>Section</u> <u>1</u> of this ARTICLE VII if required), the right to indemnification or advances as granted by this ARTICLE VII shall be enforceable by the indemnitee in any court of competent jurisdiction. Such person's costs and expenses incurred in connection with successfully establishing his or her right to indemnification, in whole or in part, in any such action shall also be indemnified by the Corporation to the fullest extent permitted by applicable law. It shall be a defense to any such action (other than an action brought to enforce a claim for the advance of expenses where the undertaking required pursuant to <u>Section</u> <u>1</u> of this ARTICLE VII, if any, has been tendered to the Corporation) that the claimant has not met the

------

applicable standard of conduct which makes it permissible under the DGCL for the Corporation to indemnify the claimant for the amount claimed, but the burden of proof shall be on the Corporation to the fullest extent permitted by law. Neither the failure of the Corporation (including the Board, a committee thereof, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including the Board, independent legal counsel, or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

Section 3. <u>Insurance</u>. The Corporation may purchase and maintain insurance on its own behalf and on behalf of any person who is or was or has agreed to become a director, officer, employee, or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, partner, member, trustee, administrator, employee, or agent of another corporation, partnership, joint venture, limited liability company, trust, or other enterprise against any expense, liability, or loss asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify such person against such expenses, liability, or loss under the DGCL.

Section 4. <u>Service for Subsidiaries</u>. Any person serving as a director, officer, partner, member, trustee, administrator, employee, or agent of another corporation, partnership, limited liability company, joint venture, trust, or other enterprise, at least 50% of whose equity interests are owned by the Corporation (a "subsidiary" for purposes of this ARTICLE VII) shall be conclusively presumed to be serving in such capacity at the request of the Corporation.

Section 5. <u>Reliance</u>. Persons who after the date of the adoption of this provision become or remain directors or officers of the Corporation or who, while a director or officer of the Corporation, become or remain a director, manager, officer, employee, or agent of a subsidiary, shall be conclusively presumed to have relied on the rights to indemnity, advance of expenses, and other rights contained in this ARTICLE VII in entering into or continuing such service. To the fullest extent permitted by law, the rights to indemnification and to the advance of expenses conferred in this ARTICLE VII shall apply to claims made against an indemnitee arising out of acts or omissions which occurred or occur both prior and subsequent to the adoption hereof. Any amendment, alteration, or repeal of this ARTICLE VII that adversely affects any right of an indemnitee or its successors shall be prospective only and shall not limit, eliminate, or impair any such right with respect to any proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal.

Section 6. <u>Non-Exclusivity of Rights; Continuation of Rights of Indemnification</u>. The rights to indemnification and to the advance of expenses conferred in this ARTICLE VII shall not be exclusive of any other right which any person may have or hereafter acquire under the Certificate of Incorporation or under any statute, bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. All rights to indemnification under this ARTICLE VII shall be deemed to be a contract between the Corporation and each director or officer of the Corporation who serves or served in such capacity at any time while this ARTICLE VII is in effect. Any repeal or modification of this ARTICLE VII or repeal or modification of relevant provisions of the DGCL or any other applicable laws shall not in any way diminish any rights to indemnification and advancement of expenses of such director or officer or the obligations of the Corporation arising hereunder with respect to any proceeding arising out of, or relating to, any actions, transactions, or facts occurring prior to the final adoption of such repeal or modification.

------

Section 7. <u>Merger or Consolidation</u>. For purposes of this ARTICLE VII, references to the "**Corporation**" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that any person who is or was a director, officer, employee, or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, shall stand in the same position under this ARTICLE VII with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued.

Section 8. <u>Savings Clause</u>. To the fullest extent permitted by law, if this ARTICLE VII or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Corporation shall nevertheless indemnify and advance expenses to each person entitled to indemnification under <u>Section</u> <u>1</u> of this ARTICLE VII as to all expense, liability, and loss (including attorneys' fees and related disbursements, judgments, fines, ERISA excise taxes and penalties, and any other penalties and amounts paid or to be paid in settlement) actually and reasonably incurred or suffered by such person and for which indemnification and advancement of expenses is available to such person pursuant to this ARTICLE VII to the fullest extent permitted by any applicable portion of this ARTICLE VII that shall not have been invalidated.

ARTICLE VIII

<u>AMENDMENTS</u> 

These Bylaws may be amended, altered, changed, or repealed or new Bylaws adopted only in accordance with <u>Section</u> <u>1</u> of ARTICLE TEN of the Certificate of Incorporation.

\* \* \* \* \*

## Exhibit 4.1

**Exhibit 4.1** 

**YORK SPACE SYSTEMS INC.** 

**<u>FORM OF REGISTRATION RIGHTS AGREEMENT</u>**

THIS REGISTRATION RIGHTS AGREEMENT (this "<u>Agreemen</u>t") is made as of [**____________**] among York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), each of the investors listed on the signature pages hereto under the caption "Sponsor Investors" (collectively, the "<u>Sponsor Investors</u>"), and each Person listed on the signature pages under the caption "Other Investors" or who executes a Joinder as an "Other Investor" (collectively, the "<u>Other Investors</u>"). Except as otherwise specified herein, all capitalized terms used in this Agreement are defined in <u>Exhibit A</u> attached hereto.

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:

Section 1 <u>Demand Registrations</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u><u> </u><u>Requests for Registration</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time and from time to time, the Sponsor Investors may request registration under the Securities Act of all or any portion of their Registrable Securities on Form S-1 or any similar long-form registration statement ("<u>Long-Form Registrations</u>") or on Form S-3 or any similar short-form registration statement ("<u>Short-Form Registrations</u>"), if available (any such requested registration, a "<u>Demand Registration</u>"). The Sponsor Investors may request that any Demand Registration be made pursuant to Rule 415 under the Securities Act (a "<u>Shelf Registration</u>") and (if the Company is a WKSI at the time any such request is submitted to the Company or will become one by the time of the filing of such Shelf Registration) that such Shelf Registration be an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an "<u>Automatic Shelf Registration Statement</u>"). Each request for a Demand Registration must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution. The Sponsor Investors will be entitled to request an unlimited number of Demand Registrations. The Company will pay all Expenses (as defined below), whether or not any such registration is consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At any time and from time to time, the Blackrock Investors may request one (1) Long-Form Registration or Short-Form Registration. The Blackrock Investors may request that the Demand Registration be a Shelf Registration and (if the Company is a WKSI at the time any such request is submitted to the Company or will become one by the time of the filing of such Shelf Registration) that such Shelf Registration be an automatic shelf registration statement. Any request for a Demand Registration must specify the approximate number or dollar value of Registrable Securities requested to be registered by the requesting Holders and (if known) the intended method of distribution. The Blackrock Investors will be entitled to request one (1) Demand Registration; provided that (a) if the Blackrock Investors request a Shelf Registration and the Blackrock Investors are unable to sell all of the Registrable Securities included therein, such request shall not count as a Demand Registration for the purposes of this <u>Section</u> <u>1(ii)</u>, and (b) if the Blackrock Investors request a Demand Registration other than a Shelf Registration and the Blackrock Investors are unable to sell at least 50% of the Registrable Securities included therein, such request shall not count as a Demand Registration for the purposes of this <u>Section</u> <u>1(ii)</u>. For the avoidance of doubt, the participation by the Blackrock Investors in any Demand Registration initiated by any holder of Registrable Securities other than a Blackrock Investor shall not count as a Demand Registration by the Blackrock Investors. The Company will pay all Expenses (as defined below) in connection with any Demand Registration permitted by this <u>Section</u> <u>1(ii)</u>, whether or not any such registration is consummated.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Following the date on which the Company becomes eligible to register securities for resale pursuant to a Short-Form Registration, the holders of Registrable Securities issued upon conversion of the Class P Units of the Company's limited liability company predecessor (the "<u>Crossover Registrable Securities</u>") shall be entitled to request the filing and effectiveness of a Shelf Registration Statement (as defined herein) covering the resale of the Crossover Registrable Securities held by such holders (the "<u>Crossover Shelf Registration</u>"). Any holder of Crossover Registrable Securities may make such request, or such registration may be initiated by the Company on behalf of the holders of the Crossover Registrable Securities. The Company shall not be required to effect more than one (1) Crossover Shelf Registration and any holder declining to participate in such initial Crossover Shelf Registration shall have no further rights to initiate any registration pursuant to this <u>Section</u> <u>1(a)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice to Other Holders</u>. Within four (4) Business Days after receipt of any such request, the Company will give written notice of the Demand Registration to all other Holders and, subject to the terms of <u>Section</u> <u>1(e)</u>, will include in such Demand Registration (and in all related registrations and qualifications under state blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after the receipt of the Company's notice; <u>provided</u> that, with the written consent of the Sponsor Investor, the Company may, or at the written request of the Sponsor Investors, the Company shall, instead provide notice of the Demand Registration to all other Holders within three (3) Business Days following the non-confidential filing of the registration statement with respect to the Demand Registration so long as such registration statement is not an Automatic Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Form of Registrations</u>. All Long-Form Registrations will be underwritten registrations unless otherwise approved by the Sponsor Investors. Demand Registrations will be Short-Form Registrations whenever the Company is permitted to use any applicable short form unless otherwise requested by the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Shelf Registrations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For so long as a registration statement for a Shelf Registration (a "<u>Shelf Registration Statement</u>") is and remains effective, the Sponsor Investors will have the right at any time or from time to time to elect to sell pursuant to an offering (including an underwritten offering) Registrable Securities available for sale pursuant to such registration statement ("<u>Shelf Registrable Securities</u>"). If the Sponsor Investors desire to sell Registrable Securities pursuant to an underwritten offering, then the Sponsor Investors may deliver to the Company a written notice (a "<u>Shelf Offering Notice</u>") specifying the number of Shelf Registrable Securities that the Sponsor Investors desire to sell pursuant to such underwritten offering (the "<u>Shelf Offering</u>"). As promptly as practicable, but in no event later than two (2) Business Days after receipt of a Shelf Offering Notice, the Company will give written notice of such Shelf Offering Notice to all other Holders of Shelf Registrable Securities that have been identified as selling stockholders in such Shelf Registration Statement and are otherwise permitted to sell in such Shelf Offering, which such notice shall request that each such Holder specify, within seven (7) days after the Company's receipt of the Shelf Offering Notice, the maximum number of Shelf Registrable Securities such Holder desires to be disposed of in such Shelf Offering. The Company, subject to <u>Section</u> <u>1(e)</u> and <u>Section</u> <u>7</u>, will include in such Shelf Offering all Shelf Registrable Securities with respect to which the Company has received timely written requests for inclusion. The Company will, as expeditiously as possible (and in any event within fourteen (14) days after the receipt of a Shelf Offering Notice), but subject to <u>Section</u> <u>1(e)</u>, use its best efforts to consummate such Shelf Offering.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Sponsor Investors desire to engage in an underwritten block trade or bought deal pursuant to a Shelf Registration Statement (either through filing an Automatic Shelf Registration Statement or through a take-down from an already existing Shelf Registration Statement) (each, an "<u>Underwritten Block Trade</u>"), then notwithstanding the time periods set forth in <u>Section</u> <u>1(d)(</u><u>i</u><u>)</u>, the Sponsor Investors may notify the Company of the Underwritten Block Trade not less than two (2) Business Days prior to the day such offering is first anticipated to commence. If requested by the Sponsor Investors, the Company will promptly notify other Holders of such Underwritten Block Trade and such notified Holders (each, a "<u>Potential Participant</u>") may elect whether or not to participate no later than the next Business Day (*i.e.* one (1) Business Day prior to the day such offering is to commence) (unless a longer period is agreed to by the Sponsor Investors), and the Company will as expeditiously as possible use its best efforts to facilitate such Underwritten Block Trade (which may close as early as two (2) Business Days after the date it commences); <u>provided</u> <u>further</u> that, notwithstanding the provisions of <u>Section</u> <u>1(d)(</u><u>i</u><u>)</u>, no Holder (other than Holders of Sponsor Investor Registrable Securities) will be permitted to participate in an Underwritten Block Trade without the written consent of the Sponsor Investors. Any Potential Participant's request to participate in an Underwritten Block Trade shall be binding on the Potential Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All determinations as to whether to complete any Shelf Offering and as to the timing, manner, price and other terms of any Shelf Offering contemplated by this <u>Section</u> <u>1(d)</u> shall be determined by the Sponsor Investors, and the Company shall use its best efforts to cause any Shelf Offering to occur in accordance with such determinations as promptly as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company will, at the request of the Sponsor Investors, file any prospectus supplement or any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Sponsor Investors to effect such Shelf Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Priority on Demand Registrations and Shelf Offerings</u>. The Company will not include in any Demand Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Demand Registration or a Shelf Offering is an underwritten offering and the managing underwriters advise the Company in writing that in their opinion the number of Registrable Securities and (if permitted hereunder) other securities requested to be included in such offering exceeds the number of Registrable Securities and other securities (if any), which can be sold therein without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, then the Company will include in such offering (prior to the inclusion of any securities which are not Registrable Securities) the number of Registrable Securities requested to be included by any Holder which, in the opinion of such underwriters, can be sold, without any such adverse effect, pro rata among such Holders on the basis of the number of Registrable Securities owned by each such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Restrictions on Demand Registration and Shelf Offerings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company may postpone, for up to 60 days (or with the consent of the Sponsor Investors, a longer period) from the date of the request (the "<u>Suspension Period</u>"), the filing or the effectiveness of a registration statement for a Demand Registration or suspend the use of a prospectus that is part of a Shelf Registration Statement (and therefore suspend sales of the Shelf Registrable Securities) by providing written notice to the Holders if the following conditions are met: (A) the Company determines that the offer or sale of Registrable Securities would

------

reasonably be expected to have a material adverse effect on any proposal or plan by the Company or any Subsidiary to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization, financing or other transaction involving the Company and (B) upon advice of counsel, the sale of Registrable Securities pursuant to the registration statement would require disclosure of material non-public information not otherwise required to be disclosed under applicable law, and either (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction or (y) such transaction renders the Company unable to comply with SEC requirements, in each case under circumstances that would make it impractical or inadvisable to cause the registration statement (or such filings) to become effective or to promptly amend or supplement the registration statement on a post effective basis, as applicable. The Company may delay or suspend the effectiveness of a Demand Registration or Shelf Registration Statement pursuant to this <u>Section</u> <u>1(f)(i)</u> only once in any twelve (12)-month period (for avoidance of doubt, in addition to the Company's rights and obligations under <u>Section</u> <u>4(a)(vi)</u>) unless additional delays or suspensions are approved by the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the case of an event that causes the Company to suspend the use of a Shelf Registration Statement as set forth in <u>Section</u> <u>1(f)(</u><u>i</u><u>)</u> above or pursuant to <u>Section</u> <u>4(a)(vi)</u> (a "<u>Suspension Event</u>"), the Company will give a notice to the Holders whose Registrable Securities are registered pursuant to such Shelf Registration Statement (a "<u>Suspension Notice</u>") to suspend sales of the Registrable Securities and such notice must state generally the basis for the notice and that such suspension will continue only for so long as the Suspension Event or its effect is continuing. Each Holder agrees not to effect any sales of its Registrable Securities pursuant to such Shelf Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice. A Holder may recommence effecting sales of the Registrable Securities pursuant to the Shelf Registration Statement (or such filings) following further written notice to such effect (an "<u>End of Suspension Notice</u>") from the Company, which End of Suspension Notice will be given by the Company to the Holders promptly following the conclusion of any Suspension Event (and in any event during the permitted Suspension Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Selection of Underwriters</u>. The investment banker(s) and manager(s) to administer any underwritten offering in connection with any Demand Registration or Shelf Offering, and any legal counsel required for such offering, shall be selected by the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Other Registration Rights</u>. Except as provided in this Agreement, the Company will not grant to any Person(s) the right to request the Company or any Subsidiary to register any equity securities of the Company or any Subsidiary, or any securities convertible or exchangeable into or exercisable for such securities, without the prior written consent of the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Revocation of Demand Notice or Shelf Offering Notice</u>. At any time prior to the effective date of the registration statement relating to a Demand Registration or the "pricing" of any offering relating to a Shelf Offering Notice, the Sponsor Investors who initiated such Demand Registration or Shelf Offering may revoke or withdraw such notice of a Demand Registration or Shelf Offering Notice on behalf of all Holders participating in such Demand Registration or Shelf Offering without liability to such Holders (including, for the avoidance of doubt, the other Participating Sponsor Investors), in each case by providing written notice to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Confidentiality</u>. Each Holder agrees to treat as confidential the receipt of any notice hereunder (including notice of a Demand Registration, a Shelf Offering Notice and a Suspension Notice) and the information contained therein, and not to disclose or use the information contained in any such

------

notice (or the existence thereof) without the prior written consent of the Company until such time as the information contained therein is or becomes available to the public generally (other than as a result of disclosure by such Holder in breach of the terms of this Agreement), except for such Holder's Affiliates, advisors, financing sources, lenders or as required by law or applicable legal process.

Section 2 <u>Piggyback Registrations</u><u>.</u><u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Right to Piggyback</u>. Whenever the Company proposes to register any of its equity securities under the Securities Act (including primary and secondary registrations, and other than pursuant to an Excluded Registration) (a "<u>Piggyback Registration</u>"), the Company will give prompt written notice (and in any event within three (3) Business Days after the public filing of the registration statement relating to the Piggyback Registration) to all Holders of its intention to effect such Piggyback Registration and, subject to the terms of <u>Section</u> <u>2(b)</u> and <u>Section</u> <u>2(c)</u>, will include in such Piggyback Registration (and in all related registrations or qualifications under blue sky laws and in any related underwriting) all Registrable Securities with respect to which the Company has received written requests for inclusion therein within ten (10) days after delivery of the Company's notice. Any Participating Sponsor Investor may withdraw its request for inclusion at any time prior to executing the underwriting agreement, or if none, prior to the applicable registration statement becoming effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Priority on Primary Registrations</u>. Other than the securities the Company proposes to register on its own behalf, the Company will not include in any Piggyback Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) <u>first</u>, the securities the Company proposes to sell; (ii) <u>second</u>, the Sponsor Investor Registrable Securities and Other Registrable Securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect, pro rata among the Participating Sponsor Investors and Other Investors on the basis of the number of Sponsor Investor Registrable Securities and Other Registrable Securities owned by each such Participating Sponsor Investor and Other Investor, as applicable; and (iii) <u>third</u>, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Priority on Secondary Registrations</u>. Other than the securities the Company proposes to register on its own behalf, the Company will not include in any Piggyback Registration any securities that are not Registrable Securities without the prior written consent of the Sponsor Investors. If a Piggyback Registration is an underwritten secondary registration on behalf of holders of the Company's equity securities (other than pursuant to Section 1 hereof), and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without adversely affecting the marketability, proposed offering price, timing or method of distribution of the offering, the Company will include in such registration (i) <u>first</u>, the securities requested to be included therein by the holders initially requesting such registration which, in the opinion of the underwriters, can be sold without any such adverse effect; (ii) <u>second</u>, the Sponsor Investor Registrable Securities and the Other Registrable Securities requested to be included in such registration, pro rata among the Participating Sponsor Investors and Other Investors holding such Sponsor Investor Registrable Securities and Other Registrable Securities on the basis of the number of Sponsor Investor Registrable Securities and Other Registrable Securities owned by each such Participating Sponsor Investor and Other Investor, as applicable, which, in the opinion of the underwriters, can be sold without any such adverse effect; and (iii) <u>third</u>, other securities requested to be included in such registration which, in the opinion of the underwriters, can be sold without any such adverse effect.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Right to Terminate Registration</u>. The Company will have the right to terminate or withdraw any registration initiated by it under this Section 2, whether or not any holder of Registrable Securities has elected to include securities in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Selection of Underwriters</u>. If any Piggyback Registration is an underwritten offering, the investment banker(s) and manager(s) for the offering shall be selected by the Company, which selections shall be reasonably acceptable to the holders of at least a majority of the Registrable Securities proposed to be included therein.

Section 3 <u>Stockholder Lock-Up Agreements and Company Holdback Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Stockholder Lock-up Agreements</u>. In connection with any underwritten Public Offering, each Holder will enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors; *provided*, *however*, that any such lock-up, holdback or similar agreement shall be in customary form and consistent with this Section 3(a) and the period of such lock-up, holdback or other restriction shall not exceed 90 days. Without limiting the generality of the foregoing, each Holder hereby agrees that in connection with any Demand Registration, Shelf Offering or Piggyback Registration that is an underwritten Public Offering, not to (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales pursuant to Rule 144), directly or indirectly, any equity securities of the Company outstanding immediately before the effective date of the registration statement for such offering (including any such equity securities of the Company that may be deemed to be beneficially owned by such Holder in accordance with the rules and regulations of the SEC) (collectively, "<u>Securities</u>"), or any securities, options or rights convertible into or exchangeable or exercisable for Securities (collectively, "<u>Other Securities</u>"), (ii) enter into a transaction which would have the same effect as described in clause (i) above, (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be settled by delivery of such Securities or Other Securities, in cash or otherwise (each of (i), (ii) and (iii) above, a "<u>Sale Transaction</u>"), or (iv) publicly disclose the intention to enter into any Sale Transaction, commencing on the earlier of (A) the date on which the Company gives notice to the Holders that a preliminary prospectus for such underwritten Public Offering has been circulated to potential investors or (B) the "pricing" of such offering, and continuing to the date that is 90 days following the date of the final prospectus in the case of such underwritten Public Offering (each such period, or such shorter period as agreed to by the managing underwriters, a "<u>Holdback Period</u>"), with such modifications and exceptions as may be approved by the Sponsor Investors. Any discretionary waiver or termination of the restrictions set forth in this Section 3(a) with respect to any Demand Registration, Shelf Offering or Piggyback Registration that is an underwritten Public Offering that permits, in the aggregate, transfers of more than 1% of the Company's outstanding Common Stock (other than transfers solely for estate planning), shall apply pro rata to all Holders, based on the number of shares subject to such restrictions hereunder. The Company may impose stop-transfer instructions with respect to any Securities or Other Securities subject to the restrictions set forth in this <u>Section</u> <u>3(a)</u> until the end of such Holdback Period. This Section 3(a) shall not apply to the Company's initial Public Offering and any lock-up or similar agreements entered into pursuant to pre-existing contractual obligations or otherwise (an "IPO Lock-Up Agreement") in effect as of the date hereof shall remain in full force and effect in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Holdback Agreement</u>. The Company (i) will not file any registration statement for a Public Offering or cause any such registration statement to become effective, or effect any public sale or distribution of its Securities or Other Securities during any Holdback Period (other than as part of such underwritten Public Offering, or a registration on Form S-4 or Form S-8 or any successor or similar form which is (x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Other Securities) and (ii) will cause each of its directors and executive

------

officers to agree not to effect any Sale Transaction during any Holdback Period, except as part of such underwritten registration (if otherwise permitted), unless approved in writing by the Sponsor Investors and the underwriters managing the Public Offering and to enter into any lock-up, holdback or similar agreements requested by the underwriter(s) managing such offering, in each case with such modifications and exceptions as may be approved by the Sponsor Investors.

Section 4 <u>Registration Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Company Obligations</u>. Whenever the Holders have requested that any Registrable Securities be registered pursuant to this Agreement or have initiated a Shelf Offering, the Company will use its best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company will as expeditiously as possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepare and file with (or submit confidentially to) the SEC a registration statement, and all amendments and supplements thereto and related prospectuses, with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, all in accordance with the Securities Act and all applicable rules and regulations promulgated thereunder (provided that before filing or confidentially submitting a registration statement or prospectus or any amendments or supplements thereto, the Company will furnish to the counsel selected by the Sponsor Investors covered by such registration statement copies of all such documents proposed to be filed or submitted, which documents will be subject to the review and comment of such counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) notify each Holder of (A) the issuance by the SEC of any stop order suspending the effectiveness of any registration statement or the initiation of any proceedings for that purpose, (B) the receipt by the Company or its counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, and (C) the effectiveness of each registration statement filed hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period ending when all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of distribution by the sellers thereof set forth in such registration statement (but not in any event before the expiration of any longer period required under the Securities Act or, if such registration statement relates to an underwritten Public Offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered in connection with sale of Registrable Securities by an underwriter or dealer) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) furnish, without charge, to each seller of Registrable Securities thereunder and each underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) (in each case including all exhibits and documents incorporated by reference therein), each amendment and supplement thereto, each Free Writing Prospectus and such other documents as such seller or underwriter, if any, may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such seller (the Company hereby consenting

------

to the use in accordance with all applicable laws of each such registration statement, each such amendment and supplement thereto, and each such prospectus (or preliminary prospectus or supplement thereto) or Free Writing Prospectus by each such seller of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) use its best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (<u>provided</u> that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (B) consent to general service of process in any such jurisdiction or (C) subject itself to taxation in any such jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) notify in writing each seller of such Registrable Securities (A) promptly after it receives notice thereof, of the date and time when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective under a state securities or blue sky law or any exemption thereunder has been obtained, (B) promptly after receipt thereof, of any request by the SEC for the amendment or supplementing of such registration statement or prospectus or for additional information, (C) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event or of any information or circumstances as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, subject to <u>Section</u> <u>1(f)</u>, if required by applicable law or to the extent requested by the Sponsor Investor, the Company will use its best efforts to promptly prepare and file a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading and (D) if at any time the representations and warranties of the Company in any underwriting agreement, securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) use best efforts to cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed and, if not so listed, to be listed on a securities exchange and, without limiting the generality of the foregoing, to arrange for at least two market markers to register as such with respect to such Registrable Securities with FINRA, and (B) comply (and continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including without limitation all corporate governance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) use best efforts to provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) enter into and perform such customary agreements (including, as applicable, underwriting agreements in customary form) and take all such other actions as the Sponsor Investors or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making available the executive officers of the Company and participating in "road shows," investor presentations, marketing events and other selling efforts and effecting a stock or unit split or combination, recapitalization or reorganization);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make available for inspection by any seller of Registrable Securities, any underwriter participating in any disposition or sale pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent corporate and business documents and properties of the Company as will be necessary to enable them to exercise their due diligence responsibility, and cause the Company's officers, directors, employees, agents, representatives and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement and the disposition of such Registrable Securities pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) take all actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or Piggyback Registration or Shelf Offering hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, prospectus supplement and related documents, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the registration statement, which earnings statement will satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) permit any Holder which, in its sole and exclusive judgment, might be deemed to be an underwriter or a controlling person of the Company, to participate in the preparation of such registration or comparable statement and to allow such Holder to provide language for insertion therein, in form and substance satisfactory to the Company, which in the reasonable judgment of such Holder and its counsel should be included;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) use best efforts to (A) make Short-Form Registration available for the sale of Registrable Securities and (B) prevent the issuance of any stop order suspending the effectiveness of a registration statement, or the issuance of any order suspending or preventing the use of any related prospectus or suspending the qualification of any Common Equity included in such registration statement for sale in any jurisdiction use, and in the event any such order is issued, best efforts to obtain promptly the withdrawal of such order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) use its reasonable best efforts to cause such Registrable Securities covered by such registration statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) cooperate with the Holders covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration statement, or the removal of any restrictive legends associated with any account at which such securities are held, and enable such securities to be in such denominations and registered in such names as the managing underwriter, or agent, if any, or such Holders may request;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if requested by any managing underwriter, include in any prospectus or prospectus supplement updated financial or business information for the Company's most recent period or current quarterly period (including estimated results or ranges of results) if required for purposes of marketing the offering in the view of the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) take no direct or indirect action prohibited by Regulation M under the Exchange Act; <u>provided</u>, <u>however</u>, that to the extent that any prohibition is applicable to the Company, the Company will take such action as is necessary to make any such prohibition inapplicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) cooperate with each Holder covered by the registration statement and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with the preparation and filing of applications, notices, registrations and responses to requests for additional information with FINRA, the New York Stock Exchange, Nasdaq or any other national securities exchange on which the shares of Common Equity are or are to be listed, and (B) to the extent required by the rules and regulations of FINRA, retain a Qualified Independent Underwriter acceptable to the managing underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) in the case of any underwritten offering, use its best efforts to obtain, and deliver to the underwriter(s), in the manner and to the extent provided for in the applicable underwriting agreement, one or more cold comfort letters from the Company's independent public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) use its best efforts to provide (A) a legal opinion of the Company's outside counsel, dated the effective date of such registration statement addressed to the Company, (B) on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a Demand Registration or Shelf Offering, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the closing date of the applicable sale, (1) one or more legal opinions of the Company's outside counsel, dated such date, in form and substance as customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (2) one or more "negative assurances letters" of the Company's outside counsel, dated such date, in form and substance as is customarily given to underwriters in an underwritten public offering or, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities, in each case, addressed to the underwriters, if any, or, if requested, in the case of a non-underwritten offering, to the broker, placement agent or other agent of the Holders assisting in the sale of the Registrable Securities and (3) customary certificates executed by authorized officers of the Company as may be requested by any Holder or any underwriter of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) if the Company files an Automatic Shelf Registration Statement covering any Registrable Securities, use its best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which such Automatic Shelf Registration Statement is required to remain effective;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) if the Company does not pay the filing fee covering the Registrable Securities at the time an Automatic Shelf Registration Statement is filed, pay such fee at such time or times as the Registrable Securities are to be sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) if the Automatic Shelf Registration Statement has been outstanding for at least three (3) years, at the end of the third year, refile a new Automatic Shelf Registration Statement covering the Registrable Securities, and, if at any time when the Company is required to re-evaluate its WKSI status the Company determines that it is not a WKSI, use its best efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) if requested by any Participating Sponsor Investor, cooperate with such Participating Sponsor Investor and with the managing underwriter or agent, if any, on reasonable notice to facilitate any Charitable Gifting Event and to prepare and file with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to permit any such recipient Charitable Organization to sell in the underwritten offering if it so elects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Officer Obligations</u>. Each Holder that is an officer of the Company agrees that if and for so long as he or she is employed by the Company or any Subsidiary thereof, he or she will participate fully in the sale process in a manner customary for persons in like positions and consistent with his or her other duties with the Company, including the preparation of the registration statement and the preparation and presentation of any road shows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Automatic Shelf Registration Statements</u>. If the Company files any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, and the Sponsor Investors or the Blackrock Investors do not request that their Registrable Securities be included in such Shelf Registration Statement, the Company agrees that, at the request of the Sponsor Investors or the Blackrock Investors, it will include in such Automatic Shelf Registration Statement such disclosures as may be required by Rule 430B in order to ensure that the Sponsor Investors and the Blackrock Investors may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. If the Company has filed any Automatic Shelf Registration Statement for the benefit of the holders of any of its securities other than the Holders, the Company shall, at the request of the Sponsor Investors or the Blackrock Investors, file any post-effective amendments necessary to include therein all disclosure and language necessary to ensure that the holders of Registrable Securities may be added to such Shelf Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Additional Information</u>. The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution of such securities as the Company may from time to time reasonably request in writing, as a condition to such seller's participation in such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>In-Kind Distributions</u>. If any Sponsor Investor (and/or any of their Affiliates) or the Blackrock Investors seeks to effectuate an in-kind distribution of all or part of their Registrable Securities to their respective direct or indirect equityholders, the Company will, subject to any applicable lock-ups, reasonably cooperate with and assist such stockholder, such equityholders and the Company's transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such Stockholder (including the delivery of instruction letters by the Company or its counsel to the Company's transfer agent, the delivery of customary legal opinions by counsel to the Company and the delivery of Company Shares without restrictive legends, to the extent no longer applicable).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Su</u><u>spended Distributions</u>. Each Person participating in a registration hereunder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section</u> <u>4(a)(vi)</u>, such Person will immediately discontinue the disposition of its Registrable Securities pursuant to the registration statement until such Person's receipt of the copies of a supplemented or amended prospectus as contemplated by <u>Section</u> <u>4(a)(vi)</u>, subject to the Company's compliance with its obligations under <u>Section</u> <u>4(a)(vi)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Registerable Securities Transactions</u>. If requested by any Holder in connection with any transaction involving any Registrable Securities (including any sale or other transfer of such securities without registration under the Securities Act, any margin loan with respect to such securities and any pledge of such securities), the Company agrees to provide such Holder with customary and reasonable assistance to facilitate such transaction, including, without limitation, (i) such action as such Holder may reasonably request from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act and (ii) entering into an "issuer's agreement" in connection with any margin loan with respect to such securities in customary form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Other</u>. To the extent that any of the Participating Sponsor Investors is or may be deemed to be an "underwriter" of Registrable Securities pursuant to any SEC comments or policies, the Company agrees that (i) the indemnification and contribution provisions contained in <u>Section</u> <u>6</u> shall be applicable to the benefit of such Participating Sponsor Investor in their role as an underwriter or deemed underwriter in addition to their capacity as a holder and (ii) such Participating Sponsor Investor shall be entitled to conduct the due diligence which they would normally conduct in connection with an offering of securities registered under the Securities Act, including without limitation receipt of customary opinions and comfort letters addressed to such Participating Sponsor Investor.

Section 5 <u>Expenses</u>.

Except as expressly provided herein, all out-of-pocket expenses incurred by the Company or any Sponsor Investor in connection with the performance of or compliance with this Agreement and/or in connection with any sale, transfers, distributions or other disposition of Registrable Securities by any Sponsor Investor, including pursuant to a Demand Registration, Piggyback Registration or Shelf Offering, whether or not the same shall become effective, shall be paid by the Company, including, without limitation: (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or "blue sky" laws, (iii) all expenses associated with filings required to be made with the SEC by any Sponsor Investors reporting a change in beneficial ownership, (iv) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company or other depositary and of printing prospectuses and Company Free Writing Prospectuses), (v) all fees and disbursements of counsel for the Company and of all independent certified public accountants of the Company (including the expenses of any special audit and cold comfort letters required by or incident to such performance), (vi) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with then-customary underwriting practice, (vii) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange on which similar securities of the Company are then listed (or on which exchange the Registrable Securities are proposed to be listed in the case of the initial Public Offering), (viii) all applicable rating agency fees with respect to the Registrable Securities, (ix) all fees and disbursements of legal counsel for the Company, (x) all reasonable fees and disbursements of one legal counsel for selling Holders selected by the Sponsor Investors (which may be the same counsel as selected for the Company) together with any necessary local counsel as may be required by the Sponsor Investors, (xi) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xii) all fees and expenses of any special experts or other

------

Persons retained by the Company or the Sponsor Investors in connection with any Registration, (xiii) all of the Company's internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (xiv) all expenses related to the "road-show" for any underwritten offering, including all travel, meals and lodging. All such expenses are referred to herein as "<u>Expenses</u>." The Company shall not be required to pay, and each Person that sells securities pursuant to a Demand Registration, Shelf Offering or Piggyback Registration hereunder will bear and pay, all underwriting discounts and commissions applicable to the Registrable Securities sold for such Person's account and all transfer taxes (if any) attributable to the sale of Registrable Securities.

Section 6 <u>Indemnification and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company</u>. The Company will indemnify and hold harmless, to the fullest extent permitted by law and without limitation as to time, each Holder, such Holder's officers, directors employees, agents, fiduciaries, stockholders, managers, partners, members, Affiliates, direct and indirect equityholders, consultants and representatives, and any successors and assigns thereof, and each Person who controls such holder (within the meaning of the Securities Act) (the "<u>Indemnified Parties</u>") against all losses, claims, actions, damages, liabilities and expenses (including with respect to actions or proceedings, whether commenced or threatened, and including reasonable attorney fees and expenses) (collectively, "<u>Losses</u>") caused by, resulting from, arising out of, based upon or related to any of the following (each, a "<u>Violation</u>") by the Company: (i) any untrue or alleged untrue statement of material fact contained in (A) any registration statement, prospectus, preliminary prospectus or Free-Writing Prospectus, or any amendment thereof or supplement thereto or (B) any application or other document or communication (in this <u>Section</u> <u>6</u>, collectively called an "<u>application</u>") executed by or on behalf of the Company or based upon written information furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration under the "blue sky" or securities laws thereof, (ii) any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading or (iii) any Violation or alleged Violation by the Company of the Securities Act or any other similar federal or state securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance. In addition, the Company will reimburse such Indemnified Party for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such Losses. Notwithstanding the foregoing, the Company will not be liable in any such case to the extent that any such Losses result from, arise out of, are based upon, or relate to an untrue statement, or omission , made in such registration statement, any such prospectus, preliminary prospectus or Free-Writing Prospectus or any amendment or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished in writing to the Company by such Indemnified Party expressly for use therein or by such Indemnified Party's failure to deliver a copy of the registration statement or prospectus or any amendments or supplements thereto after the Company has furnished such Indemnified Party with a sufficient number of copies of the same. In connection with an underwritten offering, the Company will indemnify such underwriters, their officers and directors, and each Person who controls such underwriters (within the meaning of the Securities Act) to the same extent as provided above with respect to the indemnification of the Indemnified Parties or as otherwise agreed to in the underwriting agreement executed in connection with such underwritten offering. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of such securities by such seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By Holders</u>. In connection with any registration statement in which a Holder is participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the extent permitted by law, will indemnify the Company, its officers, directors, employees, agents and representatives, and each Person who controls the Company (within the meaning of the Securities Act)

------

against any Losses resulting from (as determined by a final and appealable judgment, order or decree of a court of competent jurisdiction) any untrue statement of material fact contained in the registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; <u>provided</u> that the obligation to indemnify will be individual, not joint and several, for each Holder and will be limited to the net amount of proceeds received by such Holder from the sale of Registrable Securities pursuant to such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Claim Procedure</u>. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided</u> that the failure to give prompt notice will impair any Person's right to indemnification hereunder only to the extent such failure has prejudiced the indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicted indemnified parties will have a right to retain one separate counsel, chosen by the majority of the conflicted indemnified parties involved in the indemnification and approved by the Sponsor Investor, at the expense of the indemnifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contribution</u>. If the indemnification provided for in this <u>Section</u> <u>6</u> is held by a court of competent jurisdiction to be unavailable to, or is insufficient to hold harmless, an indemnified party or is otherwise unenforceable with respect to any Loss referred to herein, then such indemnifying party will contribute to the amounts paid or payable by such indemnified party as a result of such Loss, (i) in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other hand in connection with the statements or omissions which resulted in such Loss as well as any other relevant equitable considerations or (ii) if the allocation provided by clause (i) of this <u>Section</u> <u>6(d)</u> is not permitted by applicable law, then in such proportion as is appropriate to reflect not only such relative fault but also the relative benefit of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the statement or omissions which resulted in such Losses, as well as any other relevant equitable considerations; <u>provided</u> that the maximum amount of liability in respect of such contribution will be limited, in the case of each seller of Registrable Securities, to an amount equal to the net proceeds actually received by such seller from the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party will be determined by reference to, among other things, whether the untrue (or, as applicable alleged) untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if the contribution pursuant to this <u>Section</u> <u>6(d)</u> were to be determined by pro rata allocation or by any other method of allocation that does not take into account such equitable considerations. The amount paid or payable by an indemnified party as a result of the Losses referred to herein will be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending against any action or claim which is the subject hereof. No person guilty of fraudulent misrepresentation (within the meaning of <u>Section</u> <u>11(f)</u> of the Securities Act) will be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Release</u>. No indemnifying party will, except with the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-exclusive</u> <u>Remedy</u><u>;</u> <u>Survival</u>. The indemnification and contribution provided for under this Agreement will be in addition to any other rights to indemnification or contribution that any indemnified party may have pursuant to law or contract (and the Company and its Subsidiaries shall be considered the indemnitors of first resort in all such circumstances to which this <u>Section</u> <u>6</u> applies) and will remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and will survive the transfer of Registrable Securities and the termination or expiration of this Agreement.

Section 7 <u>Cooperation with Underwritten Offerings</u>. No Person may participate in any underwritten registration hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements (including, without limitation, pursuant to the terms of any over-allotment or "green shoe" option requested by the underwriters; <u>provided</u> that no Holder will be required to sell more than the number of Registrable Securities such Holder has requested to include in such registration) and (ii) completes, executes and delivers all questionnaires, powers of attorney, stock powers, custody agreements, indemnities, underwriting agreements and other documents and agreements required under the terms of such underwriting arrangements or as may be reasonably requested by the Company and the lead managing underwriter(s). To the extent that any such agreement is entered into pursuant to, and consistent with, <u>Section</u> <u>3</u>, <u>Section</u> <u>4</u> and/or this <u>Section</u> <u>7</u>, the respective rights and obligations created under such agreement will supersede the respective rights and obligations of the Holders, the Company and the underwriters created thereby with respect to such registration.

Section 8 <u>Subsidiary Public Offering</u>. If, after an initial Public Offering of the common equity securities of one of its Subsidiaries, the Company distributes securities of such Subsidiary to its equityholders, then the rights and obligations of the Company pursuant to this Agreement will apply, *mutatis mutandis*, to such Subsidiary, and the Company will cause such Subsidiary to comply with such Subsidiary's obligations under this Agreement as if it were the Company hereunder.

Section 9 <u>Joinder</u>. The Company may from time to time (with the prior written consent of the Sponsor Investors) permit any Person who acquires Common Equity (or rights to acquire Common Equity) to become a party to this Agreement and to be entitled to and be bound by all of the rights and obligations as a Holder by obtaining an executed joinder to this Agreement from such Person in the form of <u>Exhibit</u> <u>B</u> attached hereto (a "<u>Joinder</u>"). Upon the execution and delivery of a Joinder by such Person, the Common Equity held by such Person shall become the category of Registrable Securities (i.e. Sponsor Investor Registrable Securities or Other Investor Registrable Securities), and such Person shall be deemed the category of Holder (i.e. Sponsor Investor or Other Investor), in each case as set forth on the signature page to such Joinder.

------

Section 10 <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendments and Waivers</u>. Except as otherwise provided herein, the provisions of this Agreement may be amended, modified or waived only with the prior written consent of the Company and the Sponsor Investors who are then Holders; provided that no such amendment, modification or waiver that would treat a specific Holder or group of Holders of Registrable Securities (i.e., Sponsor Investors or Other Investors) in a manner materially and adversely different than any other Holder or group of Holders will be effective against such Holder or group of Holders without the consent of the holders of a majority of the Registrable Securities that are held by the group of Holders that is materially and adversely affected thereby. The failure or delay of any Person to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such Person thereafter to enforce each and every provision of this Agreement in accordance with its terms. A waiver or consent to or of any breach or default by any Person in the performance by that Person of his, her or its obligations under this Agreement will not be deemed to be a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. The parties to this Agreement will be entitled to enforce their rights under this Agreement specifically (without posting a bond or other security), to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that a breach of this Agreement would cause irreparable harm and money damages would not be an adequate remedy for any such breach and that, in addition to any other rights and remedies existing hereunder, any party will be entitled to specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. 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 prohibited, invalid, illegal or unenforceable in any respect under any applicable law or regulation in any jurisdiction, such prohibition, invalidity, illegality or unenforceability will not affect the validity, legality or enforceability of any other provision of this Agreement in such jurisdiction or in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such prohibited, invalid, illegal or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Entire Agreement</u>. Except as otherwise provided herein, this Agreement contains the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts 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 (including, without limitation, the Yellowstone Midco Holdings II, LLC Amended and Restated Limited Liability Agreement and the Yellowstone Ultimate Holdings, LP Amended and Restated Agreement of Limited Partnership).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Successors and Assigns</u>. Except as otherwise provided herein, this Agreement will bind and inure to the benefit and be enforceable by the Company and its successors and permitted assigns. Each of the Sponsor Investors and the Blackrock Investors may assign its rights hereunder to its Affiliates; provided, that such purchaser or transferee shall, as a condition to the effectiveness of such assignment, be required to cause such prospective transferee to execute and deliver to the Company a Joinder. Except as otherwise provided herein, the rights under this Agreement are personal to the Holders and are not assignable without the prior written consent of each of the Company and the Sponsor Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notices</u>. Any notice, demand or other communication to be given under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given (i) when delivered personally to the recipient, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient; but if not, then on the next Business Day, (iii) one Business Day after it is sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) three Business Days after it is mailed to the recipient by first class mail, return receipt requested. Such notices, demands and other communications will be sent to the Company at the address specified on the signature page hereto or

------

any Joinder and to any holder, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Any party may change such party's address for receipt of notice by giving prior written notice of the change to the sending party as provided herein. The Company's address is:

York Space Systems Inc.

6060 S Willow Drive

Greenwood Village, CO 80111

Attn: Monica Palko, Chief Legal and Administrative Officer

Email: \*\*\*\*; \*\*\*\*

<u>With a copy to:</u>

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attn: Robert Hayward, Kevin M. Frank, Ashley Sinclair

Email: \*\*\*\*, \*\*\*\*, \*\*\*\*

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Business Days</u>. If any time period for giving notice or taking action hereunder expires on a day that is not a Business Day, the time period will automatically be extended to the Business Day immediately following such Saturday, Sunday or legal holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Governing Law</u>. All issues and questions concerning the construction, validity, interpretation and enforcement of this Agreement and the exhibits and schedules hereto will 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>MUTUAL WAIVER OF JURY TRIAL</u>. AS A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>CONSENT TO JURISDICTION AND SERVICE OF PROCESS</u>. EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. EACH OF THE PARTIES HERETO FURTHER AGREES THAT SERVICE OF ANY PROCESS, SUMMONS, NOTICE OR DOCUMENT BY U.S. REGISTERED MAIL TO SUCH PARTY'S RESPECTIVE ADDRESS SET FORTH ABOVE WILL BE EFFECTIVE SERVICE OF PROCESS FOR ANY ACTION, SUIT OR PROCEEDING WITH RESPECT TO ANY MATTERS TO WHICH IT HAS SUBMITTED TO JURISDICTION IN THIS PARAGRAPH. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF THIS AGREEMENT, ANY RELATED DOCUMENT OR

------

THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND HEREBY AND THEREBY FURTHER IRREVOCABLY AND UNCONDITIONALLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Recourse</u>. Notwithstanding anything to the contrary in this Agreement, the Company and each Holder agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement, will be had against any current or future director, officer, employee, general or limited partner or member of any Holder or any Affiliate or assignee thereof, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any current or future officer, agent or employee of any Holder or any current or future member of any Holder or any current or future director, officer, employee, partner or member of any Holder or of any Affiliate or assignee thereof, as such for any obligation of any Holder under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. The use of the word "including" in this Agreement will be by way of example rather than by limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>No Strict Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Counterparts</u>. This Agreement may be executed in multiple counterparts, any one of which need not contain the signature of more than one party, but all such counterparts taken together will constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Electronic Delivery</u>. 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 executed and delivered by means of a photographic, photostatic, facsimile or similar reproduction of such signed writing using a facsimile machine or electronic mail will be treated in all manner and respects as an original agreement or instrument and will 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 will re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument will 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Further Assurances</u>. In connection with this Agreement and the transactions contemplated hereby, each Holder agrees to execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and the transactions contemplated hereby.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Dividends, Recapitalizations, Etc.</u> If at any time or from time to time there is any change in the capital structure of the Company by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the provisions hereof so that the rights and privileges granted hereby will continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>No Third-Party Beneficiaries</u>. 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, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Current Public Information</u>. At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company will file all reports required to be filed by it under the Securities Act and the Exchange Act and will take such further action as the Sponsor Investors may reasonably request, all to the extent required to enable such Holders to sell Registrable Securities pursuant to Rule 144 that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make and keep available adequate current public information, as defined in Rule 144;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) furnish to any Holder upon request, so long as the Holder owns any Registrable Securities, a written statement regarding the Company's compliance with the conditions set forth in paragraph (c)(1) of Rule 144.

\* \* \* \* \*

------

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

---

| |
|:---|
| **YORK SPACE SYSTEMS INC.** |
| By: |
| Its: |

---

---

| |
|:---|
| **SPONSOR INVESTORS:** |
| **[AE INVESTORS]** |
| By: |

---

Its:

Address:

***[****Signature Page to Registration Rights Agreement****]*** 

------

---

| |
|:---|
|  **OTHER INVESTORS:** |
|  Name: |
| Address: |
|  Name: |
|  Address: |
|  Name: |
|  Address: |
|  ] |

---

***[****Signature Page to Registration Rights Agreement****]***

------

**<u>EXHIBIT A</u>**

**DEFINITIONS** 

Capitalized terms used in this Agreement have the meanings set forth below.

"<u>Affiliate</u>" of any Person means any other Person controlled by, controlling, managing, managed by or under common control with such Person and, in the case of an individual, also includes any member of such individual's Family Group; <u>provided</u> that the Company and its Subsidiaries will not be deemed to be Affiliates of any holder of Registrable Securities. As used in this definition, "control" (including, with its correlative meanings, "controlling," "controlled by" and "under common control with") will mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise).

"<u>Agreement</u>" has the meaning set forth in the recitals.

"<u>Automatic Shelf Registration Statement</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Blackrock Investors</u>" means each of BlackRock Private Equity Co-Investments 2021 Aggregator Cayman Ltd., BlackRock Growth Equity Fund Master Cayman Aggregator Ltd., BR POF IV CAYMAN MASTER FUND, L.P., BlackRock Private Opportunities Fund IV, L.P., BlackRock Private Opportunities Fund IV Master SCSp, TSCL Private Markets Cayman Fund Ltd., 1885 Private Opportunities Cayman Fund, Ltd., Heathrow Forest Opportunities Fund, L.P., Lincoln Pension Private Equity BR, L.P., NHRS Private Opportunities Fund, L.P., NDSIB Private Opportunities Fund Cayman Ltd., Mutual of Omaha OF Cayman, Ltd., BlackRock ERI Private Opportunities Master SCSp, Sullivan Way POF Cayman, Ltd, Total Alternatives Fund - Private Equity (B) LP, Total Alternatives Fund - Private Equity LP, 1824 Private Equity Fund, L.P., Tango Capital Opportunities Fund, L.P., BlackRock Private Investments Fund, OV Private Opportunities Cayman, Ltd., SONJ Opportunities Cayman, Ltd., Red River Direct Investment Fund III, L.P., MB BlackRock Holdings Cayman Ltd., LFR Capital Management, L.P. - 2023-14, Hilltop Investment Partners, LLC and LTIC Direct LLC; *provided* that any decision to be made under this Agreement by the Blackrock Investors shall be made by the holders of a majority of all Blackrock Registrable Securities.

"<u>Blackrock Registrable Securities</u>" means (i) any Common Equity held (directly or indirectly) by any Blackrock Investor or any of its Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in <u>clause (i)</u> above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

"<u>Business Day</u>" means a day that is not a Saturday or Sunday or a day on which banks in New York City are authorized or requested by law to close.

"<u>Charitable Gifting Event</u>" means any transfer by an Sponsor Investor, or any subsequent transfer by such holder's members, partners or other employees, in connection with a bona fide gift to any Charitable Organization on the date of, but prior to, the execution of the underwriting agreement entered into in connection with any underwritten offering.

"<u>Charitable Organization</u>" means a charitable organization as described by <u>Section</u> <u>501(c)(3)</u> of the Internal Revenue Code of 1986, as in effect from time to time.

------

"<u>Common Equity</u>" means the Company's common stock, par value $[**0.0001]** per share. In the event of a Corporate Conversion, Common Equity will thereafter mean the common stock issued upon conversion or in exchange for the Company's Common Equity.

"<u>Company</u>" has the meaning set forth in the preamble and shall include its successor(s).

"<u>Crossover Registrable Securities</u>" has the meaning set forth in <u>Section</u> <u>1(a)(ii)</u>.

"<u>Crossover Shelf Registration</u>" has the meaning set forth in <u>Section</u> <u>1(a)(ii)</u>.

"<u>Demand Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>End of Suspension Notice</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

"<u>Excluded Registration</u>" means any registration (i) pursuant to a Demand Registration (which is addressed in <u>Section</u> <u>1(a)</u>), or (ii) in connection with registrations on Form S-4 or S-8 promulgated by the SEC or any successor or similar forms).

"<u>Expenses</u>" has the meaning set forth in <u>Section</u> <u>5</u>.

"<u>Family Group</u>" means with respect to any individual, such individual's current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) and the spouses of such descendants, any trust, limited partnership, corporation or limited liability company established solely for the benefit of such individual or such individual's current or former spouse, their respective parents, descendants of such parents (whether natural or adopted) or the spouses of such descendants.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority.

"<u>Free Writing Prospectus</u>" means a free-writing prospectus, as defined in Rule 405.

"<u>Holdback Period</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>Holder</u>" means a holder of Registrable Securities who is a party to this Agreement (including by way of Joinder).

"<u>Indemnified Parties</u>" has the meaning set forth in <u>Section</u> <u>6(a)</u>.

"<u>Joinder</u>" has the meaning set forth in <u>Section</u> <u>9(a)</u>.

"<u>Long-Form Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Losses</u>" has the meaning set forth in <u>Section</u> <u>6(c)</u>.

"<u>Other Investors</u>" has the meaning set forth in the recitals.

"<u>Other Investor Registrable Securities</u>" means (i) any Common Equity held (directly or indirectly) by any Other Investors or any of their Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in <u>clause (</u><u>i</u><u>)</u> above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

------

"<u>Participating Sponsor Investors</u>" means any Sponsor Investor(s) participating in the request for a Demand Registration, Shelf Offering, Piggyback Registration or Underwritten Block Trade.

"<u>Person</u>" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof.

"<u>Piggyback Registrations</u>" has the meaning set forth in <u>Section</u> <u>2(a)</u>.

"<u>Public Offering</u>" means any sale or distribution by the Company, one of its Subsidiaries and/or Holders to the public of Common Equity or other securities convertible into or exchangeable for Common Equity pursuant to an offering registered under the Securities Act.

"<u>Qualified Independent Underwriter</u>" has the meaning set forth by FINRA in Section 5121(f)(12), or any successor provision thereto.

"<u>Registrable Securities</u>" means Sponsor Investor Registrable Securities or Other Investor Registrable Securities. As to any particular Registrable Securities, such securities will cease to be Registrable Securities when they have been (a) sold or distributed pursuant to a Public Offering, (b) sold in compliance with Rule 144, (c) distributed to the direct or indirect partners or members of a Sponsor Investor or (d) repurchased by the Company or a Subsidiary of the Company. For purposes of this Agreement, a Person will be deemed to be a holder of Registrable Securities, and the Registrable Securities will be deemed to be in existence, whenever such Person has the right to acquire, directly or indirectly, such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person will be entitled to exercise the rights of a holder of Registrable Securities hereunder (it being understood that a holder of Registrable Securities may only request that Registrable Securities in the form of Common Equity be registered pursuant to this Agreement). Notwithstanding the foregoing, any Registrable Securities held by any Person (other than any Sponsor Investor or its Affiliates) that may be sold under Rule 144(b)(1)(i) without limitation under any of the other requirements of Rule 144 will be deemed not to be Registrable Securities.

"<u>Rule 144</u>", "<u>Rule 158</u>", "<u>Rule 405</u>", "<u>Rule 415</u>", "<u>Rule 403B</u>" and "<u>Rule 462</u>" mean, in each case, such rule promulgated under the Securities Act (or any successor provision) by the SEC, as the same will be amended from time to time, or any successor rule then in force.

"<u>Sale of the Company</u>" means any transaction or series of transactions pursuant to which any Person(s) or a group of related Persons (other than any Sponsor Investor and/or its Affiliates) in the aggregate acquires: (i) Common Equity of the Company entitled to vote (other than voting rights accruing only in the event of a default, breach, event of noncompliance or other contingency) to elect directors with a majority of the voting power of the Company's board of directors (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company's Common Equity) or (ii) all or substantially all of the Company's and its Subsidiaries' assets determined on a consolidated basis; <u>provided</u> that a Public Offering will not constitute a Sale of the Company.

"<u>Sale Transaction</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

------

"<u>Securities</u>" has the meaning set forth in <u>Section</u> <u>3(a)</u>.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time, or any successor federal law then in force, together with all rules and regulations promulgated thereunder.

"<u>Shelf Offering</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Offering Notice</u>" has the meaning set forth in <u>Section</u> <u>1(d)(i)</u>.

"<u>Shelf Registration</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Shelf Registrable Securities</u>" has the meaning set forth in <u>Section</u> <u>1(d)(</u><u>i</u><u>)</u>.

"<u>Shelf Registration Statement</u>" has the meaning set forth in <u>Section</u> <u>1(d)</u>.

"<u>Short-Form Registrations</u>" has the meaning set forth in <u>Section</u> <u>1(a)</u>.

"<u>Sponsor Investors</u>" has the meaning set forth in the recitals; provided that any decision to be made under this Agreement by the Sponsor Investors shall be made by the holders of a majority of all Sponsor Investor Registrable Securities.

"<u>Sponsor Investor Registrable Securities</u>" means (i) any Common Equity held (directly or indirectly) by any Sponsor Investor or any of its Affiliates, and (ii) any equity securities of the Company or any Subsidiary issued or issuable with respect to the securities referred to in <u>clause (</u><u>i</u><u>)</u> above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation or other reorganization.

"<u>Subsidiary</u>" means, with respect to the Company, any corporation, limited liability company, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of the other Subsidiaries of the Company or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity, a majority of the limited liability company, partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more Subsidiaries of the Company or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons will be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or will be or control the managing director or general partner of such limited liability company, partnership, association or other business entity.

"<u>Suspension Event</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Suspension Notice</u>" has the meaning set forth in <u>Section</u> <u>1(f)(ii)</u>.

"<u>Suspension Period</u>" has the meaning set forth in <u>Section</u> <u>1(f)(i)</u>.

"<u>Violation</u>" has the meaning set forth in <u>Section</u> <u>6(a)</u>.

"<u>WKSI</u>" means a "well-known seasoned issuer" as defined under Rule 405.

------

**<u>EXHIBIT B</u>**

The undersigned is executing and delivering this Joinder pursuant to the Registration Rights Agreement dated as of , 20<u> </u> (as amended, modified and waived from time to time, the "<u>Registration Agreement</u>"), among York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), and the other persons named as parties therein (including pursuant to other Joinders). Capitalized terms used herein have the meaning set forth in the Registration Agreement.

By executing and delivering this Joinder to the Company, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the provisions of, the Registration Agreement as a Holder in the same manner as if the undersigned were an original signatory to the Registration Agreement, and the undersigned will be deemed for all purposes to be a Holder, an **[Sponsor Investor/Other Investor thereunder]** and the undersigned's shares of Common Equity will be deemed for all purposes to be a **[Sponsor Investor // \Other Investor]** Registrable Securities under the Registration Agreement.

Accordingly, the undersigned has executed and delivered this Joinder as<u> </u> of the day of , 20<u> </u>.

 <br> Signature

---

| |
|:---|
| Print Name |
| Address: |

---

---

| |
|:---|
| Agreed and Accepted as of |
| , 20<u> </u>: |
| **YORK SPACE SYSTEMS INC.** |
| By: ________________________ |
| Its: ________________________ |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g941199g12c15.jpg)

333 West Wolf Point Plaza Chicago, IL 60654 United States <br> +1 312 862 2000 Facsimile: +1 312 862 2200

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.kirkland.com

January 16, 2026

York Space Systems Inc.

6060 S Willow Drive

Greenwood Village, CO 80111

Re: <u>Registration Statement on Form S-1</u>

Ladies and Gentlemen:

We are issuing this opinion as special counsel to York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the proposed registration by the Company of up to 18,400,000 shares of its common stock, par value $0.0001 per share (the "<u>Common Stock</u>"), to be newly issued and sold by the Company (the "<u>Shares</u>"), including up to 2,400,000 Shares of Common Stock purchasable by the underwriters upon their exercise of an over-allotment option granted to the underwriters by the Company, pursuant to a Registration Statement on Form S-1 (Registration No. 333-291581), initially publicly filed with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") on November 17, 2025, under the Securities Act of 1933, as amended (the "<u>Act</u>") (such Registration Statement, as amended or supplemented, is hereinafter referred to as the "<u>Registration Statement</u>").

In connection therewith, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we have deemed necessary for the purposes of this opinion, including (i) the corporate and organizational documents of the Company, including the form of Amended and Restated Certificate of Incorporation of the Company to be filed with the Secretary of State of the State of Delaware, which will become effective prior to the sale of the Shares, (ii) minutes and records of the proceedings of the Company with respect to the issuance and sale of the Shares, (iii) the form of Underwriting Agreement in the form filed as Exhibit 1.1 to the Registration Statement (the "<u>Underwriting Agreement</u>"), filed with the Commission on January 16, 2026 and (iv) the Registration Statement.

Austin Bay Area Beijing Boston Brussels Dallas Frankfurt Hong Kong Houston London Los Angeles Miami Munich New York Paris Philadelphia Riyadh Salt Lake City Shanghai Washington, D.C.

------

![LOGO](g941199g76b12.jpg)

York Space Systems Inc.

January 16, 2026

For purposes of this opinion, we have assumed the authenticity of all documents submitted to us as originals, the conformity to the originals of all documents submitted to us as copies and the authenticity of the originals of all documents submitted to us as copies. We have also assumed the legal capacity of all natural persons, the genuineness of the signatures of persons signing all documents in connection with which this opinion is rendered, the authority of such persons signing on behalf of the parties thereto, other than the Company, and the due authorization, execution and delivery of all documents by the parties thereto, other than the Company. We have not independently established or verified any facts relevant to the opinions expressed herein, but have relied upon statements and representations of officers and other representatives of the Company and others.

Based upon and subject to the foregoing qualifications, assumptions and limitations and the further limitations set forth below, we are of the opinion that the Shares will be duly authorized, and, when the Registration Statement becomes effective under the Act, the final Underwriting Agreement is duly executed and delivered by the parties thereto and the Shares are registered by the Company's transfer agent and delivered against payment of the agreed consideration therefor, all in accordance with the final Underwriting Agreement, the Shares will be validly issued, fully paid and non-assessable.

Our opinion expressed above is subject to the qualification that we express no opinion as to the applicability of, compliance with, or effect of any laws except the General Corporation Law of the State of Delaware (including the statutory provisions, all applicable provisions of the Delaware constitution and reported judicial decisions interpreting the foregoing).

We hereby consent to the filing of this opinion with the Commission as Exhibit 5.1 to the Registration Statement. We also consent to the reference to our firm under the heading "Legal Matters" in the Registration Statement. In giving this consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission. This opinion and consent may be incorporated by reference in a subsequent registration statement on Form S-1 filed pursuant to Rule 462(b) under the Act with respect to the registration of additional securities for sale in the offering contemplated by the Registration Statement and shall cover such additional securities, if any, registered on such subsequent registration statement.

We do not find it necessary for the purposes of this opinion, and accordingly we do not purport to cover herein, the application of the securities or "Blue Sky" laws of the various states to the issuance and sale of the Shares.

------

![LOGO](g941199g76b12.jpg)

York Space Systems Inc.

January 16, 2026

This opinion is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein. This opinion speaks only as of the date that the Registration Statement becomes effective under the Act, and we assume no obligation to revise or supplement this opinion after the date of effectiveness should the General Corporation Law of the State of Delaware be changed by legislative action, judicial decision or otherwise after the date hereof.

Sincerely,<br>/s/ Kirkland & Ellis LLP<br>KIRKLAND & ELLIS LLP<br>

## Exhibit 10.5

**Exhibit 10.5** 

**FORM OF** 

**INDEMNIFICATION AGREEMENT** 

THIS INDEMNIFICATION AGREEMENT (this "<u>Agreement</u>") is made and entered into as of [ ], 20[ ] between York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), and [ ] (the "<u>Indemnitee</u>"). Capitalized terms used but not otherwise defined herein shall have the meaning set forth in <u>Section</u> <u>14</u> hereof.

WHEREAS, highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Bylaws of the Company (as amended, restated, modified, and/or supplemented from to time, the "<u>Bylaws</u>") require indemnification of the directors and officers of the Company;

WHEREAS, the certificate of incorporation of the Company (as amended, restated, modified, and/or supplemented from to time, the "<u>Charter</u>"), the Bylaws and the General Corporation Law of the State of Delaware (the "<u>DGCL</u>") expressly contemplate that contracts may be entered into between the Company and members of the Board of Directors of the Company (the "<u>Board</u>"), officers of the Company, and other persons with respect to indemnification and advancement of Expenses;

WHEREAS, the uncertainties relating to insurance and indemnification have increased the difficulty of attracting and retaining directors and officers;

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining directors and officers is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

WHEREAS, it is reasonable, prudent, and necessary for the Company to indemnify, and to advance Expenses on behalf of, the Company's directors and officers to the Fullest Extent Permitted By Applicable Law; [and]<sup>1</sup>

[WHEREAS, the Indemnitee may have certain rights to indemnification, advancement of Expenses, and/or insurance provided by AE Industrial Partners, which the Indemnitee, the Company, and AE Industrial Partners intend to be secondary to the primary obligation of the Company to indemnify the Indemnitee as provided herein, with the Company's acknowledgment of and agreement to the foregoing being a material condition to the Indemnitee's willingness to serve as a director and/or officer of the Company; and]<sup>2</sup>

<sup>1</sup> **Note to Draft**: Bracketed language to be included for officers and non-AE-affiliated directors. 

<sup>2</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

------

WHEREAS, the Indemnitee may not be willing to serve or continue to serve as an officer or director without adequate protection, and the Company desires the Indemnitee to serve or continue to serve in such capacity.

NOW, THEREFORE, each party hereto, intending to be legally bound hereby, agrees as follows:

1. <u>Indemnity of the Indemnitee</u>. On the terms and subject to the conditions set forth in this Agreement, the
Company hereby agrees to hold harmless and indemnify the Indemnitee to the Fullest Extent Permitted By Applicable Law. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Proceedings Other Than Proceedings by or in the Right of the Company</u>. The Indemnitee shall be entitled
to the rights of indemnification provided in this <u>Section</u> <u>1(a)</u> if the Indemnitee has been or is, or is threatened to be made, a party to or participant in, or otherwise becomes involved in, any Proceeding other than a
Proceeding by or in the right of the Company. Pursuant to this <u>Section</u> <u>1(a)</u>, the Indemnitee shall be indemnified to the Fullest Extent Permitted By Applicable Law against all Losses and Expenses actually and reasonably
incurred by the Indemnitee, or on the Indemnitee's behalf, in connection with such Proceeding or any claim, issue, or matter therein, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not
opposed to the best interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Proceedings by or in the Right of the Company</u>. The Indemnitee shall be entitled to the rights of
indemnification provided in this <u>Section</u> <u>1(b)</u> if the Indemnitee has been or is, or is threatened to be made, a party to or participant in, or otherwise becomes involved in, any Proceeding brought by or in the right of the
Company. Pursuant to this <u>Section</u> <u>1(b)</u>, the Indemnitee shall be indemnified to the Fullest Extent Permitted By Applicable Law against all Expenses actually and reasonably incurred by the Indemnitee, or on the
Indemnitee's behalf, in connection with such Proceeding or any claim, issue, or matter therein if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the
Company; <u>provided</u>, <u>however</u>, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue, or matter in such Proceeding as to which the Indemnitee shall have been adjudged to be
liable to the Company unless and only to the extent that the Chancery Court of the State of Delaware (the " <u>Delaware</u> <u>Court</u> ") or the court in which such Proceeding was brought shall determine that the Indemnitee is fairly and
reasonably entitled to such indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification for Expenses of a Party Who is Wholly or Partly Successful</u>. Notwithstanding any other
provision of this Agreement (other than <u>Section</u> <u>9</u>), to the extent that the Indemnitee is successful, on the merits or otherwise, in defense of any Proceeding, the Indemnitee shall be indemnified to the Fullest Extent
Permitted By Applicable Law against all Expenses actually and reasonably

------

incurred by the Indemnitee, or on the Indemnitee's behalf, in connection therewith. If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection with each successfully resolved claim, issue, or matter. For purposes of this <u>Section</u> <u>1(c)</u> and without limitation, the termination of any claim, issue, or matter in such a Proceeding by dismissal, with or without prejudice, on substantive or procedural grounds, shall be deemed to be a successful result as to such claim, issue, or matter.

2. <u>Additional Indemnity</u>. Notwithstanding any limitations in <u>Section</u> <u>1</u> of this
Agreement, the Company shall indemnify the Indemnitee to the Fullest Extent Permitted By Applicable Law if the Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of
the Company to procure a judgment in its favor) for all Losses and Expenses actually and reasonably incurred by the Indemnitee or on the Indemnitee's behalf.

3. <u>Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whether or not the indemnification provided in <u>Sections</u> <u>1</u> and <u>2</u> hereof is
available, in respect of any threatened, pending, or completed Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding), to the Fullest Extent Permitted By Applicable Law, the Company shall
pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring the Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have
against the Indemnitee. The Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in such Proceeding) unless such settlement (i) provides for a full and
final release of all claims asserted against the Indemnitee and (ii) does not impose any Loss, Expense, or limitation on the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without diminishing or impairing the obligations of the Company set forth in the preceding subsection, if, for
any reason, the Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending, or completed Proceeding in which the Company is jointly liable with the Indemnitee (or would be if joined in
such Proceeding), to the Fullest Extent Permitted By Applicable Law, the Company shall contribute to the amount of Losses and Expenses actually and reasonably incurred and paid or payable by the Indemnitee in proportion to the relative benefits
received by the Company and all officers, directors, or employees of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other
hand, from the transaction or events from which such Proceeding arose; <u>provided</u>, <u>however</u>, that the proportion determined on the basis of relative benefit may, to the extent necessary to

------

conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors, or employees of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, in connection with the transaction or events that resulted in such Losses or Expenses, as well as any other equitable considerations which applicable law may require to be considered. The relative fault of the Company and all officers, directors, or employees of the Company, other than the Indemnitee, who are jointly liable with the Indemnitee (or would be if joined in such Proceeding), on the one hand, and the Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which their conduct is active or passive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the Fullest Extent Permitted By Applicable Law, the Company hereby agrees to fully indemnify and hold the
Indemnitee harmless from any claims of contribution that may be brought by officers, directors, or employees of the Company, other than the Indemnitee, who may be jointly liable with the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Fullest Extent Permitted By Applicable Law, if the indemnification provided for in this Agreement is
unavailable to the Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the amount incurred by the Indemnitee, whether for Losses and/or for Expenses, in connection with any claim relating to
an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and the Indemnitee as
a result of the event(s) and/or transaction(s) giving cause to such Proceeding and/or (ii) the relative fault of the Company (and its directors, officers, employees, and agents) and the Indemnitee in connection with such event(s) and/or
transaction(s).

4. <u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement (other
than <u>Section</u> <u>9</u>), to the Fullest Extent Permitted By Applicable Law and to the extent that the Indemnitee is a witness, or is made (or asked) to respond to discovery requests, in any Proceeding to which the Indemnitee is not
a party, the Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection therewith.

5. <u>Advancement of Expenses</u>. Notwithstanding any other provision of this Agreement, the Company shall
advance, to the Fullest Extent Permitted By Applicable Law, all Expenses incurred by or on behalf of the Indemnitee in connection with any Proceeding within 30 days after the receipt by the Company of a statement or statements from the Indemnitee
requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by the Indemnitee. The Indemnitee's execution
and delivery to the Company of this Agreement shall constitute an undertaking providing that the Indemnitee

------

undertakes to repay the amounts advanced by the Company pursuant to this Agreement, if and only to the extent that it is ultimately determined that the Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. Any advances and undertakings to repay pursuant to this Agreement shall be unsecured and interest free.

6. <u>Procedures and Presumptions for Determination of Entitlement to Indemnification</u>. It is the intent of
this Agreement to secure for the Indemnitee rights of indemnity that are as favorable as may be permitted under the DGCL and the public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions
shall apply in the event of any question as to whether the Indemnitee is entitled to indemnification under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, the Indemnitee shall submit to the Company a written request,
including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. The Secretary of the
Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure of the Indemnitee to provide such a request to the
Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to the Indemnitee unless, and to the extent that, such failure actually and materially prejudices the interests of the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by the Indemnitee for indemnification pursuant to the first sentence of <u>Section</u> <u>6(a)</u> hereof, a determination with respect to the Indemnitee's entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board:
(i) by a majority vote of the Disinterested Directors, even though less than a quorum, (ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum,
(iii) if there are no Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (iv) if so directed by the Board,
by the stockholders of the Company; <u>provided</u>, <u>however</u>, that if a Change in Control has occurred, the determination with respect to the Indemnitee's entitlement to indemnification shall be made by Independent Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to <u>Section</u> <u>6(b)</u> hereof, the Independent Counsel shall be selected as provided in this <u>Section</u> <u>6(c)</u>. If a Change in Control has not occurred, the Independent Counsel shall be selected by the Board, and
the Company shall give written notice to the Indemnitee advising the Indemnitee of the identity of the Independent Counsel so selected. The Indemnitee may, within 10 days after such written notice of selection shall have been given, deliver to the
Company a written objection to such selection; <u>provided</u>, <u>however</u>, that such

------

objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in <u>Section</u> <u>14</u> of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If a Change in Control has occurred, the Independent Counsel shall be selected by the Indemnitee (unless the Indemnitee requests that such selection be made by the Board, in which event the preceding sentence shall apply) and approved by the Board (which approval shall not be unreasonably withheld). If (i) an Independent Counsel is to make the determination of entitlement pursuant to this <u>Section</u> <u>6</u> and (ii) within 20 days after submission by the Indemnitee of a written request for indemnification pursuant to <u>Section</u> <u>6(a)</u> hereof, no Independent Counsel shall have been selected (and not objected to), either the Company or the Indemnitee may petition the Delaware Court or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under <u>Section</u> <u>6(b)</u> hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to <u>Section</u> <u>6(b)</u> hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this <u>Section</u> <u>6(c)</u>, regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In making a determination with respect to entitlement to indemnification hereunder, the person, persons, or
entity making such determination shall, to the Fullest Extent Permitted By Applicable Law, presume that the Indemnitee is entitled to indemnification under this Agreement, and the burden of proof and the burden of persuasion by clear and convincing
evidence to overcome this presumption shall be on the Company. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement
that indemnification is proper in the circumstances because the Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that the Indemnitee has not met
such applicable standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indemnitee shall be deemed to have acted in good faith if the Indemnitee's action is based on the
records or books of account of the Enterprise, including financial statements, on information supplied to the Indemnitee by the officers of the Enterprise in the course of their duties, on the advice of legal counsel for the Enterprise, or on
information or records given or reports made to the Enterprise

------

by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any other director, officer, agent, or employee of the Enterprise shall not be imputed to the Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this <u>Section</u> <u>6(e)</u> are satisfied, it shall in any event be presumed that the Indemnitee has at all times acted in good faith and in a manner the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and the burden of proof and the burden of persuasion by clear and convincing evidence to overcome this presumption shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the person, persons, or entity empowered or selected under <u>Section</u> <u>6</u> to determine
whether the Indemnitee is entitled to indemnification shall not have made a determination within 60 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the Fullest Extent
Permitted By Applicable Law, be deemed to have been made and the Indemnitee shall be entitled to such indemnification absent (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the
Indemnitee's statement not materially misleading, in connection with the request for indemnification, (ii) a prohibition of such indemnification under applicable law, or (iii) if the determination of entitlement to indemnification is
to be made by Independent Counsel pursuant to <u>Section</u> <u>6(b)</u> of this Agreement; <u>provided</u>, <u>however</u>, that such 60-day period may be extended for a reasonable time, not to
exceed an additional 30 days, if the person, persons, or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating
thereto; and <u>provided</u>, <u>further</u>, that the foregoing provisions of this <u>Section</u> <u>6(f)</u> shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to <u>Section</u> <u>6(b)</u> of this Agreement and if (A) within 15 days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such
determination to the stockholders for their consideration at an annual meeting thereof to be held within 75 days after such receipt and such determination is made thereat or (B) a special meeting of stockholders is called within 15 days after
such receipt for the purpose of making such determination, such meeting is held for such purpose within 60 days after having been so called and such determination is made thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Indemnitee shall cooperate with the person, persons, or entity making such determination with respect to
the Indemnitee's entitlement to indemnification, including providing to such person, persons, or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is
reasonably available to the Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board, or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the
Indemnitee's entitlement to indemnification under this Agreement. Any costs or Expenses (including attorneys' fees and disbursements) incurred by the Indemnitee in so cooperating with the person, persons, or entity making such
determination shall be borne by the Company (irrespective of the determination as to the Indemnitee's entitlement to indemnification), and the Company hereby indemnifies and agrees to hold the Indemnitee harmless therefrom.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company acknowledges that a settlement or other disposition of any action, claim, or proceeding to which
the Indemnitee is a party or potential party short of final judgment may be successful on the merits or otherwise if it permits the Indemnitee to avoid the expense, delay, distraction, disruption, and uncertainty of litigation. In the event that any
action, claim, or proceeding to which the Indemnitee is a party is resolved in any manner other than by adverse judgment against the Indemnitee (including settlement of such action, claim, or proceeding with or without payment of money or other
consideration), it shall to the Fullest Extent Permitted By Applicable Law be presumed that the Indemnitee has been successful on the merits or otherwise in such Proceeding, and the burden of proof and the burden of persuasion by clear and
convincing evidence to overcome this presumption shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The termination of any Proceeding or of any claim, issue, or matter therein, by judgment, order, settlement, or
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of the Indemnitee to indemnification or create a presumption that the
Indemnitee did not act in good faith and in a manner which the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to
believe that the Indemnitee's conduct was unlawful.

7. <u>Remedies of the Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that (i) a determination is made pursuant to <u>Section</u> <u>6</u> of this
Agreement that the Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to <u>Section</u> <u>5</u> of this Agreement, (iii) no determination of entitlement
to indemnification is made pursuant to <u>Section</u> <u>6(b)</u> of this Agreement within 90 days after receipt by the Company of the request for indemnification, (iv) if no determination is required to be made by the Company
pursuant to <u>Section</u> <u>1(c)</u> of this Agreement, payment of indemnification is not made pursuant to <u>Section</u> <u>1(c)</u> of this Agreement within 30 days after receipt by the Company of a written request
therefor, or (v) payment of indemnification is not made within 30 days after a determination has been made that the Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to <u>Section</u> <u>6</u> of this Agreement, the Indemnitee shall be entitled to an adjudication in an appropriate court, pursuant to <u>Section</u> <u>22</u> of this Agreement, of the Indemnitee's entitlement to such
indemnification, contribution, or advancement of Expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a determination shall have been made pursuant to <u>Section</u> <u>6(b)</u> of
this Agreement that the Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this <u>Section</u> <u>7</u> shall be conducted in all respects as a de novo trial, or arbitration, on
the merits, and the Indemnitee shall not be prejudiced by reason of the adverse determination under <u>Section</u> <u>6(b)</u>. In any judicial proceeding or arbitration commenced pursuant to this <u>Section</u> <u>7</u>, the
Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proving the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. If the Indemnitee
commences a judicial proceeding or arbitration pursuant to this <u>Section</u> <u>7</u>, the Indemnitee shall not be required to reimburse the Company for any advances pursuant to <u>Section</u> <u>5</u> until a final
determination is made with respect to the Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to <u>Section</u> <u>6(b)</u> of this Agreement
that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this <u>Section</u> <u>7</u>, absent (i) a misstatement by the
Indemnitee of a material fact, or an omission of a material fact, necessary to make the Indemnitee's misstatement not materially misleading in connection with the application for indemnification or (ii) a prohibition of such
indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Indemnitee, pursuant to this <u>Section</u> <u>7</u>, incurs costs in a
judicial or arbitration proceeding or otherwise seeking to enforce the Indemnitee's rights under, or to recover damages for breach of, this Agreement, or to recover under any directors' and officers' liability insurance policies
maintained by the Company, the Company shall, to the Fullest Extent Permitted By Applicable Law, indemnify the Indemnitee against any and all Expenses and, if requested by the Indemnitee, shall (within 10 days after receipt by the Company of a
written request therefor) advance, to the Fullest Extent Permitted By Applicable Law, such Expenses to the Indemnitee that are incurred by or on behalf of the Indemnitee in connection with any action brought by the Indemnitee for indemnification or
advancement of Expenses from the Company under this Agreement or under any directors' and officers' liability insurance policies maintained by the Company.

In the case of any action brought by the Indemnitee for indemnification, if the Indemnitee (i) is wholly successful, on the merits or otherwise, on the underlying claims, the Company shall indemnify the Indemnitee to the Fullest Extent Permitted By Applicable Law, against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection therewith, or (ii) is not wholly successful on the underlying claims but is successful, on the merits or otherwise, as to one or more but less than all claims, the Company shall indemnify the Indemnitee against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection with each successfully resolved claim.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company agrees that it shall not assert in any judicial or arbitral proceeding commenced pursuant to this <u>Section</u> <u>7</u> that the procedures and presumptions of this Agreement are not valid, binding, and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to
indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

8. <u>Non-Exclusivity; Survival of Rights; Insurance; Subrogation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be
deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under applicable law, the Charter, any agreement, a vote of stockholders, a resolution of directors of the Company, or otherwise; <u>provided</u>, <u>however</u>, that this Agreement shall supersede and replace any rights and obligations of the Company and the Indemnitee with respect to indemnification and the advancement of Expenses that are granted pursuant to the Bylaws, and, for so long as
this Agreement is in effect, the Indemnitee waives any right to indemnification or advancement of Expenses from the Company under the Bylaws that is not permitted or provided by this Agreement. No amendment, alteration, or repeal of this Agreement
or of any provision hereof shall eliminate, reduce, or otherwise adversely affect any right or protection of the Indemnitee under this Agreement with respect to any Proceeding involving any action or omission that occurred or allegedly occurred
prior to such amendment, alteration, or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the Charter, the Bylaws and this Agreement, it
is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, and the scope of indemnification provided by this Agreement shall be automatically extended to include such
greater indemnification rights. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now
or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall make commercially reasonable efforts to obtain and maintain in effect during the entire
period for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable insurance companies to provide the directors and officers of the Company with commercially reasonable
coverage for losses from wrongful acts

------

and omissions and to ensure the Company's performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the Company's directors and officers. At the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The Company hereby acknowledges that the Indemnitee has certain rights to indemnification, advancement of
Expenses, and/or insurance provided by AE Industrial Partners. With respect to any amounts that are subject to indemnity under this Agreement and also subject to an indemnity obligation owed by AE Industrial Partners, the Company hereby agrees
(i) that, as compared to AE Industrial Partners, the Company is the indemnitor of first resort with respect to any rights to indemnification provided to the Indemnitee herein (i.e., its obligations to the Indemnitee are primary and any
obligation of AE Industrial Partners to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by the Indemnitee is secondary), (ii) that the Company shall be required to advance the full amount of Expenses
incurred by the Indemnitee and shall be liable for the full amount of all Losses and Expenses to the extent legally permitted and as required by the terms of this Agreement and the Charter or Bylaws of the Company (or any other agreement between the
Company and the Indemnitee), without regard to any rights the Indemnitee may have against AE Industrial Partners, and (iii) that the Company irrevocably waives, relinquishes, and releases AE Industrial Partners from any and all claims against
AE Industrial Partners for contribution, subrogation, or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by AE Industrial Partners on behalf of the Indemnitee with respect to any claim for
which the Indemnitee has sought indemnification from the Company shall affect the foregoing and AE Industrial Partners shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of
recovery of the Indemnitee against the Company. The Company and the Indemnitee agree that AE Industrial Partners is an express third-party beneficiary of the terms of this <u>Section</u> <u>8(c)</u>.]<sup>3</sup>

<sup>3</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Except as provided in <u>Section</u> <u>8(c)</u> above, in]<sup>4</sup> In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee [other than against AE Industrial
Partners)]<sup>5</sup>, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit
to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Except as provided in <u>Section</u> <u>8(c)</u> above, the]<sup>6</sup> The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement of Expenses is provided) hereunder if and to the extent that the
Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise.

9. <u>Exception to Right of Indemnification</u>. Notwithstanding any provision in this Agreement, the Charter, or
the Bylaws, the Company shall not be obligated under this Agreement, the Charter, or the Bylaws to make any indemnity or advancement of Expenses in connection with any claim made against the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for which payment has actually been made to or on behalf of the Indemnitee under any insurance policy or other
indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; [ <u>provided</u>, that the foregoing shall not affect the rights of the Indemnitee or AE Industrial Partners set
forth in <u>Section</u> <u>8(c)</u> above;]<sup>7</sup> or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnitee of
securities of the Company within the meaning of Section 16(b) of the Exchange Act, or similar provisions of state statutory law or common law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for reimbursement to the Company of any bonus or other incentive-based or equity-based compensation or of any
profits realized by the Indemnitee from the sale of securities of the Company, in each case as required under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304
of the Sarbanes-Oxley Act of 2002, as amended (the " <u>Sarbanes-Oxley Act</u> "), or Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act in connection with an accounting restatement of the Company or the
payment to the Company of profits arising from the purchase and sale by the Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in connection with any Proceeding (or any part of any Proceeding) initiated by the Indemnitee, including any
Proceeding (or any part of any Proceeding) initiated by the Indemnitee against the Company or its directors, officers, employees, or other indemnitees, unless (i) the Board authorized the Proceeding (or any such part of any Proceeding) prior to
its initiation, (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, or (iii) the Proceeding is one to enforce the Indemnitee's rights under this
Agreement; or

<sup>4</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

<sup>5</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

<sup>6</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

<sup>7</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reimbursement of the Company (such Proceeding, a " <u>Clawback Proceeding</u> ") by the Indemnitee of
any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including any such policy adopted to comply with stock exchange listing requirements implementing
Section 10D of the Exchange Act (a " <u>Clawback Policy</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In furtherance of paragraph (e) of this <u>Section</u> <u>9</u>, the Indemnitee hereby agrees
to abide by the terms of any Clawback Policy, including by returning any compensation to the Company to the extent required by, and in a manner permitted by, the Clawback Policy, and hereby understands and agrees that Indemnitee shall not be
entitled to any (x) indemnification for any liability (including any amounts owed by the Indemnitee in a judgment or settlement of any Clawback Proceeding) or Losses incurred by the Indemnitee in connection with any Clawback Proceeding or
(y) indemnification or advancement of Expenses from the Company or any subsidiary of the Company incurred by the Indemnitee in connection with any Clawback Proceeding; <u>provided</u>, <u>however</u>, that if the Indemnitee is successful on the
merits in the defense of any claim asserted against the Indemnitee in a Clawback Proceeding, the Indemnitee shall be indemnified for the Expenses that the Indemnitee reasonably incurred to defend such claim. The Indemnitee hereby knowingly,
voluntarily, and intentionally waives, and agrees not to assert any claim regarding, all indemnification, advancement of Expenses, and other rights to which the Indemnitee is now or becomes entitled to under this Agreement, the Charter, the Bylaws,
the governing documents of each subsidiary of the Company, and the DGCL, in each case to the extent such waiver and agreement is necessary to give effect to the preceding sentence of this paragraph. The Indemnitee agrees and acknowledges that the
compensation the Indemnitee has or will receive from the Company or any of its subsidiaries constitutes fair and adequate consideration in exchange for the waiver and agreement provided by the Indemnitee in this paragraph.

10. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue
after the Indemnitee has ceased to be a director, officer, partner, trustee, member, manager, employee, agent, or fiduciary of the Company or of any other Enterprise. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all, substantially all, or a substantial part of the business and/or assets of the
Company), assigns, spouses, heirs, executors, administrators, and personal and legal representatives.

11. <u>Security</u>. To the extent requested by the Indemnitee and approved by the Board, the Company may at any
time and from time to time provide security to the Indemnitee for the Company's obligations hereunder through an irrevocable bank line of credit, funded trust, or other collateral. Any such security, once provided to the Indemnitee, may not be
revoked or released without the prior written consent of the Indemnitee.

------

12. [ <u>Indemnification of AE Industrial Partners</u>. If (i) the Indemnitee is or was affiliated with AE
Industrial Partners, (ii) AE Industrial Partners is, or is threatened to be made, a party to or a participant in any Proceeding, and (iii) AE Industrial Partners' involvement in the Proceeding results from any claim based on the
Indemnitee's service to the Company as a director or other fiduciary of the Company, AE Industrial Partners will be entitled to indemnification and advancement of Expenses hereunder to the same extent, and upon the same terms and conditions,
as the Indemnitee. The Company and the Indemnitee agree that AE Industrial Partners is an express third-party beneficiary of the terms of this <u>Section</u> <u>12</u>.]<sup>8</sup>

13. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations
imposed on it hereby in order to induce the Indemnitee to serve and to continue to serve as a director and/or officer of the Company, and the Company acknowledges that the Indemnitee is relying upon this Agreement in serving and continuing to serve
as a director and/or officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral, written, and implied, between the parties hereto with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not seek from a court, or agree to, a "bar order" that would have the effect of
prohibiting or limiting the Indemnitee's rights to receive advancement of Expenses under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall require and cause any successor (including any direct or indirect successor by purchase,
merger, consolidation, or otherwise to all, substantially all, or a substantial part of the business and/or assets of the Company) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company and the Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later
date, may be inadequate, impracticable, and difficult of proof, and further agree that such breach may cause the Indemnitee irreparable harm. Accordingly, the parties hereto agree that the Indemnitee may enforce this Agreement by seeking injunctive
relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, the Indemnitee shall not be precluded from seeking or obtaining any
other relief to which the

<sup>8</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

------

Indemnitee may be entitled. The Company and the Indemnitee further agree that the Indemnitee shall be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions, and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond, or undertaking may be required of the Indemnitee by the court, and the Company hereby waives any such requirement of such a bond or undertaking.

14. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Beneficial Owner</u> " shall have the meaning given to such term in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Change in Control</u> " shall be deemed to occur upon the earliest to occur after the date of
this Agreement of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a change in ownership or control of the Company effected through a transaction or series of transactions (other
than an offering of shares to the general public through a registration statement filed with the U.S. Securities and Exchange Commission or similar non-U.S. regulatory agency) whereby any
"person," as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned,
directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Company), becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 50% or more of the
combined voting power of the Company's then-outstanding securities, excluding for purposes herein, acquisitions pursuant to a Business Combination that does not constitute a Change in Control as defined in <u>Section 14(b)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a merger, reorganization, or consolidation of the Company with or into the Company or in
which equity securities of the Company are issued (each, a " <u>Business Combination</u> "), other than a merger, reorganization, or consolidation that would result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its direct or indirect parent) more than 50% of the combined voting power of the voting securities of the
Company or such surviving entity (or, as applicable, a direct or indirect parent of the Company or such surviving entity), outstanding immediately after such merger, reorganization, or consolidation; <u>provided</u>, <u>however</u>, that a merger,
reorganization, or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person (other than those covered by the exceptions in <u>Section</u> <u>14(b)(i)</u>) acquires more than 50% of
the combined voting power of the Company's then-outstanding securities shall not constitute a Change in Control;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date, within any consecutive two-year period commencing on or after
the date of this Agreement, upon which individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a person who has entered into an agreement with the Company to
effect a transaction described in <u>Section</u> <u>14(b)(i)</u>, <u>14(b)(ii)</u> or <u>14(b)(iv)</u> of this Agreement) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote
of at least two-thirds of the directors then in office who either were directors at the beginning of the two-year period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the
Company of all or substantially all of the Company's assets other than the sale or disposition of all or substantially all of the assets of the Company to a person or persons who beneficially own, directly or indirectly, 50% or more of the
combined voting power of the outstanding voting securities of the Company at the time of the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the occurrence of any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement, except the completion of the
Company's initial public offering shall not be considered a Change in Control.

Notwithstanding anything contained herein, a transaction shall not constitute a "Change in Control" for the purposes of this definition if (1) the Company becomes a direct or indirect wholly owned subsidiary of a holding company and (2) the direct or indirect holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Company's voting stock immediately prior to that transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Corporate Status</u> " describes the status of a person who is or was a director, officer,
partner, trustee, member, manager, employee, agent, or fiduciary of the Company or of any other Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Disinterested Director</u> " means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by the Indemnitee.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Enterprise</u> " shall mean the Company and any corporation, partnership, joint venture, trust,
limited liability company, employee benefit plan, or other enterprise that the Indemnitee is or was serving at the request of the Company as a director, officer, trustee, partner, member, manager, employee, agent, or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) " <u>Exchange Act</u> " means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) " <u>Expenses</u> " shall mean all reasonable direct and indirect costs, fees, and expenses of any
type or nature whatsoever and shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees and costs of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being
or preparing to be a witness in, or otherwise participating in, a Proceeding, or responding to, or objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting
from any Proceeding, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and any federal, state, local, or foreign taxes imposed on the Indemnitee as a result of
the actual or deemed receipt of any payments under this Agreement, as well as all reasonable attorneys' fees and all other expenses incurred by or on behalf of the Indemnitee in connection with preparing and submitting any requests or
statements for indemnification, advancement, contribution, or any other right provided by this Agreement. Expenses, however, shall not include amounts paid in settlement by the Indemnitee or the amount of judgments or fines against the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) " <u>Fullest Extent Permitted By Applicable Law</u> " includes (a) to the fullest extent
permitted by the applicable provision of the DGCL, or the corresponding provision of any amendment to or replacement of the DGCL, and (b) to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted
after the date of this Agreement that increase the extent to which a corporation may indemnify its directors and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Independent Counsel</u> " means a law firm, or a member of a law firm, that is experienced in
matters of Delaware corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or the Indemnitee in any matter material to either such party (other than with respect to matters
concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the
term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to
determine the Indemnitee's rights under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) " <u>Losses</u> " means all liabilities, judgments, fines, penalties, costs, losses, excise taxes, or
penalties under the Employee Retirement Income Security Act of 1974, as amended from time to time, amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect of such liabilities,
losses, judgements, fines, excise taxes, penalties, and costs) and other amounts that the Indemnitee reasonably incurs and that result from, arise in connection with, or are by reason of the Indemnitee's Corporate Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) " <u>Proceeding</u> " includes any threatened, pending, or completed action, suit, claim,
counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, or any other actual, threatened, or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether civil, criminal, administrative, or investigative, in which the Indemnitee was, is or will be involved as a party, potential party, non-party witness, or otherwise, by reason of the
Indemnitee's Corporate Status or by reason of any action taken by the Indemnitee or of any inaction on the Indemnitee's part while acting in the Indemnitee's Corporate Status, in each case whether or not the Indemnitee is acting or
serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement, and including one pending on or before the date of this Agreement, but excluding one initiated by an
Indemnitee pursuant to <u>Section</u> <u>7</u> of this Agreement to enforce the Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [" <u>AE Industrial Partners</u> " means, collectively, AE Industrial Partners, LP and any entity
that controls, is controlled by or under common control with AE Industrial Partners, LP (other than the Company and any entity that is controlled by the Company) and any investment vehicles or funds managed or controlled, directly or indirectly, by
or otherwise affiliated with AE Industrial Partners, LP.]<sup>9</sup>

15. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal, or
unenforceable for any reason whatsoever: (i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including each portion of any section, paragraph, or sentence of this Agreement containing any such provision
held to be invalid, illegal, or unenforceable, that is not itself invalid, illegal, or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the Fullest Extent Permitted By Applicable Law, (ii) such
provision or provisions shall be deemed reformed to the fullest extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto, and (iii) to the Fullest Extent Permitted By Applicable Law, the
provisions of this Agreement (including each portion of any section, paragraph, or sentence of this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that is not itself invalid, illegal, or unenforceable) shall
be construed so as to give effect to the intent manifested thereby. Without limiting the generality of the foregoing, this Agreement is intended to confer upon the Indemnitee [and AE Industrial
Partners]<sup>10</sup> indemnification rights to the Fullest Extent Permitted By Applicable Law.

<sup>9</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

<sup>10</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

------

16. <u>Modification and Waiver</u>. No supplement, modification, termination, or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver.

17. <u>Notice By the Indemnitee</u>. The Indemnitee agrees to promptly notify the Company in writing upon being
served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The
failure to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the interests of
the Company.

18. <u>Notices</u>. All notices and other communications given or made pursuant to this Agreement shall be in
writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail if sent during normal business hours of the recipient, and if not so confirmed, then on the
next business day, (iii) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the Indemnitee at the address set forth below the Indemnitee's signature hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the Company at:

York Space Systems Inc.

6060 S Willow Drive

Greenwood Village, CO 80111

Attention: Chief Legal and Administrative Officer

E-mail: \*\*\*\*; \*\*\*\*

or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may be.

19. <u>Construction</u>. Whenever required by the context, as used in this Agreement the singular number shall
include the plural, the plural shall include the singular, and all words herein in any gender shall be deemed to include (as appropriate) the masculine, feminine, and neuter genders. References to "day" shall mean a calendar day unless
expressly stated to the contrary. Whenever the words "include," "includes," or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation."

------

20. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one and the same Agreement. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g *.*,
www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

21. <u>Headings</u>. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof.

22. <u>Governing Law and Consent to Jurisdiction</u>. This Agreement and the legal relations among the parties
shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and the Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall, unless the Company consents in writing to the selection of an alternate forum, be brought only in the Delaware Court (or, if and only if the Delaware Court lacks subject
matter jurisdiction, any state court located within the State of Delaware or, if and only if all such state courts lack subject matter jurisdiction, the federal district court for the District of Delaware), (ii) generally and unconditionally consent
to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) irrevocably appoint, to the extent such party is not otherwise subject to service
of process in the State of Delaware, 1209 Orange Street, in the City of Wilmington, County of New Castle 19801, as its agent in the State of Delaware as such party's agent for acceptance of legal process in connection with any such action or
proceeding against such party with the same legal force and validity as if such party had been personally served within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware
Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

23. [ <u>Non-Exclusive Capacities of Indemnitee</u>. The Company
acknowledges and agrees that Indemnitee provides services to entities other than the Company. The Company further acknowledges and agrees that AE Industrial Partners invests in entities other than the Company, and may also provide financial,
operational, and other advisory services to such entities in connection with such investments.]<sup>11</sup>

**[SIGNATURE PAGE FOLLOWS.]** 

<sup>11</sup> **Note to Draft**: Bracketed language to be included for AE-affiliated directors. 

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement on and as of the day and year first written above.

---

| | |
|:---|:---|
| **YORK SPACE SYSTEMS INC.** | **YORK SPACE SYSTEMS INC.** |
| By: |  |
|  | Name: |
|  | Title: |
| **INDEMNITEE** | **INDEMNITEE** |
| Name: | Name: |
| Address: | Address: |

---

[*Signature Page to Indemnification Agreement*]

## Exhibit 10.6

**Exhibit 10.6** 

**FORM OF** 

**TAX RECEIVABLE AGREEMENT** 

**by and among** 

**YORK SPACE SYSTEMS INC.,** 

**YELLOWSTONE GP, LLC,** 

**and** 

**THE PERSONS NAMED HEREIN** 

**Dated as of [—], 2026** 

------

**TAX RECEIVABLE AGREEMENT** 

This **TAX RECEIVABLE AGREEMENT** (this "**<u>Agreement</u>**"), dated as of [—], 2026, is hereby entered into by and between York Space Systems Inc., a Delaware corporation (the "**<u>Company</u>**"), and Yellowstone GP, LLC, a Delaware limited liability company ("**<u>Yellowstone GP</u>**"), in its capacity as the initial Rights Holder Representative (as defined below)), each of the undersigned parties and the other persons who agree to become party to this Agreement pursuant to <u>Section</u> <u>2.3(c)</u> hereof and who shall thereafter be listed on Schedule A attached hereto from time to time (each a "**<u>Rights Holder</u>**" and collectively, the "**<u>Rights Holders</u>**").

**RECITALS** 

**WHEREAS**, the Company intends, but is not required, to consummate the IPO;

**WHEREAS**, after the Measurement Date, the Measurement Date Tax Assets may reduce the liability for taxes that the Company and its Subsidiaries (collectively, the "**<u>Company Group</u>**" and each a "**<u>Company Group Member</u>**") might otherwise be required to pay;

**WHEREAS**, the parties to this Agreement desire to provide for certain payments and to make certain arrangements with respect to the effect of the Measurement Date Tax Assets on the liability for taxes of the Company Group; and

**NOW, THEREFORE**, in consideration of the foregoing and the respective covenants and agreements set forth in this Agreement, and intending to be legally bound hereby, the parties hereto agree as follows:

**ARTICLE I** 

**<u>DEFINITIONS</u>**

**Section 1.1 <u>Definitions</u>**.

As used in this Agreement, the terms set forth in this <u>Article I</u> shall have the following meanings.

"**<u>Actual Tax Liability</u>**" means, with respect to any Taxable Year, the sum of (a) actual liability of the Company Group for U.S. federal income taxes (if applicable, determined in accordance with a Determination or Amended Schedule and by assuming any state and local income taxes relevant to calculating such U.S. federal income taxes are determined in accordance with the following clause) and (b) the product of the U.S. federal taxable income (not below zero) for such Taxable Year (if applicable, determined in accordance with a Determination or Amended Schedule) and the Blended S/L Rate.

"**<u>Affiliate</u>**" of any particular Person means any other Person controlling, controlled by or under common control with such Person, where for purposes of this definition, "control" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, its capacity as a sole or managing member or otherwise. For purposes of this Agreement, no Rights Holder shall be considered to be an Affiliate of any Company Group Member.

------

"**<u>Agreed Rate</u>**" means a per annum rate of SOFR plus 300 basis points.

"**<u>Agreement</u>**" has the meaning set forth in the Preamble.

"**<u>Amended Schedule</u>**" has the meaning set forth in <u>Section</u> <u>2.3(b)</u>.

"**<u>Applicable Percentage</u>**" means, with respect to any Rights Holder, the percentage set forth opposite such Person's name on <u>Schedule A</u>, as amended from time to time to reflect any Permitted Assignment.

"**<u>Blended S/L Rate</u>**" means, with respect to any Taxable Year, the sum of the apportionment-weighted effective rates of tax imposed on the aggregate net income of the Company Group in each U.S. state and local jurisdiction in which one or more Company Group Members files Tax Returns for such Taxable Year, with the maximum effective rate in any state or local jurisdiction being equal to the product of (i) the apportionment factor on the income or franchise Tax Return in such jurisdiction for such Taxable Year and (ii) the maximum applicable corporate income tax rate in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended S/L Rate for a Taxable Year, if the Company Group solely files Tax Returns in State 1 and State 2 in a Taxable Year, the maximum applicable corporate income tax rates in effect in such states in such Taxable Year are 6.5% and 5.5%, respectively, and the apportionment factors for such states in such Taxable Year are 60% and 40%, respectively, then the Blended S/L Rate for such Taxable Year is equal to 6.10% (i.e., the sum of (a) 6.5% multiplied by 60%, plus (b) 5.5% multiplied by 40%).

"**<u>Business Day</u>**" means any day except a Saturday, a Sunday and any other day on which commercial banks are required or authorized to close in the State of New York.

"**<u>Change of Control</u>**" means the occurrence of any one of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a merger, reorganization, consolidation or similar form of business transaction (or series of related transactions) directly involving the Company or indirectly involving the Company through one or more intermediaries unless, immediately following such transaction (or series of related transactions), more than 50% of the voting power of the then outstanding voting stock or other equity securities of the Company resulting from consummation of such transaction (including any parent or ultimate parent corporation of such Person that as a result of such transaction owns directly or indirectly the Company and all or substantially all of the Company's assets) is held by the then-existing equityholders of the Company (determined immediately prior to such transaction and related transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a transaction (or series of related transactions) in which the Company, directly or indirectly, sells, assigns, conveys, transfers, leases or otherwise disposes of all or substantially all of its direct or indirect assets to another Person other than an Affiliate;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a transaction (or series of related transactions) in which there is an acquisition of control of the Company by a Person or group of Persons. For purposes of this definition, the term "control" shall mean the possession, directly or indirectly, of the power to either (A) vote more than 50% of the securities having ordinary voting power for the election of directors (or comparable positions in the case of partnerships and limited liability companies), or (B) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise (for the avoidance of doubt, consent rights do not constitute "control" for the purpose of this definition); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the liquidation or dissolution of the Company.

Notwithstanding the foregoing, a "**<u>Change of Control</u>**" shall be deemed not to have occurred as a result of an IPO.

"**<u>Code</u>**" means the U.S. Internal Revenue Code of 1986, as amended.

"**<u>Company</u>**" has the meaning set forth in the Preamble.

"**<u>Company Group</u>**" and "**<u>Company Group Member</u>**" have the meaning set forth in the Preamble.

"**<u>Covered Tax Assets</u>**" means (A) the Tax Credits, the Deferred Deductions and NOLs, in each case, generated by the Company Group on or prior to the Measurement Date, (B) the Tax Amortization Assets, and (C) the IPO Deductible Expenses.

"**<u>Covered Taxes</u>**" means any and all U.S. federal, state, and local taxes, assessments or similar charges and any interest related thereto.

"**<u>Default Rate</u>**" means a per annum rate of SOFR plus 500 basis points.

"**<u>Deferred Deductions</u>**" mean any deductions that have accrued for U.S. federal, state, and local income tax purposes by the Company Group and for which the applicable deductions have been deferred by reason of Code Sections 163(e), 163(j), 170(d), 267 or other applicable section of the Code (or analogous or similar provision of law).

"**<u>Determination</u>**" shall have the meaning ascribed to such term in Code Section 1313(a) or a similar applicable provision of state, or local income tax law or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for tax.

"**<u>Divestiture</u>**" means in one or a series of related transactions, the sale, divestiture or other transfer of (i) any Company Group Member or (ii) any assets or group of assets held by any Company Group Member, other than any sale that is, or is part of, a Change of Control.

"**<u>Divestiture Acceleration Payment</u>**" has the meaning set forth in <u>Section</u> <u>4.2(c)</u> of this Agreement.

"**<u>Divestiture Acceleration Schedule</u>**" has the meaning set forth in Section 4.1(e) of this Agreement.

------

"**<u>Early Termination Date</u>**" means, with respect to an Early Termination Event, the date that the Early Termination Notice is delivered pursuant to Section 4.1(b) or deemed to be delivered pursuant to Section 4.1(c) or <u>(d)</u>.

"**<u>Early Termination Event</u>**" means any event or circumstance (or group of events or circumstances) giving rise to an Early Termination Payment pursuant to <u>Section</u> <u>4.1(b)</u>, <u>(c)</u> or <u>(d)</u>.

"**<u>Early Termination Notice</u>**" has the meaning set forth in <u>Section</u> <u>4.1(b)</u>.

"**<u>Early Termination Payment</u>**" has the meaning set forth in <u>Section</u> <u>4.2(b)</u>.

"**<u>Early Termination Rate</u>**" means a per annum rate of SOFR plus 100 basis points.

"**<u>Early Termination Schedule</u>**" has the meaning set forth in <u>Section</u> <u>4.1(b)</u>.

"**<u>Expert</u>**" has the meaning set forth in <u>Section</u> <u>7.10</u>.

"**<u>Hypothetical Tax Liability</u>**" means, with respect to any Taxable Year, the hypothetical liability of the Company Group for Covered Taxes calculated in accordance with the definition of Actual Tax Liability using the same methods, elections, conventions, and similar practices used on the relevant Tax Return, but calculated without regard to any Measurement Date Tax Assets.

"**<u>Independent Directors</u>"** means the members of the Board of Directors of the Company who are "independent" under the standards of the principal U.S. securities exchange on which the common stock of the Company is traded or quoted.

"**<u>IPO</u>**" means the initial public offering of common stock of the Company pursuant to the registration statement on Form S-1 of the Company.

"**<u>IPO Deductible Expenses</u>**" means any tax deductions available to the Company Group that relate to (i) costs and expenses incurred by the Company Group, or by or on behalf of the initial Rights Holders (in their capacity as direct or indirect pre-IPO shareholders) (to the extent such amounts are a liability of the Company Group), as a result of the consummation of the IPO; (ii) all success-based fees of professionals (including investment bankers and other consultants and advisors) paid by or on behalf of the Company Group (calculated taking into account any applicable election made pursuant to Revenue Procedure 2011-29 for any fees to which it applies) in connection with the IPO; (iii) the capitalized financing costs and expenses and any prepayment premium as a result of the satisfaction of any indebtedness in connection with the IPO; (iv) all sale, "stay-around," retention, change of control or similar bonuses or payments paid to current or former employees, directors or consultants of the Company Group in connection with the IPO; (v) the exercise or cancellation of any option in connection with the IPO; (vi) any management agreement termination fees paid by or on behalf of the Company Group in connection with the consummation of the IPO; and (vii) any employment or social security taxes imposed with respect to any of the foregoing.

"**<u>IRS</u>**" means the U.S. Internal Revenue Service.

------

"**<u>ITR Payment</u>**" means any Tax Benefit Payment, Early Termination Payment or Divestiture Acceleration Payment (or other payment pursuant to <u>Section</u> <u>4.1</u>) required to be made by the Company to the Rights Holders under this Agreement.

"**<u>Measurement Date</u>**" means the date of the IPO.

"**<u>Measurement Date Tax Assets</u>**" means the Covered Tax Assets; <u>provided</u>, <u>that</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in order to determine whether any item is a Measurement Date Tax Asset, the Taxable Year of the relevant Company Group Member that includes the Measurement Date (the "**<u>Straddle Year</u>**") shall be deemed to end as of the end of the Measurement Date on a closing of the books basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the avoidance of doubt, with respect to any Straddle Year, NOLs and Deferred Deductions included in Covered Tax Assets shall, in each case, be determined by assuming that such Straddle Year ended at the end of the Measurement Date, and, as a result, no such amounts shall be reduced by any income or gain realized by an applicable Company Group Member in a portion of a Straddle Year beginning after the Measurement Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the avoidance of doubt, Measurement Date Tax Assets shall include (A) any Measurement Date Tax Assets that become NOLs following the Measurement Date as a result of such Measurement Date Tax Asset not being fully utilized and (B) any Deferred Deductions generated in a taxable period (or portion thereof) ending after the Measurement Date that would not have been Deferred Deductions but for the Measurement Date Tax Assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in order to determine the IPO Deductible Expenses (including any NOLs attributable to IPO Deductible Expenses) included in the Measurement Date Tax Assets, the IPO Deductible Expenses shall be deemed to arise on or prior to the Measurement Date such that they are Measurement Date Tax Assets.

"**<u>Net Tax Benefit</u>**" has the meaning set forth in <u>Section</u> <u>3.1(b)(ii)</u>.

"**<u>NOLs</u>**" mean all net operating loss carryforwards for U.S. federal, state, and local income tax purposes, including, for the avoidance of doubt, any NOLs attributable to or generated by any IPO Deductible Expenses.

"**<u>Objection Notice</u>**" has the meaning set forth in <u>Section</u> <u>2.3(a)</u>.

"**<u>Offer Notice</u>**" has the meaning set forth in Section 2.3(c).

"**<u>Offer Period</u>**" has the meaning set forth in Section 2.3(c).

"**<u>Offeree</u>**" has the meaning set forth in Section 2.3(c).

"**<u>Permitted Assignment</u>**" has the meaning set forth in <u>Section</u> <u>7.6(a)</u>.

"**<u>Person</u>**" means any natural person, sole proprietorship, partnership, trust, unincorporated association, corporation, limited liability company, entity or governmental entity.

------

"**<u>Realized Tax Benefit</u>**" means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability. If all or a portion of the Actual Tax Liability for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination.

"**<u>Reconciliation Dispute</u>**" has the meaning set forth in <u>Section</u> <u>7.10</u>.

"**<u>Reconciliation Procedures</u>**" has the meaning set forth in <u>Section</u> <u>2.3(a)</u>.

"**<u>Rights Holder(s)</u>**" has the meaning set forth in the Preamble.

"**<u>Rights Holder Representative</u>**" means, Yellowstone GP or its designated Affiliate unless Yellowstone GP or such designated Affiliate resigns as the Rights Holder Representative by delivering written notice to the Company, the Person appointed by the Rights Holders holding more than fifty (50%) of the Applicable Percentages.

"**<u>Schedule</u>**" means any of the following: (i) a Tax Benefit Schedule, (ii) an Early Termination Schedule, (iii) a Divestiture Acceleration Schedule, and, in each case, any amendments thereto.

"**<u>SOFR</u>**" means for each month (or portion thereof), the forward looking term rate based on the secured overnight financing rate administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) for a one-month period, on the date two days prior to the first day of such month, as published on an information service as selected by the Rights Holder Representative from time to time in its reasonable discretion, provided that if (i) adequate and reasonable means do not exist for ascertaining SOFR and such circumstances are unlikely to be temporary or (ii) the supervisor for the administrator of SOFR or a governmental authority having jurisdiction over the Rights Holder Representative or any member of the Company Group has made a public statement identifying a specific date after which SOFR shall no longer be used for determining interest rates for loans, then the Company or the Rights Holder Representative shall endeavor to establish an alternate rate of interest to SOFR that gives due consideration to the then prevailing market convention for determining a comparable rate of interest in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable, provided further that the alternate rate of interest shall be no less than the interest rate equal to SOFR of the prior month.

"**<u>Straddle Year</u>**" has the meaning set forth in the definition of Measurement Date Tax Assets.

"**<u>Subsidiaries</u>**" means, of any Person, any corporation, association, partnership, limited liability company or other business entity of which more than fifty percent (50%) of the voting power or equity is owned or controlled directly or indirectly by such Person, or one (1) or more of the Subsidiaries of such Person, or a combination thereof.

------

"**<u>Tax Amortization Assets</u>**" means any U.S. federal, state, and local income amortization and depreciation deductions attributable to any assets owned by the Company Group on the Measurement Date including, for the avoidance of doubt, (x) items arising with respect to "amortizable section 197 intangibles" (as defined in Code Sections 197(c) and (d) (or analogous or similar provision of law)) and/or Code Section 174 (or analogous or similar provision of law) and (y) items attributable to assets not owned by the Company Group on the Measurement Date but the basis of which is determined in whole or in part to the basis of any assets owned by the Company Group on the Measurement Date.

"**<u>Tax Benefit Payment</u>**" has the meaning set forth in <u>Section</u> <u>3.1(b)(</u><u>i</u><u>)</u>.

"**<u>Tax Benefit Schedule</u>**" has the meaning set forth in <u>Section</u> <u>2.2</u>.

"**<u>Tax Claim</u>**" has the meaning set forth in <u>Section</u> <u>6.1(b)</u>.

"**<u>Tax Credits</u>**" mean any tax credits and credit carryforwards of Company Group, including any foreign tax credits allowed under Code Sections 901 or 960 (or analogous or similar provision of law) and any research and development tax credit carryforward allowed under Code Section 41 (or analogous or similar provision of law).

"**<u>Tax Return</u>**" means any return, declaration, report, information returns, claims for refund, disclosures or similar statement filed or required to be filed with respect to or in connection with taxes (including any related or supporting schedules, attachments, statements or information filed or required to be filed with respect thereto), including any amendments thereof and declarations of estimated tax.

"**<u>Taxable Year</u>**" means a taxable year of any Company Group Member as defined in Section 441(b) of the Code or comparable section of U.S. state, or local income tax law (and which may include a period of more or less than twelve (12) months for which a Tax Return is made), in each case, that ends on or after the Measurement Date.

"**<u>Taxing Authority</u>**" means any domestic, federal, national, state, county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body, in each case, exercising any taxing authority or any other authority or jurisdiction of any kind in relation to tax matters.

"**<u>Ticker Amount</u>**" has the meaning set forth in <u>Section</u> <u>3.1(b)(iii)</u>.

"**<u>Transferred Tax Asset</u>**" means, with respect to any Divestiture, (i) the Measurement Date Tax Assets of or attributable to any member of the Company Group that are transferred in such Divestiture to the extent such Measurement Date Tax Assets are transferred with such member of the Company Group or (ii) any Covered Tax Asset that is actually transferred in connection with the sale of assets by a member of the Company Group (in each case, disregarding any limitation on the use of such Measurement Date Tax Assets as a result of the Divestiture) and do not remain under applicable tax law with the Company Group (other than the members of the Company Group that are sold or transferred in such Divestiture or any Transferred Tax Assets that are not part of the Company Group but remain with a tax-transparent Subsidiary of a Company Group Member).

------

"**<u>Valuation Assumptions</u>**" means, for purposes of calculating the Early Termination Payment associated with an Early Termination Event, the assumptions that (i) in each Taxable Year ending on or after the Early Termination Date (and each prior Taxable Year with respect to which a Tax Benefit Schedule has not been finalized pursuant to <u>Section</u> <u>2.3(a)</u> or <u>Section</u> <u>7.10</u>), (a) the Company Group will generate taxable income sufficient to fully utilize all of the Measurement Date Tax Assets, (b) the utilization of the Measurement Date Tax Assets for such Taxable Year or future Taxable Years, as applicable, will be determined based on the tax laws in effect on the Early Termination Date, (c) the U.S. federal income tax rates will be those specified for each such Taxable Year by the Code and other applicable laws as in effect on the Early Termination Date, (d) the combined U.S. state and local income tax rates (but not, for the avoidance of doubt, U.S. federal income tax rates) for each Taxable Year shall be the Blended S/L Rate for the Taxable Year that includes the Early Termination Date, (e) all taxable income of the Company Group will be subject to the maximum applicable tax rates for each Covered Tax throughout the relevant period; *provided*, the combined tax rate for U.S. state and local income taxes (but not, for the avoidance of doubt, federal income taxes) shall be the Blended S/L Rate, (f) Tax Amortization Assets that are available in the Taxable Year that includes the Early Termination Date will be fully utilized by the Company Group on a pro rata basis from such Early Termination Date through the earlier of (x) the scheduled expiration date (if any) of such Tax Amortization Assets and (y) the fifth (5<sup>th</sup>) anniversary of the Early Termination Date, and (g) any NOLs or loss carryovers generated by deductions arising from any Tax Benefit Payment that are available as of the date of such Early Termination Date will be used by the Company Group on a pro rata basis from the date of such Early Termination Date through the earlier of (1) the scheduled expiration date under applicable tax law of such NOLs or loss carryovers or (2) the fifth (5<sup>th</sup>) anniversary of the Early Termination Date, (ii) all Tax Benefit Payments would be paid on the due date (without extensions) provided in <u>Section</u> <u>3.1(</u><u>a)</u> and (iii) in the case of an Early Termination Event relating to a Change of Control or Divestiture, (x) the use of Measurement Date Tax Assets shall not be limited by any limitation on the use of Measurement Date Tax Assets or changes in any Company Group Member's stand-alone tax position, in each case, that would or might result from the transaction giving rise to the Change of Control or Divestiture (including but not limited to changes pursuant to Code Section 382 or any analogous provisions of U.S. state or local tax law).

"**<u>Yellowstone GP</u>**" has the meaning set forth in the Preamble.

**ARTICLE II** 

**<u>DETERMINATION OF REALIZED TAX BENEFIT</u>**

**Section 2.1 <u>Measurement Date Tax Assets</u>**. The Company, on the one hand, and the Rights Holders, on the other hand, acknowledge that the Company Group may utilize the Measurement Date Tax Assets to reduce the amount of taxes that the Company Group would otherwise be required to pay after the Measurement Date.

**Section 2.2 <u>Tax Benefit Schedule</u>**. Within forty-five (45) calendar days after the date of filing of the Company's U.S. federal income Tax Return for a Taxable Year beginning after the Measurement Date, the Company shall provide to the Rights Holder Representative a schedule showing, in reasonable detail, (i) the calculation of the Realized Tax Benefit (if any) for such Taxable Year, (ii) the calculation of any payment to be made to the Rights Holders pursuant to <u>Article III</u> or <u>Article IV</u><u> </u>with respect to such Taxable Year (collectively, a "**<u>Tax Benefit</u>** 

------

 **<u>Schedule</u>**"), and (iii) in connection with the first Tax Benefit Schedule provided to the Rights Holder Representative pursuant to the foregoing, the Company's calculation of the Measurement Date Tax Assets. Each Tax Benefit Schedule (including Amended Schedules) shall be calculated in United States dollars with respect to the Covered Tax Assets (and any Realized Tax Benefits relating thereto). The Tax Benefit Schedule will become final as provided in <u>Section</u> <u>2.3(a)</u> and may be amended as provided in <u>Section</u> <u>2.3(b)</u> (subject to the procedures set forth in <u>Section</u> <u>2.3(a)</u>).

**Section 2.3 <u>Procedures, Amendments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Procedure</u>. Each time the Company delivers to the Rights Holder Representative an applicable Schedule under this Agreement, including any Amended Schedule delivered pursuant to <u>Section</u> <u>2.3(b)</u>, any Early Termination Schedule or any amended Early Termination Schedule, the Company shall also (x) deliver to the Rights Holder Representative supporting schedules and work papers, as determined by the Company or as reasonably requested by the Rights Holder Representative, that provide a reasonable level of detail regarding the data and calculations that were relevant for purposes of preparing the Schedule and (y) allow the Rights Holder Representative reasonable access at no cost to the appropriate representatives at the Company in connection with a review of such Schedule. Without limiting the generality of the preceding sentence, the Company shall ensure that any Tax Benefit Schedule or Early Termination Schedule that is delivered to the Rights Holder Representative, along with any supporting schedules, valuation reports and work papers, provides a reasonably detailed presentation of the calculation of the Actual Tax Liability (the "with" calculation) and the Hypothetical Tax Liability (the "without" calculation) and identifies any assumptions or operating procedures or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become final and binding on all parties unless the Rights Holder Representative, within thirty (30) calendar days after receiving any Schedule or amendment thereto, provides the Company with a notice of an objection to such Schedule or amendment thereto ("**<u>Objection Notice</u>**") or such earlier date as the Rights Holder Representative provides written notice to the Company that it has no objections to the Schedule. If the Company and Rights Holder Representative, for any reason, are unable to successfully resolve the issues raised in any Objection Notice within thirty (30) calendar days after the Rights Holder Representative gives the Company such Objection Notice, the Company and the Rights Holder Representative shall employ the reconciliation procedures described in <u>Section</u> <u>7.10</u> (the "**<u>Reconciliation Procedures</u>**"), in which case such Schedule or Amended Schedule shall become binding in accordance with <u>Section</u> <u>7.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amended Schedule</u>. The applicable Schedule for any Taxable Year may be amended from time to time by the Company (i) in connection with a Determination affecting such Schedule, (ii) to correct material inaccuracies in the Schedule, including those identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was provided to the Rights Holder Representative, (iii) to comply with an Expert's determination under the Reconciliation Procedures, (iv) to reflect a material change in the Realized Tax Benefit for such Taxable Year attributable to a carryback or carryforward of a loss or other tax item to such Taxable Year or (v) to reflect a material change in the Realized Tax Benefit for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year (any such Schedule, an "**<u>Amended Schedule</u>**"); <u>provided</u>, <u>however</u>, that an amendment under clause (i) attributable to an audit of a Tax Return by a Company Group Member shall not be made on an

------

Amended Schedule unless and until there has been a Determination with respect to such change. The Company shall provide an Amended Schedule to the Rights Holder Representative within thirty (30) calendar days of the occurrence of an event referred to in clauses (i) through (v) of the preceding sentence, and any such Amended Schedule shall be subject to the approval procedures described in <u>Section</u> <u>2.3(</u><u>a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Additional Rights Holders</u>. The Company may deliver a notice (e-mail being sufficient) to any one or more direct or indirect equityholders of the Company (each, an "**<u>Offeree</u>**") offering such Offeree the right to become a Rights Holders hereunder, which notice shall (i) include a copy of this Agreement, (ii) inform such Offeree of the rights and obligations of a Rights Holder under this Agreement and (iii) indicate that such Offeree can accept such rights and obligations of a Rights Holder by affirmatively responding to such notice in the manner set forth in such notice (such notice, an "**<u>Offer Notice</u>**"). An Offeree shall be deemed to have accepted such offer and thereafter become a Rights Holder for all purposes hereunder by satisfying the conditions for becoming a Rights Holder pursuant to such notice in the manner set forth in such notice within not less than 10 Business Days (the "**<u>Offer Period</u>**"). To the extent such Offeree satisfies the conditions for becoming a Rights Holder in the manner set forth in such notice before the expiration of the Offer Period, such Offeree shall automatically and without the need for any further action be joined to this Agreement as a Rights Holder hereunder and be deemed to have accepted the rights and obligations set forth in this Agreement, and in connection therewith, <u>Schedule A</u> shall be accordingly amended to reflect such treatment and such Offeree shall be assigned an Applicable Percentage, and the Applicable Percentages of the other Rights Holders shall be adjusted accordingly, as determined by the Company in its sole discretion.

**ARTICLE III** 

**<u>TAX BENEFIT PAYMENTS</u>**

**Section 3.1 <u>Payments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Timing of Payments</u>. Within five (5) Business Days of a Tax Benefit Schedule becoming final in accordance with <u>Section</u> <u>2.3(a)</u>, the Company shall pay to each Rights Holder for such Taxable Year its share (based on such Rights Holder's Applicable Percentage) of the Tax Benefit Payment determined pursuant to <u>Section</u> <u>3.1(b)</u> associated with such Tax Benefit Schedule (net of any reasonable, documented out-of-pocket expenses incurred by the Company in paying such amounts to the Rights Holders). Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank account previously designated by the applicable Rights Holder to the Company, or as otherwise agreed by the Company and such Rights Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments. No Rights Holder shall be required under any circumstances to make a payment or return a payment to the Company in respect of any portion of any Tax Benefit Payment previously paid by the Company to such Rights Holder (including any portion of any Early Termination Payment).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A "**<u>Tax Benefit Payment</u>**" means an amount, not less than zero, equal to eighty-five percent (85%) of the sum of (i) the Net Tax Benefit and (ii) the associated Ticker Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The "**<u>Net Tax Benefit</u>**" shall equal: (i) the Company's Realized Tax Benefit, if any, for a Taxable Year plus (ii) the amount of the excess (if any) of the Realized Tax Benefit reflected on an Amended Schedule for a previous Taxable Year over the Realized Tax Benefit reflected on the Tax Benefit Schedule for such previous Taxable Year, minus (iii) the excess (if any) of the Realized Tax Benefit reflected on a Tax Benefit Schedule for a previous Taxable Year over the Realized Tax Benefit reflected on the Amended Schedule for such previous Taxable Year; <u>provided</u>, <u>however</u>, that, (A) to the extent of the amounts described in clauses (ii) and (iii) of this definition were taken into account in determining any Tax Benefit Payment in a preceding Taxable Year, such amounts shall not be taken into account in determining a Tax Benefit Payment attributable to any other Taxable Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The "**<u>Ticker Amount</u>**" with respect to any Net Tax Benefit shall equal an amount equivalent to interest on a sum equal to the Net Tax Benefit, calculated at the Agreed Rate in respect of the portion of the Net Tax Benefit attributable to the Covered Tax Assets, from the due date (without extensions) for filing IRS Form 1120 (or any successor or similar or analogous form) with respect to the Company Group Members for the applicable Taxable Year until the due date for payment of the associated Tax Benefit Payment under <u>Section</u> <u>3.1(a)</u>. For the avoidance of doubt, for tax purposes, the Ticker Amount shall not be treated as interest but shall instead be treated as a Tax Benefit Payment, unless otherwise required by applicable law.

**Section 3.2 <u>No Duplicative Payments</u>**. It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest) required under this Agreement. It is also intended that the provisions of this Agreement will result in 85% of the Realized Tax Benefits of the Company Group, and the Ticker Amounts thereon, being paid to the Rights Holders pursuant to this Agreement. The provisions of this Agreement shall be construed in the appropriate manner so that these fundamental results are achieved.

**Section 3.3 <u>Payments in United States Dollars</u>**. All payments to be made under this Agreement shall be made in United States dollars.

**ARTICLE IV** 

**<u>TERMINATION</u>**

**Section 4.1 <u>Termination of Agreement; Elective Early Termination; Automatic Early Termination; Divestiture</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>In General</u>. This Agreement shall terminate at the time that all Tax Benefit Payments have been made to the Rights Holders under this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Elective Early Termination</u>. Notwithstanding <u>Section</u> <u>4.1(a)</u>, with the written approval of a majority of the Independent Directors, the Company may terminate this Agreement by paying to the Rights Holders the Early Termination Payment together with the other amounts required by this paragraph. If the Company chooses to exercise its right of early termination pursuant to this <u>Section</u> <u>4.1(b)</u>, the Company shall deliver to the Rights Holder Representative irrevocable written notice of such decision to exercise such right ("**<u>Early Termination Notice</u>**") and a schedule (the "**<u>Early Termination Schedule</u>**") showing in reasonable detail the calculation of the Early Termination Payment. The Early Termination Schedule shall become final and binding on all parties in accordance with the procedures set forth <u>Section</u> <u>2.3(a)</u>. Upon finalization of the Early Termination Schedule, the Company shall pay to the Rights Holders (based on their Applicable Percentages) at the time set forth in <u>Section</u> <u>4.2</u> (1) the Early Termination Payment, (2) the Tax Benefit Payment due and payable but unpaid as of the date of the Early Termination Notice and (3) the Tax Benefit Payment due for a Taxable Year ending prior to, with or including the date of the Early Termination Notice (except to the extent that such amount is included in the Early Termination Payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Acceleration Upon Material Breach of this Agreement</u>. In the event that the Company breaches any of its material obligations under this Agreement, whether as a result of a failure to make a payment when due, failure to honor any other material obligations required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under bankruptcy laws or otherwise, then all obligations hereunder shall be accelerated, the Company shall be deemed to have delivered an Early Termination Notice on the first date of such breach and the Company shall pay to the Rights Holders at the time specified in <u>Section</u> <u>4.2</u> (1) the Early Termination Payment, (2) any Tax Benefit Payment that is due and payable but unpaid as of such date and (3) any Tax Benefit Payment due for the Taxable Year ending prior to, with or including such date (except to the extent that such amount is included in the Early Termination Payment). The parties agree that the failure to make any payment due pursuant to this Agreement within three (3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Acceleration Upon Change of Control</u>. In the event of a Change of Control, all obligations hereunder shall be accelerated, the Company shall be deemed to have delivered an Early Termination Notice on the date of such Change of Control and the Company shall pay to the Rights Holders at the time specified in <u>Section</u> <u>4.2</u> (1) the Early Termination Payment, (2) any Tax Benefit Payment that is due and payable but unpaid as such date and (3) any Tax Benefit Payment due for the Taxable Year ending prior to, with or including such date (except to the extent that such amount is included in the Early Termination Payment). The Company shall use its reasonable best efforts to provide to the Rights Holder Representative an Early Termination Schedule showing in reasonable detail the calculation of the Early Termination Payment with respect to an expected Change of Control as far in advance as is reasonably practicable of such Change of Control (but no more than thirty (30) Business Days in advance) so as to enable the calculation of the Early Termination Payment to be finalized pursuant to <u>Section</u> <u>2.3(a)</u> prior to the date of the effective date of the Change of Control. Notwithstanding the foregoing, where the parties anticipate a Change of Control but are not certain of the date on which such Change of Control will occur, the Company and the Rights Holder Representative may agree to base the calculations contemplated by this <u>Section</u> <u>4.1(d)</u> on a date other than the effective date of the Change of Control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Divestiture Acceleration Payment</u>. In the event of a Divestiture, the Company shall pay to the Rights Holders at the time specified in <u>Section</u> <u>4.2</u> the Divestiture Acceleration Payment in respect of such Divestiture. The Company shall use its reasonable best efforts to provide to the Rights Holder Representative a schedule (a **"<u>Divestiture Acceleration Schedule</u>"**) showing in reasonable detail the calculation of the Early Termination Payment with respect to an expected Divestiture as far in advance as is reasonably practicable of such Divestiture (but no more than thirty (30) Business Days in advance) so as to enable the calculation of the Divestiture Acceleration Payment to be finalized pursuant to <u>Section</u> <u>2.3(a)</u> prior to the date of the effective date of the Divestiture. Notwithstanding the foregoing, where the parties anticipate a Divestiture but are not certain of the date on which such Divestiture will occur, the Company and the Rights Holder Representative may agree to base the calculations contemplated by this <u>Section</u> <u>4.1(e)</u> on a date other than the effective date of the Divestiture. The Divestiture Acceleration Schedule shall be finalized pursuant to <u>Section</u> <u>2.3(</u><u>a)</u>.

**Section 4.2 <u>Payment upon Early Termination</u> <u>Event or Divestiture</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amount required to be paid pursuant to <u>Section</u> <u>4.1(b)</u> or <u>Section</u> <u>4.1(</u><u>c)</u> shall be paid within five (5) Business Days after the corresponding Early Termination Schedule is finalized pursuant to <u>Section</u> <u>2.3</u>. Any amount required to be paid pursuant to <u>Section</u> <u>4.1(d)</u> or <u>Section</u> <u>4.1(e)</u> shall be paid on the date of the corresponding Change of Control or Divestiture, as applicable. All such payments shall be made by wire transfer of immediately available funds to a bank account designated by the Rights Holders, or as otherwise agreed by the Company and the Rights Holder Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "**<u>Early Termination Payment</u>**" with respect to an Early Termination Event shall equal the present value as of the corresponding Early Termination Date, discounted at the Early Termination Rate as of such date, of all Tax Benefit Payments that would be required to be paid by the Company to the Rights Holders beginning from the Early Termination Date, calculated by applying the Valuation Assumptions. For the avoidance of doubt, in the event of a Change of Control, the Early Termination Payment shall be calculated without giving effect to any limitation on the use of Measurement Date Tax Assets resulting from such Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "**<u>Divestiture Acceleration Payment</u>**" with respect to a Divestiture shall equal the present value, discounted at the Early Termination Rate as of the date of such Divestiture, of the Tax Benefit Payments resulting solely from the Transferred Tax Assets that would be required to be paid by the Company to the Rights Holders beginning from the date of such Divestiture, calculated by applying the Valuation Assumptions. For the avoidance of doubt, in the event of a Divestiture, the Divestiture Acceleration Payment shall be calculated without giving effect to any limitation on the use of Measurement Date Tax Assets resulting from such Divestiture.

**ARTICLE V** 

**<u>PAYMENT MECHANICS AND COMPLIANCE WITH INDEBTEDNESS</u>**

**Section 5.1 <u>Pro Rata Payments</u>.** All payments under this Agreement made to the Rights Holders in their capacity as such, including under Articles III and IV shall be made pro rata to the Rights Holders in accordance with their Applicable Percentages.

------

**Section 5.2 <u>Excess Payments</u>.** To the extent the Company makes a payment to a Rights Holder in respect of a particular Taxable Year under this Agreement in an amount in excess of the amount of such payment that should have been made to such Rights Holder in respect of such Taxable Year, then (i) such Rights Holder shall not receive further payments under this Agreement until such Rights Holder has foregone an amount of payments equal to such excess and (ii) the Company will pay the amount of such Rights Holder's foregone payments to the other Rights Holders in a manner such that each such Rights Holder has, to the maximum extent possible, received aggregate payments under this Agreement in the amount it would have received if there had been no excess payment to the first such Rights Holder.

**Section 5.3 <u>Late Payments</u>**. The amount of all or any portion of any ITR Payment not made to the Rights Holders when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate, and commencing from the date on which such ITR Payment was due and payable.

**Section 5.4 <u>Compliance with Indebtedness</u>**. Notwithstanding anything to the contrary provided herein, if, at the time any amounts become due and payable hereunder, the Company is not permitted, pursuant to the terms of the Company Group's debt documentation, to pay such amounts, or the Company Group Members are not permitted, pursuant to the terms of the Company Group's debt documentation, to make dividends, loans or other transfers to the Company to allow the Company to pay such amounts, then the Company shall by notice to the Rights Holder Representative be permitted to defer the payment of such amounts until each condition rendering the payment of such amounts impermissible as described in this <u>Section</u> <u>5.4</u> is no longer applicable. At the time such condition is no longer applicable and no other such condition exists, such amounts (together with accrued and unpaid interest thereon as described in the immediately following sentence) shall become due and payable immediately. If the Company defers the payment of any such amounts pursuant to the first sentence in this <u>Section</u> <u>5.4</u>, such amounts shall accrue interest at the Agreed Rate from the date that such amounts originally became due and owing pursuant to the terms hereof to the date that such amounts are paid. For the avoidance of doubt, any payment not made due to the preceding sentence shall not be deemed a breach under <u>Section</u> <u>4.1(c)</u> of this Agreement unless and until such payment remains unpaid thirty (30) calendar days after the date on which such condition described in this <u>Section</u> <u>5.4</u> is no longer applicable. The Company agrees to take commercially reasonable actions to cause the Company Group Members to pay dividends or make loans (including, to the extent commercially reasonable, granting access to any revolving credit facility or other source of liquidity to facilitate the payment of such dividends or loans), to the extent consistent with the terms of their outstanding indebtedness and any applicable law, to the extent necessary to make payments hereunder.

**Section 5.5 <u>Conflicting Agreements</u>**. Unless the Rights Holder Representative otherwise agrees in writing, the Company shall use commercially reasonable efforts not to, and shall cause the Company Group Members to use commercially reasonable efforts not to, enter into any agreement or indenture or any amendment or other modification to any agreement or indenture (including, in each case, in connection with any refinancing) that would, directly or indirectly, impede (or further impede) its ability to make payments under this Agreement in accordance with its terms, including any agreement that would, directly or indirectly, impede (or further impede) the ability of the Company to pay amounts payable under this Agreement or the ability of the Company Group Members to upstream cash (by dividend, loan or other transfer) to the Company to fund amounts payable by the Company under this Agreement.

------

**ARTICLE VI** 

**<u>NO DISPUTES; CONSISTENCY; COOPERATION</u>**

**Section 6.1 <u>Participation in the Company</u><u>'</u><u>s Tax Matters</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Agreement, the applicable member(s) of the Company Group shall have full responsibility for, and sole discretion over, all tax matters concerning the Company Group, including the preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes, subject to a requirement that the Company Group Members act in good faith in connection with their direct or indirect control of any matter which is reasonably expected to affect the Rights Holders' rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Company shall notify the Rights Holder Representative in writing of the commencement of, and keep the Rights Holder Representative reasonably informed with respect to, any tax audit or tax administrative or judicial proceeding of any Company Group Member by a Taxing Authority either (x) relating to a Measurement Date Tax Asset or (y) the outcome of which could reasonably be expected to adversely affect the timing of, or the amount of, any Tax Benefit Payment (any "**<u>Tax Claim</u>**"), and shall give the Rights Holder Representative reasonable opportunity to provide information and participate in the applicable portion of such Tax Claim, including attending any meetings with any Taxing Authority, employing counsel separate from the counsel employed by the Company and having the opportunity to reasonably comment on and approve all material submissions made by the Company Group to any Taxing Authority. Notwithstanding anything herein to the contrary, without the consent of the Rights Holder Representative, which consent shall not be unreasonably withheld, conditioned or delayed, the Company shall not, and shall cause each other Company Group Member not to, (i) change any accounting method, or amend or take any position inconsistent with a previously-filed Tax Return of any Company Group Member, in each case, if such action could materially and adversely affect the Measurement Date Tax Assets, (ii) seek any guidance from, or initiate any communication with, the IRS or any other Taxing Authority (whether written, verbal or otherwise) at any time concerning the Measurement Date Tax Assets, or (iii) settle or otherwise resolve any Tax Claim, if such settlement could have a materially adverse effect on a Rights Holder's rights (including the right to receive payments) under this Agreement.

**Section 6.2 <u>Cooperation</u>**. Each of the Company and the Rights Holder Representative shall (a) furnish to the other party in a timely manner such information, documents and other materials as the other party may reasonably request for purposes of making or approving any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return or contesting, participating in, or defending any audit, examination or controversy with any Taxing Authority including pursuant to <u>Section</u> <u>6.1</u>, (b) make itself available to the other party and its representatives to provide explanations of documents and materials and such other information as the requesting party or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the requesting party shall reimburse the other party for any reasonable third-party costs and expenses incurred pursuant to this <u>Section</u> <u>6.2</u>.

------

**Section 6.3 <u>Consistency</u>.** Each of the Company, the Rights Holders and the Rights Holder Representative acknowledge and agree that for U.S. federal, state, and local income tax purposes, the execution of this Agreement is intended to be treated as a distribution of property by the Company to the Rights Holders described in Section 301 of the Code. The Company Group and the Rights Holders shall not take any position on any Tax Return, or in front of any Taxing Authority, or in connection with any tax audit, enquiry, assessment or tax administrative or judicial proceeding, inconsistent with such intended tax treatment, unless otherwise required by a contrary Determination. In addition, the Company shall, and shall cause the Company Group Members to, use reasonable best efforts to defend such intended tax treatment in any tax audit, enquiry, assessment, or tax administrative or judicial proceeding.

**ARTICLE VII** 

**<u>MISCELLANEOUS</u>**

**Section 7.1 <u>Notices</u>**. All notices, requests, claims, demands and other communications to be given or delivered under this Agreement shall be in writing and shall be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if otherwise, on the next Business Day, (b) one (1) Business Day following delivery by reputable overnight express courier (charges prepaid) or (c) three (3) calendar days following mailing by certified or registered mail, postage prepaid and return receipt requested. Unless another address is specified in writing pursuant to the provisions of this <u>Section</u> <u>7.1</u>, notices, demands and other communications shall be sent to the addresses indicated below:

**If to the Company, to:** 

York Space Systems Inc.

c/o Yellowstone GP, LLC

6700 Broken Sound Parkway NW

Boca Raton, FL 33487

Attn: Kirk Konert; Tyler Letarte; and Matthew Friendly

Email: \*\*\*\*; \*\*\*\*; and \*\*\*\*

with a copy, in any case, to:

Kirkland & Ellis LLP

98 S.E. 7th Street, Suite 700

Miami, Florida 33131

Attn: Jeremy S. Liss, P.C.; Matthew S. Arenson, P.C.

Email: \*\*\*\*; \*\*\*\*

and

------

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attn: Andrew Struckmeyer

Email: \*\*\*\*

**If to the Rights Holder Representative, to:** 

Yellowstone GP, LLC

6700 Broken Sound Parkway NW

Boca Raton, FL 33487

Attn: Kirk Konert, Tyler Letarte and Matthew Friendly

Email: \*\*\*\*; \*\*\*\*; and \*\*\*\*

with a copy to:

Kirkland & Ellis LLP

98 S.E. 7th Street, Suite 700

Miami, Florida 33131

Attn: Jeremy S. Liss, P.C.; Matthew S. Arenson, P.C.

Email: \*\*\*\*; \*\*\*\*

**Section 7.2 <u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

**Section 7.3 <u>Entire Agreement; No Third Party Beneficiaries</u>**. This Agreement constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof and thereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter in any way. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

**Section 7.4 <u>Governing Law</u>**. The law of the State of Delaware shall govern (a) all claims or matters related to or arising from this Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction, interpretation, validity and enforceability of this Agreement, and the performance of the obligations imposed by this Agreement, in each case 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 law of any jurisdiction other than the State of Delaware.

**Section 7.5 <u>Severability</u>**. If any provision of this Agreement is determined to be invalid, illegal or unenforceable by any governmental entity, all other provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

------

**Section 7.6 <u>Successors; Assignment; Amendments; Waivers</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Rights Holder may assign its rights under this Agreement without the prior written consent of the Rights Holder Representative, provided further, that, unless otherwise determined by the Company in its sole discretion, any approved assignee shall execute and deliver a joinder to this Agreement in the form attached hereto as Exhibit A. Any assignment of any such assignee's rights meeting the requirements of <u>Section</u> <u>7.6(a)</u> shall be referred to herein as a "**<u>Permitted Assignment</u>**" and <u>Schedule A</u> hereto shall be amended to reflect such Permitted Assignment and the change in the Applicable Percentage of the assignor and assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be amended unless such amendment is approved in writing by the Company and the Rights Holder Representative. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective; <u>provided</u> that, the Rights Holder Representative may waive any provision on behalf of the Rights Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit and burden of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives, including any permitted assignee pursuant to a Permitted Assignment. The Company shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

**Section 7.7 <u>Headings, Titles, and Subtitles</u>**. The headings, titles, and subtitles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

**Section 7.8 <u>Waiver of Jury Trial; Jurisdiction</u>**. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LITIGATION, ACTION, PROCEEDING, CROSS-CLAIM, OR COUNTERCLAIM IN ANY COURT (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF, RELATING TO OR IN CONNECTION WITH (A) THIS AGREEMENT OR THE VALIDITY, PERFORMANCE, INTERPRETATION, COLLECTION OR ENFORCEMENT HEREOF OR (B) THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, AUTHORIZATION, EXECUTION, DELIVERY, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

**Section 7.9 <u>Resolution of Disputes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than with respect to any disputes under <u>Section</u> <u>2.3</u>, <u>Section</u> <u>4.1</u>, <u>Section</u> <u>4.2</u> (which are to be resolved pursuant to <u>Section</u> <u>7.10</u>), any and all disputes which cannot be settled amicably between or among the Company, any Rights Holder and/or the Rights Holder

------

Representative, including any ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by arbitration conducted by a single arbitrator in accordance with the then existing Rules of Arbitration of the International Chamber of Commerce. The place of arbitration shall be New York, New York. The parties to such arbitration shall jointly select a single arbitrator who shall have the authority to hold hearings and to render a decision in accordance with the then existing Rules of Arbitration of the International Chamber of Commerce. If the parties to such arbitration fail to agree on the selection of an arbitrator within thirty (30) calendar days of the receipt of the request for arbitration, the arbitrator shall be selected by the International Chamber of Commerce. The arbitrator shall be a lawyer. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. Section 1, et seq., and judgment on the award may be entered by any court having jurisdiction thereof. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of <u>Section</u> <u>7.9(a)</u><u>,</u> either the Company or the Rights Holders or Rights Holder Representative may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate in accordance with <u>Section</u> <u>7.9(</u><u>a)</u>, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this <u>Section</u> <u>7.9(b)</u>, the Rights Holders or Rights Holder Representative (i) expressly consents to the application of <u>Section</u> <u>7.9(c)</u> to any such action or proceeding, and (ii) irrevocably appoints the Company as its agent for service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise the Rights Holders or Rights Holder Representative of any such service of process, shall be deemed in every respect effective service of process upon the Rights Holders or Rights Holder Representative in any such action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) THE COMPANY AND THE RIGHTS HOLDERS AND RIGHTS HOLDER REPRESENTATIVE EACH HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK AND AGREES THAT ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF <u>SECTION 7.9(B)</u> SHALL BE BROUGHT AND DETERMINED EXCLUSIVELY IN THE SUPREME COURT OF THE STATE OF NEW YORK AND ANY STATE APPELLATE COURT THEREFROM WITHIN THE STATE OF NEW YORK (OR, IF THE SUPREME COURT OF THE STATE OF NEW YORK REFUSES TO ACCEPT JURISDICTION OVER A PARTICULAR MATTER, ANY STATE OR FEDERAL COURT WITHIN THE STATE OF NEW YORK).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties acknowledge that the forum designated by <u>Section</u> <u>7.9(c)</u> has a reasonable relation to this Agreement and to the parties' relationship with one another.

**Section 7.10 <u>Reconciliation</u>**. In the event that the Company and the Rights Holder Representative are unable to resolve a disagreement with respect to the matters governed by <u>Section</u> <u>2.3</u>, <u>Section</u> <u>4.1</u>, and <u>Section</u> <u>4.2</u> within the relevant period designated in this Agreement (including the finalization of any Schedule or the amount of any ITR Payment) (a "**<u>Reconciliation Dispute</u>**"), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert in the particular area of disagreement (the "**<u>Expert</u>**") mutually acceptable to both parties. The Expert shall be a partner in a nationally recognized accounting firm or a law firm

------

and the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Company or the Rights Holder Representative or any other actual or potential conflict of interest. If the Reconciliation Dispute is not resolved before any payment that is the subject of the Reconciliation Dispute is due or any Tax Return reflecting the subject of the Reconciliation Dispute is due, such payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Company, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or the amendment of any Tax Return shall be borne by the Company, except as provided in the next sentence. Each of the Company and the Rights Holder Representative shall bear its own costs and expenses of such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute, within the meaning of this <u>Section</u> <u>7.10</u> shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this <u>Section</u> <u>7.10</u> shall be binding on the Company and the Rights Holder Representative and may be entered and enforced in any court having jurisdiction.

**Section 7.11 <u>Withholding</u>**. The Company shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Company is required to deduct and withhold with respect to the entering into this Agreement or the making of such payment under the Code, or any applicable provision of state, local or non-U.S. tax law, <u>provided</u>, that, with respect to any taxes required to be withheld with respect to the entering into this Agreement, the Company shall be entitled to deduct and withhold such required taxes out of future distributions to which the applicable Rights Holder would otherwise be entitled, <u>provided</u> further, that the Company (i) gives ten (10) days advance written notice of its intention to make such withholding to the Rights Holder Representative, (ii) identifies the legal basis requiring such withholding and (iii) gives the Rights Holder Representative a reasonable opportunity to establish that such withholding is not legally required or may be reduced. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Company, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the applicable Rights Holder. The Company shall provide evidence of such payments to the Rights Holders to the extent that such evidence is available. Notwithstanding the foregoing, if a withholding obligation arises as a result of a Change of Control, any amount payable to the Rights Holders under this Agreement shall be increased such that after all required deductions and withholdings have been made (including such deductions and withholdings applicable to additional sums payable under this sentence) the Rights Holders receives an amount equal to the sum that it would have received had no such deductions or withholdings been made. Notwithstanding anything to the contrary above, the Company and the Rights Holders agree that, absent a change in law or a contrary Determination, no tax withholding is required (and no tax withholding shall be applied) with respect to any ITR Payment [(excluding any interest payable made to the Rights Holders under this Agreement)]. Each Rights Holder shall deliver to the Company at (i) the time such Rights Holder becomes a Rights Holder and (ii) the reasonable request of the Company, such properly completed and executed documentation reasonably requested by the Company as will permit such payments to be made without withholding or at a reduced rate of withholding (including IRS Form W-9 or the appropriate IRS Form W-8, as applicable).

------

**Section 7.12 <u>Confidentiality</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Rights Holders and the Rights Holder Representative acknowledge and agree that the information of the Company Group is confidential and, except in the course of performing any duties as necessary for the Company Group, as required by law or legal process or to enforce the terms of this Agreement, shall keep and retain in confidence and not disclose to any Person any confidential matters of the Company Group acquired pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This <u>Section</u> <u>7.12</u> shall not apply to (i) any information that has been made publicly available by the Company Group, becomes public knowledge (except as a result of an act of any Rights Holder, the Rights Holder Representative or any of their Affiliates in violation of this Agreement) or is generally known to the business community, (ii) the disclosure of information to the extent reasonably necessary for any Rights Holder or its Affiliates to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns or (iii) the disclosure of information to any direct or indirect limited partners of any Rights Holder so long as such Persons are apprised of the confidential nature thereof. Notwithstanding anything to the contrary in this Agreement, each Rights Holder (and each employee, representative or other agent of such Rights Holder, as applicable) may disclose the tax treatment and tax structure of (A) the Company Group, (B) the transactions, if any, entered into in connection with this Agreement, (C) this Agreement, and (D) any of the transactions of the Company Group, and all materials of any kind (including opinions or other tax analyses) that are provided to the Rights Holders relating to such tax treatment and tax structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Rights Holders or the Rights Holder Representative breaches any of the provisions of this <u>Section</u> <u>7.12</u>, the Company shall have the right to seek to have the provisions of this <u>Section</u> <u>7.12</u> specifically enforced by injunctive relief by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach shall cause irreparable injury to the Company Group and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law or in equity.

**Section 7.13 <u>Rules of Construction</u>.** Unless otherwise specified herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of interpretation of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any accounting term used and not otherwise defined in this Agreement has the meaning assigned to such term in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) unless specified otherwise, references to an Article, Section or clause refer to the appropriate Article, Section or clause in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the terms "include" or "including" are by way of example and not limitation and shall be deemed followed by the words "without limitation";

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the word "if" and other words of similar import when used herein shall be deemed in each case to be followed by the phrase "and only if";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including", the words "to" and "until" each mean "to but excluding" and the word "through" means "to and including."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise expressly provided herein, references to any law (including the Code) include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such law.

**Section 7.14 <u>Rights Holder Representative</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Appointment</u>**. Without further action of any of the Company, the Rights Holder Representative or any Rights Holder, and as partial consideration of the benefits conferred by this Agreement, the Rights Holder Representative is hereby irrevocably constituted and appointed to act as the sole representative, agent, and attorney-in-fact (coupled with an interest) for the Rights Holders and their successors and assigns with respect to the taking by the Rights Holder Representative of any and all actions and the making of any decisions required or permitted to be taken by the Rights Holder Representative or Rights Holders under this Agreement, including but not limited to, and unless otherwise expressly and specifically agreed in writing between the Rights Holder Representative and any Rights Holder: (i) execution of the documents and certificates required pursuant to this Agreement (including any amendment or waiver hereto or thereto (without the prior approval of the Rights Holders)) and consummating the transactions contemplated herein and therein; (ii) receipt and forwarding of notices and communications pursuant to this Agreement, receipt and disbursement to any Rights Holders of any funds received on behalf of such Rights Holder under this Agreement or otherwise and withholding any amounts received on behalf of a Rights Holder pursuant to this Agreement or to satisfy any and all obligations or liabilities of any Rights Holder or the Rights Holder Representative in the performance of any of their commitments hereunder; (iii) administration of the provisions of this Agreement including cancellations of amounts due hereunder; (iv) giving or agreeing to, on behalf of the Rights Holders, any and all consents, waivers, amendments, or modifications deemed by the Rights Holder Representative, in its sole and absolute discretion, to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may be necessary or appropriate in connection therewith; (v) taking actions the Rights Holder Representative is expressly authorized to take pursuant to the other provisions of this Agreement; (vi) pursuing, negotiating and/or compromising, on behalf of the Rights Holders or Rights Holder Representative, any claim or dispute that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement or any other agreement contemplated hereby and executing, on behalf of the Rights Holders, any settlement agreement, release or other document with respect to such dispute or remedy; (vii) transferring, assigning or otherwise

------

disposing of this Agreement or any rights or obligations arising hereunder or herefrom; (viii) engaging attorneys, accountants, agents or consultants on behalf of the Rights Holders in connection with this Agreement or any other agreement contemplated hereby and paying any fees related thereto; and (ix) taking all other actions to be taken by or on behalf of any Rights Holder in connection with this Agreement and the other agreements, instruments and documents contemplated hereby or executed in connection herewith. The power of attorney granted herein is coupled with an interest and is irrevocable without the consent of the Rights Holder Representative, may be delegated by the Rights Holder Representative and shall survive the death, incapacity, bankruptcy, dissolution or liquidation of each Rights Holder. No bond shall be required of the Rights Holder Representative, and the Rights Holder Representative shall receive no compensation for its services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Expenses</u>**. If at any time the Rights Holder Representative shall incur out of pocket expenses in connection with the exercise of its duties hereunder, upon written notice to the Company from the Rights Holder Representative of documented costs and expenses (including fees and disbursements of counsel, accountants, and other third parties) incurred by the Rights Holder Representative in connection with the performance of its rights or obligations under this Agreement and the taking of any and all actions in connection therewith, (x) first, the Company shall reduce any future payments (if any) due to the Rights Holders hereunder pro rata (based on their respective Applicable Percentages) by the amount of such expenses which it shall instead remit directly to the Rights Holder Representative and (y) then, any remaining unreimbursed expenses shall be reimbursed by each Rights Holder severally (based on their respective Applicable Percentages), and not jointly. In connection with the performance of its rights and obligations under this Agreement and the taking of any and all actions in connection therewith, the Rights Holder Representative shall not be required to expend any of its own funds (though, for the avoidance of doubt, it may do so at any time and from time to time in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Limitation on Liability</u>**. The Rights Holder Representative shall not be liable to any Rights Holder for any act of the Rights Holder Representative arising out of or in connection with the acceptance or administration of its obligations under this Agreement, except to the extent any liability, loss, damage, penalty, fine, cost, or expense is actually incurred by such Rights Holder as a proximate result of the fraud or willful misconduct of the Rights Holder Representative (it being understood that any act done or omitted pursuant to the advice of legal counsel, accountants, or other such experts selected by it shall be conclusive evidence of such good faith and reasonable judgment). Without any further act of any of the Rights Holders, the Rights Holder Representative and its Affiliates shall be indemnified, held harmless and reimbursed by each Rights Holder severally (based on their respective Applicable Percentages), and not jointly, against all costs, expenses (including reasonable attorneys' fees), judgments, fines and amounts paid or incurred by the Rights Holder Representative and its Affiliates in connection with any claim, action, suit or proceeding to which the Rights Holder Representative or such other Person is made a party by reason of the fact that it is or was acting as the Rights Holder Representative pursuant to the terms of this Agreement. Any and all amounts paid or incurred by the Rights Holder Representative and its Affiliates in connection with any claim, action, suit or proceeding to which the Rights Holder Representative or such other Person is made a party by reason of the fact that it is or was acting as the Rights Holder Representative pursuant to the terms of this Agreement are on behalf of the Rights Holder (and, not for the avoidance, on behalf of the Rights Holder Representative in any other capacity, as a Rights Holder or otherwise).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Actions of the Rights Holder Representative</u>**. Any decision, act, consent, or instruction of the Rights Holder Representative shall constitute a decision of all Rights Holders and shall be final, binding, and conclusive upon each Rights Holder, and the Company may rely upon any decision, act, consent, or instruction of the Rights Holder Representative as being the decision, act, consent, or instruction of each Rights Holder. The Company is hereby relieved from any liability to any person for any acts done by the Company in accordance with any such decision, act, consent, or instruction of the Rights Holder Representative.

**Section 7.15 <u>Certain Acknowledgments</u><u>.</u>** Without limiting the generality of <u>Section</u> <u>2.3(c)</u> or , any Person who or which accepts the rights and obligations of a Rights Holder under this Agreement shall be treated as a Rights Holder hereunder pursuant to the terms hereof, and such Person shall be deemed to have adhered to and agreed to be bound by the terms of this Agreement as a Rights Holder without further action or the execution of any additional documents or instruments, including any counterpart signature page to this Agreement or joinder to this Agreement. Further, each such Person shall be deemed to have agreed not to assert any claim that it is not bound by the terms of this Agreement and acknowledges that in no circumstance can such Person be a Rights Holder, or be entitled to the rights of a Rights Holder hereunder, if it is not bound by all of the terms and conditions of this Agreement, including, without limitation, the obligations to which a Rights Holder is subject hereunder.

[Signature Pages Follow]

------

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

---

| |
|:---|
|  **<u>COMPANY:</u>**<br>YORK SPACE SYSTEMS INC. |
|  By: |
|  Name: |
|  Title: |
|  **<u>YELLOWSTONE GP:</u>**<br>YELLOWSTONE GP, LLC |
|  By: |
|  Name: |
|  Title: |

---

------

---

| |
|:---|
|  **<u>RIGHTS HOLDER:</u>**<br>[RIGHTS HOLDER] |
|  By: |
|  Name: |
|  Title: |

---

[Signature Page to Tax Receivable Agreement]

------

<u>Schedule A</u> 

<u>Schedule of Rights Holders</u> 

---

| | |
|:---|:---|
| **Rights Holder** | **Applicable Percentage** |

---

------

<u>Exhibit A</u> 

<u>Form of Joinder to Tax Receivable Agreement</u> 

This JOINDER (this "<u>Joinder</u>") to the Tax Receivable Agreement dated [●], 2026 (the "<u>Tax Receivable Agreement</u>") by and among York Space Systems Inc. or its successors for U.S. federal income tax purposes (the "<u>Company</u>"), Yellowstone GP, LLC, and the persons listed on Schedule A attached thereto from time to time, is made and entered into as of the date on the signature page hereto (the "<u>Effective Date</u>") by and among the Company, the "Transferor" set forth on the signature page hereto ("<u>Transferor</u>") and the "Permitted Transferee" set forth on the signature page hereto ("<u>Permitted Transferee</u>").

WHEREAS, on the Effective Date, Permitted Transferee desires to acquire a certain portion of the Transferor's right to receive payments that may become due and payable under the Tax Receivable Agreement (the "<u>Acquired Interests</u>") from Transferor (the "<u>Acquisition</u>"); and

WHEREAS, Transferor, in connection with the Acquisition, has required Permitted Transferee to execute and deliver this Joinder pursuant to Section 7.6 of the Tax Receivable Agreement.

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows:

<u>Section</u> <u>1.1</u> <u>Definitions</u>. To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set forth in the Tax Receivable Agreement.

<u>Section</u> <u>1.2</u> <u>Acquisition</u>. For good and valuable consideration, the sufficiency of which is hereby acknowledged by the Transferor and the Permitted Transferee, the Transferor hereby transfers and assigns absolutely to the Permitted Transferee all of the Acquired Interests.

<u>Section</u> <u>1.3</u> <u>Joinder</u>. Permitted Transferee hereby acknowledges and agrees (i) that it has received and read the Tax Receivable Agreement, (ii) that the Permitted Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Tax Receivable Agreement and (iii) to become a Rights Holder for all purposes of the Tax Receivable Agreement upon execution of this Joinder.

<u>Section</u> <u>1.4</u> <u>Notice</u>. Any notice, request, consent, claim, demand, approval, waiver or other communication hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.1 of the Tax Receivable Agreement.

------

<u>Section</u> <u>1.5</u> <u>Miscellaneous</u>. This Joinder shall be governed by and construed in accordance with the law of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (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. This Joinder may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement. Facsimile and scanned and emailed counterpart signatures to this Joinder shall be acceptable and binding.

[Signature Pages Follow]

------

IN WITNESS WHEREOF, this Joinder has been duly executed and delivered by parties hereto as of , 202 <u>.</u>

---

| |
|:---|
|  **<u>COMPANY:</u>**<br>YORK SPACE SYSTEMS INC. |
|  By: |
|  Name: |
|  Title: |
|  **<u>TRANSFEROR:</u>**<br>[TRANSFEROR] |
|  By: |
|  Name: |
|  Title: |
|  **<u>PERMITTED TRANSFEREE:</u>**<br>[PERMITTED TRANSFEREE] |
|  By: |
|  Name: |
|  Title: |
|  Address for notices: |

---

## Exhibit 10.7

**Exhibit 10.7** 

**YORK SPACE SYSTEMS INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**ARTICLE I** 

**PURPOSE** 

The purpose of this York Space Systems Inc. 2026 Omnibus Incentive Plan (this "**<u>Plan</u>**") is to promote the success of the Company's business for the benefit of its stockholders by enabling the Company to offer Eligible Individuals cash and stock-based incentives in order to attract, retain, and reward such individuals and strengthen the mutuality of interests between such individuals and the Company's stockholders. This Plan is effective as of the date set forth in Article XIV.

**ARTICLE II** 

**DEFINITIONS** 

For purposes of this Plan, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 "<u>Affiliate</u>"** means a corporation or other entity controlled by, controlling, or under common control with the Company. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 "<u>Applicable Law</u>"** means the requirements relating to the administration of equity-based awards and the related shares under U.S. state corporate law, U.S. federal and state securities laws, the rules or requirements of any stock exchange or quotation system on which the shares are listed or quoted, and any other applicable laws, including tax laws, of any U.S. or non-U.S. jurisdictions where Awards are, or will be, granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 "<u>Award</u>"** means any award under this Plan of any Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Units, Performance Award, Other Stock-Based Award, or Cash Award. All Awards shall be evidenced by and subject to the terms of an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 "<u>Award Agreement</u>"** means the written or electronic agreement, contract, certificate, or other instrument or document evidencing the terms and conditions of an individual Award. Each Award Agreement shall be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 "<u>Board</u>"** means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 "<u>Cash Award</u>"** means an Award granted to an Eligible Individual pursuant to Section 9.3 of this Plan and payable in cash at such time or times and subject to such terms and conditions as determined by the Committee in its sole discretion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7 "<u>Cause</u>"** means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's Termination of Service, the following: (a) in the case where there is no employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award (or where there is such agreement in effect but it does not define "cause" (or words of like import)), the Participant's: (i) conviction of a felony, an indictable offense or another criminal offense involving fraud (or dishonesty or disloyalty to the Company or any Affiliate), (ii) conduct that causes material financial harm to the Company or any Affiliate or brings the Company or any Affiliate into substantial public disgrace or disrepute or otherwise injures the integrity, character or reputation of the Company or any Affiliate in any material respect, or (iii) willful failure to perform Participant's duties with the Company or any Affiliate (other than any such failure resulting from incapacity due to physical or mental illness), or gross negligence or gross misconduct in the performance of such duties; *provided* that, if the conduct that constitutes Cause pursuant to clause (iii) is curable by Participant, no removal of Participant shall be deemed to be for Cause unless the Company has given Participant notice of the conduct that constitutes Cause and Participant has failed to cure such conduct within ten days following delivery of such notice; *provided* that, notwithstanding anything to the contrary contained herein, Participant's right to cure shall not apply in the event of habitual or repeated breaches of such provision by Participant; or (b) in the case where there is an employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award that defines "cause" (or words of like import), "cause" as defined under such agreement; *provided*, *however*, that with regard to any agreement under which the definition of "cause" only applies on occurrence of a change in control, such definition of "cause" shall not apply until a change in control (as defined in such agreement) actually takes place and then only with regard to a termination thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8 "<u>Change in Control</u>"** means and includes each of the following, unless otherwise determined by the Committee or defined in the applicable Award Agreement or other written agreement with a Participant approved by the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Person (other than the Company, any trustee or other fiduciary holding securities under any employee benefit plan of the Company, or any company owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Company), becoming the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities, excluding for purposes herein, acquisitions pursuant to a Business Combination (as defined below) that does not constitute a Change in Control as defined in Section 2.8(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a merger, reorganization, or consolidation of the Company or in which equity securities of the Company are issued (each, a "<u>Business Combination</u>"), other than a merger, reorganization or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its direct or indirect parent) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity (or, as applicable, a direct or indirect parent of the Company or such surviving

------

entity) outstanding immediately after such merger, reorganization or consolidation; *provided, however*, that a merger, reorganization or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than those covered by the exceptions in Section 2.8(a)) acquires more than 50% of the combined voting power of the Company's then outstanding securities shall not constitute a Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) during the period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board together with any new director(s) (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in Sections 2.8(a) or (b)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two (2) year period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a complete liquidation or dissolution of the Company or the consummation of a sale or disposition by the Company of all or substantially all of the Company's assets other than the sale or disposition of all or substantially all of the assets of the Company to a Person or Persons who beneficially own, directly or indirectly, fifty percent (50%) or more of the combined voting power of the outstanding voting securities of the Company at the time of the sale.

Notwithstanding the foregoing, with respect to any Award that is characterized as "nonqualified deferred compensation" within the meaning of Section 409A of the Code, an event shall not be considered to be a Change in Control under this Plan for purposes of payment of such Award unless such event is also a "change in ownership," a "change in effective control," or a "change in the ownership of a substantial portion of the assets" of the Company within the meaning of Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9 "<u>Change in Control Price</u>"** means the highest price per Share paid in any transaction related to a Change in Control as determined by the Committee in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 "<u>Code</u>"** means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 "<u>Committee</u>"** means any committee of the Board duly authorized by the Board to administer this Plan; *provided*, *however*, that unless otherwise determined by the Board, the Committee shall consist solely of two or more members of the Board who are each (a) a "non-employee director" within the meaning of Rule 16b-3(b), and (b) "independent" under the listing standards or rules of the securities exchange upon which the Common Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. If no committee is duly authorized by the Board to administer this Plan, the term "Committee" shall be deemed to refer to the Board for all purposes under this Plan. The Board may abolish any Committee or re-vest in itself any previously delegated authority from time to time, and will retain the right to exercise the authority of the Committee to the extent consistent with Applicable Law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 "<u>Common Stock</u>"** means the common stock, $0.0001 par value per share, of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13 "<u>Company</u>"** means York Space Systems Inc., a Delaware corporation, and its successors by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14 "<u>Consultant</u>"** means any natural person who is an advisor or consultant or other service provider to the Company or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15 "<u>Detrimental Conduct</u>"** means, as determined by the Company, a Participant's serious misconduct or unethical behavior, including any of the following: (a) any violation by the Participant of a restrictive covenant agreement that the Participant has entered into with the Company or any Affiliate (covering, for example, confidentiality, non-competition, non-solicitation, non-disparagement, etc.); (b) any conduct by the Participant that could result in the Participant's Termination of Service for Cause; (c) the commission of a criminal act by the Participant, whether or not performed in the workplace, that subjects, or if generally known would subject, the Company or any Affiliate to public ridicule or embarrassment, or other improper or intentional conduct by the Participant causing reputational harm to the Company, any Affiliate, or a client or former client of the Company or any Affiliate; (d) the Participant's breach of a fiduciary duty owed to the Company or any Affiliate or a client or former client of the Company or any Affiliate; (e) the Participant's intentional violation, or grossly negligent disregard, of the Company's or any Affiliate's policies, rules, or procedures; or (f) the Participant taking or maintaining trading positions that result in a need to restate financial results in a subsequent reporting period or that result in a significant financial loss to the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16 "<u>Disability</u>"** means, unless otherwise determined by the Committee in the applicable Award Agreement, with respect to a Participant's Termination of Service, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment, after accounting for reasonable accommodations (if applicable and required by Applicable Law); provided, however, for purposes of an Incentive Stock Option, the term Disability shall have the meaning ascribed to it under Section 22(e)(3) of the Code. The determination of whether an individual has a Disability shall be determined by the Committee, and the Committee may rely on any determination that a Participant is disabled for purposes of benefits under any long-term disability plan in which a Participant participates that is maintained by the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17 "<u>Dividend Equivalent Rights</u>"** means a right granted to a Participant under this Plan to receive the equivalent value (in cash or Shares) of dividends paid on Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18 "<u>Effective Date</u>"** means the effective date of this Plan as defined in Article XIV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.19 "<u>Eligible Employee</u>"** means each employee of the Company or any of its Affiliates. An employee on a leave of absence may be an Eligible Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.20 "<u>Eligible Individual</u>"** means an Eligible Employee, Non-Employee Director, or Consultant who is designated by the Committee in its discretion as eligible to receive Awards subject to the terms and conditions set forth herein.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.21 "<u>Exchange Act</u>"** means the Securities Exchange Act of 1934, as amended from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.22 "<u>Fair Market Value</u>"** means, for purposes of this Plan, unless otherwise required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal national securities exchange in the United States on which it is then traded, listed or otherwise reported or quoted or (b) if the Common Stock is not traded, listed, or otherwise reported or quoted, the Committee shall determine in good faith the Fair Market Value in whatever manner it considers appropriate, taking into account the requirements of Section 409A of the Code. For purposes of the grant of any Award, the applicable date shall be the trading day immediately prior to the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a date on which the applicable market is open, the next day that it is open. Notwithstanding the foregoing, with respect to any Award granted on the pricing date of the Company's initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company's final prospectus relating to its initial public offering filed with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.23 "<u>Family Member</u>"** means "family member" as defined in Section A.1.(a)(5) of the general instructions of Form S-8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.24 "<u>Incentive Stock Option</u>"** means any Stock Option granted to an Eligible Employee who is an employee of the Company or its Subsidiaries under this Plan and that is intended to be, and is designated as, an "Incentive Stock Option" within the meaning of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.25 "<u>Non-Employee Director</u>"** means a director on the Board who is not an employee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.26 "<u>Non-Qualified Stock Option</u>"** means any Stock Option granted under this Plan that is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.27 "<u>Other Stock-Based Award</u>"** means an Award granted under Article IX of this Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Shares, but may be settled in the form of Shares or cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.28 "<u>Parent</u>"** means any parent corporation of the Company within the meaning of Section 424(e) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.29 "<u>Participant</u>"** means an Eligible Individual to whom an Award has been granted pursuant to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.30 "<u>Performance Award</u>"** means an Award granted under Article VIII of this Plan.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.31 "<u>Performance Goals</u>"** means goals established by the Committee as contingencies for Awards to vest and/or become exercisable or distributable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.32 "<u>Performance Period</u>"** means the designated period during which the Performance Goals must be satisfied with respect to the Award to which the Performance Goals relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.33 "<u>Person</u>"** means any "person" as such term is used in Sections 13(d) and 14(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.34 "<u>Restricted Stock</u>"** means an Award of Shares granted under Article VII of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.35 "<u>Restricted Stock Unit</u>**" means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Committee to be of equal value as of such settlement date, subject to certain vesting conditions and other restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.36 "<u>Rule 16b-3</u>"** means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.37 "<u>Section</u> <u>409A of the Code</u>"** means the nonqualified deferred compensation rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.38 "<u>Securities Act</u>"** means the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder. Reference to a specific section of the Securities Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing, or superseding such section or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.39 "<u>Shares</u>"** means shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.40 "<u>Stock Appreciation Right</u>"** means a stock appreciation right granted under Article VI of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.41 "<u>Stock Option</u>"** or **"<u>Option</u>"** means any option to purchase Shares granted pursuant to Article VI of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.42 "<u>Subsidiary</u>"** means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.43 "<u>Ten Percent Stockholder</u>"** means a Person owning stock representing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company, its Parent or its Subsidiaries.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.44 "<u>Termination of Service</u>"** means the termination of the applicable Participant's employment with, or performance of services for, the Company and its Affiliates. Unless otherwise determined by the Committee, (a) if a Participant's employment or services with the Company and its Affiliates terminates but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed a Termination of Service with the Company and its Affiliates and (b) a Participant employed by, or performing services for an Affiliate that ceases to be an Affiliate shall also be deemed to have incurred a Termination of Service provided the Participant does not immediately thereafter become an employee of the Company or another Affiliate. Notwithstanding the foregoing provisions of this definition, with respect to any Award that constitutes a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code, a Participant shall not be considered to have experienced a "Termination of Service" unless the Participant has experienced a "separation from service" within the meaning of Section 409A of the Code.

**ARTICLE III** 

**ADMINISTRATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 <u>Authority of the Committee</u>**. This Plan shall be administered by the Committee. Subject to the terms of this Plan and Applicable Law, the Committee shall have full authority to grant Awards to Eligible Individuals under this Plan. In particular, the Committee shall have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Individuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine the number of Shares to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price (if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or waiver thereof, regarding any Award and the Shares, if any, relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) determine the amount of cash to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) determine whether, to what extent, and under what circumstances grants of Options and other Awards under this Plan are to operate on a tandem basis and/or in conjunction with or apart from other awards made by the Company outside of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) determine whether and under what circumstances an Award may be settled in cash, Shares, other property, or a combination of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) determine whether, to what extent and under what circumstances cash, Shares, or other property and other amounts payable with respect to an Award under this Plan shall be deferred either automatically or at the election of the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) modify, waive, amend, or adjust the terms and conditions of any Award, at any time or from time to time, including but not limited to Performance Goals;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of Shares acquired pursuant to the exercise or vesting of an Award for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award or Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) modify, extend, or renew an Award, subject to Article XI and Section 6.8(g) of this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) determine how the Disability, death, retirement, authorized leave of absence or any other change or purported change in a Participant's status affects an Award and the extent to which, and the period during which, the Participant, the Participant's legal representative, conservator, guardian or beneficiary may exercise rights under the Award, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 <u>Guidelines</u>**. Subject to Article XI of this Plan, the Committee shall have the authority to adopt, alter, and repeal such administrative rules, guidelines, and practices governing this Plan and perform all acts, including the delegation of its responsibilities (to the extent permitted by Applicable Law and applicable stock exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of this Plan and any Award issued under this Plan (and any agreements or sub-plans relating thereto); and to otherwise supervise the administration of this Plan. The Committee may correct any defect, supply any omission, or reconcile any inconsistency in this Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of this Plan. The Committee may adopt special rules, sub-plans, guidelines, and provisions for persons who are residing in or employed in, or subject to, the taxes of any domestic or foreign jurisdictions to satisfy or accommodate applicable foreign laws or to qualify for preferred tax treatment of such domestic or foreign jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 <u>Decisions Final</u>**. Any decision, interpretation, or other action made or taken in good faith by or at the direction of the Company, the Board, or the Committee (or any of its members) arising out of or in connection with this Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be final, binding, and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 <u>Designation of Consultants/Liability; Delegation of Authority</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee may employ such legal counsel, consultants, and agents as it may deem desirable for the administration of this Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant, or agent shall be paid by the Company. The Committee, its members, and any person designated pursuant to this Section 3.4 shall not be liable for any action or determination made in good faith with respect to this Plan. To the maximum extent permitted by Applicable Law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to this Plan or any Award granted under it.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee may delegate any or all of its powers and duties under this Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions (including executing agreements or other documents on behalf of the Committee) and grant Awards; *provided*, that such delegation does not (i) violate Applicable Law, or (ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in this Plan to the "Committee," shall be deemed to include any subcommittee or officer of the Company to whom such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; *provided*, *however*, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also designate employees or professional advisors who are not executive officers of the Company or members of the Board to assist in administering this Plan, *provided*, *however*, that such individuals may not be delegated the authority to grant or modify any Awards that will, or may, be settled in Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5 <u>Indemnification</u>**. To the maximum extent permitted by Applicable Law and to the extent not covered by insurance directly insuring such person, each current and former officer or employee of the Company or any of its Affiliates and member or former member of the Committee or the Board shall be indemnified and held harmless by the Company against any cost or expense (including reasonable fees of counsel acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or omission to act in connection with the administration of this Plan, except to the extent arising out of such officer's, employee's, member's, or former member's own fraud or bad faith. Such indemnification shall be in addition to any right of indemnification that the current or former employee, officer or member may have under Applicable Law or under the by-laws of the Company or any of its Affiliates. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to such individual under this Plan.

**ARTICLE IV** 

**SHARE LIMITATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 <u>Shares</u>**. The aggregate number of Shares that may be issued pursuant to this Plan shall not exceed <sup>1</sup>[•] Shares (subject to any increase or decrease pursuant to this Article IV), which may be either authorized and unissued Shares or Shares held in or acquired for the treasury of the Company or both. The number of Shares that may be issued pursuant to this Plan shall be subject to an annual increase on January 1 of each calendar year beginning in 2027, and ending and

<sup>1</sup> **Note to Draft**: To be equal to 10% of common shares outstanding at IPO. 

------

including 2036, equal to the lesser of (a) 5% of the aggregate number of Shares outstanding on December 31 of the immediately preceding calendar year and (b) such smaller number of Shares as is determined by the Board. The aggregate number of Shares that may be issued or used with respect to any Incentive Stock Option shall not exceed <sup>2</sup>[•] Shares (subject to any increase or decrease pursuant to Section 4.3). Any Award under this Plan settled in cash shall not be counted against the foregoing maximum share limitations. Notwithstanding anything to the contrary contained herein, Shares subject to an Award under this Plan shall again be made available for issuance or delivery under this Plan if such Shares are (i) Shares delivered, withheld or surrendered in payment of the exercise or purchase price of an Award, (ii) Shares delivered, withheld, or surrendered to satisfy any tax withholding obligation or (iii) Shares subject to a stock-settled Award that expires or is canceled, forfeited, or terminated without issuance of the full number of Shares to which the Award related.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 <u>Substitute Awards</u>**. In connection with an entity's merger or consolidation with the Company or the Company's acquisition of an entity's property or stock, the Committee may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate ("<u>Substitute Awards</u>"). Substitute Awards may be granted on such terms as the Committee deems appropriate, notwithstanding limitations on Awards in this Plan. Substitute Awards will not count against the Shares authorized for grant under this Plan (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under this Plan as provided under Section 4.1 above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under this Plan, as set forth in Section 4.1 above. Additionally, in the event that a Person acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grants pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under this Plan and shall not reduce the Shares authorized for grant under this Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under this Plan as provided under Section 4.1 above); *provided* that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Employees or Non-Employee Directors prior to such acquisition or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 <u>Adjustments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make or authorize (i) any adjustment, recapitalization, reorganization, or other change in the Company's capital structure or its business, (ii) any merger or consolidation of the Company or any Affiliate, (iii) any issuance of bonds, debentures, or preferred or prior preference stock ahead of or affecting the Shares, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate, or (vi) any other corporate act or proceeding.

<sup>2</sup> **Note to Draft**: To be equal to the share reserve. 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of Section 10.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Company at any time subdivides (by any split, recapitalization or otherwise) the outstanding Shares into a greater number of Shares, or combines (by reverse split, combination, or otherwise) its outstanding Shares into a lesser number of Shares, then the respective exercise prices for outstanding Awards that provide for a Participant-elected exercise and the number of Shares covered by outstanding Awards shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan; provided, that the Committee in its sole discretion shall determine whether an adjustment is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Excepting transactions covered by Section 4.3(b)(i), if the Company effects any merger, consolidation, statutory exchange, spin-off, reorganization, sale or transfer of all or substantially all the Company's assets or business, or other corporate transaction or event in such a manner that the Company's outstanding Shares are converted into the right to receive (or the holders of Common Stock are entitled to receive in exchange therefor), either immediately or upon liquidation of the Company, securities or other property of the Company or other entity, then, subject to the provisions of Section 10.1, (A) the aggregate number or kind of securities that thereafter may be issued under this Plan, (B) the number or kind of securities or other property (including cash) to be issued pursuant to Awards granted under this Plan (including as a result of the assumption of this Plan and the obligations hereunder by a successor entity, as applicable), or (C) the exercise or purchase price thereof, shall be appropriately adjusted by the Committee to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If there shall occur any change in the capital structure of the Company other than those covered by Section 4.3(b)(i) or 4.3(b)(ii), any conversion, any adjustment, or any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of equity securities of the Company, then the Committee shall adjust any Award and make such other adjustments to this Plan to prevent dilution or enlargement of the rights granted to, or available for, Participants under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the Share price, including any securities offering or other similar transaction, for administrative convenience, the Committee may refuse to permit the exercise of any Award for up to sixty (60) days before or after such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Committee may adjust the Performance Goals applicable to any Awards to reflect any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations, and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified in the Company's financial statements, notes to the financial statements, management's discussion and analysis, or other Company public filing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any such adjustment determined by the Committee pursuant to this Section 4.3(b) shall be final, binding, and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors, and permitted assigns. Any adjustment to, or assumption or substitution of, an Award under this Section 4.3(b) shall be intended to comply with the requirements of Section 409A of the Code and Treasury Regulation §1.424-1 (and any amendments thereto), to the extent applicable. Except as expressly provided in this Section 4.3 or in the applicable Award Agreement, a Participant shall have no additional rights under this Plan by reason of any transaction or event described in this Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 <u>Annual Limit on Non-Employee Director Compensation</u>**. In each calendar year during any part of which this Plan is in effect, a Non-Employee Director may not receive Awards for such individual's service on the Board that, taken together with any cash fees paid to such Non-Employee Director during such calendar year for such individual's service on the Board, have a value in excess of $750,000 calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes; *provided*, that (a) the Committee may make exceptions to this limit, except that the Non-Employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous decisions involving compensation for Non-Employee Directors and (b) for any calendar year in which a Non-Employee Director (i) first commences service on the Board, (ii) serves on a special committee of the Board, or (iii) serves as lead director or non-executive chair of the Board, such limit shall be increased to $1,000,000; *provided, further*, that the limit set forth in this Section 4.4 shall be applied without regard to Awards or other compensation, if any, provided to a Non-Employee Director during any period in which such individual was an employee of the Company or any Affiliate or was otherwise providing services to the Company or to any Affiliate other than in the capacity as a Non-Employee Director.

**ARTICLE V** 

**ELIGIBILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 <u>General Eligibility</u>**. All current and prospective Eligible Individuals are eligible to be granted Awards. Eligibility for the grant of Awards and actual participation in this Plan shall be determined by the Committee in its sole discretion. No Eligible Individual will automatically be granted any Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 <u>Incentive Stock Options</u>**. Notwithstanding the foregoing, only Eligible Employees who are employees of the Company or its Subsidiaries are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual participation in this Plan shall be determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 <u>General Requirement</u>**. The vesting and exercise of Awards granted to a prospective Eligible Individual are conditioned upon such individual actually becoming an Eligible Employee, Consultant, or Non-Employee Director, as applicable.

------

**ARTICLE VI** 

**STOCK OPTIONS; STOCK APPRECIATION RIGHTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 <u>General</u>**. Stock Options or Stock Appreciation Rights may be granted alone or in addition to other Awards granted under this Plan. Each Stock Option granted under this Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified Stock Option. Stock Options and Stock Appreciation Rights granted under this Plan shall be evidenced by an Award Agreement and subject to the terms, conditions and limitations in this Plan, including any limitations applicable to Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 <u>Grants</u>**. The Committee shall have the authority to grant to any Eligible Individual one or more Incentive Stock Options, Non-Qualified Stock Options, and/or Stock Appreciation Rights; *provided*, *however*, that Incentive Stock Options may only be granted to an Eligible Employee who is an employee of the Company or its Subsidiaries. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not so qualify shall constitute a separate Non-Qualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 <u>Exercise Price</u>**. The exercise price per Share subject to a Stock Option or Stock Appreciation Right shall be determined by the Committee at the time of grant, *provided* that the per share exercise price of a Stock Option or Stock Appreciation Right shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, 110%) of the Fair Market Value at the time of grant. Notwithstanding the foregoing, in the case of a Stock Option or Stock Appreciation Right that is a Substitute Award, the exercise price per Share for such Stock Option or Stock Appreciation Right may be less than the Fair Market Value on the date of grant; provided, that, such exercise price is determined in a manner consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 <u>Term</u>**. The term of each Stock Option or Stock Appreciation Right shall be fixed by the Committee, *provided* that no Stock Option or Stock Appreciation Right shall be exercisable more than ten (10) years (or, in the case of an Incentive Stock Option granted to a Ten Percent Stockholder, five (5) years) after the date on which the Stock Option or Stock Appreciation Right, as applicable, is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 <u>Exercisability</u>**. Unless otherwise provided by the Committee in accordance with the provisions of this Section 6.5, Stock Options and Stock Appreciation Rights granted under this Plan shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at the time of grant. The Committee may, but shall not be required to, provide for an acceleration of vesting and exercisability upon the occurrence of a specified event. Unless otherwise determined by the Committee, if the exercise of a Non-Qualified Stock Option or Stock Appreciation Right within the permitted time periods is prohibited because such exercise would violate the registration requirements under the Securities Act or any other Applicable Law or the rules of any securities exchange or interdealer quotation system, the Company's insider trading policy (including any blackout periods) or a "lock-up" agreement entered into in connection with the issuance of securities by the Company, then the expiration of such Non-Qualified Stock Option or Stock Appreciation Right shall be extended until the date that is thirty (30) days after the end of the period during which the exercise of the Non-Qualified Stock Option or Stock

------

Appreciation Right would be in violation of such registration requirement or other Applicable Law or rules, blackout period or lock-up agreement, as determined by the Committee; *provided, however*, that in no event shall any such extension result in any Non-Qualified Stock Option or Stock Appreciation Right remaining exercisable after the ten (10)-year term of the applicable Non-Qualified Stock Option or Stock Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 <u>Method of Exercise</u>**. Subject to any applicable waiting period or exercisability provisions under Section 6.5, to the extent vested, Stock Options and Stock Appreciation Rights may be exercised in whole or in part at any time during the term of the applicable Stock Option or Stock Appreciation Right, by giving written notice of exercise (which may be electronic) to the Company specifying the number of Stock Options or Stock Appreciation Rights, as applicable, being exercised. Such notice shall be accompanied by payment in full of the exercise price (which shall equal the product of such number of Shares to be purchased multiplied by the applicable exercise price). The exercise price for the Stock Options may be paid upon such terms and conditions as shall be established by the Committee and set forth in the applicable Award Agreement. Without limiting the foregoing, the Committee may establish payment terms for the exercise of Stock Options pursuant to which the Company may withhold a number of Shares that otherwise would be issued to the Participant in connection with the exercise of the Stock Option having a Fair Market Value on the date of exercise equal to the exercise price, or that permit the Participant to deliver cash or Shares with a Fair Market Value equal to the exercise price on the date of payment, or through a simultaneous sale through a broker of Shares acquired on exercise, all as permitted by Applicable Law. No Shares shall be issued until payment therefor, as provided herein, has been made or provided for. Upon the exercise of a Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount in cash and/or Shares (as chosen by the Committee in its sole discretion) equal in value to the excess of the Fair Market Value of one (1) Share on the date that the right is exercised over the Fair Market Value of one (1) Share on the date that the right was awarded to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 <u>Non-Transferability</u>**. No Stock Option or Stock Appreciation Right shall be transferable by the Participant other than by will or by the laws of descent and distribution, and all Stock Options and Stock Appreciation Rights shall be exercisable, during the Participant's lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option that is otherwise not transferable pursuant to this Section 6.7 is transferable to a Family Member of the Participant in whole or in part and in such circumstances, and under such conditions, as specified by the Committee. A Non-Qualified Stock Option that is transferred to a Family Member pursuant to the preceding sentence (a) may not be subsequently transferred other than by will or by the laws of descent and distribution and (b) remains subject to the terms of this Plan and the applicable Award Agreement. Any Shares acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a transfer after the exercise of the Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 <u>Termination</u>**. Unless otherwise determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the provisions of the applicable Award Agreement and this Plan, upon a Participant's Termination of Service for any reason, Stock Options and Stock Appreciation Rights may remain exercisable following a Participant's Termination of Service as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination by Death or Disability</u>. Unless otherwise provided in the applicable Award Agreement, or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is by reason of death or Disability, all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant (or in the case of the Participant's death, by the legal representative of the Participant's estate) at any time within a period of one (1) year from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options and Stock Appreciation Rights; *provided, however*, that, in the event of a Participant's Termination of Service by reason of Disability, if the Participant dies within such exercise period, all unexercised Stock Options and Stock Appreciation Rights held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period of one (1) year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options and/or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Involuntary Termination Without Cause</u>. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is by involuntary termination by the Company without Cause, all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant at any time within a period of ninety (90) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voluntary Resignation</u>. Unless otherwise provided in the applicable Award Agreement or otherwise determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service is voluntary (other than a voluntary termination described in Section 6.8(d) hereof), all Stock Options and Stock Appreciation Rights that are held by such Participant that are vested and exercisable at the time of the Participant's Termination of Service may be exercised by the Participant at any time within a period of thirty (30) days from the date of such Termination of Service, but in no event beyond the expiration of the stated term of such Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination for Cause</u>. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant, or if no rights of the Participant are reduced, thereafter, if a Participant's Termination of Service (i) is for Cause or (ii) is a voluntary Termination of Service (as provided in Section 6.8(c)) after the occurrence of an event that would be grounds for a Termination of Service for Cause, all Stock Options and Stock Appreciation Rights, whether vested or not vested, that are held by such Participant shall thereupon immediately terminate and expire as of the date of such Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Unvested Stock Options</u> <u>and Stock Appreciation Rights</u><u>.</u> Unless otherwise provided in the applicable Award Agreement or determined by the Committee at the time of grant or, if no rights of the Participant are reduced, thereafter, Stock Options and Stock Appreciation Rights that are not vested as of the date of a Participant's Termination of Service for any reason shall terminate and expire as of the date of such Termination of Service.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Incentive Stock Option Limitations</u>. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this Plan and/or any other stock option plan of the Company, any Parent or any Subsidiary exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options. In addition, if an Eligible Employee does not remain employed by the Company, any Parent or any Subsidiary at all times from the time an Incentive Stock Option is granted until three (3) months prior to the date of exercise thereof (or such other period as required by Applicable Law), such Stock Option shall be treated as a Non-Qualified Stock Option. Should any provision of this Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may amend this Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Modification, Extension and Renewal of Stock Options</u>. The Committee may (i) modify, extend, or renew outstanding Stock Options granted under this Plan (provided that the rights of a Participant are not reduced without such Participant's consent and *provided*, *further* that such action does not subject the Stock Options to Section 409A of the Code without the consent of the Participant), and (ii) accept the surrender of outstanding Stock Options (to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 <u>Automatic Exercise</u>**. The Committee may include a provision in an Award Agreement providing for the automatic exercise of a Non-Qualified Stock Option or Stock Appreciation Right on a cashless basis on the last day of the term of such Option or Stock Appreciation Right if the Participant has failed to exercise the Non-Qualified Stock Option or Stock Appreciation Right as of such date, with respect to which the Fair Market Value of the Shares underlying the Non-Qualified Stock Option or Stock Appreciation Right exceeds the exercise price of such Non-Qualified Stock Option or Stock Appreciation Right on the date of expiration of such Option or Stock Appreciation Right, subject to Section 13.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 <u>Dividends</u>**. No dividends or Dividend Equivalent Rights shall be granted with respect to Stock Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 <u>Other Terms and Conditions</u>**. As the Committee shall deem appropriate, Stock Options and Stock Appreciation Rights may be subject to additional terms and conditions or other provisions, which shall not be inconsistent with any of the terms of this Plan.

**ARTICLE VII** 

**RESTRICTED STOCK; RESTRICTED STOCK UNITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 <u>Awards of Restricted Stock and Restricted Stock Units</u>**. Shares of Restricted Stock and Restricted Stock Units may be granted alone or in addition to other Awards granted under this Plan. The Committee shall determine the Eligible Individuals to whom, and the time or times at which, grants of Restricted Stock and/or Restricted Stock Units shall be made, the number of

------

shares of Restricted Stock or Restricted Stock Units to be awarded, the price (if any) to be paid by the Participant (subject to Section 7.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee shall determine and set forth in the Award Agreement the terms and conditions for each Award of Restricted Stock and Restricted Stock Units, subject to the conditions and limitations contained in this Plan, including any vesting or forfeiture conditions.

The Committee may condition the grant or vesting of Restricted Stock and Restricted Stock Units upon the attainment of specified Performance Goals or such other factor as the Committee may determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 <u>Awards and Certificates</u>**. Restricted Stock and Restricted Stock Units granted under this Plan shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Purchase Price</u>. The purchase price of Restricted Stock shall be fixed by the Committee. The purchase price for shares of Restricted Stock may be zero to the extent permitted by Applicable Law, and, to the extent not so permitted, such purchase price may not be less than par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Legend</u>. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, unless the Committee elects to use another system, such as book entries by the Company's transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by Applicable Law, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Custody</u>. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the shares subject to the Award of Restricted Stock in the event that such Award is forfeited in whole or part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Rights as a Stockholder</u>. Except as provided in Section 7.3(a) and this Section 7.2(a) or as otherwise determined by the Committee in an Award Agreement, the Participant shall have, with respect to the shares of Restricted Stock, all of the rights of a holder of Shares, including, without limitation, the right to receive dividends, the right to vote such shares, and, subject to and conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares; *provided* that the Award Agreement shall specify on what terms and conditions the applicable Participant shall be entitled to dividends payable on the Shares.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Lapse of Restrictions</u>. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such Shares shall be delivered to the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by Applicable Law or other limitations imposed by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restricted Stock Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Settlement</u>. The Committee may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practical after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant's election, in a manner intended to comply with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Rights as a Stockholder</u>. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and until Shares are delivered in settlement of the Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Dividend Equivalent Rights</u>. If the Committee so provides, a grant of Restricted Stock Units may provide a Participant with the right to receive Dividend Equivalent Rights. Dividend Equivalent Rights may be paid currently or credited to an account for the Participant, settled in cash or Shares, and subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalent Rights are granted and subject to other terms and conditions as set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 <u>Restrictions and Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restriction Period</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Participant shall not be permitted to transfer shares of Restricted Stock awarded under this Plan or vest in Restricted Stock Units during the period or periods set by the Committee (the "<u>Restriction Period</u>") commencing on the date of such Award, as set forth in the applicable Award Agreement and such agreement shall set forth a vesting schedule and any event that would accelerate vesting of the Restricted Stock and/or Restricted Stock Units. Within these limits, based on service, attainment of Performance Goals pursuant to Section 7.3(a)(i), and/or such other factors or criteria as the Committee may determine in its sole discretion, the Committee may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Award of Restricted Stock or Restricted Stock Units and/or waive the deferral limitations for all or any part of any Award of Restricted Stock or Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the grant of shares of Restricted Stock or Restricted Stock Units or the lapse of restrictions or vesting schedule is based on the attainment of Performance Goals, the Committee shall establish the objective Performance Goals and the applicable vesting percentage applicable to each Participant or class of Participants in the applicable Award Agreement prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions), and other similar types of events or circumstances.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination</u>. Unless otherwise provided in the applicable Award Agreement or determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, upon a Participant's Termination of Service for any reason during the relevant Restriction Period, all Restricted Stock or Restricted Stock Units still subject to restriction will be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter.

**ARTICLE VIII** 

**PERFORMANCE AWARDS** 

The Committee may grant a Performance Award to a Participant payable upon the attainment of specific Performance Goals either alone or in addition to other Awards granted under this Plan. The Performance Goals to be achieved during the Performance Period and the length of the Performance Period shall be determined by the Committee upon the grant of each Performance Award. The conditions for grant or vesting and the other provisions of Performance Awards (including, without limitation, any applicable Performance Goals) need not be the same with respect to each Participant. Performance Awards may be paid in cash, Shares, other property, or any combination thereof, in the sole discretion of the Committee as set forth in the applicable Award Agreement.

**ARTICLE IX** 

**OTHER STOCK-BASED AND CASH AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 <u>Other Stock-Based Awards</u>**. The Committee is authorized to grant to Eligible Individuals Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to Shares, including but not limited to, Shares awarded purely as a bonus and not subject to restrictions or conditions, Shares in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company, stock equivalent units, and Awards valued by reference to the book value of Shares. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under this Plan.

Subject to the provisions of this Plan, the Committee shall have authority to determine the Eligible Individuals, to whom, and the time or times at which, such Other Stock-Based Awards shall be made, the number of Shares to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Shares under such Awards upon the completion of a specified Performance Period. The Committee may condition the grant or vesting of Other Stock-Based Awards upon the attainment of specified Performance Goals as the Committee may determine, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 <u>Terms and Conditions</u>**. Other Stock-Based Awards made pursuant to this Article IX shall be evidenced by an Award Agreement and subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions not inconsistent with the terms of this Plan, as the Committee shall deem desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Transferability</u>. Subject to the applicable provisions of the Award Agreement and this Plan, Shares subject to Other Stock-Based Awards may not be transferred prior to the date on which the Shares are issued or, if later, the date on which any applicable restriction, performance, or deferral period lapses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends</u>. Unless otherwise determined by the Committee at the time of the grant of an Other Stock-Based Award, subject to the provisions of the Award Agreement and this Plan, the recipient of an Other Stock-Based Award shall not be entitled to receive, currently or on a deferred basis, dividends or Dividend Equivalent Rights in respect of the number of Shares covered by the Other Stock-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vesting</u>. Any Other Stock-Based Award and any Shares covered by any such Other Stock-Based Award shall vest or be forfeited to the extent so provided in the Award Agreement, as determined by the Committee, in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Price</u>. Shares under this Article IX may be issued for no cash consideration. Shares purchased pursuant to a purchase right awarded pursuant to an Other Stock-Based Award shall be priced, as determined by the Committee in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 <u>Cash Awards</u>**. The Committee may from time to time grant Cash Awards to Eligible Individuals in such amounts, on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required by Applicable Law, as it shall determine in its sole discretion. Cash Awards may be granted subject to the satisfaction of vesting conditions or may be awarded purely as a bonus and not subject to restrictions or conditions, and if subject to vesting conditions, the Committee may accelerate the vesting of such Awards at any time in its sole discretion. The grant of a Cash Award shall not require a segregation of any of the Company's assets for satisfaction of the Company's payment obligation thereunder.

**ARTICLE X** 

**CHANGE IN CONTROL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 <u>Benefits</u>**. In the event of a Change in Control of the Company, and except as otherwise provided by the Committee in an Award Agreement or any applicable employment agreement, offer letter, consulting agreement, change in control agreement, or similar agreement in effect between the Company or an Affiliate and the Participant, a Participant's unvested Awards shall not vest automatically and a Participant's Awards shall be treated in accordance with one or more of the following methods as determined by the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards, whether or not then vested, shall be continued, be assumed, or have new rights substituted therefor, as determined by the Committee in a manner consistent with the requirements of Section 409A of the Code, and restrictions to which shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Shares on such terms as determined by the Committee; *provided* that the Committee may decide to award additional Restricted Stock or other Awards in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury Regulation Section 1.424-1 (and any amendment thereto).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company for an amount of cash equal to the excess (if any) of the Change in Control Price of the Shares covered by such Awards, over the aggregate exercise price of such Awards; *provided, however*, that if the exercise price of an Option or Stock Appreciation Right exceeds the Change in Control Price, such Award may be cancelled for no consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee may, in its sole discretion, terminate all outstanding and unexercised Stock Options, Stock Appreciation Rights, or any Other Stock-Based Award that provides for a Participant-elected exercise, effective as of the date of the Change in Control, by delivering notice of termination to each Participant at least twenty (20) days prior to the date of consummation of the Change in Control, in which case during the period from the date on which such notice of termination is delivered to the consummation of the Change in Control, each such Participant shall have the right to exercise in full all of such Participant's Awards that are then outstanding (without regard to any limitations on exercisability otherwise contained in the Award Agreements), but any such exercise shall be contingent on the occurrence of the Change in Control, and, *provided* that, if the Change in Control does not take place within a specified period after giving such notice for any reason whatsoever, the notice and exercise pursuant thereto shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision herein to the contrary, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at any time.

**ARTICLE XI** 

**TERMINATION OR AMENDMENT OF PLAN** 

Notwithstanding any other provision of this Plan, the Board or the Committee may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of this Plan (including any amendment deemed necessary to ensure that the Company may comply with any Applicable Law), or suspend or terminate it entirely, retroactively or otherwise; *provided, however*, that, unless otherwise required by Applicable Law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment, suspension, or termination may not be materially impaired without the consent of such Participant and, *provided*, *further*, that without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, no amendment may be made that would (a) increase the aggregate number of Shares that may be issued under this Plan (except by operation of Section 4.1); or (b) change the classification of individuals eligible to receive Awards under this Plan. In addition, the Board or the Committee shall, without the approval of the holders of the Shares entitled to vote in accordance with Applicable Law, have the authority to (i) amend any outstanding Option or Stock Appreciation Right to reduce its exercise price per Share or (ii) cancel any Option or Stock Appreciation Right in exchange for cash or another Award. Notwithstanding anything herein to the contrary, the Board or the Committee may amend this Plan or any Award Agreement at any time without a Participant's consent to comply with Applicable Law, including Section 409A of the Code. The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV or as otherwise specifically provided herein, no such amendment or other action by the Committee shall materially impair the rights of any Participant without the Participant's consent.

------

**ARTICLE XII** 

**UNFUNDED STATUS OF PLAN** 

This Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation. With respect to any payment as to which a Participant has a fixed and vested interest but which is not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any right that is greater than those of a general unsecured creditor of the Company.

**ARTICLE XIII** 

**GENERAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 <u>Lock-Up; Legend</u>**. The Committee may require each person receiving Shares pursuant to a Stock Option or other Award under this Plan to represent to and agree with the Company in writing that the Participant is acquiring the Shares without a view to distribution thereof. The Company may, in connection with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any Shares or other Company securities during any period determined by the underwriter or the Company. In addition to any legend required by this Plan, the certificates for such Shares may include any legend that the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under this Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities exchange system upon whose system the Common Stock is then quoted, and any Applicable Law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. If the Shares are held in book-entry form, then the book-entry will indicate any restrictions on such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 <u>Other Plans</u>**. Nothing contained in this Plan shall prevent the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3 <u>No Right to Employment/Directorship/Consultancy</u>**. Neither this Plan nor the grant of any Award hereunder shall give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor shall there be a limitation in any way on the right of the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate such employment, consultancy, or directorship at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4 <u>Withholding of Taxes</u>**. A Participant shall be required to pay to the Company or one of its Affiliates, as applicable, or make arrangements satisfactory to the Company regarding the payment of, any income tax, social insurance contribution or other applicable taxes that are required to be withheld in respect of an Award. The Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy all or any portion of the applicable taxes that are required to be withheld with respect to an Award by (a) the delivery of Shares (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for

------

at least six (6) months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such withholding liability (or portion thereof); (b) having the Company withhold from the Shares otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting, or settlement of the Award, as applicable, a number of Shares with an aggregate Fair Market Value equal to the amount of such withholding liability; or (c) by any other means specified in the applicable Award Agreement or otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5 <u>Fractional Shares</u>**. No fractional Shares shall be issued or delivered pursuant to this Plan. The Committee shall determine whether cash, additional Awards, or other securities or property shall be used or paid in lieu of fractional Shares or whether any fractional shares should be rounded, forfeited, or otherwise eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6 <u>No Assignment of Benefits</u>**. No Award or other benefit payable under this Plan shall, except as otherwise specifically provided in this Plan or under Applicable Law or permitted by the Committee, be transferable in any manner, and any attempt to transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7 <u>Clawbacks</u><u>; Detrimental Conduct</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Clawbacks</u>. All awards, amounts, or benefits received or outstanding under this Plan will be subject to clawback, cancellation, recoupment, rescission, payback, reduction, or other similar action in accordance with any Company clawback or similar policy or any Applicable Law related to such actions. A Participant's acceptance of an Award will constitute the Participant's acknowledgement of and consent to the Company's application, implementation, and enforcement of any applicable Company clawback or similar policy that may apply to the Participant, whether adopted before or after the Effective Date, and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback, or reduction of compensation, and the Participant's agreement that the Company may take any actions that may be necessary to effectuate any such policy or Applicable Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Detrimental Conduct</u>. Except as otherwise determined by the Committee, notwithstanding any other term or condition of this Plan, if a Participant engages in Detrimental Conduct, whether during or after the Participant's service, in addition to any other penalties or restrictions that may apply under this Plan, Applicable Law or otherwise, the Participant must forfeit or pay to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any and all outstanding Awards granted to the Participant, including Awards that have become vested or exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any cash or Shares received by the Participant in connection with this Plan within the 36-month period immediately before the date the Company determines the Participant has engaged in Detrimental Conduct; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the profit realized by the Participant from the sale, or other disposition for consideration, of any Shares received by the Participant under this Plan within the 36-month period immediately before the date the Company determines the Participant has engaged in Detrimental Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8 <u>Listing and Other Conditions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored by a national securities association, the issuance of Shares pursuant to an Award shall be conditioned upon such Shares being listed on such exchange or system. The Company shall have no obligation to issue such Shares unless and until such Shares are so listed, and the right to exercise any Option or other Award with respect to such Shares shall be suspended until such listing has been effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time counsel to the Company advises the Company that any sale or delivery of Shares pursuant to an Award is or may in the circumstances be unlawful or result in the imposition of excise taxes on the Company under Applicable Law, the Company shall have no obligation to make such sale or delivery, or to make any application or to effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to Shares or Awards, and the right to exercise any Option or other Award shall be suspended until, based on the advice of said counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon termination of any period of suspension under this Section 13.8, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated as to all Shares available before such suspension and as to Shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Participant shall be required to supply the Company with certificates, representations, and information that the Company requests and otherwise cooperate with the Company in obtaining any listing, registration, qualification, exemption, consent, or approval that the Company deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9 <u>Governing Law</u>**. This Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the State of Delaware, without reference to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10 <u>Construction</u>**. Wherever any words are used in this Plan in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases where they would so apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11 <u>Other Benefits</u>**. No Award granted or paid out under this Plan shall be deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates or affect any benefit or compensation under any other plan now or subsequently in effect under which the availability or amount of benefits is related to the level of compensation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12 <u>Costs</u>**. The Company shall bear all expenses associated with administering this Plan, including expenses of issuing Shares pursuant to Awards hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.13 <u>No Right to Same Benefits</u>**. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.14 <u>Death/Disability</u>**. The Committee may in its discretion require the transferee of a Participant to supply it with written notice of the Participant's death or Disability and to supply it with a copy of the will (in the case of the Participant's death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an Award. The Committee may also require the agreement of the transferee to be bound by all of the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.15 <u>Section 16(b) of the Exchange Act</u>**. It is the intent of the Company that this Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3 as promulgated under Section 16 of the Exchange Act so that Participants will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any provision of this Plan would conflict with the intent expressed in this Section 13.15, such provision to the extent possible shall be interpreted and/or deemed amended so as to avoid such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.16 <u>Deferral of Awards</u>**. The Committee may establish one or more programs under this Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election would entitle the Participant to payment or receipt of Shares or other consideration under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts, Shares or other consideration so deferred, and such other terms, conditions, rules, and procedures that the Committee deems advisable for the administration of any such deferral program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.17 <u>Section 409A of the Code</u>**. This Plan and Awards are intended to comply with or be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. To the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that will comply with Section 409A of the Code. Notwithstanding anything herein to the contrary, any provision in this Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply with or be exempt from Section 409A of the Code and, to the extent such provision cannot be amended to comply therewith or be exempt therefrom, such provision shall be null and void. The Company shall have no liability to a Participant, or any other party, if an Award that is intended to be exempt from, or compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and, in the event that any amount or benefit under this Plan becomes subject to penalties under Section 409A of the Code, responsibility for payment of such penalties shall rest solely with the affected Participants and not with the Company. Notwithstanding any contrary provision in this Plan or Award Agreement, any payment(s) of "nonqualified deferred compensation" (within the meaning of Section 409A of the Code) that are otherwise required to be

------

made under this Plan to a "specified employee" (as defined under Section 409A of the Code) as a result of such employee's separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, until the date of death of the specified employee) and shall instead be paid (in a manner set forth in the Award Agreement) upon expiration of such delay period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.18 <u>Data Privacy</u>**. As a condition of receipt of any Award, each Participant explicitly and unambiguously consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this Section 13.18 by and among, as applicable, the Company and its Affiliates, for the exclusive purpose of implementing, administering, and managing this Plan and Awards and the Participant's participation in this Plan. In furtherance of such implementation, administration, and management, the Company and its Affiliates may hold certain personal information about a Participant, including, but not limited to, the Participant's name, home address, telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the "**<u>Data</u>**"). In addition to transferring the Data amongst themselves as necessary for the purpose of implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan, the Company and its Affiliates may each transfer the Data to any third parties assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan. Recipients of the Data may be located in the Participant's country or elsewhere, and the Participant's country and any given recipient's country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company in the implementation, administration, and management of this Plan and Awards and the Participant's participation in this Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant will be held only as long as is necessary to implement, administer, and manage this Plan and Awards and the Participant's participation in this Plan. A Participant may, at any time, view the Data held by the Company with respect to such Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting his or her local human resources representative. The Company may cancel the Participant's eligibility to participate in this Plan, and in the Committee's discretion, the Participant may forfeit any outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.19 <u>Successor and Assigns</u>**. This Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator, or trustee of such estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.20 <u>Severability of Provisions</u>**. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and this Plan shall be construed and enforced as if such provisions had not been included.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.21 <u>Headings and Captions</u>**. The headings and captions herein are provided for reference and convenience only, shall not be considered part of this Plan, and shall not be employed in the construction of this Plan.

**ARTICLE XIV** 

**EFFECTIVE DATE OF PLAN** 

This Plan shall become effective on [•], which is the date of its adoption by the Board, subject to the approval of this Plan by the stockholders of the Company in accordance with the requirements of the laws of the State of Delaware.

**ARTICLE XV** 

**TERM OF PLAN** 

No Award shall be granted pursuant to this Plan on or after the tenth (10th) anniversary of the earlier of the date that this Plan is adopted by the Board or the date of stockholder approval, but Awards granted prior to such tenth (10th) anniversary may extend beyond that date.

**\* \* \* \* \***

## Exhibit 10.8

**Exhibit 10.8** 

**RESTRICTED** 

**YORK SPACE SYSTEMS INC.** 

**2026 OMNIBUS INCENTIVE PLAN** 

**RESTRICTED STOCK UNIT GRANT NOTICE** 

Pursuant to the terms and conditions of the York Space Systems Inc. 2026 Omnibus Incentive Plan, as amended from time to time (the "<u>Plan</u>"), York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), hereby grants to the individual listed below ("<u>you</u>" or the "<u>Participant</u>") the number of Restricted Stock Units (the "<u>RSUs</u>") set forth below. This award of RSUs (this "<u>Award</u>") is subject to the terms and conditions set forth herein and in the Restricted Stock Unit Agreement attached hereto as <u>Exhibit A</u> (the "<u>Agreement</u>"), the restrictive covenants attached hereto as <u>Exhibit B</u> (the "<u>Restrictive Covenants"</u>) and the Plan, each of which is incorporated herein by reference. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

***[Signature Page Follows]***

------

By electronically accepting the Award, Participant executes this Agreement and agrees to be bound by the terms and conditions of the Plan, the Agreement and this Restricted Stock Unit Grant Notice (this "<u>Grant Notice</u>"). Participant has carefully reviewed the Plan, the Agreement and the Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Grant Notice and fully understands all provisions of the Plan, the Agreement and the Grant Notice. Participant understands and acknowledges that Participant is responsible for all taxes due with respect to any Shares or other payments in respect of the RSU. Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Administrator arising under the Plan, the Agreement and the Grant Notice.

Notwithstanding any provision of this Grant Notice or the Agreement, if Participant has not accepted this Award within 90 days following the Date of Grant, then this Award will terminate automatically without any further action by the Company and the RSUs will be forfeited without further notice and at no cost to the Company.

---

| | |
|:---|:---|
| **YORK SPACE SYSTEMS INC.** | **PARTICIPANT** |
| <u>XXXXXXXXXXXXXXXXXXXXXX</u> | <u>XXXXXXXXXXXXXXXXXXXXXX</u> |
| Name: [NAME]<br> Title: [TITLE] | Electronically accepted and executed as set forth on the final page hereof |

---

SIGNATURE PAGE TO

RESTRICTED STOCK UNIT GRANT NOTICE

------

**<u>EXHIBIT A</u>**

**RESTRICTED STOCK UNIT AGREEMENT** 

This Restricted Stock Unit Agreement (together with the Grant Notice to which this Agreement is attached and <u>Exhibit B</u>, this "<u>Agreement</u>") is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), and [●] (the "<u>Participant</u>"). Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Award</u>**. In consideration of the Participant's past and/or continued employment with, or service to, the Company or an Affiliate and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, effective as of the Date of Grant set forth in the Grant Notice (the "<u>Date of Grant</u>"), the Company hereby grants to the Participant the number of RSUs set forth in the Grant Notice on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. To the extent vested, each RSU represents the right to receive one Share, subject to the terms and conditions set forth in the Grant Notice, this Agreement and the Plan. Unless and until the RSUs have become vested in the manner set forth in <u>Section</u> <u>2</u>, the Participant will have no right to receive any Shares or other payments in respect of the RSUs. Prior to settlement of this Award, the RSUs and this Award represent an unsecured obligation of the Company, payable only from the general assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Vesting of RSUs</u>**. The RSUs shall vest in accordance with the vesting schedule set forth in the Grant Notice. Upon the Participant's Termination of Service prior to the vesting of all of the RSUs any unvested RSUs (and all rights arising from such RSUs and from being a holder thereof) will terminate automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Dividend Equivalent Rights</u>**. In the event that the Company declares and pays a regular cash dividend in respect of its outstanding Shares (which, for clarity, does not include any extraordinary cash dividend), and, on the record date for such dividend, the Participant holds RSUs granted pursuant to this Agreement that have not been settled, the Company shall record in a bookkeeping account an amount equal to the cash dividends the Participant would have received if the Participant was the holder of record, as of such record date, of a number of Shares equal to the number of RSUs held by the Participant that have not been settled as of such record date (the "<u>Dividend Equivalent Rights</u>"). The Dividend Equivalent Rights will be subject to the same terms and conditions, including with respect to vesting, forfeiture and transferability, as the underlying RSUs. All amounts, if any, payable in respect of the Dividend Equivalent Rights will be paid to the Participant in cash (or, at the discretion of the Company, in Shares) on or following, but no later than 60 days after, the date the underlying RSU vests. For purposes of clarity, if any of the RSUs are forfeited by the Participant pursuant to the terms of this Agreement, then the Participant shall also forfeit the Dividend Equivalent Rights, if any, accrued with respect to such forfeited RSUs. No interest will accrue on the Dividend Equivalent Rights between the declaration and payment of the applicable dividends and the settlement of the Dividend Equivalent Rights.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Settlement of RSUs</u>**. As soon as administratively practicable following the vesting of RSUs pursuant to <u>Section</u> <u>2</u>, but in no event later than 60 days after the Vesting Date, the Company shall deliver to the Participant a number of Shares equal to the number of RSUs subject to this Award. All Shares issued hereunder shall be delivered either by delivering one or more certificates for such Shares to the Participant or by entering such Shares in book-entry form, as determined by the Committee in its sole discretion. The value of Shares shall not bear any interest owing to the passage of time. Neither this <u>Section</u> <u>4</u> nor any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Restrictive Covenants</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges and agrees that the grant of the RSUs further aligns the Participant's interests with the Company's long-term business interests, and as a condition to the Company's willingness to enter into this Agreement, the Participant agrees to abide by the terms set forth in <u>Exhibit B</u>, which <u>Exhibit B</u> is deemed to be part of this Agreement as if fully set forth herein. The Participant acknowledges and agrees that the Restrictive Covenants are reasonable and enforceable in all respects. By accepting this Award, the Participant agrees to be bound, and promises to abide, by the terms set forth in <u>Exhibit B</u> and expressly acknowledges and affirms that this Award would not be granted to the Participant if the Participant had not agreed to be bound by such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision in this Agreement or the Plan to the contrary, in the event the Committee determines that the Participant has failed to abide by any of the terms set forth in <u>Exhibit B</u> or the provisions of any other confidentiality, non-disclosure, non-competition, non-solicitation, non-disparagement or other restrictive covenants in any other agreement by and between the Company or any Affiliate and the Participant, then, in addition to and without limiting the remedies set forth in <u>Exhibit B</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all RSUs that have not been settled as of the date of such determination (and all rights arising from such RSUs and from being a holder thereof) will terminate automatically without any further action by the Company and will be forfeited without further notice and at no cost to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Participant shall, within 30 days following the Participant's receipt of a written notice from the Company, pay to the Company a cash amount equal to the Fair Market Value of any Shares previously received by the Participant pursuant to the settlement of the RSUs as of the date of receipt of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Tax Withholding</u>**. To the extent that the receipt, vesting or settlement of this Award results in compensation income or wages (including via Dividend Equivalent Rights) to the Participant for federal, state, local and/or foreign tax purposes, the Company shall have the authority to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy all applicable federal, state, local and foreign taxes (including the employee portion of any Federal Insurance Contributions Act obligation) required by Applicable Law to be withheld with respect to any taxable event arising in connection with this Award. In furtherance of the forgoing, the Participant may make arrangements satisfactory to the Company regarding the

------

payment of any income tax, social insurance contribution or other applicable taxes that are required to be withheld in respect of this Award, which arrangements include (if and to the extent permitted by the Company) the delivery of cash or cash equivalents, Shares (including previously owned Shares (which are not subject to any pledge or other security interest), net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise issuable or delivered pursuant to this Award), other property, or any other legal consideration the Committee deems appropriate. If such tax obligations are satisfied through net settlement or the surrender of previously owned Shares, the maximum number of Shares that may be so withheld (or surrendered) shall be the number of Shares that have an aggregate Fair Market Value on the date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, local and/or foreign tax purposes, including payroll taxes, that may be utilized without creating adverse accounting treatment for the Company with respect to this Award, as determined by the Committee. Any fraction of a Share required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash to the Participant. The Participant acknowledges that there may be adverse tax consequences upon the receipt, vesting or settlement of this Award or disposition of the underlying Shares and that the Participant has been advised, and hereby is advised, to consult a tax advisor. The Participant represents that the Participant is in no manner relying on the Board, the Committee, the Company or an Affiliate or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Non-Transferability</u>**. During the lifetime of the Participant, the RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. Neither the RSUs nor any interest or right therein shall be liable for the debts, contracts or engagements of the Participant or the Participant's successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means, whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Compliance with Applicable Law</u>**. Notwithstanding any provision of this Agreement to the contrary, the issuance of Shares hereunder will be subject to compliance with all applicable requirements of Applicable Law. No Shares will be issued hereunder if such issuance would constitute a violation of any Applicable Law. In addition, Shares will not be issued hereunder unless (a) a registration statement under the Securities Act is in effect at the time of such issuance with respect to the Shares to be issued or (b) in the opinion of legal counsel to the Company, the Shares to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary for the lawful issuance and sale of any Shares hereunder will relieve the Company of any liability in respect of the failure to issue such Shares as to which such requisite authority has not been obtained. As a condition to any issuance of Shares hereunder, the Company may require the Participant to satisfy any requirements that may be necessary or appropriate to evidence compliance with any Applicable Law and to make any representation or warranty with respect to such compliance as may be requested by the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Rights as a Stockholder</u>**. The Participant shall have no rights as a stockholder of the Company with respect to any Shares that may become deliverable hereunder unless and until the Participant has become the holder of record of such Shares, and no adjustments shall be made for dividends in cash or other property, distributions or other rights in respect of any such Shares, except as otherwise specifically provided for in the Plan or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Execution of Receipts and Releases</u>**. Any issuance or transfer of Shares or other property to the Participant or the Participant's legal representative, heir, legatee or distributee, in accordance with this Agreement shall be in full satisfaction of all claims of such Person hereunder. As a condition precedent to such payment or issuance, the Company may require the Participant or the Participant's legal representative, heir, legatee or distributee to execute (and not revoke within any time provided to do so) a release and receipt therefor in such form as it shall determine appropriate; *provided*, that any review period under such release will not modify the date of settlement with respect to vested RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>No Right to Continued Employment, Service or Awards</u>**. Nothing in the adoption of the Plan, nor the award of the RSUs thereunder pursuant to the Grant Notice and this Agreement, shall confer upon the Participant the right to continued employment by, or a continued service relationship with, the Company or any Affiliate, or any other entity, or affect in any way the right of the Company or any such Affiliate, or any other entity to terminate such employment or other service relationship at any time. Unless otherwise provided in a written employment agreement or by Applicable Law, the Participant's employment by the Company, or any such Affiliate, or any other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either the Participant or the Company, or any such Affiliate, or other entity for any or no reason whatsoever, with or without Cause or notice. Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee or its delegate, and such determination shall be final, conclusive and binding for all purposes. The grant of the RSUs is a one-time benefit that was made at the sole discretion of the Company and does not create any contractual or other right to receive a grant of Awards or benefits in the future in lieu of Awards in the future, including any adjustment to wages, overtime, benefits or other compensation. Any future Awards will be granted at the sole discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Legal and Equitable Remedies</u>**. The Participant acknowledges that a violation or attempted breach of any of the Participant's covenants and agreements in this Agreement will cause such damage as will be irreparable, the exact amount of which would be difficult to ascertain and for which there will be no adequate remedy at law, and accordingly, the parties hereto agree that the Company and its Affiliates shall be entitled as a matter of right to an injunction issued by any court of competent jurisdiction, restraining the Participant or the affiliates, partners or agents of the Participant from such breach or attempted violation of such covenants and agreements, as well as to recover from the Participant any and all costs and expenses sustained or incurred by the Company or any Affiliate in obtaining such an injunction, including reasonable attorneys' fees. The parties to this Agreement agree that no bond or other security shall be required in connection with such injunction. Any exercise by either of the parties to this Agreement of its rights pursuant to this <u>Section</u> <u>12</u> shall be cumulative and in addition to any other remedies to which such party may be entitled.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Notices</u>**. All notices and other communications under this Agreement shall be in writing and shall be delivered to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

If to the Company, unless otherwise designated by the Company in a written notice to the Participant (or other holder):

York Space Systems Inc.

6060 S Willow Drive

Greenwood Village, CO 80111

Attn: [●]

If to the Participant, at the Participant's last known address on file with the Company.

Any notice that is delivered personally or by overnight courier or telecopier in the manner provided herein shall be deemed to have been duly given to the Participant when it is mailed by the Company or, if such notice is not mailed to the Participant, upon receipt by the Participant. Any notice that is addressed and mailed in the manner herein provided shall be conclusively presumed to have been given to the party to whom it is addressed at the close of business, local time of the recipient, on the fourth day after the day it is so placed in the mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Consent to Electronic Delivery; Electronic Signature</u>**. In lieu of receiving documents in paper format, the Participant agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company may be required to deliver (including, but not limited to, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports and all other forms of communications) in connection with this and any other Award made or offered by the Company. Electronic delivery may be via a Company electronic mail system or by reference to a location on a Company intranet to which the Participant has access, or to the Participant's account with the Company's equity plan administrator. The Participant hereby consents to any and all procedures the Company has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Company may be required to deliver, and agrees that the Participant's electronic signature is the same as, and shall have the same force and effect as, the Participant's manual signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Agreement to Furnish Information</u>**. The Participant agrees to furnish to the Company all information requested by the Company to enable it to comply with any reporting or other requirement imposed upon the Company by or under any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Entire Agreement; Amendment</u>**. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the RSUs granted hereby; *provided*¸ *however*, that (a) the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment, consulting and/or severance agreement

------

between the Company (or an Affiliate or other entity) and the Participant in effect as of the date a determination is to be made under this Agreement; and (b) the terms of <u>Exhibit B</u> are in addition to and complement (and do not replace or supersede) all other agreements and obligations between the Company or any Affiliate and the Participant with respect to confidentiality, non-disclosure, non-competition, non-solicitation, non-disparagement and other restrictive covenants. Without limiting the scope of the preceding sentence, except as provided therein, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; *provided*, *however*, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of the Participant shall be effective only if it is in writing and signed by both the Participant and an authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Severability and Waiver</u>**. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. Waiver by any party of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or after such breach or condition giving rise to such rights continues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Company Recoupment of Awards</u>**. The Participant's rights with respect to this Award shall in all events be subject to (a) any right that the Company may have under any Company recoupment or clawback policy or other agreement or arrangement with the Participant, and (b) any right or obligation that the Company may have regarding the clawback of "incentive-based compensation" under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission or any other Applicable Law. The Participant's acceptance of this Award will constitute the Participant's acknowledgment of and consent to the Company's application, implementation and enforcement of any Company recoupment, clawback or similar policy that may apply to the Participant and this Award, whether adopted before or after the Effective Date or Date of Grant (whether though clawback, cancellation, recoupment, rescission, payback, reduction or other similar action in accordance therewith) and any Applicable Law relating to clawback, cancellation, recoupment, rescission, payback or reduction of compensation or other similar action, and the Participant's agreement that the Company may take any actions that may be necessary to effectuate any such policy or Applicable Law, without further consideration or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Governing Law</u>**. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED THEREIN, EXCLUSIVE OF THE CONFLICT OF LAWS PROVISIONS OF DELAWARE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. <u>Successors and Assigns</u>**. The Company may assign any of its rights under this Agreement without the Participant's consent. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon the Participant and the Participant's beneficiaries, executors, administrators and the Person(s) to whom the RSUs may be transferred by will or the laws of descent or distribution.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. <u>Headings; References; Interpretation</u>**. Headings are for convenience only and are not deemed to be part of this Agreement. The words "hereof," "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole, including <u>Exhibit B</u> attached hereto, and not to any particular provision of this Agreement. All references herein to Sections and <u>Exhibit B</u> shall, unless the context requires a different construction, be deemed to be references to the Sections and <u>Exhibit B</u> of this Agreement. The word "or" as used herein is not exclusive and is deemed to have the meaning "and/or." All references to "including" shall be construed as meaning "including without limitation." Unless the context requires otherwise, all references herein to a law, agreement, instrument or other document shall be deemed to refer to such law, agreement, instrument or other document as amended, supplemented, modified and restated from time to time to the extent permitted by the provisions thereof. All references to "dollars" or "$" in this Agreement refer to United States dollars. Whenever the context may require, the singular form of nouns and pronouns shall include the plural and vice versa. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by each of the parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. <u>Counterparts</u>**. The Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Delivery of an executed counterpart of the Grant Notice by facsimile or portable document format (.pdf) attachment to electronic mail or via electronic acceptance in accordance with <u>Section 14</u> shall be effective as delivery of a manually executed counterpart of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. <u>Section 409A</u>**. The Plan, this Agreement and the RSUs are intended to comply with or be exempt from the applicable requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent. Notwithstanding any contrary provision in the Plan or this Agreement, any payment(s) of "nonqualified deferred compensation" (within the meaning of Section 409A of the Code) that are otherwise required to be made under the Plan or this Agreement to a "specified employee" (as defined under Section 409A of the Code) as a result of such employee's separation from service (other than a payment that is not subject to Section 409A of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, until the date of death of the specified employee) and shall instead be paid (in a manner set forth in this Agreement) upon expiration of such delay period. Notwithstanding the foregoing, the Company and its Affiliates make no representations that the RSUs provided under this Agreement are exempt from or compliant with Section 409A of the Code and in no event shall the Company or any Affiliate be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

[Remainder of Page Intentionally Blank]

------

**<u>EXHIBIT B</u>**

**RESTRICTIVE COVENANTS** 

[To be attached]

## Exhibit 10.9

**Exhibit 10.9** 

**YORK SPACE SYSTEMS INC.** 

**2026 OMNIBUS INCENTIVE EQUITY PLAN** 

**RESTRICTED STOCK GRANT NOTICE** 

York Space Systems Inc. a Delaware corporation (the "<u>Company</u>"), pursuant to its 2026 Incentive Equity Plan, as amended from time to time (the "<u>Plan</u>"), hereby grants to the holder listed below ("<u>Participant</u>") the number of shares of Restricted Stock set forth below (the "<u>Shares</u>"). The Shares are subject to the terms and conditions set forth in this Restricted Stock Grant Notice (the "<u>Grant Notice</u>"), the Restricted Stock Grant Agreement attached hereto as <u>Exhibit A</u>, together with any Annexes thereto (the "<u>Agreement</u>"), and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in the Grant Notice and the Agreement.

---

| | |
|:---|:---|
| **Participant:** | |
| **Grant Date:** | |
| **Number of Shares:** | |
| **Type of Shares Issuable:** | Common Stock |
| **Vesting Criteria:** | As set forth in the Agreement. |

---

By electronically accepting the Award, Participant executes this Agreement and agrees to be bound by the terms and conditions of the Plan, the Agreement and the Grant Notice. Participant has carefully reviewed the Plan, the Agreement and the Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Grant Notice and fully understands all provisions of the Plan, the Agreement and the Grant Notice. Participant understands and acknowledges that Participant is responsible for all taxes due with respect to the Shares. Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Administrator arising under the Plan, the Agreement and the Grant Notice.

---

| | |
|:---|:---|
| **YORK SPACE SYSTEMS INC.** | **PARTICIPANT** |
| <u>XXXXXXXXXXXXXXXXXXXXXX</u> | <u>XXXXXXXXXXXXXXXXXXXXXX</u> |
| Name: [NAME]<br> Title: [TITLE] | Electronically accepted and executed as set forth on the final page hereof |

---

------

**EXHIBIT A** 

**TO STOCK GRANT NOTICE** 

**RESTRICTED STOCK GRANT AGREEMENT** 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of Shares set forth in the Grant Notice.

**ARTICLE I.** 

**GENERAL** 

**Section 1.1** <u>Defined Terms</u>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

**Section 1.2** <u>Incorporation of Terms of Plan</u>. The Shares are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

**ARTICLE II.** 

**GRANT OF SHARES** 

**Section 2.1** <u>Grant of Shares</u>. In consideration of Participant's past and/or continued employment with or service to the Company or its Subsidiaries (collectively, the "<u>Company Group</u>") and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice, the Company has granted to Participant the number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Section 4.3 of the Plan.

**Section 2.2** <u>Vesting of Shares</u>. Subject to <u>Section</u> <u>3.3</u> of this Agreement, the Shares shall vest in accordance with the vesting schedule attached hereto as <u>Schedule A</u> (each such date, a "<u>Vesting Date</u>").

**Section 2.3** <u>Issuance Mechanics</u>. The Shares shall be issued in the form of Common Stock to Participant. The Company shall cause Shares to be held in book-entry form until the Shares either vest as provided in <u>Section</u> <u>2.2</u> or are forfeited. For the avoidance of doubt, the Participant shall not pay the Company any purchase price for the Shares. Participant's right to receive the Shares is conditioned upon execution and delivery to the Company of all stock powers or other instruments of assignment that may be necessary to permit transfer to the Company of all or a portion of the Shares if such Shares are forfeited in whole or in part. Neither this <u>Section</u> <u>2.3</u> nor any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

------

**Section 2.4** <u>Conditions to Issuance of Certificates</u>. The Company shall not be required to issue or deliver any certificate or certificates for any of the Shares or to cause any of the Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the satisfaction of the vesting requirements in <u>Section</u> <u>2.2</u>, (b) the admission of the Shares to listing on all stock exchanges on which the Shares are then listed, (c) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (d) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute discretion, determine to be necessary or advisable, and (e) the receipt of full payment of any applicable withholding tax by the member of the Company Group with respect to which the applicable withholding obligation arises.

**Section 2.5** <u>Tax Withholding</u>. Participant acknowledges and agrees that the Company shall have the power and the right to deduct or withhold, or require Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind that the Company, in its good faith discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Shares. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, shall permit the Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation): (i) paying cash, or (ii) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld; *provided*, that if Participant is subject to Section 16 of the Exchange Act, unless otherwise determined by the Administrator, in its sole discretion, any statutorily required withholding obligation with regard to the Participant shall be satisfied by reducing the amount of Shares otherwise deliverable to the Participant hereunder. The Participant represents that the Participant is in no manner relying on the Board, the Committee, the Company or an affiliate or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.

**Section 2.6** <u>Rights as Stockholder; Dividends</u>. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing the Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to the Shares, including, without limitation, the right to receipt of dividends and distributions on the Shares, except as otherwise provided herein. Participant shall be entitled to receive all dividends and other distributions paid with respect to the Shares; *provided*, that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Share to which such dividends or distributions relate and shall be paid at the time the related Shares become unrestricted and vested. If any dividends or distributions are paid in shares, such shares shall be issued to Participant but shall be subject to the same restrictions as the Shares with respect to which they were paid until such Shares have vested. Once Participant become the holder of record of the Shares granted hereunder, Participant may exercise full voting rights with respect to such shares.

------

**Section 2.7** <u>Section 83(b) Election</u>. Within thirty (30) days of the Grant Date the Participant may make and file with the Internal Revenue Service an election under Section 83(b) of the Code with respect to the grant of the Shares hereunder. The Participant shall promptly provide a copy of such election to the Company. The Participant acknowledges that it is the Participant's sole responsibility and not the responsibility of the Company or any affiliate to timely file an election under Section 83(b) of the Code, even if the Participant requests the Company, an affiliate or other representative to make this filing on the Participant's behalf.

**Section 2.8** <u>Restrictive Covenants</u>(a) . Participant agrees to abide by the covenants and agreements set forth in Annex A hereto and incorporated by reference herein and made a part hereof, and acknowledges that the Shares being granted herein, the provision of Confidential Information (as defined in Annex A), specialized training and additional good and valuable consideration as set forth in this Agreement constitute adequate and sufficient consideration in support of such covenants and agreements. The Shares shall be automatically forfeited to the extent Participant violates any noncompetition, nonsolicitation, or any other restrictive covenants that may be contained in this Agreement, any employment agreement, restrictive covenant agreement, or any other agreement between the Company Group and Participant, whether entered into prior to, on, or following the date hereof, and Participant hereby reaffirms all such obligations.

**ARTICLE III.** 

**RESTRICTIONS** 

**Section 3.1** <u>Applicable Restrictions</u>. Beginning on the Grant Date, Participant shall have all rights and privileges of a stockholder as set forth in <u>Section</u> <u>2.6</u> except as follows (the "<u>Restrictions</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dividends and other distributions declared and paid with respect to the Shares before they vest shall be subject to <u>Section</u> <u>2.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none of the Shares may be sold, pledged, assigned or transferred in any manner before they vest other than a transfer upon the Participant's death in accordance with the Participant's will, by the laws of descent and distribution or pursuant to Section 13.14 of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all or a portion of the Shares may be forfeited in accordance with <u>Section</u> <u>3.3</u>.

Any attempt to transfer or dispose of any Shares in a manner contrary to the Restrictions shall be void and of no effect.

**Section 3.2** <u>Release of Unrestricted Shares</u>. Upon the vesting of Shares and the corresponding lapse of the Restrictions, and after the Company has determined that all conditions to the release of unrestricted Shares have been satisfied, it shall release to the Participant the unrestricted Shares, as evidenced by electronic delivery of such Shares to a brokerage account designated by the Participant or by an unrestricted book-entry registration of such Shares with the Company's transfer agent.

------

**Section 3.3** <u>Termination and Forfeiture of Shares</u>. In the event Participant incurs a Termination of Service prior to a Vesting Date (as provided in Schedule A), except as may be otherwise provided herein or by the Administrator or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all then-unvested Shares granted under this Agreement, and Participant's rights in any such then-unvested Shares shall lapse and expire.

**Section 3.4** <u>Restrictive Legends</u>. Any certificate representing Shares shall bear such legend as is reasonably necessary to effectuate these Restrictions. The Participant agrees that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate "stop transfer" instructions to its transfer agent. The Company shall not be required (i) to transfer on its books any Shares that have purportedly been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any transferee to whom such Shares shall have been purportedly sold or transferred in violation of any of the provisions of this Agreement.

**ARTICLE IV.** 

**OTHER PROVISIONS** 

**Section 4.1** <u>Administration</u>. The Administrator, which for the purpose of this grant of Shares shall be the Committee, shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

**Section 4.2** <u>Shares Not Transferable</u>. The Shares may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until all restrictions applicable to the Shares have lapsed, including any vesting requirement pursuant to <u>Section</u> <u>2.2</u>. No Shares or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Participant or Participant's successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. Notwithstanding the foregoing, with the consent of the Administrator, the Shares may be transferred to Permitted Transferees, pursuant to such conditions and procedures the Administrator may require.

**Section 4.3** <u>Adjustments</u>. The Administrator may accelerate the vesting of all or a portion of the Shares in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the Shares are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Section 4.3 of the Plan.

------

**Section 4.4** <u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company's principal office, and any notice to be given to Participant shall be addressed to Participant at Participant's last address reflected on the Company's records. By a notice given pursuant to this <u>Section</u> <u>4.4</u>, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service or similar foreign entity.

**Section 4.5** <u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

**Section 4.6** <u>Governing Law</u>. This Agreement and any claim, controversy, or dispute arising under or related to this Agreement or the relationship of the parties will be governed by and construed in accordance with the internal laws of the State of Delaware (including its statute of limitations), without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws (or statute of limitations) of another jurisdiction.

**Section 4.7** <u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice and this Agreement, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Shares are granted, only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable Law, the Plan, the Grant Notice and this Agreement, shall be deemed amended to the extent necessary to conform to Applicable Law.

**Section 4.8** <u>Amendment, Suspension and Termination</u>. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board*, provided* that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Shares in any material way without the prior written consent of Participant.

**Section 4.9** <u>Successors and Assigns</u>. Other than Participant's rights under this Agreement that are assignable by Participant to Participant's estate, the Grant Notice and this Agreement is personal to each of the parties hereto. Except as provided in this <u>Section</u> <u>4.9</u>, no party may assign or delegate any rights or obligations hereunder without first obtaining the advanced written consent of the other party hereto. Any purported assignment or delegation by Participant in violation of the foregoing will be null and void *ab initio* and of no force or effect.

**Section 4.10** <u>Limitations Applicable to Section</u> <u>16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Shares, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

------

**Section 4.11** <u>No Right to Continued Employment or Service; No Rights as Equity Holder</u>. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continued employment or service with the Company Group or shall interfere in any way with the right of the Company Group to terminate Participant's employment or service at any time for any reason. This Agreement will not in any way entitle Participant to any rights as an equity holder of the Company Group.

**Section 4.12** <u>Other Benefits</u>. The grant of Shares set forth herein is a special incentive grant and will not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death, or other benefit under any other bonus, incentive, pension, retirement, insurance, or other employee benefit plan of the Company or its Subsidiaries.

**Section 4.13** <u>Company Discretion</u>. This Agreement shall not be interpreted or construed so as to limit or prevent the Company Group from taking any actions with respect to the operation or conduct of their respective businesses or entering into any transaction that they deem appropriate or in their best interest.

**Section 4.14** <u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

**Section 4.15** <u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares granted pursuant to the Grant Notice and this Agreement are intended to be a transfer of property pursuant to Section 83 of the Code and are therefore exempt from the applicable requirements of Section 409A, and accordingly, to the maximum extent permitted, the Grant Notice and this Agreement shall be interpreted to be in compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nevertheless, to the extent that the Company determines that the Shares may not be exempt from Section 409A, and if Participant is deemed to be, on the date of termination of Participant's employment or service, a "specified employee" within the meaning of that term under Section 409A(a)(2)(B) of the Code, then to the extent necessary to prevent any accelerated or additional tax under Section 409A, the settlement and/or payment of any vested Shares will be delayed until the earlier of (i) the date that is six months following Participant's separation from service and (ii) Participant's death. The Company Group make no representation that the Shares are exempt from or compliant with Section 409A and in no event will the Company Group be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account of non-compliance with Section 409A.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of Section 409A, Participant's right to receive any installment payments pursuant to the Grant Notice and this Agreement will be treated as a right to receive a series of separate and distinct payments. Whenever a payment under the Grant Notice and this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

**Section 4.16** <u>Agreement Severable</u>. In the event that any provision of the Grant Notice or this Agreement is deemed to be illegal or invalid for any reason, said illegality or invalidity will not affect the remaining parts hereof, and the Grant Notice and this Agreement will be construed and enforced as if such illegal and invalid provision never existed.

**Section 4.17** <u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. To the extent that any person acquires a right to receive payments under this Agreement, such right shall be no greater than the right of an unsecured general creditor. All payments to be made hereunder shall be paid from general assets. The grant of the Shares under the Plan is a one-time benefit and does not create any contractual or other right to receive any other grant of Shares or other Awards under the Plan in the future.

**Section 4.18** <u>Counterparts; Headings</u>. The Grant Notice and this Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which taken together will constitute one and the same instrument.

**Section 4.19** <u>Electronic Delivery</u>. The Company may, in its sole discretion, deliver any documents related to current or future participation in the Plan by electronic means. By accepting this Agreement, Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**Section 4.20** <u>Forfeiture and Claw-Back Provisions</u>. Notwithstanding any other provision contained in the Plan or this Agreement, all of the Shares (including any proceeds, gains or other economic benefit actually or constructively received with respect thereto) shall in all events be subject to (a) the provisions of any clawback policy implemented by the Company, and (b) any right or obligation that the Company may have regarding the clawback of "incentive-based compensation" under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission, the listing standards of any national securities exchange or association on which the Company's securities are listed, or any other applicable law, in each case, whether or not any such clawback policy was in place at the Grant Date and whether or not the Shares are vested.

\* \* \* \* \*

## Exhibit 10.10

**Exhibit 10.10** 

**YORK SPACE SYSTEMS INC.** 

**2026 OMNIBUS INCENTIVE EQUITY PLAN** 

**RESTRICTED STOCK GRANT NOTICE** 

York Space Systems Inc. a Delaware corporation (the "<u>Company</u>"), pursuant to its 2026 Incentive Equity Plan, as amended from time to time (the "<u>Plan</u>"), hereby grants to the holder listed below ("<u>Participant</u>") the number of shares of Restricted Stock set forth below (the "<u>Shares</u>"). The Shares are subject to the terms and conditions set forth in this Restricted Stock Grant Notice (the "<u>Grant Notice</u>"), the Restricted Stock Grant Agreement attached hereto as <u>Exhibit A</u>, together with any Annexes thereto (the "<u>Agreement</u>"), and the Plan, each of which is incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in the Grant Notice and the Agreement.

---

| | |
|:---|:---|
| **Participant:** | |
| **Grant Date:** | |
| **Number of Shares:** | |
| **Type of Shares Issuable:** | Common Stock |
| **Vesting Criteria:** | As set forth in the Agreement. |

---

By electronically accepting the Award, Participant executes this Agreement and agrees to be bound by the terms and conditions of the Plan, the Agreement and the Grant Notice. Participant has carefully reviewed the Plan, the Agreement and the Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Grant Notice and fully understands all provisions of the Plan, the Agreement and the Grant Notice. Participant understands and acknowledges that Participant is responsible for all taxes due with respect to the Shares. Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Administrator arising under the Plan, the Agreement and the Grant Notice.

---

| | |
|:---|:---|
| **YORK SPACE SYSTEMS INC.** | **PARTICIPANT** |
| <u>XXXXXXXXXXXXXXXXXXXXXX</u> | <u>XXXXXXXXXXXXXXXXXXXXXX</u> |
| Name: [NAME]<br> Title: [TITLE] | Electronically accepted and executed as set forth on the final page hereof |

---

------

**EXHIBIT A** 

**TO STOCK GRANT NOTICE** 

**RESTRICTED STOCK GRANT AGREEMENT** 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of Shares set forth in the Grant Notice.

**ARTICLE I.** 

**GENERAL** 

**Section 1.1** <u>Defined Terms</u>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

**Section 1.2** <u>Incorporation of Terms of Plan</u>. The Shares are subject to the terms and conditions set forth in this Agreement and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

**ARTICLE II.** 

**GRANT OF SHARES** 

**Section 2.1** <u>Grant of Shares</u>. In consideration of Participant's past and/or continued employment with or service to the Company or its Subsidiaries (collectively, the "<u>Company Group</u>") and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice, the Company has granted to Participant the number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Section 4.3 of the Plan.

**Section 2.2** <u>Vesting of Shares</u>. Subject to <u>Section</u> <u>3.3</u> of this Agreement, the Shares shall vest in accordance with the vesting schedule attached hereto as <u>Schedule A</u> (each such date, or any earlier vesting date pursuant to <u>Section</u> <u>3.3</u>, a "<u>Vesting Date</u>").

**Section 2.3** <u>Issuance Mechanics</u>. The Shares shall be issued in the form of Common Stock to Participant. The Company shall cause Shares to be held in book-entry form until the Shares either vest as provided in <u>Section</u> <u>2.2</u> or are forfeited. For the avoidance of doubt, the Participant shall not pay the Company any purchase price for the Shares. Participant's right to receive the Shares is conditioned upon execution and delivery to the Company of all stock powers or other instruments of assignment that may be necessary to permit transfer to the Company of all or a portion of the Shares if such Shares are forfeited in whole or in part. Neither this <u>Section</u> <u>2.3</u> nor any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

------

**Section 2.4** <u>Conditions to Issuance of Certificates</u>. The Company shall not be required to issue or deliver any certificate or certificates for any of the Shares or to cause any of the Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the satisfaction of the vesting requirements in <u>Section</u> <u>2.2</u>, (b) the admission of the Shares to listing on all stock exchanges on which the Shares are then listed, (c) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (d) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute discretion, determine to be necessary or advisable, and (e) the receipt of full payment of any applicable withholding tax by the member of the Company Group with respect to which the applicable withholding obligation arises.

**Section 2.5** <u>Tax Withholding</u>. Participant acknowledges and agrees that the Company shall have the power and the right to deduct or withhold, or require Participant to remit to the Company, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind that the Company, in its good faith discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to the Shares. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, shall permit the Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation): (i) paying cash, or (ii) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld; *provided*, that if Participant is subject to Section 16 of the Exchange Act, unless otherwise determined by the Administrator, in its sole discretion, any statutorily required withholding obligation with regard to the Participant shall be satisfied by reducing the amount of Shares otherwise deliverable to the Participant hereunder. The Participant represents that the Participant is in no manner relying on the Board, the Committee, the Company or an affiliate or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Notwithstanding any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding ("<u>Tax-Related Items</u>"), the ultimate liability for all Tax-Related Items is and remains the Participant's responsibility and the Company (a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant or vesting of the Shares or the subsequent sale of any shares and (b) does not commit to structure the Shares to reduce or eliminate the Participant's liability for Tax-Related Items.

**Section 2.6** <u>Rights as Stockholder; Dividends</u>. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing the Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to the Shares, including, without limitation, the right to receipt of dividends and distributions on the Shares, except as otherwise provided herein. Participant shall be entitled to receive all dividends and other distributions paid with respect to the Shares; *provided*, that any such dividends or other distributions will be subject to the same vesting requirements as the underlying Share to which such dividends or distributions relate and shall be

------

paid at the time the related Shares become unrestricted and vested. If any dividends or distributions are paid in shares, such shares shall be issued to Participant but shall be subject to the same restrictions as the Shares with respect to which they were paid until such Shares have vested. Once Participant become the holder of record of the Shares granted hereunder, Participant may exercise full voting rights with respect to such shares.

**Section 2.7** <u>Section 83(b) Election</u>. Within thirty (30) days of the Grant Date the Participant may make and file with the Internal Revenue Service an election under Section 83(b) of the Code with respect to the grant of the Shares hereunder. The Participant shall promptly provide a copy of such election to the Company. The Participant acknowledges that it is the Participant's sole responsibility and not the responsibility of the Company or any affiliate to timely file an election under Section 83(b) of the Code, even if the Participant requests the Company, an affiliate or other representative to make this filing on the Participant's behalf.

**ARTICLE III.** 

**RESTRICTIONS** 

**Section 3.1** <u>Applicable Restrictions</u>. Beginning on the Grant Date, Participant shall have all rights and privileges of a stockholder as set forth in <u>Section</u> <u>2.6</u> except as follows (the "<u>Restrictions</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dividends and other distributions declared and paid with respect to the Shares before they vest shall be subject to <u>Section</u> <u>2.6</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none of the Shares may be sold, pledged, assigned or transferred in any manner before they vest other than a transfer upon the Participant's death in accordance with the Participant's will, by the laws of descent and distribution or pursuant to Section 13.14 of the Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all or a portion of the Shares may be forfeited in accordance with <u>Section</u> <u>3.3</u>.

Any attempt to transfer or dispose of any Shares in a manner contrary to the Restrictions shall be void and of no effect.

**Section 3.2** <u>Release of Unrestricted Shares</u>. Upon the vesting of Shares and the corresponding lapse of the Restrictions, and after the Company has determined that all conditions to the release of unrestricted Shares have been satisfied, it shall release to the Participant the unrestricted Shares, as evidenced by electronic delivery of such Shares to a brokerage account designated by the Participant or by an unrestricted book-entry registration of such Shares with the Company's transfer agent.

**Section 3.3** <u>Termination and Forfeiture of Shares</u>. In the event Participant incurs a Termination of Service prior to a Vesting Date (as provided in Schedule A), except as may be otherwise provided herein or by the Administrator or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all then-unvested Shares granted under this Agreement, and Participant's rights in any such then-unvested Shares shall lapse and expire.

------

**Section 3.4** <u>Restrictive Legends</u>. Any certificate representing Shares shall bear such legend as is reasonably necessary to effectuate these Restrictions. The Participant agrees that in order to ensure compliance with the restrictions referred to in this Agreement, the Company may issue appropriate "stop transfer" instructions to its transfer agent. The Company shall not be required (i) to transfer on its books any Shares that have purportedly been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any transferee to whom such Shares shall have been purportedly sold or transferred in violation of any of the provisions of this Agreement.

**ARTICLE IV.** 

**OTHER PROVISIONS** 

**Section 4.1** <u>Administration</u>. The Administrator, which for the purpose of this grant of Shares shall be the Committee, shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

**Section 4.2** <u>Shares Not Transferable</u>. The Shares may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until all restrictions applicable to the Shares have lapsed, including any vesting requirement pursuant to <u>Section</u> <u>2.2</u>. No Shares or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Participant or Participant's successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. Notwithstanding the foregoing, with the consent of the Administrator, the Shares may be transferred to Permitted Transferees, pursuant to such conditions and procedures the Administrator may require.

**Section 4.3** <u>Adjustments</u>. The Administrator may accelerate the vesting of all or a portion of the Shares in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the Shares are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Section 4.3 of the Plan.

------

**Section 4.4** <u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company's principal office, and any notice to be given to Participant shall be addressed to Participant at Participant's last address reflected on the Company's records. By a notice given pursuant to this <u>Section</u> <u>4.4</u>, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service or similar foreign entity.

**Section 4.5** <u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

**Section 4.6** <u>Governing Law</u>. This Agreement and any claim, controversy, or dispute arising under or related to this Agreement or the relationship of the parties will be governed by and construed in accordance with the internal laws of the State of Delaware (including its statute of limitations), without giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws (or statute of limitations) of another jurisdiction.

**Section 4.7** <u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice and this Agreement, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Shares are granted, only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable Law, the Plan, the Grant Notice and this Agreement, shall be deemed amended to the extent necessary to conform to Applicable Law.

**Section 4.8** <u>Amendment, Suspension and Termination</u>. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board*, provided* that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Shares in any material way without the prior written consent of Participant.

**Section 4.9** <u>Successors and Assigns</u>. Other than Participant's rights under this Agreement that are assignable by Participant to Participant's estate, the Grant Notice and this Agreement is personal to each of the parties hereto. Except as provided in this <u>Section</u> <u>4.9</u>, no party may assign or delegate any rights or obligations hereunder without first obtaining the advanced written consent of the other party hereto. Any purported assignment or delegation by Participant in violation of the foregoing will be null and void *ab initio* and of no force or effect.

**Section 4.10** <u>Limitations Applicable to Section</u> <u>16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Shares, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

------

**Section 4.11** <u>No Right to Continued Employment or Service; No Rights as Equity Holder</u>. Nothing in this Agreement or in the Plan shall confer upon Participant any right to continued employment or service with the Company Group or shall interfere in any way with the right of the Company Group to terminate Participant's employment or service at any time for any reason. This Agreement will not in any way entitle Participant to any rights as an equity holder of the Company Group.

**Section 4.12** <u>Other Benefits</u>. The grant of Shares set forth herein is a special incentive grant and will not be taken into account in computing the amount of salary or compensation for purposes of determining any bonus, incentive, pension, retirement, death, or other benefit under any other bonus, incentive, pension, retirement, insurance, or other employee benefit plan of the Company or its Subsidiaries.

**Section 4.13** <u>Company Discretion</u>. This Agreement shall not be interpreted or construed so as to limit or prevent the Company Group from taking any actions with respect to the operation or conduct of their respective businesses or entering into any transaction that they deem appropriate or in their best interest.

**Section 4.14** <u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

**Section 4.15** <u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Shares granted pursuant to the Grant Notice and this Agreement are intended to be a transfer of property pursuant to Section 83 of the Code and are therefore exempt from the applicable requirements of Section 409A, and accordingly, to the maximum extent permitted, the Grant Notice and this Agreement shall be interpreted to be in compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nevertheless, to the extent that the Company determines that the Shares may not be exempt from Section 409A, and if Participant is deemed to be, on the date of termination of Participant's employment or service, a "specified employee" within the meaning of that term under Section 409A(a)(2)(B) of the Code, then to the extent necessary to prevent any accelerated or additional tax under Section 409A, the settlement and/or payment of any vested Shares will be delayed until the earlier of (i) the date that is six months following Participant's separation from service and (ii) Participant's death. The Company Group make no representation that the Shares are exempt from or compliant with Section 409A and in no event will the Company Group be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Participant on account of non-compliance with Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of Section 409A, Participant's right to receive any installment payments pursuant to the Grant Notice and this Agreement will be treated as a right to receive a series of separate and distinct payments. Whenever a payment under the Grant Notice and this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Company.

------

**Section 4.16** <u>Agreement Severable</u>. In the event that any provision of the Grant Notice or this Agreement is deemed to be illegal or invalid for any reason, said illegality or invalidity will not affect the remaining parts hereof, and the Grant Notice and this Agreement will be construed and enforced as if such illegal and invalid provision never existed.

**Section 4.17** <u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. To the extent that any person acquires a right to receive payments under this Agreement, such right shall be no greater than the right of an unsecured general creditor. All payments to be made hereunder shall be paid from general assets. The grant of the Shares under the Plan is a one-time benefit and does not create any contractual or other right to receive any other grant of Shares or other Awards under the Plan in the future.

**Section 4.18** <u>Counterparts; Headings</u>. The Grant Notice and this Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which taken together will constitute one and the same instrument.

**Section 4.19** <u>Electronic Delivery</u>. The Company may, in its sole discretion, deliver any documents related to current or future participation in the Plan by electronic means. By accepting this Agreement, Participant consents to receive such documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

**Section 4.20** <u>Forfeiture and Claw-Back Provisions</u>. Notwithstanding any other provision contained in the Plan or this Agreement, all of the Shares (including any proceeds, gains or other economic benefit actually or constructively received with respect thereto) shall in all events be subject to (a) the provisions of any clawback policy implemented by the Company, and (b) any right or obligation that the Company may have regarding the clawback of "incentive-based compensation" under Section 10D of the Exchange Act and any applicable rules and regulations promulgated thereunder from time to time by the U.S. Securities and Exchange Commission, the listing standards of any national securities exchange or association on which the Company's securities are listed, or any other applicable law, in each case, whether or not any such clawback policy was in place at the Grant Date and whether or not the Shares are vested.

\* \* \* \* \*

## Exhibit 10.11

**Exhibit 10.11** 

**FORM OF DIRECTOR NOMINATION AGREEMENT** 

THIS DIRECTOR NOMINATION AGREEMENT (this "<u>Agreement</u>") is made and entered into as of , 2026, by and among York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), each of the AE Industrial Holders (collectively, "<u>AE Industrial</u>") and each of the Persons listed on Schedule I hereto (collectively, the "<u>Founder Stockholders</u>" and together with AE Industrial, the "<u>Nominating Parties</u>"). This Agreement shall become effective (the "<u>Effective Date</u>") upon the closing of the Company's initial public offering (the "<u>IPO</u>") of shares of its Common Stock (as defined below).

WHEREAS, as of the date hereof, AE Industrial Beneficially Owns (as defined below) a majority of the equity interests in the Company;

WHEREAS, AE Industrial is contemplating causing the Company to effect an IPO;

WHEREAS, the Founder Stockholders currently hold the right to appoint one supervisor to the board of supervisors of Yellowstone Ultimate Holdings, LP, the primary stockholder of the Company prior to the IPO;

WHEREAS, the AE Industrial Holders and the Founder Stockholders desire to enter into this Agreement to set forth their agreements and understandings with respect the voting of shares of the Common Stock held by them following the Effective Time as set forth below;

WHEREAS, in consideration of the foregoing, the Company has agreed to permit AE Industrial and the Founder Stockholders to designate persons for nomination for election to the board of directors of the Company (the "<u>Board</u>") following the Effective Date on the terms and conditions set forth herein;

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, each of the parties to this Agreement agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Board Nomination Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the Effective Date, AE Industrial shall have the right, but not the obligation, to nominate to the Board a number of designees equal to at least: (i) 100% of the Total Number of Directors (as defined below) (excluding the Founder Nominee (as defined below)), so long as AE Industrial Beneficially Owns shares of Common Stock representing at least 40% of its Original Amount (as defined below); (ii) 40% of the Total Number of Directors, in the event that AE Industrial Beneficially Owns shares of Common Stock representing at least 30% but less than 40% of its Original Amount; (iii) 30% of the Total Number of Directors, in the event that AE Industrial Beneficially Owns shares of Common Stock representing at least 20% but less than 30% of its Original Amount; (iv) 20% of the Total Number of Directors, in the event that AE Industrial Beneficially Owns shares of Common Stock representing at least 10% but less than 20% of its Original Amount; and (v) one (1) Director, in the event that AE Industrial Beneficially Owns shares of Common Stock representing at least 5% of its Original Amount (such persons, the "<u>AE</u> <u>Nominees</u>"). For purposes of calculating the Total Number of Directors that AE Industrial is entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the nearest whole number (e.g., 1<sup>1</sup>⁄<sub>4</sub> Directors shall equate to 2 Directors) and any such calculations shall be made after taking into account any increase in the Total Number of Directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From the Effective Date, the Founder Stockholders shall have the right, but not the obligation, to nominate to the Board one (1) director so long as the Founder Stockholders collectively Beneficially Own at least 60% of their aggregated Original Amount (such person, the "<u>Founder Nominee</u>"). The Founder Nominee shall be deemed to be Dirk Wallinger for as long as he serves as Chief Executive Officer of the Company and thereafter the Founder Nominee shall be as designated by the Founder Stockholders in accordance with the terms of this Agreement. Notwithstanding anything herein to the contrary, in the event that Mr. Wallinger is removed as the Chief Executive Officer of the Company for Cause, Mr. Wallinger shall resign from the Board and the Founder Stockholders shall immediately cease to have any right to nominate a director to the Board pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Nominating Party has designated less than the total number of designees that such Nominating Party shall be entitled to designate pursuant to Section 1(a) or Section 1(b), as applicable, such Nominating Party shall have the right, at any time, to designate such additional designees to which it is entitled, in which case, the Company shall take, and the Company hereby covenants that the Directors shall take, all necessary corporation action to (i) enable such Nominating Party to designate and effect the election or appointment of such additional individuals, whether by increasing the size of the Board, or otherwise and (ii) appoint such additional individuals designated by such Nominating Party to fill such newly created directorships or to fill any other existing vacancies in accordance with Section 1(f) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the size of the Board is expanded, AE Industrial shall be entitled to designate a number of Nominees to fill the newly created directorships such that the total number of Nominees serving on the Board following such expansion will be equal to that number of Nominees that AE Industrial would be entitled to designate in accordance with Section 1(a) if such expansion occurred immediately prior to any meeting of the stockholders of the Company called with respect to the election of members of the Board. The Company shall take, and the Company hereby covenants that the Directors shall take, all necessary corporation action to (i) enable AE Industrial to designate and effect the election or appointment of additional designees in accordance with the preceding sentence and (ii) appoint such additional designees in accordance with Section 1(f) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that any Nominee shall cease to serve as a Director for any reason (other than removal for Cause in the case of the Founder Nominee), the Nominating Party appointing such Nominee shall be entitled to designate such person's successor in accordance with this Agreement (regardless of the number of shares of Common Stock Beneficially Owned by such Nominating Party at the time of such vacancy). The Company shall take, and the Company hereby covenants that the Directors shall take, all necessary corporation action to (i) enable the applicable Nominating Party to designate and effect the election or appointment of successor designees in accordance with the preceding sentence and (ii) appoint such successor designees in accordance with Section 1(f) of this Agreement. It is understood that any such designee shall serve the remainder of the term of the Director whom such designee replaces.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In each case where the Company has covenanted that the Directors shall take action to appoint a Nominee as a Director pursuant to any of Sections 1(a) through 1(d) of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Directors shall appoint such Nominee unless the Board determines, in good faith and after consultation with qualified legal counsel, that appointing such Nominee would cause the Directors to breach their fiduciary duties to the Company or its stockholders, in which case the Company shall provide the appointing Nominating Party with a notice explaining in reasonable detail the basis for the Board's determination, and such Nominating Party shall have the right to designate an alternative Nominee in accordance with Sections 1(a) through Section 1(e) of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company hereby covenants that the Directors shall not fill any vacant or newly created directorship for which AE Industrial or the Founder Stockholders are entitled to designate a Nominee other than in accordance with Sections 1(a) through Section 1(e) of this Agreement.

For the avoidance of doubt, the foregoing clauses (i) or (ii) shall only govern the appointment of a Nominee in connection with a vacancy or newly created directorship and shall not govern the obligations of the Company and the Directors in connection with the election by stockholders of directors, which shall be governed by <u>Section</u> <u>3</u> hereof.

Without limiting the remedies available against the Company for breach of its covenants set forth in this Agreement, during any time that the Directors have failed to appoint a Nominee as a Director (including without limitation for the reasons set forth in the foregoing clauses (i) or (ii)), or if the Directors have appointed a person as a Director in lieu of a Nominee that a Nominating Party has designated in accordance with this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Company shall not, without the prior written consent of the Nominating Parties, consummate (and, to the fullest extent permitted by applicable law shall not enter into) any transaction that would constitute a "Business Combination" under any of clauses (i) through (iii) of Section 4(c) of Article Nine of the Company's Certificate of Incorporation, except for purposes of applying this sentence the term "Interested Stockholder" shall mean any person or entity, whether or not a record or beneficial owner of stock of the Company, other than AE Industrial and any other Nominating Party acting in concert with AE Industrial; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the Company shall, promptly following a written request from the appointing Nominating Party, (i) call a special meeting of stockholders for the purpose of appointing a nominee to fill the vacant or newly created directorship that has resulted in such Nominating Party's right to designate a Nominee pursuant to this Agreement; (ii) shall prepare a proxy statement and proxy card in connection with such special meeting, and shall include each Nominee nominated by a Nominating Party in such proxy statement (together with a supporting statement provided by such Nominating Party), including in the notice of meeting transmitted therewith, and proxy card as a nominee for Director; and (iii) reimburse such Nominating Party for any expenses it reasonably incurs in connection with preparing its own proxy statement and proxy card and soliciting proxies or votes to appoint one or more Nominees as Directors in connection with such meeting. For the avoidance of doubt, the Nominees included on the proxy card pursuant to this section shall not be subject to any advance notice provisions included in the Company's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In addition to the nomination rights set forth in Section 1(a) above, or so long as AE Industrial Beneficially Owns shares of Common Stock representing at least 5% of its Original Amount, AE Industrial shall have the right, but not the obligation, to designate a person (a "<u>Non-Voting Observer</u>") to attend meetings of the Board (including any meetings of any committees thereof) in a non-voting observer capacity. Any such Non-Voting Observer shall be permitted to attend all meetings of the Board. AE Industrial shall have the right to remove and replace its Non-Voting Observer at any time and from time to time. The Company shall furnish to any Non-Voting Observer (i) notices of Board meetings no later than, and using the same form of communication as, notice of Board meetings are furnished to Directors and (ii) copies of any materials prepared for meetings of the Board that are furnished to the Directors no later than the time such materials are furnished to the Directors; provided that failure to deliver notice, or materials, to such Non-Voting Observer in connection with such Non-Voting Observer's right to attend and/or review materials with respect to, any meeting of the Board shall not, by itself, impair the validity of any action taken by such Board at such meeting. Such Non-Voting Observer shall be required to execute or otherwise become subject to any codes of conduct or confidentiality agreements of the Company generally applicable to the Directors or as the Company reasonably requests. Notwithstanding the foregoing, the Company reserves the right to withhold any information and to exclude the Non-Voting Observer from receiving any materials and/or attending any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall pay all reasonable out-of-pocket expenses incurred by the Nominees and the Non-Voting Observer in connection with the performance of his or her duties as a director or his or her service as a Non-Voting Observer and in connection with his or her attendance at any meeting of the Board or any committee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No reduction in the number of shares of Common Stock that AE Industrial Beneficially Owns shall shorten the term of any incumbent director. At the Effective Date, the Board shall be comprised of seven members and the initial AE Nominees shall be Kirk Konert, Tyler Letarte, Reggie Brothers, Andrew Boyd and General (Ret.) James McConville, and the initial Founder Nominee shall be Mr. Wallinger.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) So long as any Nominating Party has the right to nominate Nominees under Sections 1(a) through 1(e), or any such Nominee is serving on the Board, the Company shall use its reasonable best efforts to maintain in effect at all times directors and officers indemnity insurance coverage reasonably satisfactory to Nominating Parties, and the Company's Certificate of Incorporation and/or Bylaws (each as may be further amended, supplemented or waived in accordance with its terms) shall at all times provide for indemnification, exculpation and advancement of expenses to the fullest extent permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) At any time the Company is not a "controlled company" and is required by applicable law or the New York Stock Exchange (the "<u>Exchange</u>") listing standards to have a majority of the Board comprised of "independent directors" (subject, in each case, to any applicable phase-in periods), AE Industrial shall include a number of persons that qualify as "independent directors" under applicable law and the Exchange listing standards such that, together with any other "independent directors" then serving on the Board that are not AE Nominees, the Board is comprised of a majority of "independent directors."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) At any time that any Nominating Party shall have any designation rights under Section 1, the Company shall not take any action and the Company hereby covenants that the Directors shall not take any action, (including in each case effecting any amendment to the Company's Certificate of Incorporation or Bylaws), that could reasonably be expected to adversely affect such Nominating Party's rights under this Agreement, in each case without the prior written consent of such Nominating Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>AE Industrial Holders</u>" means AE Industrial Partners Fund II, LP, AE Industrial Partners Fund II-A, LP, AE Industrial Partners Fund II-B, LP, AE Industrial Partners Fund III, LP, AE Industrial Partners Fund III-A, LP, AE Industrial Partners Aerospace Opportunities, LP, AE Co-Investment Partners Fund III-Y, LP. and each of their respective Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" of any person shall mean any other person controlled by, controlling or under common control with such person; where "control" (including, with its correlative meanings, "controlling," "controlled by" and "under common control with") means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities, by contract or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Beneficially Own</u>" shall mean that a specified person has or shares the right, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, to vote shares of capital stock of the Company. For the avoidance of doubt, AE Industrial shall be deemed to Beneficially Own any shares in respect of which it has received duly executed voting proxies or otherwise has the right to direct the voting of such shares with respect to the election of direction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Cause</u>" means (i) fraud, embezzlement or other act of material willful misconduct against the Company or any of its Affiliates, (ii) conviction of a felony, or (iii) willful and knowing material violation of any written policies of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Common Stock</u>" means shares of Common Stock of the Company, $0.0001 par value per share or capital stock convertible thereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Director</u>" means any member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Nominee</u>" means either an AE Nominee or a Founder Nominee. For purposes of this Agreement, the term "Nominee" shall refer to any person validly designated by a Nominating Party to serve on the Board pursuant to <u>Section</u> <u>1(a)</u> or <u>1(b)</u> hereof, notwithstanding any determination by the Board that the appointment, recommendation or endorsement of such person could cause the Board to breach its fiduciary duties to the Company or its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Original Amount</u>" means the aggregate number of shares of Common Stock Beneficially Owned, directly or indirectly, by the applicable Nominating Parties immediately following the completion of the IPO, as such number may be adjusted from time to time for any reorganization, recapitalization, stock dividend, stock split, reverse stock split or other similar changes in the Company's capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Permitted Transferee</u>" means, with respect to any person, (i) any Affiliate of such Person, (ii) if such person is a corporation, limited liability company, partnership or trust, the stockholders, partners, members, equityholders or beneficiaries of such Person, and (iii) any investment fund, the sole owner of which is or, if not the sole owner, the primary investment manager of which is such Person or one or more of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Total Number of Directors</u>" means the total number of Directors comprising the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Company Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees to use all necessary corporation action to ensure that prior to the date that any Nominating Party ceases to hold rights to nominate directors pursuant to this Agreement, (i) each Nominee is included in the Company's slate of nominees to be recommended to the stockholders (the "<u>Company's Slate</u>") for each election of directors unless the Board determines, in good faith and after consultation with qualified legal counsel, that the inclusion of a Nominee in the Company's Slate would result in the Board breaching its fiduciary duties to the Company or its stockholders, in which case, any Nominating Party whose Nominee is not included in the Company's Slate shall have the right to designate an alternate Nominee for inclusion in the Company's Slate; and (ii) whether or not a Nominee is included in the Company's Slate, each Nominee shall be included in the notice of meeting and proxy statement (together with a supporting statement provided by the Nominating Parties) prepared by management of the Company in connection with soliciting proxies for every meeting of the stockholders of the Company called with respect to the election of members of the Board (each, a "<u>Director Election Proxy Statement</u>"), and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company or the Board with respect to the election of members of the Board. For the avoidance of doubt, the Nominees included on the proxy card pursuant to this section shall not be subject to any advance notice provisions included in the Company's governing documents. In order to notify the Company its obligations pursuant to this Section 3 have ended (x) AE Industrial will promptly provide reporting to the Company after AE Industrial ceases to Beneficially Own shares of Common Stock representing at least 5% of its Original Amount and (y) the

------

Founding Stockholders will promptly provide reporting to the Company after the Founding Stockholders cease to Beneficially Own shares of Common Stock representing at least 60% of their Original Amount. The calculation of the number of Nominees that each Nominating Party is entitled to nominate to the Company's Slate for any election of directors shall be based on the percentage of the Original Amount then Beneficially Owned by such Nominating Party immediately prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the U.S. Securities and Exchange Commission (the "<u>Commission</u>")). Unless a Nominating Party notifies the Company otherwise prior to the mailing to shareholders of the Director Election Proxy Statement relating to an election of directors, the Nominees for such election shall be presumed to be the same Nominees currently serving on the Board, and no further action shall be required of the Nominating Parties for the Company to include such Nominees in the Director Election Proxy Statement; provided, that, in the event AE Industrial is no longer entitled to nominate the full number of AE Nominees then serving on the Board, AE Industrial shall provide advance written notice to the Company stating which currently serving AE Nominee(s) shall be excluded from the Company's Slate and of any other changes to the list of AE Nominees and if AE Industrial fails to provide such notice prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the Commission), a majority of the independent directors then serving on the Board shall determine which of the AE Nominees then serving on the Board will be included in the Company's Slate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furthermore, the Company agrees for so long as the Company qualifies as a "controlled company" under the rules of the Exchange, the Company will elect to be a "controlled company" for purposes of the Exchange and will disclose in its annual meeting proxy statement that it is a "controlled company" and the basis for that determination. The Company and each Nominating Party acknowledge and agree that, as of the Effective Date, the Company is a "controlled company." The Company agrees to provide written notice of the preparation of a Director Election Proxy Statement to each Nominating Party at least 20 business days, but no more than 40 business days, prior to the earlier of the mailing and the filing date of any Director Election Proxy Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Voting Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Nominating Party Obligations</u>. Each Nominating Party agrees, at any time it is then entitled to vote for the election of directors to the Board (including on behalf of other stockholders pursuant to a proxy or voting agreement), to take all necessary action, including casting all votes to which such Nominating Party is entitled in respect of its shares of Common Stock that it Beneficially Owns, whether at any annual or special meeting, by written consent, proxy or otherwise, so as to ensure that the composition of the Board complies with (and includes all of the requisite Nominees in accordance with) Sections 1(a), 1(b) and 3 and to otherwise effect the intent of this Agreement. Each Nominating Party then entitled to vote for the election of any successor as a director agrees to take all necessary action, including casting all votes to which such Nominating Party is entitled in respect of its shares of Common Stock that it Beneficially Owns, whether at any

------

annual or special meeting, by written consent, proxy or otherwise, so as to ensure that any such successor determined in accordance with Section 1 or Section 3 is elected to the Board as promptly as practicable. Each Nominating Party agrees not to grant, or enter into a binding agreement with respect to, any proxy to any Person in respect of its shares of Common Stock that it Beneficially Owns that would prohibit such Nominating Party from casting votes in respect of such shares of Common Stock in accordance with this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Obligations</u>. The Company acknowledges and agrees that each voting agreement or other form of voting proxy delivered to it by stockholders of the Company in connection with the IPO (such agreements, together with any similar agreements subsequently received by the Company, the "<u>Voting Agreements</u>") are to be held and exercised for the benefit of AE Industrial and the Company shall not issue any voting instructions or otherwise exercise any rights under the Voting Agreements except upon direction of AE Industrial. The Company further agrees that until AE Industrial ceases to have any director nomination rights under this Agreement, it shall not take any action to amend, modify or terminate any of the Voting Agreements unless expressly consented to or instructed by AE Industrial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Committees</u>. From and after the Effective Date hereof until such time as AE Industrial and its Affiliates cease to Beneficially Own shares of Common Stock representing at least 5% of the Original Amount, the Company hereby covenants that the Board shall not form or designate any committee of the Board unless AE Industrial has consented to such formation or designation. Notwithstanding the preceding sentence, the consent of AE Industrial shall not be required if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) AE Industrial has been provided the opportunity to designate a number of members of each committee of the Board equal to the nearest whole number greater than the product obtained by multiplying: (i) the percentage of the Original Amount of AE Industrial then Beneficially Owned by AE Industrial and (ii) the number of positions, including any vacancies, on the applicable committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) none of the Directors designated by AE Industrial pursuant to this Agreement are eligible to serve on the applicable committee under applicable law or listing standards of the Exchange, including any applicable independence requirements (subject in each case to any applicable exceptions, including those for newly public companies and for "controlled companies," and any applicable phase-in periods).

The Company hereby covenants that the Nominees designated to serve on a Board committee shall have the right to remain on such committee until the next election of Directors, regardless of the percentage of the Original Amount of AE Industrial Beneficially Owned by AE Industrial following such designation. Unless AE Industrial notifies the Company otherwise prior to the time the Board takes action to change the composition of a Board committee, and to the extent AE Industrial has the requisite percentage of the Original Amount of AE Industrial to designate a Board committee member at the time the Board takes action to change the composition of any such Board committee, any Nominee currently designated by AE Industrial to serve on a committee shall be presumed to be re-designated for such committee. Without limiting the remedies available to AE Industrial, the Company shall not consummate any act or transaction approved or recommended by a committee of the Board formed or designated in a manner inconsistent with this Section 5 without the prior written consent of AE Industrial.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment and Waiver</u>. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by the Company, AE Industrial and the Founder Stockholders; provided that the consent of the Founder Stockholders shall not be required for any amendment which would not have an effect on the Founder Stockholders. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. The Nominating Parties shall not be obligated to nominate all (or any) of the Nominees they are entitled to nominate pursuant to this Agreement for any election of Directors but the failure to do so shall not constitute a waiver of their rights hereunder with respect to future elections; provided, however, that, subject to the last sentence of Section 3(a), in the event any Nominating Party fails to nominate all (or any) of the Nominees it is entitled to nominate pursuant to this Agreement prior to the mailing to shareholders of the Director Election Proxy Statement relating to such election (or, if earlier, the filing of the definitive Director Election Proxy Statement with the Commission), the Compensation and Nominating Committee of the Board shall be entitled to nominate individuals in lieu of such Nominees for inclusion in the Company's Slate and the applicable Director Election Proxy Statement with respect to the election for which such failure occurred and such Nominating Party shall be deemed to have waived its rights hereunder with respect to such election. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Benefit of Parties</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns. Notwithstanding the foregoing, the Company and the Founding Stockholders may not assign any of their rights or obligations hereunder without the prior written consent of AE Industrial. Except as otherwise expressly provided in Section 6, nothing herein contained shall confer or is intended to confer on any third party or entity that is not a party to this Agreement any rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Assignment</u>. Upon written notice to the Company, any member of AE Industrial may assign to any Affiliate (other than a portfolio company) all of its rights hereunder and, following such assignment, such assignee shall be deemed to be a member of AE Industrial for all purposes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Termination</u>. This Agreement shall terminate, (i) with respect to the rights and obligations of AE Industrial, on the date upon which AE Industrial Beneficially Owns shares of Common Stock representing less than 5% of its Original Amount and, (ii) with respect to the rights and obligations of the Founder Stockholders, on the date upon which the Founder Stockholders Beneficially Own shares of Common Stock representing less than 60% of their Original Amount. Notwithstanding the foregoing, the provisions of Sections 12 through 21 shall survive the termination of this Agreement. No termination of this Agreement shall relieve any party from liability for any breach of this Agreement prior to such termination.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall defend, indemnify and hold harmless AE Industrial, its Affiliates, partners, employees, agents, directors, managers, officers and controlling Persons (collectively, the "<u>Indemnified Parties</u>") from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages, costs, expenses, or obligations of any kind or nature (whether accrued or fixed, absolute or contingent) in connection therewith (including reasonable attorneys' fees and expenses) incurred by the Indemnified Parties before or after the date of this Agreement (each, an "<u>Action</u>") arising directly or indirectly out of, or in any way relating to, (i) AE Industrial's or its respective Affiliates' Beneficial Ownership of Common Stock or other equity securities of the Company or control or ability to influence the Company or any of its subsidiaries (other than any such Actions (x) that are finally determined by nonappealable judicial order to have constituted an intentional breach of this Agreement by an Indemnified Party or its Affiliates or the breach of any fiduciary duty of such Indemnified Party to the Company or its equity holders or (y) that are finally determined by nonappealable judicial order to have been the result of such Person's willful misconduct), (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its subsidiaries or (iii) any services provided prior, on or after the date of this Agreement by AE Industrial or its respective Affiliates to the Company or any of its subsidiaries. The Company shall defend at its own cost and expense in respect of any Action which may be brought against the Company and/or its Affiliates and the Indemnified Parties.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company hereby agrees that in no event shall the Company or any of its subsidiaries have any right or claim against AE Industrial for contribution or have rights of subrogation against AE Industrial through an Indemnified Party for any payment made by the Company or any of its subsidiaries with respect to any Indemnity Obligation. In addition, the Company hereby agrees that in the event that any Nominating Party pays or advances an Indemnified Party any expenses with respect to an Indemnity Obligation, the Company will, or will cause its subsidiaries to, as applicable, promptly reimburse such Nominating Party, for such payment or advance upon request; subject to the receipt by the Company of a written undertaking executed by the Indemnified Party and such Nominating Party, that makes such payment or advance to repay any such amounts if it shall ultimately be determined by a court of competent jurisdiction that such Indemnified Party was not entitled to be indemnified by the Company. The foregoing right to indemnity shall be in addition to any rights that any Indemnified Party may have at common law or otherwise and shall remain in full force and effect following the completion or any termination of the engagement. If for any reason the foregoing indemnification is unavailable to any Indemnified Party or insufficient to hold it harmless as and to the extent contemplated by this Section 10, then the Company shall contribute to the amount paid or payable by the Indemnified Party as a result of such Action in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Indemnified Party, as the case may be, on the other hand, as well as any other relevant equitable considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company hereby acknowledges that certain of the Indemnified Parties have certain rights to indemnification, advancement of expenses and/or insurance provided by investment funds managed by AE Industrial and certain of their Affiliates (collectively, the "<u>Fund Indemnitors</u>"). The Company hereby agrees with respect to any indemnification, hold harmless obligation, expense advancement or reimbursement provision or any other similar obligation whether pursuant to or with respect to this Agreement, the organizational documents of the Company or any of its subsidiaries or any other agreement, as applicable, (i) that the Company and its subsidiaries are the indemnitor of first resort (i.e., their obligations to the Indemnified Parties are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for claims, expenses or obligations arising out of the same or similar facts and circumstances suffered by any Indemnified Party are secondary), (ii) that the Company shall be required to advance the full amount of expenses incurred by any Indemnified Party and shall be liable for the full amount of all expenses, liabilities, obligations, judgments, penalties, fines, and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement, the organizational documents of the Company or any of its subsidiaries or any other agreement, as applicable, without regard to any rights any Indemnified Party may have against the Fund Indemnitors, and (iii) that the Company, on behalf of itself and each of its subsidiaries, irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all Actions against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any Indemnified Party with respect to any Action for which any Indemnified Party has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of any Indemnified Party against the Company. The Company agrees that the Fund Indemnitors are express third-party beneficiaries of the terms of this Section 10.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Headings</u>. Headings are for ease of reference only and shall not form a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law</u>. This Agreement shall be construed in accordance with and governed by the law of the State of Delaware without giving effect to the principles of conflicts of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Jurisdiction</u>. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement may be brought against any of the parties in any federal court located in the State of Delaware or any Delaware state court, and each of the parties hereby consents to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each of the parties agrees that service of process upon such party at the address referred to in Section 20, together with written notice of such service to such party, shall be deemed effective service of process upon such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>WAIVER OF JURY TRIAL</u>. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral among the parties with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Counterparts; Effectiveness</u>. This Agreement may be signed in any number of counterparts, each of which shall be deemed an original. This Agreement shall become effective when each party shall have received a counterpart hereof signed by each of the other parties. An executed copy or counterpart hereof delivered by facsimile shall be deemed an original instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Severability</u>. If any provision of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provisions to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Further Assurances</u>. Each of the parties hereto shall execute and deliver such further instruments and do such further acts and things as may be required to carry out the intent and purpose of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Specific Performance</u>. Each of the parties hereto agree that irreparable damage would occur if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any federal or state court located in the State of Delaware, in addition to any other remedy to which they are entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. All notices, requests and other communications to any party or to the Company shall be in writing (including telecopy or similar writing) and shall be given,

<u>If to the Company</u>:

York Space Systems Inc.

6060 S Willow Drive

Greenwood Village, CO 80111

Attention: Monica J. Palko, Chief Legal & Administration Officer

Email: \*\*\*\*; \*\*\*\*

<u>With a copy to (which shall not constitute notice)</u>:

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attention: Robert Hayward, Kevin M. Frank, Ashley Sinclair

Email: \*\*\*\*

\*\*\*\*

\*\*\*\*

<u>If to any member of AE Industrial or any AE Industrial Nominee</u>:

c/o the AE Industrial Partners, LP

6700 Broken Sound Parkway NW

Boca Raton, FL 33487

Attention: Matthew J. Friendly, General Counsel

Email: \*\*\*\*

<u>With a copy to (which shall not constitute notice)</u>:

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attention: Robert Hayward, Kevin M. Frank, Ashley Sinclair

Email: \*\*\*\*

\*\*\*\*

\*\*\*\*

<u>If to any Founder Stockholder or to the Founder Nominee</u>:

The address set forth on Schedule I hereto.

------

or to such other address or telecopier number as such party or the Company may hereafter specify for the purpose by notice to the other parties and the Company. Each such notice, request or other communication shall be effective when delivered at the address specified in this Section 20 during regular business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Enforcement</u>. Each of the parties hereto covenant and agree that the disinterested members of the Board have the right to enforce, waive or take any other action with respect to this Agreement on behalf of the Company.

\* \* \* \* \*

------

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

---

| |
|:---|
| **York Space Systems Inc.** |
| By: |
| Name: |
| Title: |
| **[AE Industrial Holders:]** |
| By: |
| Name: |
| Title: |
| **[Founder Stockholders:]** |
| By: |
| Name: |
| Title: |

---

*[Signature Page to Director Nomination Agreement]* 

------

**Schedule I** 

**Founder Stockholders** 

Dirk Wallinger

Address:

\*\*\*\*

## Exhibit 10.12

**Exhibit 10.12** 

**FORM OF VOTING AGREEMENT** 

This Voting Agreement (this "**Agreement**") is made and entered into as of , 20 (the "**Effective Date**") by and between (the "**Stockholder**") and Yellowstone Midco Holdings II, LLC (such limited liability, together with its corporate successor, York Space Systems Inc., are referred to herein as the "**Company**").

RECITALS

WHEREAS, the Stockholder holds a direct or indirect economic interest in the Company;

WHEREAS, the Company is currently controlled by Yellowstone Ultimate Holdings, LP ("**Ultimate Holdings**") and Ultimate Holdings is currently controlled by investment funds advised by AeroEquity GP, LLC ("**AEI**");

WHEREAS, in connection with the initial public offering of the Company (the "IPO"), the board of supervisors of Ultimate Holdings, a majority of which is comprised of individuals appointed by affiliates of AEI, is contemplating liquidating Ultimate Holdings (the "**Liquidation**");

WHEREAS, the Liquidation will provide numerous benefits to the Company and the stockholders of the Company by permitting them to receive direct ownership of the Company's public securities;

WHEREAS, in acknowledgment of the benefits to be received by the Stockholder in connection with the Liquidation, the Stockholder has agreed to grant to the Company an irrevocable proxy to vote the Stockholder's equity interests of the Company on the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Stockholder and the Company (together, the "**Parties**") hereby agree as follows:

AGREEMENT

**1. <u>Grant of Irrevocable Proxy</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Irrevocable Proxy*. The Stockholder hereby irrevocably constitutes and appoints the Company, with full power of substitution and resubstitution, as the Stockholder's sole and exclusive proxy and attorney-in-fact (collectively, the "**Proxyholder**") to vote, execute written consents, give or withhold approvals and take any other action with respect to all common stock and other voting interests of the Company held by Stockholder (the "**Covered Interests**"), in each case solely on all matters relating to the nomination or election of directors to the board of directors of the Company (such matters, "**Covered Matters**"), in such manner, at such time and in such circumstances as the Company may determine in accordance with its applicable contractual obligations. The proxy granted pursuant to this <u>Section</u> <u>1(a)</u> is coupled with an interest and shall be irrevocable until the termination of this Agreement in accordance with <u>Section</u> <u>5(a)</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Inconsistent Proxies*. The Stockholder shall not grant any subsequent proxy or power of attorney with respect to any Covered Interests or enter into any voting agreement or arrangement of any kind that conflicts with this Agreement and any attempted grant or agreement in violation of this <u>Section</u> <u>1(b)</u> shall be null and void and of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Coverage of Additional Securities*. Any equity or other voting interests of the Company that the Stockholder acquires after the Effective Date shall automatically become subject to this Agreement and deemed Covered Interests without further action by any Party.

**2. <u>Additional Covenants of the Stockholder</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Agreement to Vote Consistently with Proxyholder*. To the extent (and only to the extent) that the Stockholder is ever required to vote, consent or otherwise act with respect to any Covered Matter, notwithstanding the proxy granted herein, the Stockholder shall vote, consent and act in all respects in a manner that is consistent with, and not in any way contrary to, the instructions of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Transfer of Covered Interests*. Nothing herein shall be construed as impairing the Stockholder's right to sell, assign, transfer, pledge, encumber or otherwise dispose of Covered Interests in accordance with applicable law; *provided* that, in the event that the Stockholder transfers any Covered Interests in a private transaction to any affiliate or any person controlled by, or under common control with, the Stockholder, such recipient shall be required to execute a Voting Agreement in favor of the Company with respect to the Covered Interests so transferred. The Stockholder shall notify the Company promptly after any disposition (including any sale, assignment, transfer, pledge, encumbrance or other transfer) of any Covered Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Further Assurances*. The Stockholder shall from time to time execute and deliver, or cause to be executed and delivered, such further instruments and documents, and take such further actions, as the Company may reasonably request for the purpose of carrying out or evidencing the intent of this Agreement.

**3. <u>Representations and Warranties</u>** 

The Stockholder represents and warrants to the Company, as of the Effective Date and throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Power and Authorization*. The Stockholder has full legal right, capacity and authority to enter into, execute and deliver this Agreement and to perform fully the Stockholder's obligations hereunder. To the extent the Stockholder is a corporation or other entity, all requisite actions, corporate or otherwise, have been duly taken to authorize the execution and delivery of this Agreement and the performance of the Stockholder's obligations hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Non-Contravention*. Neither the execution and delivery of this Agreement by the Stockholder nor the performance by the Stockholder of its obligations hereunder will (i) violate any law, judgment or order applicable to the Stockholder, (ii) require any consent or approval of any governmental authority, or (iii) conflict with, result in a breach of, or constitute a default under any agreement or instrument to which the Stockholder is a party, except, in each case, as would not reasonably be expected to impair in any material respect the Stockholder's ability to perform its obligations hereunder.

**4. <u>Nature of Relationship</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *No Fiduciary Relationship*. The Stockholder acknowledges and agrees that (i) the Company is acting solely as a principal in connection with the transactions contemplated by this Agreement, (ii) the Company has no fiduciary or other implied duty to the Stockholder as a result of or in connection with this Agreement, and (iii) the Stockholder has consulted, or had the opportunity to consult, with independent legal and financial advisors concerning this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Transfer of Economic Rights*. Nothing in this Agreement shall be deemed to transfer to the Company or any other party any economic interest or incidence of ownership in any Covered Interests, other than the voting and consent rights expressly delegated herein. All economic benefits, rights to distributions, and rights to information (other than notices required to be provided directly to the Company hereunder) shall remain with and inure to the benefit of the Stockholder.

**5. <u>Term; Termination</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Term*. This Agreement shall become effective on the Effective Date and shall continue in full force and effect until the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the public announcement in any filing with the Securities and Exchange Commission by the Company or AEI that
the Company has ceased to be a "controlled company" within the meaning of the New York Stock Exchange Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Stockholder ceasing to own any Covered Interests or options, warrants or other rights exercisable for
Covered Interests; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) receipt by the Stockholder of written notice from the Company of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Automatic Revocation*. Upon termination of this Agreement pursuant to <u>Section</u> <u>5(a)</u>, the proxy and power of attorney granted herein shall automatically be deemed revoked without further action by any Party.

------

**6. <u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Specific Performance*. The Stockholder acknowledges that money damages would be an inadequate remedy for any breach of this Agreement by the Stockholder. Accordingly, the Company shall be entitled to seek specific performance, injunctive relief and any other equitable remedies to enforce this Agreement without the necessity of proving the inadequacy of money damages or posting bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Assignment*. The Company may assign, delegate or transfer its rights and obligations under this Agreement, in whole or in part, to any affiliate of the Company; *provided* that no such assignment will be permitted if such assignment would have the effect of forming a "group" with any other beneficial owner of Company securities, such that the Stockholder may incur new or additional reporting obligations under Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended. The Stockholder may not assign or transfer any of its rights or obligations under this Agreement except as provided in <u>Section</u> <u>2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendments; Waivers*. No amendment, modification or waiver of any provision of this Agreement shall be effective unless in writing and signed by each of the Parties (or, in the case of a waiver, by the Party against whom the waiver is to be enforced). No failure or delay by any Party in exercising any right or remedy hereunder shall operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *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 or made when (a) delivered personally to the recipient, (b) sent to the recipient by electronic mail (in which case, it will be effective upon transmission), or (c) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid).

Notices to Company shall be sent to:

York Space Systems Inc. (f/k/a Yellowstone Midco Holdings II, LLC)

Attn: Monica Palko, General Counsel

6060 S. Willow Drive

Greenwood Village, CO 80111

Email: \*\*\*\*; \*\*\*\*

With copy (which shall not constitute notice) to:

Kirkland & Ellis LLP

Attn: Matthew Arenson, P.C. and Andrew Struckmeyer

98 S.E. 7<sup>th</sup> Street, Suite 700

Miami, FL 33131

Email: \*\*\*\*; \*\*\*\*

Notices to the Stockholder shall be sent to the notice address specified for the Stockholder on the signature page hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Governing Law; Venue; Jury Trial Waiver*. This Agreement and any claim, controversy or dispute arising out of or relating hereto shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of laws principles. Each Party hereby irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware (or, if such court lacks subject-matter jurisdiction, the Superior Court of the State of Delaware or the United States District Court for the District of Delaware) for the purpose of any suit, action or other proceeding arising out of or relating to this Agreement. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Severability*. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not be affected, and the Parties shall negotiate in good faith a valid, legal and enforceable substitute provision that most nearly reflects the original intent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Entire Agreement*. This Agreement (including the recitals, which are incorporated herein by reference) constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written, of the Parties relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Counterparts; Electronic Signatures*. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. Delivery of an executed counterpart of this Agreement by facsimile, emailed .pdf or other electronic means shall be as effective as delivery of a manually executed counterpart.

------

IN WITNESS WHEREOF, the Parties have caused this Voting Agreement to be duly executed as of the Effective Date.

---

| |
|:---|
| YELLOWSTONE MIDCO |
| HOLDINGS II, LLC |
| By: |
| Name: |
| Title: |
| [STOCKHOLDER] |
| By: |
| Name: |
| Title: |
| Notice Address for Stockholder: |

---

*Signature Page to Voting Agreement*

## Exhibit 10.13

**Exhibit 10.13** 

**<u>FORM OF</u>**

**<u>AMENDED AND RESTATED CONSULTING AGREEMENT</u>**

This AMENDED AND RESTATED CONSULTING AGREEMENT (this "<u>Agreement</u>"), dated as of , 2026 (the "<u>Effective Date</u>"), is entered into by and among York Space Systems Inc., a Delaware corporation (the "<u>Company</u>"), AE Industrial Operating Partners, LLC, a Delaware limited liability company ("<u>AE Operating Partners</u>") and AE Industrial Partners, LP, a Delaware limited partnership ("AEI" and, together with AE Operating Partners, the "<u>Consultants</u>"). The Company and the Consultants are referred to herein as the "<u>Parties</u>."

<u>W I T N E S S E T H</u>:

WHEREAS, the Parties entered into that certain Consulting Agreement, dated as of November 10, 2022 (the "<u>Prior Agreement</u>");

WHEREAS, the Consultants have been providing the Company consulting services pursuant to the terms of the Prior Agreement;

WHEREAS, the Company desires to continue receiving consulting services from the Consultants and to continue obtaining the benefit of the experience of the Consultants in business and financial management;

WHEREAS, the Consultants desire to continue providing consulting services to the Company;

WHEREAS, the fee and expense arrangements set forth in this Agreement are designed to pay the Consultants for providing such financial and management consulting services to the Company; and

WHEREAS, the Parties desire to amend and restate the Prior Agreement in its entirety as set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Agreement;</u><u> </u><u>Term</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby retains the Consultants to perform, and the Consultants agree to render to the Company and its current and future direct and indirect subsidiaries, if any (each a "<u>Subsidiary</u>" and collectively, the "<u>Subsidiaries</u>"), on the terms herein set forth, consulting services regarding the business of the Company and the Subsidiaries and such other services relating to the Company and the Subsidiaries as may from time to time be reasonably requested by the board of directors or managers or executive officers of the Company or any Subsidiary and agreed to by the Consultants. Without limiting the generality of the foregoing, the Parties currently contemplate that these services shall include general business, financial and management consulting services and operational advice in connection with day-to-day operations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is expressly understood and agreed that the Consultants shall devote only so much time, and shall consult with and advise the officers, directors and managers of the Company and/or any Subsidiary, only to such extent and at such times and places as may be mutually convenient to the Company and/or such Subsidiary and the Consultants. The Consultants shall be free to provide similar services to such other business enterprises or activities as the Consultants may deem fit without any limitation or restriction whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term of this Agreement shall commence as of the Effective Date and shall continue until the earlier of (i) the second anniversary of the consummation of the initial public offering (the "<u>Initial Public Offering</u>") of the equity securities of the Company, its successor or any parent entity of the Company or such successor and (ii) the date on which AEI beneficially owns, directly or indirectly, less than ten percent of the outstanding voting securities of the Company, its successor, or any parent entity of the Company or such successor (including, for the avoidance of doubt, any securities for which AEI or its Affiliates have received duly executed voting proxies); <u>provided</u> that the Consultants have the irrevocable right to terminate this Agreement and all outstanding obligations hereunder at any time by written notice to the Company. In the event of a termination of this Agreement, the Company will pay to the Consultants any fees that are due and owing under this Agreement as of the date of delivery of the written notice from the Consultants described above (but no other fees under this Agreement). Notwithstanding any other provisions hereof, (i) the Company's obligation to pay amounts due with respect to periods prior to the termination hereof and (ii) the provisions of <u>Sections</u> <u>3</u> through <u>1</u><u>5</u> hereof, in each case, shall survive any termination of this Agreement unless expressly terminated by joint written agreement of the Parties specifically referencing each such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the term of this Agreement, in order for the Consultants to perform the consulting services contemplated hereby, the Company will promptly (i) furnish the Consultants with such data, materials or other information regarding the business, financial condition and prospects of the Company and the Subsidiaries as the Consultants reasonably request and (ii) inform the Consultants of any material developments or matters affecting the business, financial condition and prospects of the Company or the Subsidiaries that occur. In performing its services hereunder, the Consultants shall be entitled to rely without investigation upon all data, materials or other information supplied to them by, or on behalf of, the Company and the Subsidiaries, and the Consultants shall not in any respect be responsible for the accuracy or completeness of, or have any obligation to verify, any of such data, materials or other information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Fees</u><u> </u><u>and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services to be rendered by the Consultants hereunder, the Consultants shall be paid an annual fee (the "<u>Annual Consulting Fee</u>") of $2,400,000. The Company shall pay the Annual Consulting Fee in equal quarterly installments in advance on the first business day of each calendar quarter. The Company shall pay, or cause to be paid, the Consulting Fee as follows: (i) 70% of the Consulting Fee to AEI, and (ii) 30% of the Consulting Fee to AE Operating Partners (or in such other proportions as the Consultants may from time to time notify the Company in writing).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall reimburse each Consultant and/or any of their respective Affiliates (each, a "<u>Consultant Affiliate</u>") from time to time at the request of any Consultant and/or any Consultant Affiliate for the cost (not to exceed, in the aggregate, $350,000 during any fiscal year without the written approval of the Chief Executive Officer of the Company) of all reasonable and documented out-of-pocket fees and expenses incurred by such Consultant and/or any Consultant Affiliate in the performance of the services hereunder and all matters related thereto. Such out-of-pocket costs shall include the costs of any service providers, attorneys, accountants, investment bankers, management, or restructuring, real estate or other consultants, or other similar agents, advisors, or representatives engaged by either of the Consultants or any Consultant Affiliate in connection with the performance of services hereunder and matters related thereto, or for the Company's or any Subsidiary's benefit. The aforementioned expenses will be payable promptly, but in no event more than ten business days following the date which such Consultant or any Consultant Affiliate submits to the Company an invoice for such fees and expenses (which may be more than once per month), by the Company to the Consultants and/or such Consultant Affiliate, as applicable. All such services provided by a Consultant Affiliate shall be covered by the terms hereof and the Consultants and each Consultant Affiliate shall be considered a Consultant Indemnitee (as defined below) with respect to such services provided. The Company agrees that each Consultant Affiliate shall also be a third-party beneficiary hereunder. For purposes of this Agreement, "<u>Affiliate</u>" of any particular entity means any other person or entity controlling, controlled by or under common control with such particular entity, where "control" means the possession, directly or indirectly, of the power to direct the management and policies of any such entity whether through the ownership of voting securities, contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Relationship of the Parties</u>. The Consultants are providing services hereunder as independent contractors. Nothing in this Agreement shall be deemed to constitute the Parties as joint venturers, joint employers, single employers, alter egos, partners or participants in an unincorporated business or other separate entity, nor in any manner create any employer-employee or principal-agent relationship between the Company and/or any of the Subsidiaries on the one hand, and the Consultants or any of their members, managers, agents, subcontractors, officers or employees on the other hand (notwithstanding the fact that the Company and the Consultants may have in common any officers, directors, stockholders, members, managers, employees, or other personnel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Managers and Officers</u>. Nothing in this Agreement shall be construed to relieve the directors, managers or officers of the Company or any of the Subsidiaries from the performance of their respective duties or limit the exercise of their powers in accordance with the Company's or such Subsidiary's, as applicable, charter, bylaws, operating agreement, other constituent documents, applicable law or otherwise. The activities of the Company and each of the Subsidiaries shall at all times be subject to the control and direction of their respective directors, managers and officers. The Consultants shall not, and shall have no authority to, control the Company or any of the Subsidiaries or the Company's or any of the Subsidiaries' day-to-day operations by virtue of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Limitation</u><u> </u><u>of</u><u> </u><u>Liability</u>. Neither the Consultants nor any of their respective Affiliates, nor any of their respective past, current or future equityholders, members, managers, partners, directors, officers, employees, agents and/or controlling persons, nor any successor by operation of law (including by merger) of any such person, nor any entity that acquires all or substantially all of the assets of any such person in a single transaction or series of related transactions (all of the foregoing, collectively, the "<u>Consultant Indemnitees</u>") shall be liable to the Company or any of the Subsidiaries or Affiliates or any of the security holders or creditors of the Company or any of its Affiliates for any act, alleged act, omission or alleged omission hereunder (collectively "<u>Liabilities</u>") that does not constitute willful misconduct of a Consultant Indemnitee, as determined by a final, non-appealable determination of a court of competent jurisdiction. The Consultants make no representations or warranties, express or implied, in respect of the services provided by any Consultant Indemnitee and all such representations and warranties are hereby disclaimed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Indemnification; Advancement</u>. The Company shall reimburse, defend, indemnify and hold the Consultant Indemnitees, and each of them, harmless from and against any Liabilities arising out of, related to, caused by, based upon or in connection with (a) any act or omission of, or on behalf of, the Company, any of the Subsidiaries, the Consultants or any of the Consultant Indemnitees, except to the extent proven to result directly and primarily from the willful misconduct of the person seeking indemnification, (b) any act or omission made at the direction of the Company or any of the Subsidiaries, or (c) any breach by the Company of its obligations under this Agreement (collectively, the items in <u>(a)</u>, <u>(b)</u> and <u>(c)</u> of this <u>Section</u> <u>6</u>, "<u>Claims</u>"). The Company shall defend at its own cost and expense any and all suits or actions (just or unjust) which may be brought against the Company, any of the Subsidiaries or any Consultant Indemnitee or in which any Consultant Indemnitee may be impleaded with others upon any Claims, or upon any matter, directly or indirectly arising out of, related to, caused by, based upon or in connection with this Agreement or the performance (or failure of performance) hereof by any Consultant Indemnitee. Reasonable and documented expenses, including attorneys' fees, incurred by a Consultant Indemnitee entitled to be indemnified under this <u>Section</u> <u>6</u> who was, is or is threatened to be made subject to a Claim shall be paid by the Company in advance of the final disposition of the Claim upon receipt of an undertaking by or on behalf of such Consultant Indemnitee to repay such amount if it shall ultimately be determined that he, she or it is not entitled to be indemnified by the Company. The Company hereby acknowledges that the Consultant Indemnitees have certain rights to advancement and/or indemnification by certain Affiliates of AeroEquity GP, LLC (collectively, the "<u>Fund Indemnitors</u>"). The Company hereby agrees that with respect to any Claims, (i) the Company is the indemnitor of first resort (*i.e.*, its obligations to the Consultant Indemnitees are primary and those of the Fund Indemnitors are secondary), (ii) the Company shall be liable for the full amount of payments of indemnification required by any organizational document of such entity or any agreement to which such entity is a party, and (iii) the Company irrevocably and unconditionally waives any claims against the Fund Indemnitors for contribution, subrogation, exoneration, reimbursement or any other recovery of any kind for which it is liable pursuant to any organizational document or agreement including this Agreement. The Company further agrees that no payment for indemnification by the Fund Indemnitors on behalf of any Consultant Indemnitee with respect to any Claim for which a Consultant Indemnitee has sought payment from it shall affect the foregoing, and the Fund Indemnitors, to the extent of such payment, shall be subrogated to all of the rights of recovery of such Consultant Indemnitee against it.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, requests, demands and other communications permitted or required to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed conclusively to have been given (i) when personally delivered, (ii) when sent by electronic mail (with hard copy to follow) during a business day (or on the next business day if sent after the close of normal business hours or on any non-business day), (iii) one business day after being sent by reputable overnight express courier (charges prepaid) or (iv) three business days following mailing by certified or registered mail, postage prepaid and return receipt requested. Unless another address is specified in writing, notices, requests, demands and communications to the Parties shall be sent to the addresses indicated below:

If to the Company:

Yellowstone Midco Holdings, LLC

6060 S Willow Drive

Greenwood Village, CO 80111

Attention: Dirk Wallinger

Email: \*\*\*\*

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

AE Industrial Operating Partners, LLC

c/o AE Industrial Partners, LP

6700 Broken Sound Parkway NW

Boca Raton, FL 33487

Attention: Kirk Konert and Tyler Letarte

Email: \*\*\*\* and \*\*\*\*

and

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attention: Robert M. Hayward, P.C., Kevin M. Frank and Ashley Sinclair

Email: \*\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*

If to the Consultants:

AE Industrial Partners, LP

AE Industrial Operating Partners, LLC

6700 Broken Sound Parkway NW

Boca Raton, FL 33487

Attention: Kirk Konert and Tyler Letarte

Email: \*\*\*\* and \*\*\*\*

------

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

Kirkland & Ellis LLP

333 West Wolf Point Plaza

Chicago, IL 60654

Attention: Robert M. Hayward, P.C., Kevin M. Frank and Ashley Sinclair

Email: \*\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Assignment; Successors and Assigns</u>. This Agreement and the rights, duties and obligations of the Company and the Subsidiaries hereunder may not be assigned or delegated by the Company or any Subsidiary without the prior written consent of the Consultants. All covenants, promises and agreements by or on behalf of the Parties contained in this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective heirs, legal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Amendments</u>. The Prior Agreement is hereby amended and restated in its entirety by this Agreement, provided that for the avoidance of doubt, references to this Agreement include (with respect to periods prior to the date hereof) the Prior Agreement. No modification, amendment or supplement of any provision of this Agreement shall be effective unless the same shall be in writing and signed by the Parties. No waiver of any provision of this Agreement shall be effective unless the same shall be in writing and signed by the waiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Applicable</u><u> </u><u>Law;</u><u> </u><u>WAIVER</u><u> </u><u>OF</u><u> </u><u>JURY</u><u> </u><u>TRIAL</u>. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without giving effect to principles of conflicts of law or choice of law that would compel the application of the substantive laws of any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LITIGATION, ACTION, PROCEEDING, CROSS-CLAIM OR COUNTERCLAIM IN ANY COURT (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, RELATING TO OR IN CONNECTION WITH (I) THIS AGREEMENT OR THE VALIDITY, PERFORMANCE, INTERPRETATION, COLLECTION OR ENFORCEMENT HEREOF OR (II) THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, AUTHORIZATION, EXECUTION, DELIVERY, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Section Headings</u>. The headings of each section are contained herein for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Entire Agreement</u>. This Agreement sets forth the entire agreement of the Parties with regard to the subject matter hereof and supersedes and replaces all prior agreements, understandings and representations, oral or written, with regard to such matters.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. If any provision of this Agreement or application thereof under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction. If any provision is held void, invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments hereto or thereto, may be executed in one or more counterparts, all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Outside Activities</u>. The Company hereby acknowledges that one or more of the Consultant Indemnitees have had, and from time to time may have, outside activities or interests that conflict or may conflict with the best interests of the Company, any Subsidiary or any of their Affiliates (collectively, "<u>Outside Activities</u>"), including, without limitation, investment opportunities or investments in, ownership of, or participation in entities that are or could be complementary to, or competitive with, the Company, any Subsidiary or any of their Affiliates or for which the Company or its Subsidiaries or Affiliates could have an expectancy, interest or desire to engage. The Company hereby approves and consents to all such Outside Activities, and no Consultant Indemnitee shall be liable to the Company, any Subsidiary or any of their Affiliates for breach of any duty (contractual or otherwise), including without limitation any fiduciary duties, by reason of any such activities or of such person's participation therein. No Consultant Indemnitee shall have any duty to communicate or offer any opportunity or the existence of any Outside Activities to the Company, its Subsidiaries or its Affiliates, and no Consultant Indemnitee shall have any duty to refrain therefrom (directly, indirectly or through any assignee or transferee). In the event that any Consultant Indemnitee acquires knowledge of a potential transaction or matter that may be a corporate opportunity for both the Company, any Subsidiary or any of their Affiliates, on the one hand, and any Consultant Indemnitee, on the other hand, no Consultant Indemnitee shall have any duty (contractual or otherwise), including without limitation any fiduciary duties, to communicate, present or offer such corporate opportunity to the Company or such Subsidiary or Affiliates and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the Company or such Subsidiary or Affiliates for breach of any duty (contractual or otherwise), including, without limitation any fiduciary duties, by reason of the fact that any Consultant Indemnitee directly or indirectly pursued or acquired such opportunity for itself, directed such opportunity to another person, or did not present or communicate such opportunity to the Company or such Subsidiary or Affiliates, even though such corporate opportunity may be of a character that, if presented to the Company or such Subsidiary or Affiliates, could be taken by the Company or such Subsidiary or Affiliates, as applicable. The Company and each Subsidiary hereby renounce any interest, right, or expectancy in, or in being offered an opportunity to participate in, any such opportunity not offered to them by any Consultant Indemnitee to the fullest extent permitted by law, including pursuant to Section 122(17) of the General Corporation Law of the State of Delaware.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

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

---

| | |
|:---|:---|
| AE INDUSTRIAL PARTNERS, LP | AE INDUSTRIAL PARTNERS, LP |
| By: | AeroEquity GP, LLC |
| Its: | General Partner |
| By: |  |
| Name: |  |
| Title: |  |
| AE INDUSTRIAL OPERATING PARTNERS, LLC | AE INDUSTRIAL OPERATING PARTNERS, LLC |
| By: | AE Industrial Partners, LP |
| Its: | Managing Member |
| By: | AeroEquity GP, LLC |
| Its: | General Partner |
| By: |  |
| Name: |  |
| Title: |  |

---

*Signature Page to Amended and Restated Consulting Agreement* 

------

---

| |
|:---|
| YORK SPACE SYSTEMS INC. |
| By: |
| Name: |
| Title: |

---

*Signature Page to Amended and Restated Consulting Agreement*

## Exhibit 10.14

**Exhibit 10.14** 

**<u>LEASE</u>**

**<u>EAST VILLAGE</u>**

Between

**THE GC NET LEASE (GREENWOOD VILLAGE) INVESTORS, LLC,** 

a Delaware limited liability company,

as Landlord,

and

**YORK SPACE SYSTEMS LLC,** 

a Colorado limited liability company,

as Tenant

------

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
|  | **Page** |
|  ARTICLE 1 SUMMARY, PREMISES AND BUILDING | 4 |
|  ARTICLE 2 LEASE TERM | 4 |
|  ARTICLE 3 BASE RENT; PHASED RENT COMMENCEMENT | 7 |
|  ARTICLE 4 NATURE OF LEASE; ADDITIONAL RENT | 8 |
|  ARTICLE 5 USE OF PREMISES | 11 |
|  ARTICLE 6 SERVICES AND UTILITIES | 12 |
|  ARTICLE 7 REPAIR AND MAINTENANCE | 14 |
|  ARTICLE 8 ADDITIONS AND ALTERATIONS | 14 |
|  ARTICLE 9 COVENANT AGAINST LIENS | 17 |
|  ARTICLE 10 INSURANCE | 18 |
|  ARTICLE 11 DAMAGE AND DESTRUCTION | 20 |
|  ARTICLE 12 NONWAIVER | 21 |
|  ARTICLE 13 CONDEMNATION | 22 |
|  ARTICLE 14 ASSIGNMENT AND SUBLETTING | 22 |
|  ARTICLE 15 SURRENDER OF PREMISES; OWNERSHIP AND REMOVAL OF TRADE FIXTURES | 26 |
|  ARTICLE 16 HOLDING OVER | 27 |
|  ARTICLE 17 ESTOPPEL CERTIFICATES | 27 |
|  ARTICLE 18 SUBORDINATION | 27 |
|  ARTICLE 19 DEFAULTS; REMEDIES | 28 |
|  ARTICLE 20 COVENANT OF QUIET ENJOYMENT | 30 |
|  ARTICLE 21 SECURITY DEPOSIT | 31 |
|  ARTICLE 22 SIGNS | 31 |
|  ARTICLE 23 COMPLIANCE WITH LAW | 32 |
|  ARTICLE 24 LATE CHARGES | 33 |
|  ARTICLE 25 REIMBURSEMENT OF CERTAIN COSTS AND EXPENSES | 33 |
|  ARTICLE 26 ENTRY BY LANDLORD | 33 |
|  ARTICLE 27 PARKING | 34 |
|  ARTICLE 28 MISCELLANEOUS PROVISIONS | 34 |

---

---

| | |
|:---|:---|
| SCHEDULES | SCHEDULES |
| 1.1 | DEFINITIONS |
| EXHIBITS | EXHIBITS |
| A | LEGAL DESCRIPTION OF THE LAND |
| B | WORK LETTER |
| C | FORM OF NOTICE OF LEASE TERM DATES |
| D | RULES AND REGULATIONS |
| E | FORM OF ESTOPPEL CERTIFICATE |
| F | HAZARDOUS MATERIALS |
| G | LANDLORD FF&E |
| H | SECOND AND THIRD FLOOR COMMENCEMENT CERTIFICATE |
| I | CURRENT BUILDING PLANS |

---

(i) ------

**<u>INDEX</u>**

---

| | |
|:---|:---|
|  | **Page(s)** |
|  Access System | 17 |
|  Additional Rent | 8 |
|  Advance | 33 |
|  Alterations | 14 |
|  Applicable Laws | Schedule 1.1 |
|  Arbitration Request | 5 |
|  Base Building | Schedule 1.1 |
|  Base Rent | 7 |
|  Base Rent Floor | 5 |
|  Brokers | 38 |
|  Building | 1 |
|  Building Hours | 12 |
|  Building Structure | Schedule 1.1 |
|  Building Systems | Schedule 1.1 |
|  CC&Rs | 1 |
|  Comparable Buildings | Schedule 1.1 |
|  Contingency Deadline | 6 |
|  Control | Schedule 1.1 |
|  Credit Threshold | 25 |
|  Current Market Rate | 5 |
|  Date of this Lease | 1 |
|  Direct Expenses | Schedule 1.1 |
|  ERISA | 40 |
|  Estimate | 9 |
|  Estimate Statement | 9 |
|  Estimated Direct Expenses | 9 |
|  Estimates | 5 |
|  Event of Default | 28 |
|  Excess | 8 |
|  Excess Consumption | 13 |
|  Expense Year | Schedule 1.1 |
|  Extension Notice | 4 |
|  Extension Option | 4 |
|  Extension Term | 4 |
|  Exterior Signage | 31 |
|  FF&E Inventory | 11 |
|  Force Majeure | 37 |
|  GAAP | Schedule 1.1 |
|  Hazardous Material Laws | Exhibit F |
|  Hazardous Materials | Exhibit F |
|  HVAC | 12 |
|  Interest Rate | Schedule 1.1 |
|  Land | 1 |
|  Landlord | 1 |
|  Landlord FF&E | 11 |
|  Landlord Parties | Schedule 1.1 |
|  Landlord Repair Notice | 20 |
|  Landlord's Work | Exhibit B |

---

(ii) ------

---

| | |
|:---|:---|
|  | **Page(s)** |
|  Lease | 1 |
|  Lease Commencement Date | 4 |
|  Lease Expiration Date | 4 |
|  Lease Term | 4 |
|  Lease Year | Schedule 1.1 |
|  Lines | 39 |
|  Liquidity | Schedule 1.1 |
|  Losses | Schedule 1.1 |
|  Mail | 37 |
|  Material Sublease | 24 |
|  Notices | 37 |
|  Occupancy Agreement | 25 |
|  OFAC | 39 |
|  Operating Expenses | Schedule 1.1 |
|  Original Improvements | 19 |
|  Permitted Encumbrances | Schedule 1.1 |
|  Permitted FF&E Locations | 11 |
|  Permitted Transferee | 25 |
|  Permitted Use | 11 |
|  Phased Rent Period | 7 |
|  Plan | 40 |
|  Premises | 4 |
|  Prohibited Person | 39 |
|  Protective Covenants | Schedule 1.1 |
|  Protest | 9 |
|  punch list | Exhibit B |
|  Release | Exhibit F |
|  Removal Items | 26 |
|  Rent. | 8 |
|  Restricted Property | 32 |
|  Rules and Regulations | 11 |
|  Second Floor Rent Commencement Date | 8 |
|  Security Deposit | 31 |
|  Statement | 8 |
|  Subject Space | 23 |
|  Summary | 1 |
|  Tangible Net Worth | Schedule 1.1 |
|  Tax Expenses | Schedule 1.1 |
|  Tenant | 1 |
|  Tenant Affiliate | Schedule 1.1 |
|  Tenant Party | Schedule 1.1 |
|  Tenant Subsidiary | Schedule 1.1 |
|  Tenant's Phased Share | 8 |
|  Transfer Notice | 22 |
|  Transfer Premium | 24 |
|  Transferee | 22 |
|  Transfers | 22 |
|  Underlying Documents | Schedule 1.1 |
|  Use Approvals | 6 |
|  Work Letter | 4, Exhibit B |
|  Zoning Contingency | 6 |

---

(iii) ------

**<u>EAST VILLAGE</u>**

**<u>LEASE</u>**

This Lease (this "**Lease**") is made and entered into on the Date of this Lease set forth in <u>Section</u> <u>1</u> of the Summary of Basic Lease Information below (the "**Summary**") by and between **THE GC NET LEASE (GREENWOOD VILLAGE) INVESTORS, LLC**, a Delaware limited liability company ("**Landlord**"), and **YORK SPACE SYSTEMS LLC**, a Colorado limited liability company ("**Tenant**").

**<u>SUMMARY OF BASIC LEASE INFORMATION</u>**

---

| | | | |
|:---|:---|:---|:---|
| **TERMS OF LEASE** | **TERMS OF LEASE** | **TERMS OF LEASE** | **DESCRIPTION** |
| 1. | Date of this Lease: | Date of this Lease: | September 22, 2021. |
| 2. | Premises | Premises |  |
|  | (<u>ARTICLE 1</u>). | (<u>ARTICLE 1</u>). |  |
|  | 2.1. | Building: | A three story building, containing 138,125 rentable square feet of space, located at 6060 South Willow Drive in Greenwood Village, Colorado 80111. |
|  |  |  | For purposes of clarity, the first floor of the Building contains 38,039 rentable square feet of space, the second floor of the Building contains 48,576 rentable square feet of space, and the third floor of the Building contains 51,510 rentable square feet of space. |
|  | 2.2. | Land: | The land described on **<u>Exhibit A</u>** to this Lease. |
|  | 2.3. | Premises: | The Land, the Building and all other improvements (including any landscaping and parking areas) located on the Land. |
| 3. | Lease Term | Lease Term |  |
|  | (<u>ARTICLE 2</u>). | (<u>ARTICLE 2</u>). |  |
|  | 3.1. | Lease Term: | The period of time beginning on the Lease Commencement Date and ending on the Lease Expiration Date. |
|  | 3.2. | Lease Commencement Date: | The earlier of (i) the date on which Tenant first commences to conduct business in any portion of the Building or (ii) the date that is 30 days after the date on which Landlord delivers the Premises to Tenant with Landlord's Work substantially completed pursuant to the Work Letter. |
|  | 3.3. | Lease Expiration Date: | The final day of the 10<sup>th</sup> Lease Year. |

---

------

4. Base Rent <br> (ARTICLE 3):

---

| | | | |
|:---|:---|:---|:---|
| Period During<br> Lease Term | Annual<br>Base Rent | Monthly<br>Installment<br>of Base Rent | Annual Rental Rate<br>per Rentable<br>Square Foot |
|  First Lease Year | $2900625.00 \* | $241718.75 | $21.00 |
|  Second Lease Year | $2987643.72 \* | $248970.31 | $21.63 |
|  Third Lease Year | $3077424.96 | $256452.08 | $22.28 |
|  Fourth Lease Year | $3169968.72 | $264164.06 | $22.95 |
|  Fifth Lease Year | $3265275.00 | $272106.25 | $23.64 |
|  Sixth Lease Year | $3363343.80 | $280278.65 | $24.35 |
|  Seventh Lease Year | $3464175.00 | $288681.25 | $25.08 |
|  Eighth Lease Year | $3567768.72 | $297314.06 | $25.83 |
|  Ninth Lease Year | $3674124.96 | $306177.08 | $26.60 |
|  10<sup>th</sup> Lease Year | $3784625.04 | $315385.42 | $27.40 |

---

\* Subject to Section 3.2 of the Lease.

---

| | | |
|:---|:---|:---|
| 5. | Permitted Use |  |
|  | (<u>ARTICLE 5</u>): | General office use consistent with a first-class office building and lawful activities normally incidental to Tenant's business. |
| 6. | Security Deposit |  |
|  | (<u>ARTICLE 21</u>): | Four months of Base Rent at the rate due during the first Lease Year (i.e., $966,875). |
| 7. | Address of Tenant |  |
|  | (<u>Section 28.16</u>): | York Space Systems |
|  |  | 501 Wazee Street |
|  |  | Denver, Colorado 80204 |
|  |  | Attention: Dirk Wallinger |
|  |  | (Prior to Lease Commencement Date) |
|  |  | and |

---

------

---

| | | |
|:---|:---|:---|
|  |  | York Space Systems<br> 6060 South Willow Drive<br> Greenwood Village, Colorado 80111<br> Attention: Dirk Wallinger<br> (From and after Lease Commencement Date) |
| 8. | Address of Landlord<br> (Section 28.16): | See <u>Section 28.16</u> of the Lease. |
| 9. | Broker(s)<br> (<u>Section 28.22</u>): | CBRE, as broker for Landlord. |

---

------

**<u>ARTICLE 1</u>**

**<u>SUMMARY, PREMISES AND BUILDING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **<u>Summary; Defined Terms</u>**. The Summary is made a part of this Lease, but the provisions of this Lease addressing those matters in detail control over any inconsistent provisions in the Summary. All terms capitalized but not otherwise defined in the body of or Exhibits to this Lease have the respective meanings given to them on **<u>Schedule 1.1</u>** attached hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **<u>Premises and Building</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 **<u>The Premises</u>**. Subject to the Permitted Encumbrances and the terms and conditions of this Lease, Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the Premises set forth in <u>Section</u> <u>2.3</u> of the Summary (the "**Premises**"). Except as specifically set forth in this Lease and in the Work Letter attached hereto as **<u>Exhibit B</u>** (the "**Work Letter**"), Tenant shall accept the Premises in its existing, "AS-IS" condition and "WITH ALL FAULTS," and Landlord shall not be obligated to provide or pay for any improvements to the Premises. Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the Premises or with respect to the suitability of same for the conduct of Tenant's business, except as specifically set forth in this Lease or the Work Letter. The taking of possession of the Premises by Tenant shall conclusively establish that the Premises was at such time in good and sanitary order, condition and repair, subject to any punch list timely delivered pursuant to the Work Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **S<u>tipulation of Rentable Square Feet of Building</u>**. For purposes of this Lease, the "rentable square feet" of the Building shall be stipulated and agreed to be as set forth in <u>Section</u> <u>2.1</u> of the Summary and shall not be subject to re-measurement during the initial Lease Term.

**<u>ARTICLE 2</u>**

**<u>LEASE TERM</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **<u>Lease Term</u>**. The terms and provisions of this Lease shall be effective as of the Date of this Lease. The term of this Lease (the "**Lease Term**") shall be as set forth in <u>Section</u> <u>3.1</u> of the Summary, shall commence on the date set forth in <u>Section</u> <u>3.2</u> of the Summary (the "**Lease Commencement Date**"), and shall end on the Lease Expiration Date set forth in <u>Section</u> <u>3.3</u> of the Summary (the "**Lease Expiration Date**") unless this Lease is sooner terminated as hereinafter provided. At any time during the Lease Term, Landlord may deliver to Tenant a notice in the form set forth in **<u>Exhibit C</u>** to this Lease as a confirmation of the information set forth therein, and Tenant shall execute and return the same to Landlord within five business days after receipt.

Prior to the Lease Commencement Date, Tenant's use and occupancy of the Premises shall be governed by the terms of this Lease except for the covenant to pay Base Rent and Direct Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **<u>Extension Option</u>**. Tenant is hereby granted one option (the "**Extension Option**") to extend the Lease Term for the entire Premises for a period of 10 years (the "**Extension Term**"). Tenant may exercise the Extension Option only by giving Landlord irrevocable and unconditional written notice thereof (the "**Extension Notice**") no earlier than 24 months and no later than 18 months prior to the expiration of the original Lease Term. Tenant may not exercise the Extension Option if, either at the date of giving said notice or at the commencement of the Extension Term, an Event of Default exists or an event exists that, with the giving of notice or passage of time (or both), would mature into an Event of

------

Default. The Extension Term shall be on the same terms, covenants and conditions as are contained in the Lease, except that (i) no additional extension option shall be conferred by the exercise of the Extension Option, (ii) Base Rent for the Extension Term shall be determined as provided below, (iii) any rent abatement, concession or allowance which are in the nature of economic concessions or inducements contained in this Lease shall not be again applicable to any Extension Term because new concessions (if any) shall be determined in connection with determination of the Current Market Rate, and (iv) if Landlord or Tenant has remeasured the Building, Landlord may update the square footage of the Building to the current Building standard. For the avoidance of doubt, in addition to Base Rent, Tenant shall continue to pay Additional Rent during the Extension Term as provided in this Lease. Base Rent per annum per rentable square foot of the Building for the Extension Term shall be one hundred percent (100%) of the Current Market Rate for lease terms commencing on or about the date of commencement of the Extension Term, but not less than the Base Rent per annum last payable immediately prior to the applicable Extension Term increased on each anniversary of the commencement of the Extension Term by three percent of the Base Rent amount in effect immediately prior to that increase (the "**Base Rent Floor**"). The term "**Current Market Rate**" means the prevailing rental rate per rentable square foot and concession package for comparable lease extensions recently executed for other first-class office buildings with improvements of comparable age and quality and available parking (both covered and uncovered) in the Building's submarket. The determination of Current Market Rate shall take into consideration net versus gross lease; differing base years if applicable; any differences in the size of space being leased and the length of lease terms; the use of the Premises; any differences in definitions of rentable square feet or rentable area with respect to which rental rates are computed; the value of rent abatements, allowances and the creditworthiness of Tenant; the location and condition of the building and Premises; and other pertinent factors. The Current Market Rate shall include a three percent annual escalation of the fixed base rental rate then prevailing in the market. Within thirty (30) days after receipt of Tenant's notice to extend, Landlord shall deliver to Tenant written notice of Landlord's determination of the Current Market Rate and shall advise Tenant of the required adjustment to Base Rent, if any.

Tenant shall, within thirty (30) days after receipt of Landlord's notice, notify Landlord in writing whether Tenant (a) accepts Landlord's determination of the Current Market Rate or (b) requests that the Current Market Rate be determined by brokers (the "**Arbitration Request**"). If Tenant doesn't respond within that 30-day period, then Tenant shall be deemed to have accepted Landlord's determination of the Current Market Rate. If Tenant requests that the Current Market Rate be determined by brokers, Landlord and Tenant, within ten (10) business days after the date of Landlord's receipt of the Arbitration Request, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Current Market Rate (collectively referred to as the "**Estimates**") (neither of which Estimates may, for the avoidance of doubt, be less than the Base Rent Floor). Within ten (10) business days after the exchange of Estimates, Landlord and Tenant shall each select a commercial real estate broker to determine which of the two Estimates most closely reflects the Current Market Rate. Each commercial real estate broker selected pursuant hereto shall (i) be a licensed commercial real estate broker in good standing, (ii) have had at least ten (10) years' experience within the previous fifteen (15) years as a commercial real estate broker working primarily in the Building's specific submarket, (iii) have working knowledge of current office rental rates and practices, and (iv) not be affiliated with either Landlord or Tenant. Upon selection, Landlord's and Tenant's brokers shall work together in good faith to agree upon which of the two Estimates most closely reflects the Current Market Rate. The Estimate chosen by such brokers shall be binding on both Landlord and Tenant as the Current Market Rate. If either Landlord or Tenant fails to appoint a broker within the ten (10) business day period referred to above, the broker appointed by the other party shall be the sole broker for the purposes hereof. If the two brokers cannot agree upon which of the two Estimates most closely reflects the Current Market Rate within the twenty (20) days after their appointment, then, within ten (10) business days after the expiration of such twenty (20) day period, the two (2) brokers shall select a third broker meeting the aforementioned criteria. Once the third broker has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen

------

(14) days, the third broker shall make its determination of which of the two Estimates most closely reflects the Current Market Rate and such Estimate shall be binding on both Landlord and Tenant as the Current Market Rate. The parties shall share equally in the costs of the third broker. Any fees of any broker, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the party retaining such broker, counsel or expert. In the event that the Current Market Rate has not been determined by the commencement date of the Extension Term, Tenant shall pay the most recent Base Rent set forth in the Lease until such time as the Current Market Rate has been determined. Upon such determination, Base Rent shall be retroactively adjusted. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within thirty (30) days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments until the entire amount of such overpayment has been credited against Base Rent.

Tenant must timely exercise the Extension Option or the Extension Option shall terminate. Tenant's exercise of the Extension Option shall not operate to cure any default by Tenant of any of the terms or provisions in this Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such default. If this Lease or Tenant's right to possession of the Premises shall terminate in any manner whatsoever before the Extension Term commences, or if Tenant subleases (except to a Tenant Affiliate in compliance with the requirements of <u>Section</u> <u>14.8</u>) more than 50% of the Building, then immediately upon such termination or sublease, the Extension Option shall simultaneously terminate and become null and void. The Extension Option is personal to Tenant and Tenant's Permitted Transferees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **<u>Termination Right</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 **<u>Termination Right and Payment</u>**. If the Zoning Contingency (defined below) occurs and no Event of Default then exists, then Tenant shall have the right to terminate this Lease by (i) delivering written notice of termination to Landlord within two business days after the Contingency Deadline (defined below) and (ii) paying to Landlord, with Tenant's termination notice, an amount equal to the sum of (A) $750,000 and (B) all Rent and other sums then due and owing under this Lease as of the termination date. Landlord shall, if requested by Tenant (and assuming sufficient funds are being held), apply some or all of the Security Deposit to Tenant's payment obligations under this <u>Section</u> <u>2.3.1</u>. If Tenant timely and properly terminates this Lease under this <u>Section</u> <u>2.3</u>, then this Lease shall terminate on the date on which Landlord receives Tenant's termination notice and payment. Tenant's termination right under this <u>Section</u> <u>2.3</u> is Tenant's sole recourse for its inability to obtain the Use Approvals, and in no event shall Tenant's obligations under this Lease otherwise be reduced or waived because Tenant is unable to obtain those Use Approvals. Tenant acknowledges and agrees that the amounts payable by Tenant under this <u>Section</u> <u>2.3</u> are reasonable consideration for Tenant's termination right and Landlord's agreement to enter into this Lease subject to that right.

The "**Zoning Contingency**" means that (i) Tenant reasonably determines that it will be required to obtain Use Approvals, (ii) Tenant has complied with the terms of <u>Section</u> <u>2.3.2</u>, and, (iii) despite Tenant's compliance with those terms, Tenant's application or request for any such Use Approval has not been granted or approved as of the Contingency Deadline, or any such application or request has been rejected by the entity with authority to approve or grant same. "**Use Approvals**" means, collectively, additional approvals under local zoning laws (such as a special use permit) and/or the Protective Covenants in order for Tenant to perform the minor product assembly activities that Tenant desires to perform at the Premises. "**Contingency Deadline**" means November 1, 2022. In the event of a dispute between Landlord and Tenant over whether or not the Zoning Contingency has occurred, Tenant shall have the burden of proving that the Zoning Contingency has occurred.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 **<u>Landlord and Tenant Obligations Regarding Use Approvals</u>**. Tenant shall, promptly after the Date of this Lease, notify Landlord in writing of any Use Approvals that Tenant reasonably believes will be required in order to perform the assembly activities described above. If Tenant notifies Landlord that Tenant does not believe that any Use Approvals will be required, then Tenant's termination right under this <u>Section</u> <u>2.3</u> shall be void and be deemed waived by Tenant. If Tenant reasonably determines that those Use Approvals will be required, then Tenant must use its best efforts and due diligence to obtain the Use Approvals as soon as reasonably practicable after the Date of this Lease (and no later than the Contingency Deadline). Upon Landlord's request, Tenant shall furnish to Landlord a copy of all applications and requests for the Use Approvals and any correspondence or other written documentation received from or delivered to any entity responsible for or otherwise involved in the review of those applications and requests. Tenant shall keep Landlord fully advised at all times as to the status of Tenant's efforts to obtain the Use Approvals and of any material developments in connection therewith, including notifying Landlord promptly following receipt of notice of the grant of any Use Approval or rejection of the application or request for any Use Approval. Landlord shall reasonably cooperate with Tenant in Tenant's efforts to obtain the Use Approvals, but Tenant shall be responsible for all expenses incurred by either party in connection therewith (and Tenant must reimburse Landlord upon request for any such expenses incurred by Landlord). In no event, however, may Tenant rezone the Premises or make any binding modifications to the zoning of the Premises (other than obtaining a special use permit as a Use Approval) without Landlord's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 **<u>Tenant's Obligations Upon Termination</u>**. If Tenant terminates this Lease under this <u>Section</u> <u>2.3</u>, then Tenant must, if requested by Landlord, use its commercially reasonable efforts to withdraw any applications or requests that Tenant has made with respect to the Use Approvals (which obligation shall survive the termination of this Lease).

**<u>ARTICLE 3</u>**

**<u>BASE RENT; PHASED RENT COMMENCEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **<u>Base Rent</u>**. Tenant shall pay, without prior notice or demand, to Landlord or, at Landlord's option, to such other person or at such other place as Landlord may from time to time designate in writing, in lawful money of the United States of America, base rent ("**Base Rent**") as set forth in <u>Section</u> <u>4</u> of the Summary, payable in equal monthly installments as set forth in <u>Section</u> <u>4</u> of the Summary in advance on or before the first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever. Subject to <u>Section</u> <u>3.2</u> below, the Base Rent for the first full month of the Lease Term shall be paid at the time of Tenant's execution of this Lease. Rent for any partial month during the Lease Term shall accrue on a daily basis for each day of that month that falls within the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated on the same basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **<u>Phased Rent Commencement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 The parties acknowledge that Tenant intends to initially occupy the first floor of the Building only, and to take occupancy of the second and third floors of the Building not later than May 1, 2022, and November 1, 2022, respectively. Accordingly, during the Phased Rent Period (defined below), Tenant shall only be obligated to pay, with respect to a particular period of time, Tenant's Phased Share (as defined below) of (i) the Base Rent set forth in <u>Section</u> <u>4</u> of the Summary and (ii) the Direct Expenses. The "**Phased Rent Period**" means the period of time beginning on the Lease Commencement Date and ending on the day prior to the later to occur of the Second Floor Rent Commencement Date and the Third Floor Rent Commencement Date (each as defined below).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 Effective on the Lease Commencement Date, "**Tenant's Phased Share**" shall initially be equal to 27.54%. Effective on the earlier of the date on which Tenant first commences to conduct business on any portion of the second floor of the Building or the date that is six (6) months after the Lease Commencement Date (such earlier date, the "**Second Floor Rent Commencement Date**"), Tenant's Phased Share shall be increased to an amount equal to the sum of (i) Tenant's Phased Share immediately prior to that increase and (ii) 35.17%. Effective on the earlier of November 1, 2022, or the date on which Tenant first commences to conduct business on any portion of the third floor of the Building (such earlier date, the "**Third Floor Rent Commencement Date**"), Tenant's Phased Share shall be increased to an amount equal to the sum of (a) Tenant's Phased Share immediately prior to that increase and (b) 37.29%. For the avoidance of doubt, after the end of the Phased Rent Period, Tenant shall be obligated to pay 100% of the Base Rent set forth in <u>Section</u> <u>4</u> of the Summary and 100% of the Direct Expenses. Tenant shall notify Landlord in writing prior to commencing to conduct business on any floor of the Building, and Tenant shall, promptly after Landlord's request, execute and return to Landlord a certificate in the form attached as **<u>Exhibit H</u>** in order to evidence the actual Second Floor Rent Commencement Date and/or Third Floor Rent Commencement Date.

**<u>ARTICLE 4</u>** 

**<u>NATURE OF LEASE; ADDITIONAL RENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **<u>Nature of Lease</u>**. This is a "**TRIPLE NET**" lease and as such, the provisions contained in this Lease are intended to pass on to Tenant and reimburse Landlord for all costs and expenses reasonably associated with this Lease, the Premises or Tenant's operations at the Premises. To the extent those costs and expenses payable by Tenant cannot be charged directly to, and paid by, Tenant, those costs and expenses shall be paid by Landlord but reimbursed by Tenant as Additional Rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **<u>General Terms</u>**. In addition to paying the Base Rent specified in <u>ARTICLE 3</u> of this Lease, Tenant shall pay to Landlord the annual Direct Expenses for any full or partial calendar year during the Lease Term. Such payments by Tenant, together with any and all other amounts payable by Tenant to Landlord under this Lease, are hereinafter collectively referred to as "**Additional Rent**," and Base Rent and Additional Rent are herein collectively referred to as "**Rent**." All amounts due under this <u>ARTICLE 4</u> as Additional Rent shall be payable for the same periods and in the same manner as the Base Rent, without any setoff or deduction whatsoever. The obligations of Tenant to pay Additional Rent under this Lease shall survive the expiration or termination of this Lease. If a due date is not set forth in this Lease with respect to any particular Additional Rent payment, then that payment shall be due and payable to Landlord within 10 business days after Landlord's written request therefor. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant's designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **<u>Calculation and Payment of Additional Rent</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 **<u>Statement of Actual Direct Expenses and Payment by Tenant</u>**. Landlord shall give to Tenant following the end of each Expense Year a statement (the "**Statement**") which shall state the Direct Expenses for the preceding Expense Year. Landlord shall endeavor to deliver the Statement for a particular Expense Year to Tenant within six (6) months following the end of that Expense Year, but Landlord's failure to do so shall not relieve Tenant of its obligation to pay the Direct Expenses for the Expense Year at issue. Upon receipt of the Statement for any Expense Year, Tenant shall pay, within 30 days after receipt of the Statement, the full amount of Direct Expenses for that Expense Year, less the amounts, if any, paid for that Expense Year as Estimated Direct Expenses (as defined below), and if Tenant paid more as Estimated Direct Expenses than the actual Direct Expenses (an "**Excess**"), Tenant shall receive a credit in the amount of such Excess against Rent next due under this Lease (unless this Lease has expired or terminated and Tenant

------

has vacated the Premises, in which case, so long as no Event of Default exists, Landlord shall, within 30 days after delivery of the Statement, deliver a check payable to Tenant in the amount of such Excess, less any offsets against same made under <u>Section</u> <u>19.2.3</u>). The failure of Landlord to timely furnish the Statement for any Expense Year shall not prejudice Landlord or Tenant from enforcing its rights under this <u>ARTICLE 4</u>. If the Tax Expenses for an Expense Year are not known when Landlord prepares the Statement for that year (e.g., because real estate taxes or assessments for the Premises are assessed in arrears and have not yet been fixed for the Expense Year in question), then Landlord may include its reasonable estimate of the Tax Expenses for that year in the Statement, in which case the parties shall reconcile with one another the actual Tax Expenses for that year promptly after Landlord learns of same. The provisions of this <u>Section</u> <u>4.3.1</u> shall survive the expiration or earlier termination of the Lease Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 **<u>Statement of Estimated Direct Expenses</u>**. In addition, Landlord shall give Tenant for each Expense Year a yearly expense estimate statement (the "**Estimate Statement**") setting forth Landlord's reasonable estimate (the "**Estimate**") of the Direct Expenses for that Expense Year (the "**Estimated Direct Expenses**"). Tenant shall pay Landlord monthly, with the monthly Base Rent installments, an amount equal to 1/12<sup>th</sup> of the total Estimated Direct Expenses set forth in the Estimate Statement delivered by Landlord to Tenant for the relevant Expense Year. Landlord may from time to time, in its reasonable discretion, revise any Estimate Statement or Estimated Direct Expenses previously delivered. On the first day of the calendar month after Landlord delivers a revised Estimate Statement to Tenant, Tenant shall pay to Landlord (in addition to making revised monthly Estimated Direct Expense payments) a lump sum payment in an amount so that Tenant's total Estimated Direct Expense payments for the Expense Year will equal Landlord's revised Estimated Direct Expenses for that year. Throughout the Lease Term Landlord shall maintain written records (with electronic records, for the avoidance of doubt, being considered "written") with respect to Direct Expenses in accordance with sound real estate management and accounting practices, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 **<u>Equitable Adjustments During Phased Rent Period</u>**. Landlord may make an appropriate adjustment to the components of Operating Expenses for each full or partial Expense Year occurring during the Phased Rent Period to determine the amount of Operating Expenses that would have been paid or incurred had the Building been 100% occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for that full or partial year. Landlord shall not, however, adjust Operating Expenses under this <u>Section</u> <u>4.3.3</u> in such a manner that would cause Landlord to collect Operating Expenses from Tenant in an amount in excess of what Landlord actually incurs for the items included in Operating Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **<u>Tax Refunds and Adjustments</u>**. Refunds of Tax Expenses shall be credited against Tax Expenses and refunded to Tenant regardless of when received, based on the Expense Year to which the refund is applicable, but in no event shall the amount to be refunded to Tenant for any Expense Year exceed the total amount paid by Tenant as Tax Expenses under this <u>ARTICLE 4</u> for that Expense Year. If Tax Expenses for any period during the Lease Term or any extension thereof are increased after payment thereof for any reason, including error or reassessment by applicable governmental or municipal authorities, Tenant shall pay Landlord upon demand any such increased Tax Expenses. Notwithstanding anything to the contrary set forth in this Lease, only Landlord may institute proceedings to reduce Tax Expenses and the filing of any such proceeding by Tenant without Landlord's consent shall constitute an Event of Default (but in no event shall Landlord be obligated to file any application or institute any proceeding seeking a reduction in Tax Expenses); except that Landlord shall reasonably cooperate, at Tenant's request and Tenant's expense, in the institution of a proceeding to reduce Tax Expenses, or to appeal the amount of Tax Expenses for a particular Expense Year (each, a "**Protest**").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **<u>Taxes and Other Charges for Which Tenant Is Directly Responsible</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.1 Tenant shall be liable for and shall pay before delinquency, taxes levied against Tenant's equipment, furniture, fixtures and any other personal property located at or about the Premises. If any such taxes on Tenant's equipment, furniture, fixtures or other personal property are levied against Landlord or Landlord's property or if the assessed value of Landlord's property is increased by the inclusion therein of a value placed upon such equipment, furniture, fixtures or other personal property and if Landlord pays the taxes based upon such increased assessment, which Landlord shall have the right to do regardless of the validity thereof, Tenant shall upon demand repay to Landlord the taxes so levied against Landlord or the proportion of such taxes resulting from such increase in the assessment, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2 Notwithstanding any contrary provision herein, (i) Tenant shall pay to Landlord, at the same time as Tenant is required to pay Rent, an amount equal to all rent taxes, sales taxes, service taxes, value added taxes, gross proceeds taxes, privileges taxes or other similar taxes levied or assessed upon that Rent or the payment or receipt thereof or any services provided hereunder, and (ii) Tenant shall pay directly to the appropriate taxing authority prior to delinquency any (a) taxes assessed upon or with respect to the possession, leasing, operation, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises; and (b) assessments, taxes, fees, levies or charges upon this transaction or any document to which Tenant is a party creating or transferring an interest or an estate in the Premises. Tenant's obligations under this <u>Section</u> <u>4.5</u> shall survive the expiration or earlier termination of the Lease Term. Notwithstanding the foregoing, Tenant shall not be required to pay or reimburse Landlord for excess profits taxes, franchise taxes, gift taxes, capital stock taxes, inheritance and succession taxes, estate taxes, federal and state income taxes, or other taxes on Landlord's general or net income (as opposed to rents, receipts or income attributable to operations at the Premises), in each case except to the extent expressly included in the definition of Tax Expenses or as a responsibility of Tenant under this <u>Section</u> <u>4.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **<u>Tenant Review</u>**. If no Event of Default then exists and Tenant has paid in full the Direct Expenses set forth in the applicable Statement, after receiving an annual Statement and giving Landlord thirty (30) days prior written notice thereof, Tenant may inspect or audit Landlord's records relating to Direct Expenses for the period of time covered by such Statement in accordance with the following provisions. If Tenant fails to object to the calculation of Direct Expenses on an annual Statement within sixty (60) days after the Statement has been delivered to Tenant or if Tenant fails to conclude its audit or inspection within ninety (90) days after the Statement has been delivered to Tenant, then Tenant shall have waived its right to object to the calculation of Direct Expenses for the year in question and the calculation of Direct Expenses set forth on such Statement shall be final. Tenant's audit or inspection shall be conducted where Landlord maintains its books and records (unless Landlord in its sole discretion permits Tenant to conduct the audit/inspection electronically), shall not unreasonably interfere with the conduct of Landlord's business, and shall be conducted only during business hours reasonably designated by Landlord. Tenant shall pay the cost of the audit or inspection unless the total Direct Expenses for the period in question is determined to be overstated by more than 5% in the aggregate, in which case Landlord shall pay the audit cost, not to exceed $2,500. Tenant may not conduct an inspection or have an audit performed more than once during any calendar year. If the inspection or audit reveals that an error was made in the Direct Expenses previously charged to Tenant, then Landlord shall refund to Tenant any overpayment of Direct Expenses, or Tenant shall pay to Landlord any underpayment of Direct Expenses, as the case may be, within thirty (30) days after notification thereof. Tenant shall maintain the results of each such audit or inspection (and the contents of Landlord's books and records relating to Operating Expenses) confidential and may not use any third party to perform such audit or inspection other than an independent firm of certified public accountants with at least ten (10) years of experience reviewing office building expense reconciliations: (i) which is not compensated on a contingency fee basis or in any

------

other manner which is dependent upon the results of such audit or inspection (and Tenant shall deliver the fee agreement or other similar evidence of such fee agreement to Landlord upon request), and (ii) which agrees with Landlord in writing to maintain the results of such audit or inspection confidential. Nothing in this section shall be construed to limit, suspend or abate Tenant's obligation to pay Rent when due, including Additional Rent.

**<u>ARTICLE 5</u>**

**<u>USE OF PREMISES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **<u>Permitted Use</u>**. Tenant shall, subject to <u>Section</u> <u>5.2</u>, use the Premises solely for the Permitted Use set forth in <u>Section</u> <u>5</u> of the Summary (the "**Permitted Use**") and Tenant shall not use or permit the Premises to be used for any other purpose or purposes whatsoever without the prior written consent of Landlord, which may be withheld in Landlord's sole discretion. Tenant's Permitted Use shall include the use of the fitness center and game room currently constructed in the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **<u>Prohibited Uses</u>**. Tenant further covenants and agrees that Tenant shall not use, or suffer or permit any person or persons to use, the Premises or any part thereof for any use or purpose contrary to the provisions of the Rules and Regulations set forth in **<u>Exhibit D</u>** attached hereto, together with any reasonable modifications or additions thereto (the "**Rules and Regulations**"), or in violation of Applicable Laws, any Underlying Documents or first-class standards in the market in which the Building is located. Tenant shall not do or permit anything to be done at or about the Premises that will in any way damage the reputation of the Premises or use or allow the Premises to be used for any improper or objectionable purpose, and Tenant shall not cause, maintain or permit any nuisance in, on or about the Premises. For the avoidance of doubt, in no event may Tenant use any portion of the Premises in a manner that is prohibited by any zoning codes, any building codes or any other land use laws regulating the use or occupancy of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **<u>Underlying Documents</u>**. Tenant shall comply with, and Tenant's rights and obligations under this Lease and the Tenant Parties' use of the Premises shall be subject and subordinate to, the Underlying Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **<u>Hazardous Materials</u>**. Tenant shall comply with the terms of **<u>Exhibit F</u>** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **<u>Landlord FF&E</u>**. Landlord owns certain furniture and equipment located at the Building, including fitness equipment, bike equipment, televisions and lounge furniture, as more particularly described on **<u>Exhibit G</u>** to this Lease (collectively, the "**Landlord FF&E**"), which Landlord FF&E is installed at the locations shown on **<u>Exhibit G</u>** to this Lease (the "**Permitted FF&E Locations**"). During the Lease Term, Tenant and its employees may use the Landlord FF&E on the terms and conditions set forth in this <u>Section</u> <u>5.5</u>. Tenant must, at its expense, (i) keep and maintain all Landlord FF&E in good condition and repair, including by making any required replacements thereof, and (ii) keep all Landlord FF&E insured under Tenant's commercial property insurance policy required under <u>Section</u> <u>10.3.2</u>, naming Landlord as loss payee with respect to any such property. Tenant must obtain Landlord's prior written approval of the proposed replacement of any item of Landlord FF&E (which replacement will continue to be Landlord's property), and Tenant may not move any Landlord FF&E to a location, other than the Permitted FF&E Location associated therewith, without Landlord's prior written consent (which may be given or withheld in Landlord's reasonable discretion). Tenant shall, promptly after any request by Landlord, deliver to Landlord a then-current detailed list describing all Landlord FF&E and the current condition and location thereof (an "**FF&E Inventory**"). At the expiration or earlier termination of the Lease, Tenant shall deliver an FF&E Inventory to Landlord, and shall surrender all Landlord FF&E to Landlord in the condition in which it was required to be maintained under this <u>Section</u> <u>5.5</u>, reasonable wear and tear excepted, which obligations shall survive the expiration or termination of this Lease.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **<u>Building Engineer's Office</u>**. Landlord's engineer shall have the right to use the Building engineer's office (which office is identified on **<u>Exhibit I</u>** attached hereto) in connection with the performance of services at the Premises, at no cost to Landlord and without any deduction in or credit against the Rent payable under this Lease. Access by Landlord's engineer shall at all times be subject to the engineer's compliance with Tenant's reasonable facility access requirements and restrictions (including background checks and security badges or passes), as may be reasonably amended from time to time.

**<u>ARTICLE 6</u>**

**<u>SERVICES AND UTILITIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **<u>Standard Tenant Services</u>**. Landlord shall provide the following services to the Premises during the Lease Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 **<u>HVAC</u>**. Subject to limitations imposed by Applicable Laws, Landlord shall provide heating and air conditioning ("**HVAC**") when necessary for normal comfort for normal office use in the Building from 7:00 A.M. to 6:00 P.M. Monday through Friday and, upon request, 8:00 A.M. to 1:00 P.M. on Saturdays, excluding holidays (the "**Building Hours**"). If Tenant desires to use HVAC during hours other than during Building Hours, Tenant shall give Landlord such prior notice, if any, as Landlord shall from time to time establish as appropriate, of Tenant's desired use in order to supply such HVAC, and Landlord shall supply such HVAC to Tenant at such hourly cost per zone to Tenant (which shall be treated as Additional Rent and shall be payable by Tenant to Landlord separate and apart from Direct Expenses) as Landlord shall from time to time establish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 **<u>Electricity</u>**. Landlord shall provide adequate electrical service capacity to the Premises for Tenant's lighting fixtures, computers, electronic equipment and incidental use equipment; except that Tenant's use of electricity must never exceed the capacity of the feeders to the Building or the risers or wiring installation. Tenant shall bear the cost of replacement of LED light fixtures, lamps, starters and ballasts for non-Building standard lighting fixtures within the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 **<u>Water</u>**. Landlord shall provide city water from the regular Building outlets for drinking, lavatory and toilet purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 **<u>Snow Removal</u>**. Snow removal services for the parking areas, sidewalks and other improved surfaces on the Land that are located exterior to the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5 **<u>Passenger Elevators</u>**. Landlord shall provide non-attended automatic passenger elevator service.

Tenant shall cooperate fully with Landlord at all times and abide by all regulations and requirements that Landlord may reasonably prescribe for the proper functioning and protection of the HVAC, electrical, mechanical and plumbing systems.

Landlord shall not provide janitorial services for the Building. Tenant shall perform all janitorial services and other cleaning within the Building in a standard consistent with janitorial services provided in other Comparable Buildings, and which janitorial service shall include day porter service (including light bulb maintenance and restroom fixtures maintenance), interior and exterior window cleaning, cleaning supplies deliveries and stocking, restroom cleaning, other cleaning (including metal surface polishing and maintenance and interior floor cleaning/polishing), waste and trash removal, and exterminating and pest control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **<u>Overstandard Tenant Use</u>**. Tenant shall not, without Landlord's prior written consent, use heat-generating machines, or equipment or lighting other than Building standard lights, which may materially affect the temperature otherwise maintained by the air conditioning system (for example, by causing same to not function as designed) or materially increase the water normally furnished for the Building by Landlord (for example, by overloading the water lines/plumbing systems) under the terms of <u>Section</u> <u>6.1</u>. If Tenant uses water, electricity, HVAC or other services of the type provided by Landlord, in excess of that supplied by Landlord under <u>Section</u> <u>6.1</u> ("**Excess Consumption**"), Tenant shall pay to Landlord, as Additional Rent (and separate from Direct Expense payments), the actual cost of the Excess Consumption as reasonably determined by Landlord, the cost of the installation, operation, testing and maintenance of equipment which is installed in order to measure or supply the Excess Consumption, and the cost of the increased wear and tear on existing equipment caused by the Excess Consumption; and Landlord may install devices to separately meter any Excess Consumption. Without limiting the foregoing, any utility or other service consumption attributable to any second or third shift operations at the Premises shall be conclusively deemed to be Excess Consumption. Notwithstanding any provision to the contrary contained in this Lease, Tenant shall promptly pay to Landlord as Additional Rent Landlord's standard charge for any services provided to Tenant that Landlord is not specifically obligated to provide to Tenant pursuant to the terms of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **<u>Tenant Maintained Security</u>**. Tenant hereby acknowledges that Landlord shall have no obligation to provide guard service or other security measures for the benefit of the Premises. Any such security measures for the benefit of the Premises shall be provided by Tenant, at Tenant's sole cost and expense. Tenant hereby assumes all responsibility for the protection of Tenant and its agents, employees, contractors, invitees and guests, and the property thereof, from acts of third parties, including keeping doors locked and other means of entry to the Premises or Building closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **<u>Interruption of Use</u>**. Tenant agrees that Landlord shall not be liable for damages, by abatement of Rent or otherwise, for failure to furnish or delay in furnishing any service (including telephone and telecommunication services) to the Premises, or for any diminution in the quality or quantity thereof, when such failure or delay or diminution is occasioned, in whole or in part, by breakage, repairs, replacements or improvements, by any event of Force Majeure, or by act or default of any Tenant Party; and such failures or delays or diminution shall never be deemed to constitute an eviction or disturbance of Tenant's use and possession of the Premises or relieve Tenant from paying Rent or performing any of its obligations under this Lease. Further, Landlord shall not be liable under any circumstances for a loss of, or injury to, property or for injury to, or interference with, Tenant's business, including loss of profits, however occurring, through or in connection with or incidental to a failure to furnish any of the services or utilities as set forth in this <u>ARTICLE 6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **<u>Telecommunications Services</u>**. Tenant shall arrange for telephone and data service to the Building directly with the telephone and data service providers selected by Landlord for the Building. Tenant shall pay directly to those providers, as and when due, the costs related to the installation and service. Landlord shall reasonably cooperate, at Tenant's expense, with any efforts by Tenant to arrange for telephone and data service to the Building.

------

**<u>ARTICLE 7</u>**

**<u>REPAIR AND MAINTENANCE</u>**

Tenant shall, at Tenant's own expense, keep the Building, including all improvements, fixtures, furnishings, systems and equipment thereon or therein (including plumbing fixtures and equipment such as dishwashers, garbage disposals, and instant hot dispensers), and the floor surfaces of the Building, in good order, repair and condition consistent with the Building's condition as of the date of delivery to Tenant at all times during the Lease Term, except to the extent that such repairs are required due to the gross negligence or willful misconduct of Landlord or its employees or management agents, in which case Landlord will make those repairs (unless the same are covered by Tenant's insurance, in which case Tenant shall nevertheless make those repairs). In addition, Tenant shall, at Tenant's own expense, but under the supervision and subject to the prior approval of Landlord, and within any reasonable period of time specified by Landlord, promptly and adequately repair all damage to the Building (other than damage that is expressly Landlord's responsibility elsewhere under this <u>ARTICLE 7</u>) and replace or repair all damaged, broken or worn fixtures and appurtenances, except for damage caused by ordinary wear and tear; provided however, that, at Landlord's option, or if Tenant fails to make such repairs or replacements, Landlord may, but need not, make such repairs and replacements, and Tenant shall pay Landlord upon demand the reasonable cost thereof, including a five percent administrative fee on the cost thereof to reimburse Landlord for overhead, general conditions, fees and other costs or expenses arising from Landlord's involvement with such actions. Tenant shall, within 10 business days after Landlord's request, deliver to Landlord copies of maintenance logs and service contracts for the Premises, and any other information that is reasonably requested by Landlord in order to demonstrate Tenant's compliance with its obligations under this <u>ARTICLE 7</u>.

Notwithstanding the foregoing, Landlord shall be responsible for repairs to the exterior walls, foundation and roof of the Building; the structural portions of the floors of the Building; the Building-standard exterior paint, windows and access doors; the Base Building systems and equipment; the utility lines exterior to the Building (up to their point of connection to the Building); the parking areas, sidewalks and other improved surfaces on the Land that are located exterior to the Building; and the landscaping and grounds located on the Land; except in each case to the extent that such repairs are required due to the negligence or willful misconduct of a Tenant Party; but if such repairs are due to the negligence or willful misconduct of a Tenant Party, Landlord shall nevertheless make such repairs at Tenant's expense, or, if covered by Landlord's insurance, Tenant shall only be obligated to pay any deductible or self-insured retention in connection therewith (in an amount not to exceed $250,000 in connection with any particular occurrence). Tenant shall promptly notify Landlord of the need for any repairs that Tenant believes to be Landlord's responsibility under this <u>ARTICLE 7</u>, and Landlord shall not be liable for its failure to make any such repairs prior to receiving notice from Tenant. Landlord may enter the Premises at all reasonable times to make any required repairs, alterations, improvements or additions.

**<u>ARTICLE 8</u>**

**<u>ADDITIONS AND ALTERATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **<u>Landlord's Consent to Alterations</u>**. Tenant may not make any improvements, alterations, additions or changes to the Premises (collectively, "**Alterations**") without obtaining Landlord's prior written consent to the scope thereof and the plans and specifications therefor, which consent shall be requested by Tenant not less than 30 days prior to the commencement thereof, and which consent shall not be unreasonably withheld by Landlord. It shall be deemed reasonable for Landlord to withhold its consent to any Alteration that adversely affects any Building System or the Building

------

Structure or is visible from the exterior of the Building. Notwithstanding the foregoing, Tenant shall be permitted to make Alterations following 10 business days' written notice to Landlord, but without Landlord's prior consent, if those Alterations (i) are cosmetic in nature and performed solely in the interior of the Building, (ii) do not cost more than $50,000 (in the aggregate across all associated Alterations, as reasonably determined by Landlord), (iii) do not adversely affect the value of the Premises or Building, (iv) do not impact the Building Systems or Building Structure, and are not visible from the exterior of the Building, and (v) do not require a building or construction permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **<u>Manner of Construction</u>**. Landlord may impose, as a condition of its consent to any Alterations or repairs of the Premises, such requirements as Landlord in its reasonable discretion may deem desirable, including the requirement that Tenant utilize for such purposes only contractors, subcontractors, materials, mechanics and materialmen selected by Tenant from a list provided and approved by Landlord; provided that, if Tenant's unique plans or use require other contractors, Tenant may use other contractors that are selected by Tenant and approved by Landlord in its reasonable discretion. Tenant shall construct all Alterations and perform all repairs in a good and workmanlike manner, using new materials or materials in "like new" condition and in substantial accordance with the plans and specifications submitted to and approved by Landlord, and in conformance with Landlord's construction rules and regulations and all Applicable Laws, and pursuant to a valid building permit (if one is required based on the scope of the Alterations). Prior to commencing any Alteration, Tenant shall meet with Landlord to discuss Landlord's design parameters and code compliance issues. If Tenant performs any Alterations that require or give rise to governmentally required changes to the Base Building, then Landlord shall, at Tenant's expense, make such changes to the Base Building. Tenant shall perform all Alterations in such a manner so as not to obstruct the business or access of Landlord. Tenant shall not use (and upon notice from Landlord shall cease using) contractors, services, workmen, labor, materials or equipment that, in Landlord's reasonable judgment, would disturb labor harmony with the workforce or trades engaged in performing other work, labor or services at or about the Premises. Upon completion of any Alterations, Tenant shall deliver to Landlord a reproducible copy of the "as built" drawings of the Alterations as well as all permits, approvals and other documents issued by any governmental agency in connection with the Alterations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **<u>Payment for Alterations</u>**. Tenant shall (i) comply with, or cause its contractor and subcontractors to comply with, Landlord's requirements for final lien releases and waivers in connection with Tenant's payment for work to contractors, (ii) sign, and cause the general contractor and any other contractors with which Tenant has directly contracted to sign, Landlord's standard contractor's rules and regulations, (iii) upon completion of any Alteration, promptly furnish Landlord with final sworn owner's and contractors' statements and full and final waivers of lien covering all labor and materials included in the Alteration, and (iv) deliver to Landlord, promptly after Landlord's request, information and documentation that Landlord reasonably requests from time to time in connection with any Alterations. In addition, Tenant shall, if requested by Landlord, deliver to Landlord monthly, while the Alterations are ongoing, copies of lien waivers, owner's and contractor's sworn statements and architect certifications for all amounts sought by Tenant's contractors and material suppliers in connection with those Alterations for the prior month. If Tenant orders any work directly from Landlord, Tenant shall, in addition to reimbursing Landlord for all costs of that work, pay to Landlord an amount equal to five percent of the cost of that work to compensate Landlord for all overhead, general conditions, fees and other costs and expenses arising from Landlord's involvement with that work. If Tenant does not order any work directly from Landlord, Tenant shall reimburse Landlord for Landlord's reasonable, actual, out-of-pocket costs and expenses actually incurred in connection with Landlord's review of that work (and Landlord shall provide Tenant with documentation reasonably evidencing those costs and expenses upon request). At Landlord's option, prior to commencing any Alterations, (a) Tenant shall pay to Landlord the reasonably anticipated cost thereof, which Landlord shall disburse during construction pursuant to Landlord's standard, commercially reasonable disbursement procedures (and Tenant shall be directly responsible for

------

any costs of the Alterations in excess of the amount paid to Landlord), and, (b) if required by Landlord in its discretion, Tenant shall obtain a lien and completion bond or some alternate form of security satisfactory to Landlord in an amount sufficient to ensure the lien-free completion of the Alterations and naming Landlord as a co-obligee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **<u>Construction Insurance</u>**. In addition to the requirements of <u>ARTICLE 10</u>, if Tenant makes any Alterations, prior to the commencement of the Alterations, Tenant shall provide Landlord with evidence that Tenant, or Tenant's contractors and subcontractors performing the Alterations, carries or carry the following insurance coverages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.1 If requested by Landlord, "Builder's All Risk" insurance in an amount approved by Landlord covering the construction of the Alterations, it being understood and agreed that all of such Alterations shall be insured by Tenant pursuant to <u>ARTICLE 10</u> immediately upon completion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.2 Commercial general liability insurance as described in <u>Section</u> <u>10.3.1</u>, but with limits not less than $1,000,000 for bodily injury and property damage liability per occurrence and $2,000,000 general annual aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.3 Commercial auto liability insurance as described in <u>Section</u> <u>10.3.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.4 Workers' compensation insurance and employer's liability insurance as described in <u>Section</u> <u>10.3.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.5 Umbrella/excess liability insurance covering in excess of (and written on a form at least as broad as) the primary commercial general liability, employer's liability and auto liability insurance policies with limits not less than $5,000,000 each occurrence and $5,000,000 annual aggregate (though Landlord may, in connection with any particular Alterations and in its reasonable discretion, require higher limits based on the nature and scope of the Alterations at issue).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.6 If design, engineering or other professional services are provided in connection with the Alteration, Tenant shall cause the party providing those services to maintain professional liability insurance with limits not less than $1,000,000 each claim and $1,000,000 in the aggregate.

All policies of insurance required in this <u>Section</u> <u>8.4</u> must also comply with the requirements of <u>Section</u> <u>10.4</u> (as if the party carrying that insurance was the "Tenant") and must include a waiver of any rights of subrogation and all rights of recovery in favor of and against Tenant (in the case of a contractor or subcontractor's policies) and the Landlord Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **<u>Landlord's Property</u>**. All Alterations, fixtures and/or appurtenances that are installed at or about the Premises from time to time shall be the property of Landlord. Any modular office system that includes doors and spans floor to ceiling is a fixture and shall be the property of Landlord. Furniture, moveable trade fixtures and/or equipment in the Premises paid for by Landlord, or owned by Landlord before Tenant takes possession, shall be Landlord's property. However, Landlord may, by written notice to Tenant no later than (i) 60 days before the natural expiration of the Lease Term (if this Lease expires by its terms) or (ii) 30 days after the earlier termination of this Lease (if this Lease terminates prior to natural expiration), require Tenant, at Tenant's expense, to remove any Alterations, fixtures, and/or appurtenances at or within the Premises and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises and Building to a building standard tenant improved condition as reasonably determined by Landlord. Removal of Lines is addressed in <u>Section</u> <u>28.27</u> below. To the extent specifically requested in writing by Tenant, Landlord shall inform Tenant at the time Landlord consents to any Alteration whether Landlord requires removal of that

------

Alteration at the expiration or termination of this Lease. Landlord expressly reserves the right to require removal, and restoration to building standard tenant improved condition (as reasonably determined by Landlord), of raised flooring, supplemental air conditioning units and related infrastructure, and any back-up generator and/or uninterruptable power supply and related infrastructure installed by Tenant. If Tenant fails to complete any required removal, repair any damage caused thereby, and return the affected portion of the Premises and Building to a building standard tenant improved condition as reasonably determined by Landlord, on or before the later of the expiration or earlier termination of the Lease Term or the date that is 30 days' after Landlord's request, then Landlord may do so and may charge the cost thereof to Tenant, together with interest thereon at the Interest Rate. Tenant shall protect, defend, indemnify and hold Landlord harmless from any Losses, including lien claims, in any manner relating to the installation, placement, removal or financing of any such Alterations, fixtures and/or equipment in, on or about the Premises. Tenant's obligations under this <u>ARTICLE 8</u> shall survive the expiration or termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **<u>Access Card System</u>**. Landlord has installed a card access system regulating access to and from the Building (an "**Access System**"), and Tenant shall be entitled to use that system during the Lease Term. Any modifications of, additions to or replacements of that system shall be at Tenant's sole cost and expense and shall require Landlord's prior written approval. Tenant shall maintain the Access System at its sole cost, and Tenant will provide Landlord at all times with keys, access cards or codes to allow Landlord to enter the Building in the manner and at the times as are permitted in this Lease. At the expiration or termination of this Lease, Tenant shall, at its cost, transition control of the Access System back to Landlord in a good working condition, which obligation shall survive the expiration or termination of this Lease.

**<u>ARTICLE 9</u>**

**<u>COVENANT AGAINST LIENS</u>**

Tenant shall keep the Premises free from any liens or encumbrances arising out of the Alterations performed, materials furnished or obligations incurred by or on behalf of any Tenant Party, and shall protect, defend, indemnify and hold Landlord harmless from and against any claims, liabilities, judgments or costs (including reasonable attorneys' fees and costs) arising out of same or in connection therewith unless such parties performing the work are engaged by and paid directly by Landlord. Tenant shall remove any such lien or encumbrance by bond or otherwise within 10 business days after notice by Landlord, and if Tenant fails to do so, Landlord may pay the amount necessary to remove or insure or bond over that lien or encumbrance, without being responsible for investigating the validity thereof. The amount so paid shall be deemed Additional Rent under this Lease payable upon demand, without limitation as to other remedies available to Landlord under this Lease. Tenant shall give Landlord notice at least 30 days prior to the commencement of any Alterations (or such additional time as may be necessary under Applicable Laws) to afford Landlord the opportunity to post and record appropriate notices of non-responsibility, and Tenant shall reasonably cooperate with Landlord to obtain prospective lien protection under Applicable Laws. Nothing contained in this Lease shall authorize Tenant to do any act which shall subject Landlord's title to the Building or Premises to any liens or encumbrances whether claimed by operation of law or express or implied contract. Any claim to a lien or encumbrance upon the Building or Premises arising in connection with any work at or respecting the Premises not performed by or at the request of Landlord shall be null and void, or at Landlord's option shall attach only against Tenant's interest in the Premises and shall in all respects be subordinate to Landlord's title to the Building and Premises. Upon the completion of any Alterations, Tenant shall take such actions as are available or required under Applicable Laws to notify the contractors and subcontractors who may claim a lien in connection therewith that those Alterations have been completed. Tenant's obligations under this <u>ARTICLE 9</u> shall survive the expiration or termination of this Lease.

------

**<u>ARTICLE 10</u>**

**<u>INSURANCE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **<u>Indemnification and Waiver</u>**. Tenant hereby assumes all risk of damage to the property of any Tenant Party or injury to any Tenant Party in, upon or about the Premises from any cause whatsoever (including any personal injuries resulting from a slip and fall in, upon or about the Premises) and agrees that, unless the damage is caused by the gross negligence or willful misconduct of the relevant Landlord Party (but subject, for the avoidance of doubt, to the waivers set forth in <u>Section</u> <u>10.6</u>), the Landlord Parties shall not be liable for, and are hereby released from any responsibility for, any damage either to person or property or resulting from the loss of use thereof, which damage is sustained by Tenant or by other persons claiming through Tenant. Tenant shall indemnify, defend, protect and hold harmless the Landlord Parties from any and all Losses incurred in connection with or arising from (a) any cause in, on or about the Premises (including a slip and fall), (b) any violation or alleged violation of Applicable Laws by any Tenant Party, (c) any Tenant Party's use of or operations at the Premises, (d) any acts, omissions or negligence of any Tenant Party, (e) any Protest, or (f) Tenant's breach of the terms of this Lease, either prior to, during or after the expiration of the Lease Term, provided that the terms of the foregoing indemnity shall not apply to the extent of the negligence or willful misconduct of the Landlord Parties. If any Landlord Party is named as a defendant in any suit or other proceeding brought against a Tenant Party for which Tenant is obligated to indemnify that Landlord Party under this Lease, Tenant shall reimburse the Landlord Party for the costs and expenses incurred by the Landlord Party in the suit or other proceeding, including its actual professional fees such as reasonable appraisers', accountants' and attorneys' fees. Tenant shall pay to Landlord, upon delivery by Landlord to Tenant of a statement therefor, sums equal to all losses, costs, liabilities, damages and expenses for which Tenant is responsible under this <u>ARTICLE 10</u>. The provisions of this <u>Section</u> <u>10.1</u> shall survive the expiration or sooner termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **<u>Tenant's Compliance With Landlord's Fire and Casualty Insurance</u>**. Tenant shall, at Tenant's expense, comply with all insurance company requirements pertaining to the use of the Premises. If Tenant's conduct or use of the Premises causes any increase in the premium for such insurance policies then Tenant shall reimburse Landlord for any such increase. Tenant, at Tenant's expense, shall comply with all rules, orders, regulations or requirements of the American Property Casualty Insurance Association (formerly the American Insurance Association) and with any similar or successor body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **<u>Tenant's Insurance</u>**. Tenant shall maintain the following coverages in the following amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 Commercial General Liability Insurance on an occurrence form covering the insured against claims of bodily injury, personal injury and property damage (including loss of use thereof) arising out of Tenant's operations, and contractual liabilities (covering the performance by Tenant of its indemnity agreements), including products and completed operations coverage and a Broad Form endorsement covering the insuring provisions of this Lease and the performance by Tenant of the indemnity agreements set forth in this Lease, for limits of liability not less than:

---

| | | | |
|:---|:---|:---|:---|
|  Bodily Injury and Property Damage Liability | $$| 5,000,000 each occurrence<br>5,000,000 annual aggregate |  |
|  Personal Injury Liability | $$ | 5,000,000 each occurrence<br>5,000,000 annual aggregate<br>0 | % Insured's participation |

---

------

The limits above may be achieved by a combination of primary and umbrella/excess insurance policies. Any umbrella/excess insurance coverage must sit excess of the Commercial General Liability, Employers Liability, and Commercial Auto Liability Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 Commercial Property Insurance covering (i) all office furniture, business and trade fixtures, office equipment, personal property, free-standing cabinet work, movable partitions and merchandise and all other items of Tenant's property at the Premises installed by, for or at the expense of Tenant, and (ii) any improvements which exist at the Building as of the Lease Commencement Date (excluding the Base Building) (the "**Original Improvements**"), and (iii) all Alterations. Such insurance shall be written on a "special form" basis, for the full replacement cost value (subject to reasonable deductible amounts) new without deduction for depreciation of the covered items and in amounts that meet any co-insurance clauses of the policies of insurance and shall include coverage for damage or other loss caused by fire or other peril including vandalism and malicious mischief, theft, water damage of any type, including sprinkler leakage, bursting or stoppage of pipes, and explosion, and providing business interruption coverage (including anticipated Rent payments) for a period of one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3 Commercial Auto Liability insurance (if applicable) covering automobiles owned, hired or used by Tenant in carrying on its business with limits not less than $1,000,000 for each accident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4 Worker's Compensation insurance as required by Applicable Laws, and Employers Liability insurance with limits not less than $1,000,000 for each accident, $1,000,000 disease policy limit, and $1,000,000 disease each employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **<u>Form of Policies</u>**. The minimum limits of policies of insurance required of Tenant under this Lease shall in no event limit the liability of Tenant under this Lease. All required insurance policies shall (i) list the Landlord Parties, and any other party the Landlord so specifies, as an additional insured, including Landlord's property manager, if any; (ii) on Tenant's commercial property insurance policy, name Landlord as a loss payee for the Original Improvements and any Alterations; (iii) specifically cover the liability assumed by Tenant under this Lease, including Tenant's obligations under <u>Section</u> <u>10.1</u>; (iv) be issued by an insurance company having an A.M. Best Rating of not less than A- X or which is otherwise acceptable to Landlord and authorized to do business in the state where the Premises is located; (v) be primary insurance as to all claims thereunder and provide that any insurance carried by the Landlord Parties is excess and is non-contributing with any insurance requirement of Tenant; and (vi) be in form and content reasonably acceptable to Landlord. Tenant shall provide 30 days' prior written notice to Landlord and any mortgagee of Landlord (10 days for non-payment of premium) in the event of cancellation or non-renewal of any insurance required of Tenant under this <u>ARTICLE 10</u>. Tenant shall deliver copies of the required policies or certificates thereof to Landlord on or before the Lease Commencement Date and at least 30 days before the expiration dates thereof. Further, Landlord shall have the right, from time to time, to request copies of policies of Tenant's insurance required hereunder, which Tenant shall provide within 10 business days. If Tenant shall fail to procure any required insurance, or to deliver the policies or certificates, Landlord may, at its option, procure the policies for the account of Tenant, and Tenant shall pay the cost thereof to Landlord within five days after request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **<u>Landlord's Insurance</u>**. During the Lease Term, Landlord shall procure and maintain in full force and effect a policy or policies of commercial property insurance covering the Base Building to 100% of the full replacement costs thereof (exclusive of land, foundations and footings, and subject to deductibles and self-insured retentions).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **<u>Subrogation</u>**. Landlord and Tenant intend that their respective property loss risks shall be borne by reasonable insurance carriers to the extent above provided, and Landlord and Tenant hereby agree to look solely to, and seek recovery only from, their respective commercial property insurance carriers in the event of a property loss to the extent that the coverage is agreed to be provided hereunder. The parties each hereby waive all rights and claims against each other for those property losses, and waive all rights of subrogation of their respective commercial property insurers, if that waiver of subrogation does not affect the right to the insured to recover thereunder. The parties agree that their respective commercial property insurance policies are now, or shall be, endorsed such that the waiver of subrogation shall not affect the right of the insured to recover thereunder, so long as no material additional premium is charged therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 **<u>Additional Insurance Obligations</u>**. Tenant shall carry and maintain during the entire Lease Term, at Tenant's sole cost and expense, increased amounts of the insurance required to be carried by Tenant under this <u>ARTICLE 10</u>, and other reasonable types of insurance coverage in reasonable amounts covering the Premises and Tenant's operations thereon, as may be reasonably requested by Landlord, but in no event in excess of the amounts and types of insurance then being required by landlords of Comparable Buildings.

**<u>ARTICLE 11</u>**

**<u>DAMAGE AND DESTRUCTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **<u>Repair of Damage to Premises by Landlord</u>**. Tenant shall promptly notify Landlord of any damage to the Premises resulting from fire or any other casualty. If the Premises shall be damaged by fire or other casualty, Landlord shall promptly and diligently, subject to reasonable delays for insurance adjustment or other matters beyond Landlord's reasonable control, and subject to all other terms of this <u>ARTICLE 11</u>, restore the Base Building. Such restoration shall be to substantially the same condition of the Base Building prior to the casualty, except for modifications required by Applicable Laws or by the holder of a mortgage on the Premises, or any other modifications desired by Landlord to the portions of the Premises located exterior to the Building that are consistent with the character of the Premises if access to the Building is not materially impaired. Upon the occurrence of any damage to the Premises, upon notice (the "**Landlord Repair Notice**") to Tenant from Landlord, Tenant shall assign to Landlord (or to any party designated by Landlord) all insurance proceeds payable to Tenant under Tenant's insurance required under <u>Section</u> <u>10.3.2</u> (excluding the portion payable for Tenant's personal property), and Landlord shall thereafter repair any injury or damage to the Alterations to and Original Improvements at the Premises and shall return those Alterations and Original Improvements to substantially the condition existing prior to the casualty; but if the cost of the repair by Landlord exceeds the amount of insurance proceeds received by Landlord from Tenant's insurance carrier, as assigned by Tenant, the excess cost of the repairs shall be paid by Tenant to Landlord prior Landlord commencing repairs. If Landlord does not deliver the Landlord Repair Notice within sixty (60) days following the date the casualty becomes known to Landlord, Tenant shall, at its sole cost and expense, repair any injury or damage to the Alterations to and Original Improvements at the Premises and shall return those Alterations and Original Improvements to substantially the condition existing prior to the casualty. Whether or not Landlord delivers a Landlord Repair Notice, prior to the commencement of construction, Tenant shall submit to Landlord, for Landlord's review and approval, and obtain Landlord's approval of, all plans, specifications and working drawings relating thereto, and Landlord shall select the contractors to perform the repair work. If the fire or other casualty damages the Building or portions of the improvements necessary to Tenant's occupancy, and the Premises is not occupied by Tenant as a result thereof, then during the time and to the extent the Building is unfit for occupancy, the Base Rent shall be abated in proportion to the ratio that the amount of rentable square feet of the Building that is unfit for occupancy for the purposes permitted under this Lease bears to the total rentable square feet of the Building; except

------

that Tenant shall not be entitled to a Base Rent abatement during the first 12 months after the date of the casualty. If Landlord does not deliver the Landlord Repair Notice, Tenant's right to rent abatement pursuant to the preceding sentence shall terminate as of the date that is reasonably determined by Landlord to be the date Tenant should have completed repairs to the Premises assuming Tenant used reasonable due diligence in connection therewith. Except for the foregoing abatement, Landlord shall not be liable for any inconvenience or annoyance to Tenant or its visitors, or injury to Tenant's business resulting in any way from the damage or the repair thereof. Tenant shall reimburse Landlord as Additional Rent for any insurance deductibles or self-insured retentions paid by Landlord in connection with the casualty (in an amount not to exceed $250,000 for any particular casualty).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **<u>Landlord's Option to Repair</u>**. Notwithstanding the terms of <u>Section</u> <u>11.1</u>, Landlord may elect not to rebuild and/or restore the Premises, and instead terminate this Lease, by notifying Tenant in writing of that election within sixty (60) days after the date on which Landlord discovers or is notified of the damage (which notice includes a termination date giving Tenant at least sixty (60) days to vacate the Premises) if one or more of the following conditions is present: (i) in Landlord's reasonable judgment, repairs cannot reasonably be completed within three hundred sixty-five (365) days after being commenced (when the repairs are made without the payment of overtime or other premiums); (ii) the holder of any mortgage on the Premises or ground lessor with respect to the Land requires that the insurance proceeds or any portion thereof be used to retire the mortgage debt, or terminates the ground lease, as the case may be; (iii) the damage is not fully covered by Landlord's insurance policies; (iv) the restoration is prohibited by any Applicable Laws or (v) the damage occurs during the last twelve (12) months of the Lease Term. If Landlord does not elect to terminate this Lease pursuant to Landlord's termination right as provided above, and the repairs cannot, in the reasonable opinion of Landlord, be completed within three hundred sixty-five (365) days after being commenced, Tenant may elect, no earlier than sixty (60) days after the date of the damage and not later than ninety (90) days after the date of the damage, to terminate this Lease by written notice to Landlord effective as of the date specified in the notice, which date shall not be less than thirty (30) days nor more than sixty (60) days after the date the notice is delivered. All Rent shall be apportioned as of the date of the termination. If this Lease is terminated under this <u>Section</u> <u>11.2</u>, then the commercial property insurance proceeds applicable to Alterations and the Original Improvements shall be paid to Landlord and the proceeds applicable to Tenant's personal property shall be paid to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **<u>Waiver of Statutory Provisions</u>**. The provisions of this Lease, including this <u>ARTICLE</u> <u>11</u>, constitute an express agreement between Landlord and Tenant with respect to any and all damage to, or destruction of, all or any part of the Premises, and Tenant waives all statuary, regulatory and common law rights to vacate the Premises, abate Rent or terminate this Lease that may arise in connection with any damage to or destruction of any portion of the Premises.

**<u>ARTICLE 12</u>**

**<u>NONWAIVER</u>**

No provision of this Lease shall be deemed waived by either party hereto unless expressly waived in a writing signed by the waiving party. The waiver by either party hereto of any breach of any term, covenant or condition herein contained shall not be deemed to be a waiver of any subsequent breach of same or any other term, covenant or condition herein contained. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding Event of Default or breach by Tenant of any term, covenant or condition of this Lease, regardless of Landlord's knowledge of the preceding Event of Default or breach at the time of acceptance of the Rent. No acceptance of a lesser amount than the Rent herein stipulated shall be deemed a waiver of Landlord's right to receive the full amount due, nor shall any endorsement or statement on any check or payment or any letter accompanying

------

such check or payment be deemed an accord and satisfaction, and Landlord may accept the check or payment without prejudice to Landlord's right to recover the full amount due. No receipt of monies by Landlord from Tenant after the termination of this Lease shall in any way alter the length of the Lease Term or of Tenant's right of possession hereunder, or after the giving of any notice shall reinstate, continue or extend the Lease Term or affect any notice given Tenant prior to the receipt of the monies, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Premises, Landlord may receive and collect any Rent due, and the payment of said Rent shall not waive or affect said notice, suit or judgment.

**<u>ARTICLE 13</u>**

**<u>CONDEMNATION</u>**

If the whole or any part of the Premises is taken by power of eminent domain or condemned by any competent authority for any public or quasi-public use or purpose, or if any adjacent property or street shall be so taken or condemned, or reconfigured or vacated by such authority in such manner as to require the reconstruction or remodeling of any part of the Premises, or if Landlord shall grant a deed or other instrument in lieu of such taking by eminent domain or condemnation, Landlord shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority. If more than twenty-five percent (25%) of the rentable square feet of the Building is taken, or if access to or use of the Premises is substantially impaired, in each case for a period in excess of one hundred twenty (120) days, Tenant shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority. Tenant shall not because of such taking assert any claim against Landlord or the authority for any compensation because of the taking and Landlord shall be entitled to the entire award or payment in connection therewith, except that Tenant shall have the right to file any separate claim available to Tenant for any taking of Tenant's personal property and trade fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Term pursuant to the terms of this Lease, and for moving expenses, so long as those claims do not diminish the award available to Landlord, its ground lessor or its mortgagee, and those claims are payable separately to Tenant. All Rent shall be apportioned as of the date of the termination. If any part of the Building shall be taken, and this Lease shall not be so terminated, the Rent shall be proportionately abated based on the square footage of the Building that is taken. Notwithstanding anything to the contrary contained in this <u>ARTICLE 13</u>, in the event of a temporary taking of all or any portion of the Premises for a period of one hundred and twenty (120) days or less, this Lease shall not terminate but the Base Rent shall be abated for the period of such taking in proportion to the ratio that the amount of rentable square feet of the Building taken bears to the total rentable square feet of the Building. Landlord shall be entitled to receive the entire award made in connection with any such temporary taking.

**<u>ARTICLE 14</u>**

**<u>ASSIGNMENT AND SUBLETTING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 **<u>Transfers</u>**. Tenant shall not, without the prior written consent of Landlord, assign, mortgage, pledge, hypothecate, encumber, or permit any lien to attach to, or otherwise transfer, this Lease or its interest in the Premises, permit any assignment or other transfer of this Lease or any interest hereunder by operation of law or otherwise, sublet the Premises or any part thereof, or enter into any license or concession agreements or otherwise permit the occupancy of the Premises or any part thereof by any persons other than Tenant (all of the foregoing are referred to collectively as "**Transfers**" and any person to whom any Transfer is made or sought to be made is referred to as a "**Transferee**"). If Tenant desires Landlord's consent to any Transfer, Tenant shall notify Landlord in writing, which notice (the "**Transfer Notice**") shall include (i) the proposed effective date of the Transfer, which shall not be less

------

than thirty (30) days nor more than one hundred eighty (180) days after the date of delivery of the Transfer Notice, (ii) in the case of a sublease, license or similar grant of occupancy rights, a description of the portion of the Premises to be transferred (the "**Subject Space**"), (iii) all of the terms of the proposed Transfer and the consideration therefor, including calculation of the Transfer Premium (as defined below) for that Transfer, the name and address of the proposed Transferee, and a copy of all existing executed and/or proposed documentation pertaining to the proposed Transfer, including all existing operative documents to be executed to evidence such Transfer or the agreements incidental or related to such Transfer, (iv) current financial statements of the proposed Transferee certified as true and correct by an officer, partner or other authorized individual and any other information reasonably required by Landlord to enable Landlord to determine the financial responsibility, character and reputation of the proposed Transferee, nature of the Transferee's business and proposed use of the Subject Space, and (v) an executed estoppel certificate from Tenant in the form attached hereto as **<u>Exhibit E</u>**. Any Transfer made without Landlord's prior written consent shall, at Landlord's option, be null, void and of no effect. Whether or not Landlord consents to any proposed Transfer, Tenant shall pay Landlord's reasonable review and processing fees, as well as any reasonable professional fees (including attorneys', accountants', architects', engineers' and consultants' fees) incurred by Landlord in connection with any proposed Transfer, within thirty (30) days after written request by Landlord (and shall make the Advances required under <u>ARTICLE 25</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 **<u>Landlord's Consent</u>**. Except as expressly set forth below, Landlord may withhold its consent to any proposed Transfer (including a mortgage, pledge, hypothecation, encumbrance or lien of or on this Lease or its interest in the Premises) in Landlord's sole discretion. However, Landlord shall not unreasonably withhold or delay its consent to any proposed Transfer by assignment or sublease to the Transferee on the terms specified in the Transfer Notice. Without limitation as to other reasonable grounds for withholding consent, the parties hereby agree that it shall be reasonable for Landlord to withhold consent to any proposed Transfer where one or more of the following apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 The Transferee is of a character or reputation or engaged in a business which is not consistent with the quality of the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2 The Transferee intends to use the Premises or Subject Space for purposes which are not permitted under this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.3 The Transferee is either a governmental agency or instrumentality thereof or a non-profit organization; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.4 The Transferee is not a party of reasonable financial worth and/or financial stability in light of the responsibilities to be undertaken in connection with the Transfer on the date consent is requested.

If Landlord consents to any Transfer pursuant to the terms of this <u>Section</u> <u>14.2</u> (and does not exercise any recapture rights Landlord may have under <u>Section</u> <u>14.4</u>), Tenant may within six (6) months after Landlord's consent, but not later than the expiration of said six-month period, enter into the Transfer on the same terms and conditions as are set forth in the Transfer Notice. Tenant's sole remedy for Landlord's alleged unreasonable exercise of judgment in refusing to consent to an assignment or sublease under this <u>ARTICLE 14</u> shall be an action for specific performance, declaratory judgment or injunction, and in no event shall Tenant be entitled to any monetary damages for that unreasonable exercise of judgment (except for costs and expenses recoverable under <u>Section</u> <u>28.19</u>).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 **<u>Transfer Premium</u>**. If Landlord consents to a Transfer, as a condition thereto which the parties hereby agree is reasonable, Tenant shall pay to Landlord 50% of any Transfer Premium received by Tenant from the Transferee. "**Transfer Premium**" means all rent, additional rent and other consideration payable by the Transferee in connection with the Transfer in excess of the Base Rent and Direct Expense payments payable by Tenant under this Lease during the term of the Transfer (determined on a per rentable square foot basis if less than all of the Building is transferred). Transfer Premium shall also include key money, bonus money or other cash consideration paid by the Transferee to Tenant in connection with the Transfer, and any payment in excess of fair market value for services rendered by Tenant to the Transferee or for assets, fixtures, inventory, equipment or furniture transferred by Tenant to the Transferee in connection with the Transfer. The determination of the amount of Landlord's applicable share of the Transfer Premium shall be made on a monthly basis as rent or other consideration is received by Tenant in connection with the Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 **<u>Landlord's Option to Recapture</u>**. Landlord shall have the option, by giving written notice to Tenant within thirty (30) days after receipt of a Transfer Notice setting forth Tenant's intent to assign this Lease or enter into a Material Sublease, to recapture the Premises, and cancel and terminate this Lease, as of the contemplated effective date for the assignment or sublease. "**Material Sublease**" means a sublease of more than 50% of square footage of the Building. If Landlord notifies Tenant that Landlord is recapturing the Premises under this <u>Section</u> <u>14.4</u> in connection with a Material Sublease, then Tenant may void Landlord's recapture election by withdrawing its request to enter into the proposed Material Sublease and cancelling the proposed sublease transaction. In order to be effective, Tenant must deliver its withdrawal notice to Landlord within 15 days after Tenant's receipt of Landlord's notice of recapture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 **<u>Effect of Transfer</u>**. If Landlord consents to a Transfer, (i) the terms and conditions of this Lease shall in no way be deemed to have been waived or modified, (ii) such consent shall not be deemed consent to any further Transfer by either Tenant or a Transferee, (iii) Tenant shall deliver to Landlord, promptly after execution, an original executed copy of all documentation pertaining to the Transfer in form reasonably acceptable to Landlord, and (iv) Tenant shall furnish upon Landlord's request a complete statement, certified by an independent certified public accountant, or Tenant's chief financial officer, setting forth in detail the computation of any Transfer Premium Tenant has derived and shall derive from such Transfer. No Transfer relating to this Lease or agreement entered into with respect thereto, whether with or without Landlord's consent, shall relieve Tenant or any guarantor of the Lease from any liability under this Lease. Upon any assignment, the assignee shall assume in writing all obligations and covenants of Tenant under this Lease. No collection or acceptance of rent by Landlord from any Transferee shall be deemed a waiver of any provision of this <u>ARTICLE 14</u> or the approval of any Transferee or a release of Tenant from any obligation under this Lease, whether theretofore or thereafter accruing. In no event shall Landlord's enforcement of any provision of this Lease against any Transferee be deemed a waiver of Landlord's right to enforce any term of this Lease against Tenant or any other person. At Landlord's request, Tenant shall cause any guarantor of this Lease to execute and deliver (a) a consent to the proposed Transfer and (b) a reaffirmation of its guaranty in connection with the proposed Transfer. If Tenant subleases all or any portion of the Premises in accordance with the terms of this <u>ARTICLE 14</u>, Tenant shall cause such subtenant to carry and maintain the same insurance coverage terms and limits as are required of Tenant, in accordance with the terms of <u>ARTICLE 10</u>. No Transferee shall succeed to any rights provided in this Lease or any amendment hereto to extend the Lease Term, expand the Premises or lease additional space, any such rights being deemed personal to Tenant, and any such rights shall also expire and be of no further force or effect upon Tenant subleasing more than 50% of the square footage of the Building. Landlord or its authorized representatives shall have the right at all reasonable times to audit the books, records and papers of Tenant relating to any Transfer, and shall have the right to make copies thereof. If the Transfer Premium respecting any Transfer shall be found understated, Tenant shall, within thirty (30) days after demand, pay Landlord the deficiency, and if understated by more than five percent (5%), Tenant shall pay Landlord's costs of the audit.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 **<u>Additional Transfers</u>**. For purposes of this Lease, each of the following shall also constitute a Transfer (excluding in each instance the transfer of any publicly traded stock): (i) the dissolution, merger, consolidation or other reorganization of Tenant; (ii) any issuance, sale, gift, transfer or redemption of any ownership interest in Tenant or any entity holding a direct or indirect ownership interest in Tenant (whether voluntary, involuntary or by operation of law, or any combination of the foregoing) that causes a change in any of the direct or indirect power to affect the management or policies of Tenant; or (iii) any direct or indirect change in 50% or more of the ownership interest in Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 **<u>Occurrence of Default</u>**. All subleases, licenses, concessions and other consensual arrangements for possession entered into by Tenant and affecting the Premises (each, an "**Occupancy Agreement**") shall be subordinate and subject to the provisions of this Lease, and if this Lease expires or is terminated during the term of any Occupancy Agreement, Landlord shall have the right to: (i) treat the Occupancy Agreement as cancelled and repossess the Subject Space by any lawful means, or (ii) require that the subtenant, licensee, concessionaire or other occupant attorn to and recognize Landlord as its sublandlord, licensor or other counterparty under the relevant Occupancy Agreement. If Landlord requires the subtenant, licensee, concessionaire or other occupant to attorn to and recognize Landlord, then Tenant shall have no further right to or interest in the rent or other consideration receivable under the relevant Occupancy Agreement. If an Event of Default occurs, Landlord is hereby irrevocably authorized, as Tenant's agent and attorney-in-fact, to direct any subtenant, licensee, concessionaire or other occupant to make all payments under or in connection with its Occupancy Agreement directly to Landlord (which Landlord shall apply towards Tenant's obligations under this Lease) until the Event of Default is cured. The subtenant, licensee, concessionaire or other occupant shall rely on any representation by Landlord that an Event of Default exists, without any need for confirmation thereof by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 **<u>Permitted Transfers</u>**. Notwithstanding anything to the contrary contained in <u>Section</u> <u>14.1</u>, (A) an assignment or subletting of all or a portion of the Premises to a Tenant Affiliate, (B) an assignment of this Lease to an entity which acquires all or substantially all of the stock or assets of Tenant, or (C) an assignment of this Lease to an entity which is the resulting entity of a merger or consolidation of Tenant, shall not be considered a Transfer requiring Landlord's consent under this <u>ARTICLE 14</u> (any Transferee described in items (A) through (C) of this sentence is referred to herein as a "**Permitted Transferee**") if (i) Tenant notifies Landlord in writing of the Transfer at least thirty (30) days prior to the effective date thereof, which notice includes documentation reasonably evidencing that the proposed Transferee is a Permitted Transferee and a copy of a written agreement in a form reasonably acceptable to Landlord from, and duly executed by, the Permitted Transferee, agreeing to be bound, jointly and severally with Tenant, by all obligations of Tenant under this Lease, and Tenant promptly supplies Landlord with any additional documents or information reasonably requested by Landlord regarding the Transfer or Permitted Transferee, (ii) no Event of Default then exists and the Transfer is not a subterfuge by Tenant to avoid its obligations under this Lease, (iii) the Permitted Transferee is of a character and reputation consistent with the quality of the Premises, and (iv) the proposed Permitted Transferee satisfies the Credit Threshold as of the effective date of the Transfer. Further, a sale of corporate shares of capital stock in Tenant in connection with an initial public offering of Tenant's stock on a nationally-recognized stock exchange shall not require Landlord's consent if no Event of Default then exists and the Transfer is not a subterfuge by Tenant to avoid its obligations under this Lease. The term "**Credit Threshold**" means the proposed Permitted Transferee has a Tangible Net Worth equal to or greater than $100,000,000 and a Liquidity equal to or greater than $50,000,000, in each case as evidenced by (1) financial statements, that are less than 12 months old, audited by a certified public accounting firm reasonably acceptable to Landlord, and (2) current unaudited financial statements. The right to assign this Lease or sublease the Premises to a Tenant Affiliate under this <u>Section</u> <u>14.8</u> shall be subject to the conditions that the Permitted Transferee remains a Tenant Affiliate and that if the Permitted Transferee ceases to be a Tenant Affiliate, Tenant and the Permitted Transferee shall so notify Landlord in writing

------

within ten (10) days after that event and, upon the written request of Landlord, the Permitted Transferee shall transfer, assign, set over and/or re-assign this Lease and its interest in the Premises, as applicable, to Tenant or, subject to complying with this condition, another Tenant Affiliate. A Permitted Transferee shall be liable to Landlord, jointly and severally with Tenant, for all obligations of Tenant under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 **<u>Minor Affiliate Subleases</u>**. Further, notwithstanding anything to the contrary contained in <u>Section</u> <u>14.1</u>, Tenant may sublet up to 10% of the rentable square footage of the Building (in the aggregate across all such subleases) to one or more Tenant Subsidiaries if (i) Tenant notifies Landlord in writing of the proposed sublease prior to the effective date thereof, which notice includes documentation reasonably evidencing that the proposed subtenant is a Tenant Subsidiary and a copy of the proposed sublease, and (ii) no Event of Default then exists and the sublease is not a subterfuge by Tenant to avoid its obligations under this Lease. The right to sublease portions of the Building to a Tenant Subsidiary under this <u>Section</u> <u>14.9</u> shall be subject to the conditions that the subtenant remains a Tenant Subsidiary and that if the subtenant ceases to be a Tenant Subsidiary, Tenant and the subtenant shall so notify Landlord in writing within ten (10) days after that event and, upon the written request of Landlord, the subtenant shall vacate the Premises.

**<u>ARTICLE 15</u>**

**<u>SURRENDER OF PREMISES; OWNERSHIP AND</u>**

**<u>REMOVAL OF TRADE FIXTURES</u>**

Upon the expiration or earlier termination of this Lease, Tenant shall, subject to the provisions of <u>Section</u> <u>8.5</u> above and this <u>ARTICLE 15</u>, quit and surrender possession of the Premises to Landlord in the condition in which Tenant is obligated to maintain the Premises under this Lease, reasonable wear and tear excepted. Upon such expiration or termination, Tenant shall, without expense to Landlord, remove or cause to be removed from the Premises all debris and rubbish, and such items of furniture, equipment, business and trade fixtures, free-standing cabinet work, movable partitions and other articles of personal property owned by Tenant or installed or placed by Tenant at its expense at the Premises, and such similar articles of any other persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed (collectively, the "**Removal Items**"), and Tenant shall repair at its own expense all damage to the Premises and Building resulting from such removal and return the affected portions thereof to a building standard tenant improved condition as reasonably determined by Landlord. However, Tenant shall not remove any equipment, conduits or fixtures providing water, plumbing, electricity, heating, ventilation, air conditioning, lighting, life safety, sprinkler or sewer service to the Premises, regardless of whether the same were installed by or on behalf of Tenant or Landlord unless directed to do so by Landlord in writing. Any Removal Items not removed by Tenant shall (if not already) become Landlord's property upon the expiration or earlier termination of this Lease and shall be conclusively presumed to have been conveyed to Landlord under this Lease via a bill of sale without payment or credit by Landlord to Tenant. Landlord may remove any property not removed by Tenant and store and/or retain or sell that property, and Tenant shall pay Landlord the cost of the removal, storage and disposition as well as the cost of repairing any damages caused by the removal within 30 days after demand, and those sums shall accrue interest at the Interest Rate from the date incurred until paid in full. Further, Tenant shall deliver to Landlord at the expiration or termination of this Lease all records maintained by Tenant and in its possession or control with regard to the Building Systems and any other equipment remaining at the Premises, including equipment manufacturer owner/operation manuals, maintenance manuals, operating logs and similar compilations of information pertaining to those Building Systems and equipment. Tenant's obligations under this <u>ARTICLE 15</u> survive the expiration or earlier termination of this Lease.

------

**<u>ARTICLE 16</u>**

**<u>HOLDING OVER</u>**

If Tenant holds over after the expiration or earlier termination of this Lease, that tenancy shall be a tenancy at sufferance, and shall not constitute a renewal hereof or an extension for any further term, and in such case Rent shall be payable at a daily rate equal 150% of the daily Rent applicable during the last rental period of the Lease Term. Such tenancy shall be subject to every other applicable term, covenant and agreement contained herein. Neither anything contained in this <u>ARTICLE 16</u> nor Landlord's acceptance of any Rent payable under this <u>ARTICLE 16</u> shall be construed as consent by Landlord to any holding over by Tenant, and Landlord expressly reserves the right to require Tenant to surrender possession of the Premises to Landlord as provided in this Lease upon the expiration or other termination of this Lease. The provisions of this <u>ARTICLE 16</u> shall not be deemed to limit or constitute a waiver of any other rights or remedies of Landlord provided herein or at law or in equity. If Tenant fails to surrender the Premises upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord harmless from all Losses resulting from that failure, including any claims made by any succeeding tenant founded upon the failure to surrender and any lost profits to Landlord resulting therefrom. The provisions of this <u>ARTICLE 16</u> shall survive the expiration or termination of this Lease.

**<u>ARTICLE 17</u>**

**<u>ESTOPPEL CERTIFICATES</u>**

Within fifteen (15) business days following a request in writing by Landlord, Tenant shall execute, acknowledge and deliver to Landlord an estoppel certificate, which, as submitted by Landlord, shall be substantially in the form of **<u>Exhibit E</u>** attached hereto (or such other form as may be required by any prospective mortgagee or purchaser of the Premises or any portion thereof), indicating therein any exceptions thereto that may exist at that time, and shall also contain any other information reasonably requested by Landlord or a prospective mortgagee or purchaser of the Premises. Any such certificate may be relied upon by any prospective mortgagee or purchaser of all or any portion of the Premises. Tenant shall also execute and deliver to Landlord whatever other instruments may be reasonably required for these purposes. Failure of Tenant to timely execute, acknowledge and deliver the estoppel certificate or other instruments shall (without limiting Landlord's other rights and remedies) constitute an acceptance of the Premises and an acknowledgment by Tenant that statements included in the estoppel certificate or other instruments are true and correct, without exception.

**<u>ARTICLE 18</u>**

**<u>SUBORDINATION</u>**

This Lease shall be subject and subordinate to all present and future ground or underlying leases of the Building or Premises or any part thereof and to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against the Building or Premises or any part thereof, and to all renewals, extensions, modifications, consolidations and replacements thereof, and to all advances made or hereafter to be made upon the security of the mortgages, trust deeds or other encumbrances, unless the holders of the mortgages, trust deeds or other encumbrances, or the lessors under the ground or underlying leases, require in writing that this Lease be superior thereto. Tenant covenants and agrees in the event any proceedings are brought for the foreclosure of any such mortgage, trust deed or other encumbrance, or deed in lieu thereof (or if any ground or underlying lease is terminated), to attorn, without any deductions or set-offs whatsoever, to the lienholder or purchaser or any successors thereto

------

upon any such foreclosure sale or deed in lieu thereof (or to the ground or underlying lessor), if so requested to do so by the purchaser or lienholder or ground or underlying lessor, and to recognize the purchaser or lienholder or ground or underlying lessor as the lessor under this Lease, on condition that the lienholder or purchaser or ground or underlying lessor shall agree to accept this Lease and not disturb Tenant's occupancy so long as Tenant timely pays the Rent and observes and performs the terms, covenants and conditions of this Lease to be observed and performed by Tenant. The lienholder, purchaser or ground or underlying lessor shall (1) be liable as Landlord only for the obligations of Landlord accruing after that lienholder, purchaser or ground or underlying lessor has taken fee title to the Building and (2) not be liable for (a) any Rent paid more than 30 days in advance (excluding, for the avoidance of doubt, the Security Deposit) or (b) any offsets, claims or defenses that Tenant may have against the previous Landlord. Landlord's interest in this Lease and the Premises may be assigned as security at any time to any lienholder. Tenant shall, within fifteen (15) business days after request by Landlord, execute such further instruments or assurances as Landlord may reasonably deem necessary to evidence or confirm the subordination or superiority of this Lease to any such mortgages, trust deeds, other encumbrances, ground leases or underlying leases. Tenant waives the provisions of any current or future statute, rule or law which may give or purport to give Tenant any right or election to terminate or otherwise adversely affect this Lease and the obligations of the Tenant hereunder in the event of any foreclosure proceeding or sale. References in this Lease to "mortgages" shall include "deeds of trust" and other similar encumbrances, and references in this Lease to a "mortgagee" shall include the "trustee" and "beneficiary" under a deed of trust and lienholder under other similar encumbrances.

**<u>ARTICLE 19</u>**

**<u>DEFAULTS; REMEDIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 **<u>Events of Default</u>.** The occurrence of any of the following shall constitute an event of default under this Lease by Tenant (an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.1 Tenant fails to pay when due any Rent or other charge required to be paid under this Lease, or any portion thereof, unless that failure is cured within five (5) business days after notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.2 Except where a specific time period is otherwise set forth for Tenant's performance in this Lease (in which event the failure to perform by Tenant within that other time period shall be an Event of Default), any failure by Tenant to observe or perform any other provision, covenant or condition of this Lease to be observed or performed by Tenant where such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant; but if the nature of the default is such that the same cannot reasonably be cured within a thirty (30) day period, then Tenant shall have additional time as is reasonably necessary to remedy the default (but in no event longer than one hundred twenty (120) days) if during that time Tenant is continuously and diligently pursuing the remedy necessary to cure the default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.3 Abandonment or vacation of all or a substantial portion of the Building by Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.4 The failure by Tenant to observe or perform according to the provisions of <u>ARTICLE 5</u>, <u>ARTICLE 10</u>, <u>ARTICLE 14</u>, <u>ARTICLE 17</u>, <u>ARTICLE 18</u> or **<u>Exhibit F</u>**, or any breach by Tenant of the representations and warranties set forth in <u>Section</u> <u>28.29</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.5 A default by Tenant, any guarantor of this Lease, any Tenant Affiliate or any affiliate of any guarantor of this Lease under (i) any guaranty of this Lease or (ii) any other lease or agreement between it, on the one hand, and Landlord or any affiliate of Landlord, on the other hand, that is not cured within any applicable cure period specified therein; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.6 Any material misrepresentation by Tenant under this Lease or material misrepresentation or omission of fact in any written report, notice or communication from Tenant or any guarantor of this Lease to Landlord with respect to Tenant, any guarantor, the Premises or the business conducted thereon; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1.7 Tenant or any guarantor of this Lease files a voluntary petition in bankruptcy or insolvency; an involuntary petition in bankruptcy is filed against Tenant or any guarantor and not dismissed within sixty (60) days; Tenant or any guarantor is adjudicated a bankrupt or insolvent; Tenant or any guarantor files any petition or answer seeking any reorganization, liquidation, dissolution or similar relief under any present or future federal bankruptcy act or any other present or future applicable federal, state or other statute or law; or Tenant or any guarantor makes an assignment for the benefit of creditors or seeks, consents to or acquiesces in the appointment of any trustee, receiver, liquidator or other similar official for Tenant or such guarantor, or for all or any part of Tenant's or such guarantor's property.

The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 **<u>Remedies Upon Default</u>**. Upon the occurrence of an Event of Default, Landlord may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.1 Terminate this Lease and Tenant shall pay to Landlord, upon demand, an accelerated lump sum amount equal to the amount by which Landlord's commercially reasonable estimate of the aggregate amount of Rent owing from the date of termination through the scheduled expiration date of the Lease Term, <u>plus</u> Landlord's commercially reasonable estimate of the aggregate expenses of reletting the Premises (including brokerage fees, unamortized leasing commissions and tenant concessions incurred or estimated to be incurred by Landlord; costs of removing and storing any property at the Premises; costs of repairing, altering, remodeling or otherwise putting the Premises into condition acceptable to new tenants; and all reasonable expenses incurred by Landlord in pursuing its remedies, including reasonable attorneys' fees and court costs **[**collectively, "<u>Reletting Costs</u>"**]**), exceeds Landlord's commercially reasonable estimate of the fair rental value of the Premises for the same period (after giving effect to the time needed to relet the Premises) both discounted to present value at the rate at which U.S. Treasuries are then yielding for a term closest to the scheduled expiration date of the Lease Term; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.2 Terminate Tenant's right of possession of the Premises without termination of this Lease, re-enter the Premises by summary proceedings or otherwise, expel Tenant and remove all property therefrom, using the level of effort mandated by the laws of the state where the Premises are located to relet the Premises at market rent and receive the rent from reletting, and Tenant is not entitled to receive any of that rent and remains liable for the equivalent of the amount of all Rent reserved herein less the proceeds of reletting, if any, after deducting therefrom the Reletting Costs. Any and all monthly deficiencies payable by Tenant under this clause shall be paid monthly on the date herein provided for the payment of Base Rent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3 Apply against any amounts owed by Landlord to Tenant, any amounts then due and payable by Tenant to Landlord; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.4 At its option, perform any obligations of Tenant under this Lease and all costs and expenses incurred by Landlord in performing those obligations, together with interest thereon at the Interest Rate from the date incurred until paid in full, shall be reimbursed by Tenant to Landlord on demand and constitute Rent for purposes of this Lease; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.5 To seek any declaratory, injunctive or other equitable relief, and specifically enforce this Lease, or restrain or enjoin a violation or breach of any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 **<u>Additional Landlord Remedies</u>**. In addition to the remedies set forth in <u>Section</u> <u>19.2</u>, if Landlord incurs any attorneys' fees or other costs or expenses in connection with any breach of or default under this Lease by Tenant, Tenant shall reimburse Landlord upon demand for those reasonable attorneys' fees or other costs, and that reimbursement constitutes a part of the Rent. Additionally, upon an Event of a Default under <u>Section</u> <u>19.1.7</u>, Tenant shall pay any and all Rent for the month of any petition and thereafter promptly and the failure of Tenant to do so shall constitute an Event of Default entitling Landlord to immediate relief from the automatic stay and to terminate the Lease. Tenant further agrees that the Rent constitutes the value of Tenant's occupancy of the Premises, and if Tenant fails to pay any Rent as set forth herein, the unpaid Rent shall constitute an allowed super-priority administrative expense in favor of Landlord to which Landlord is entitled to immediate payment, in full, and Tenant shall agree to enter into an order to that effect in a bankruptcy case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 **<u>Landlord Remedies Cumulative</u>**. Any and all remedies of Landlord set forth in this Lease: (i) are in addition to any and all other remedies Landlord may have at law or in equity, (ii) are cumulative, and (iii) may be pursued successively or concurrently as Landlord may elect. The exercise of any remedy by Landlord does not constitute an election of remedies or preclude Landlord from exercising any other remedies in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 **<u>Efforts to Relet</u>**. No re-entry or repossession, repairs, maintenance, changes, alterations and additions, reletting, appointment of a receiver to protect Landlord's interests hereunder, or other action or omission by Landlord shall be construed as an election by Landlord to terminate this Lease or Tenant's right to possession, or to accept a surrender of the Premises, nor shall same operate to release Tenant in whole or in part from any of Tenant's obligations hereunder, unless express written notice of such intention is delivered by Landlord to Tenant. Tenant hereby irrevocably waives any right otherwise available under any law to redeem or reinstate this Lease or Tenant's right of occupancy of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 **<u>Landlord's Default; Tenant's Remedies</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6.1 Landlord shall be in default under this Lease if Landlord breaches any provision of this Lease and that breach remains uncured for a period of 30 days after Tenant has provided notice to Landlord of the breach, but if that breach cannot reasonably be remedied by Landlord within thirty (30) days after notice of breach, then Landlord shall have additional time as may be reasonably necessary to remedy the breach if during that time Landlord is continuously and diligently pursuing the remedy necessary to cure the breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6.2 Notwithstanding anything in this Lease to the contrary, no breach or default by Landlord under this Lease entitles Tenant to terminate this Lease or abate Rent.

**<u>ARTICLE 20</u>**

**<u>COVENANT OF QUIET ENJOYMENT</u>**

Landlord covenants that Tenant, on paying the Rent due under this Lease keeping, observing and performing all the other terms, covenants, conditions, provisions and agreements herein contained on the part of Tenant to be kept, observed and performed, shall, during the Lease Term, peaceably and quietly have, hold and enjoy the Premises subject to the terms, covenants, conditions, provisions and agreements hereof without interference by any persons lawfully claiming by or through Landlord.

------

**<u>ARTICLE 21</u>**

**<u>SECURITY DEPOSIT</u>**

Concurrently with Tenant's execution of this Lease, Tenant shall deposit with Landlord a security deposit (the "**Security Deposit**") in the amount set forth in <u>Section</u> <u>6</u> of the Summary, as security for the full and faithful performance by Tenant of all of its obligations under this Lease. If an Event of Default occurs, Landlord may at its option and in the order that Landlord in its discretion determines, without notice to Tenant, apply all or any part of the Security Deposit to any obligation of Tenant under this Lease or loss or expense that Landlord may incur in connection with or related to this Lease or any Event of Default, and Tenant shall, upon demand therefor, restore the Security Deposit to its original amount. If no Event of Default then exists and Tenant has performed and satisfied all of its obligations under this Lease, then any unapplied portion of the Security Deposit shall be returned to Tenant within sixty (60) days following the expiration or termination of the Lease; but Landlord may if permitted by Applicable Laws retain an amount of the Security Deposit, as it shall reasonably determine, to secure the payment of any Rent, the amount of which Landlord is then unable to determine finally (and Landlord shall return any retained amount to Tenant promptly following the final determination of that Rent amount and the full payment to Landlord of that Rent). The Security Deposit shall not be deemed an advance payment of Rent or a measure of Landlord's damages for any Tenant default, nor shall it be a bar or defense to any action that Landlord may at any time commence against Tenant. The Security Deposit shall be the property of Landlord and Landlord may commingle the Security Deposit with other assets of Landlord or its affiliates. Tenant shall not be entitled to any interest on the Security Deposit. If Landlord sells or transfers the Premises or Landlord ceases to have an interest in the Premises, Landlord may remit any unapplied part of the Security Deposit to the successor owner of the Premises, and from and after that payment or transfer, Landlord shall be relieved of all liability with respect thereto.

**<u>ARTICLE 22</u>**

**<u>SIGNS</u>**

Tenant may, at its sole cost and expense, install Tenant's identification signage on the exterior of the Building and the monument signs located on the Land (collectively, the "**Exterior Signage**"), subject to (a) Landlord's prior written approval of the appearance and location of that signage (not to be unreasonably withheld, conditioned or delayed), (b) the prior approval of any applicable governmental authorities, and (c) Tenant's compliance with all Applicable Laws, and the requirements of any CC&Rs. Tenant may not make any changes to the Exterior Signage without obtaining Landlord's prior written consent, not to be unreasonably withheld, conditioned or delayed. In addition, should any governmental authority, or any party with approval rights over the Exterior Signage under CC&Rs, require a change to the Exterior Signage, then that change shall also require Landlord's prior written consent (not to be unreasonably withheld, conditioned or delayed). Tenant shall maintain the Exterior Signage in good condition and repair, and Tenant shall be solely responsible for the payment of all costs and expenses associated with the Exterior Signage, including all design, fabrication, permitting, installation, operating electrical, maintenance and repair.

Except as permitted above with respect to the Exterior Signage, Tenant shall not install or affix any sign, plaque, picture, advertisement, name, notice, lettering or direction on any part of the exterior of the Building or on the Land, without in each instance first obtaining the prior written consent of Landlord (to be given or withheld in Landlord's sole discretion).

------

Upon the termination or expiration of this Lease, Tenant must remove all signage installed at the Premises by any Tenant Party (including the Exterior Signage) and restore the area in which that signage was located, and any other affected area, to its condition existing prior to the installation of that signage, reasonable wear and tear excepted, and any damage caused in connection with such removal by any Tenant Party shall be repaired at Tenant's sole cost and expense. If Tenant fails to maintain any such signage during the Lease Term (within thirty (30) days after Tenant's receipt of written notice from Landlord detailing how such failure must be remedied) or to remove any such signage at the expiration or earlier termination of this Lease, then (without limiting Landlord's other rights and remedies) Landlord may do so and Tenant shall reimburse Landlord upon demand for all reasonable costs and expenses incurred by Landlord in connection therewith, together with interest thereon at the Interest Rate from the date incurred until paid in full. Without limiting Tenant's other indemnification obligations under this Lease, Tenant shall (except to extent caused by the negligence or willful misconduct of Landlord) indemnify, defend and hold harmless the Landlord Parties from and against any and all Losses arising from the installation, maintenance, replacement, modification, operation or removal of any signage installed at the Premises by any Tenant Party (including the Exterior Signage). Tenant's obligations under this <u>ARTICLE 22</u> shall survive the expiration or termination of this Lease.

**<u>ARTICLE 23</u>**

**<u>COMPLIANCE WITH LAW</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 **<u>Tenant Responsibilities</u>**. Tenant shall not do anything or permit anything to be done at or about the Premises that will in any way conflict with any Applicable Laws, including any governmental regulations related to disabled access and any Hazardous Materials Laws. At its sole cost and expense, Tenant shall promptly comply, and shall cause the other Tenant Parties to promptly comply, with all Applicable Laws (including the making, subject to Tenant's compliance with <u>ARTICLE 8</u>, of any Alterations to the Premises required by Applicable Laws) that relate to (i) Tenant's use of the Premises, (ii) Alterations to the Premises made by or on behalf of any Tenant Party, and/or (iii) the portions of the Premises that Tenant is required to maintain under <u>ARTICLE 7</u>. Should any standard or regulation now or hereafter be imposed on Landlord or Tenant by a state, federal or local governmental body charged with the establishment, regulation or enforcement of occupational, health or safety standards for employers, employees, landlords or tenants, then Tenant agrees, at its sole cost and expense, to comply promptly with such standards or regulations as they relate to the Tenant Parties' use or occupancy of the Premises. The judgment of any court of competent jurisdiction or the admission of Tenant in any judicial action, regardless of whether Landlord is a party thereto, that Tenant has violated any of said governmental measures, shall be conclusive of that fact as between Landlord and Tenant.

Tenant hereby notifies Landlord that certain computers, hardware, software, machinery, equipment and intellectual property of Tenant and related to Tenant's use are subject to federal, national and international export and securities laws including security classifications, rules and regulations of the Defense Counterintelligence and Security Agency. Landlord agrees that it shall not have any interest in any computers, hardware, software, machinery, equipment and intellectual property of Tenant that may be subject to, or restricted by or under, such laws (collectively, "**Restricted Property**"). However, any Restricted Property that Tenant fails to remove from the Premises at the expiration or termination of this Lease may, at Tenant's expense, be removed and stored by Landlord (pursuant to <u>ARTICLE 15</u>) or sent to Tenant's last known address, and Tenant shall (without limiting Tenant's other indemnification obligations) indemnify, defend and hold harmless the Landlord Parties from and against all Losses arising out of Tenant's failure to so remove that Restricted Property from the Premises (which obligation shall survive the expiration or termination of this Lease).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 **<u>Landlord Responsibilities</u>**. Landlord shall comply with all Applicable Laws relating to the Base Building, or the portions of the Premises that Landlord is required to maintain under <u>ARTICLE</u> <u>7</u>, if the compliance with those Applicable Laws is not the responsibility of Tenant under the other provisions of this Lease.

**<u>ARTICLE 24</u>**

**<u>LATE CHARGES</u>**

If any installment of Rent or any other sum due from Tenant is not received by Landlord or Landlord's designee within five (5) days after the date they are due, then Tenant shall pay to Landlord a late charge equal to five percent (5%) of the overdue amount plus any reasonable attorneys' fees incurred by Landlord by reason of Tenant's failure to pay Rent and/or other charges when due hereunder. The late charge shall be deemed Additional Rent and the right to require it shall be in addition to all of Landlord's other rights and remedies hereunder or at law and shall not be construed as liquidated damages or as limiting Landlord's remedies in any manner. In addition to the late charge described above, any Rent or other amounts owing hereunder that are not paid within fifteen (15) days after the date they are due shall bear interest from the date when due until paid at the Interest Rate.

**<u>ARTICLE 25</u>**

**<u>REIMBURSEMENT OF CERTAIN COSTS AND EXPENSES</u>**

Whenever Tenant requests Landlord to take any action not required of Landlord hereunder or give any consent required or permitted under this Lease, Tenant will reimburse Landlord for Landlord's reasonable costs and expenses incurred by Landlord in reviewing and taking the proposed action or consent, including reasonable engineers' or architects' fees and reasonable attorneys' fees (excluding, for the avoidance of doubt, costs allocated to Landlord's in-house counsel), within 30 days after Landlord's delivery to Tenant of a statement of those costs. Tenant will be obligated to make such reimbursement without regard to whether Landlord consents to any such proposed action. Tenant's obligations under this <u>ARTICLE 25</u> shall survive the expiration or sooner termination of the Lease Term. Tenant shall, together with its request to Landlord, pay Landlord an advance of $2,500 (an "**Advance**") towards the amounts payable by Tenant under this <u>ARTICLE 25</u>, as a condition precedent to Landlord's consideration of the request at issue.

**<u>ARTICLE 26</u>**

**<u>ENTRY BY LANDLORD</u>** 

Landlord reserves the right at all reasonable times and upon reasonable notice to Tenant (except in the case of an emergency, in which case no notice is required) to enter the Premises and Building to (i) inspect them; (ii) show the Premises to prospective purchasers, to current or prospective mortgagees, ground or underlying lessors or insurers and to prospective tenants; (iii) post notices of nonresponsibility; or (iv) make such alterations, improvements, additions or repairs to all or any portion of the Premises as Landlord shall desire or deem necessary, or as Landlord may be required to perform under the terms of this Lease; provided such alterations, improvements, additions or repairs do not unreasonably interfere with Tenant's Permitted Use of the Premises. However, notwithstanding the foregoing, except in the case of an emergency, Landlord shall provide reasonable notice to Tenant prior to access to the Premises and comply with Tenant's reasonable facility access requirements and restrictions (including visitor badges or passes), as may be reasonably amended from time to time. At Landlord's request from time to time, Tenant shall participate in tenant interviews with prospective purchasers, current and prospective

------

mortgagees, and ground or underlying lessors. Notwithstanding anything to the contrary contained in this <u>ARTICLE 26</u>, Landlord may enter the Premises at any time to (A) perform services required of Landlord; (B) take possession due to any Event of Default in the manner provided herein; and (C) perform any covenants of Tenant which Tenant fails to perform (after any applicable notice and cure periods). Landlord may make any such entries without the abatement of Rent, except as otherwise explicitly provided in this Lease, and may take such reasonable steps as are required to accomplish the stated purposes. For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors at the Premises, excluding Tenant's vaults, safes and special security areas designated in advance by Tenant. In an emergency, Landlord shall have the right to use any means that Landlord may deem proper to open the doors in and to the Premises and Building. Any entry into the Premises by Landlord in the manner hereinbefore described shall not be deemed to be a forcible or unlawful entry into, or a detainer of, the Premises, or an actual or constructive eviction of Tenant from any portion of the Premises. No provision of this Lease shall be construed as obligating Landlord to perform any repairs, alterations or decorations except as otherwise expressly agreed to be performed by Landlord herein.

**<u>ARTICLE 27</u>**

**<u>PARKING</u>**

Tenant may use the parking areas located on the Land solely for purposes of ingress to and egress from the Building, and the parking of motor vehicles by Tenant's employees, invitees and contractors while accessing the Building. Parking rights may not be transferred, assigned, subleased or otherwise alienated by Tenant, directly or indirectly, without Landlord's prior approval, except to a Permitted Transferee or a Tenant Subsidiary as part of a Transfer permitted without Landlord's consent under <u>Section</u> <u>14.8</u> or <u>Section</u> <u>14.9</u>.

**<u>ARTICLE 28</u>**

**<u>MISCELLANEOUS PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.1 **<u>Interpretation</u>**. The words "Landlord" and "Tenant" as used herein shall include the plural as well as the singular. The necessary grammatical changes required to make the provisions hereof apply to corporations, limited liability companies, partnerships or other business entities, or individuals, men or women, as the case may require, shall in all cases be assumed as though in each case fully expressed. The captions of Articles and Sections are for convenience only and shall not be deemed to limit, construe, affect or alter the meaning of the Articles and Sections. Because each party has been represented by counsel and this Lease has been freely and fairly negotiated, all provisions shall be interpreted according to their fair meaning and shall not be strictly construed against any party. Whenever the words "including", "include" or "includes" are used in this Lease, they shall be interpreted in a non-exclusive manner as though the words "without limitation" immediately followed. This Lease incorporates by this reference all Exhibits and Schedules attached to this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 **<u>Binding Effect</u>**. Subject to all other provisions of this Lease, each of the covenants, conditions and provisions of this Lease shall extend to and shall, as the case may require, bind or inure to the benefit not only of Landlord and of Tenant, but also of their respective heirs, personal representatives, successors or assigns, but this clause shall not permit any assignment or other transfer by Tenant contrary to the provisions of <u>ARTICLE 14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.3 **<u>No Air Rights</u>**. No rights to any view or to light or air over any property, whether belonging to Landlord or any other person, are granted to Tenant by this Lease. If at any time any windows of the Building are temporarily darkened or the light or view therefrom is obstructed by reason of any repairs, improvements, maintenance or cleaning at or about the Premises, the same shall be without liability to Landlord and without any reduction or diminution of Tenant's obligations under this Lease.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.4 **<u>Modification of Lease</u>**. If any current or prospective mortgagee or ground lessor for the Building or Premises requires a modification of this Lease, which modification will not cause an increased cost or expense to Tenant or in any other way materially and adversely change the rights and obligations of Tenant hereunder, then Tenant agrees that this Lease may be so modified and agrees to execute whatever documents are reasonably required therefor and to deliver the same to Landlord within fifteen (15) business days following a request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.5 **<u>Transfer of Landlord's Interest</u>**. Tenant acknowledges that Landlord has the right to transfer, directly or indirectly, all or any portion of its interest in the Premises and in this Lease. If Landlord transfers its interest in this Lease, then, if the transferee assumes all of Landlord's rights and obligations hereunder, Landlord shall automatically be released from all liability under this Lease for obligations that arise or accrue after the date of such transfer and Tenant agrees to look solely to the transferee for the performance of Landlord's obligations hereunder after the date of transfer and the transferee shall be deemed to have fully assumed and be liable for all obligations under this Lease to be performed by Landlord, including the return of any Security Deposit (if such amount has been transferred to the transferee), and Tenant shall attorn to the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.6 **<u>Granting of Easements</u>**. Landlord may, from time to time, with respect to all or any part of the Premises: (i) grant easements, covenants and restrictions, and other rights in the nature of easements, covenants and restrictions, (ii) release and amend easements, covenants and restrictions, or other rights in the nature of easements, covenants or restrictions, that are for the benefit of or affect any part of the Premises, (iii) dedicate or transfer unimproved portions of the Premises for road, highway or other public purposes, and (iv) execute petitions to have any part of the Premises annexed to any municipal corporation or utility district, in each case without obtaining Tenant's consent, so long as that easement or other instrument or action contemplated by this <u>Section</u> <u>28.6</u> does not (a) unreasonably interfere with or materially and adversely impact Tenant's use and occupancy of the Building as permitted under this Lease, or (b) materially increase Tenant's costs under this Lease. If any easement or other instrument or action described in this <u>Section</u> <u>28.6</u> unreasonably interferes with or materially and adversely impacts Tenant's use and occupancy of the Building or materially increases Tenant's costs under this Lease, Landlord shall obtain Tenant's prior consent to the proposed easement, instrument or action, which consent may be granted or withheld by Tenant in its sole discretion (and which consent shall be deemed given if not expressly denied by Tenant, in writing, within 10 business days after Landlord's delivery of that request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.7 **<u>Prohibition Against Recording</u>**. At the request of Landlord or any mortgagee or ground lessor, Tenant agrees to execute a short form of this Lease and deliver the same to Landlord within fifteen (15) business days following the request therefor. Neither this Lease, nor any memorandum, affidavit or other writing with respect thereto, shall be recorded by Tenant or by anyone acting through, under or on behalf of Tenant; except that Landlord agrees, upon Tenant's request and at Tenant's expense, to enter into a short form of this Lease to be recorded by Tenant in the real property records of Arapahoe County, Colorado, in a form that is reasonably acceptable to Landlord. Tenant shall release of record that short form at the expiration or termination of this Lease (which obligation shall survive such expiration or termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.8 **<u>Landlord's Title</u>**. Landlord's title is and always shall be paramount to the title of Tenant. Nothing herein contained shall empower Tenant to do any act which can, shall or may encumber the title of Landlord.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.9 **<u>Relationship of Parties</u>**. Nothing contained in this Lease shall be deemed or construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venturer or any association between Landlord and Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.10 **<u>Time of Essence</u>**. Time is of the essence with respect to the performance of every provision of this Lease in which time of performance is a factor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.11 **<u>Partial Invalidity</u>**. If any term, provision or condition contained in this Lease shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term, provision or condition to persons or circumstances other than those with respect to which it is invalid or unenforceable, shall not be affected thereby, and each and every other term, provision and condition of this Lease shall be valid and enforceable to the fullest extent possible permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.12 **<u>No Warranty</u>**. In executing and delivering this Lease, Tenant has not relied on any representations, including any representation as to the amount of any item comprising Additional Rent or the amount of the Additional Rent in the aggregate or the level or quality of services provided by Landlord to Tenant or Landlord's other tenants, or any warranty or statement of Landlord that is not expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.13 **<u>Landlord Exculpation</u>**. The liability of Landlord to Tenant for any default by Landlord under this Lease or arising in connection herewith or with Landlord's operation, management, leasing, repair, renovation, alteration or any other matter relating to the Premises shall be limited solely and exclusively to an amount that is equal to the equity interest of Landlord in the Premises, but in no event shall such liability extend to any sales or insurance proceeds received by any Landlord Party in connection with the Premises. No Landlord Party shall have any personal liability for any such matters, and Tenant hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or under Tenant. The limitations of liability contained in this <u>Section</u> <u>28.13</u> shall inure to the benefit of the Landlord Parties, and the Landlord Parties' respective present and future partners, members, managers, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and their respective partners, members, shareholders, heirs, successors and assigns. Under no circumstances shall any present or future affiliate of Landlord, equity interest holder of Landlord, partner of Landlord (if Landlord is a partnership), or trustee or beneficiary of Landlord (if Landlord or any partner of Landlord is a trust), have any liability for the performance of Landlord's obligations under this Lease. Notwithstanding any contrary provision herein, no Landlord Party shall be liable under any circumstances for injury or damage to, or interference with, Tenant's business, including loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or loss of use, in each case however occurring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.14 **<u>Entire Agreement</u>**. It is understood and acknowledged that there are no oral agreements between the parties hereto related to this Lease and this Lease constitutes the parties' entire agreement with respect to the leasing of the Premises and supersedes and cancels any and all previous negotiations, arrangements, brochures, agreements and understandings, if any, between the parties hereto or displayed by Landlord to Tenant with respect to the subject matter hereof, and no such items shall be used to interpret or construe this Lease. None of the terms, covenants, conditions or provisions of this Lease can be modified, deleted or added to except in writing signed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.15 **<u>Force Majeure</u>**. Notwithstanding anything to the contrary contained in this Lease, any prevention, delay or stoppage due to strikes, lockouts, labor disputes, acts of God, acts of war, terrorist acts, inability to obtain services, labor, or materials or reasonable substitutes therefor, governmental actions, civil commotions, fire or other casualty, pandemics, epidemics or declared health emergencies, or other causes beyond the reasonable control of the party obligated to perform (collectively, a "**Force**

------

 **Majeure**"), shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage, and if this Lease specifies a time period for performance of an obligation of either party, that time period shall be extended by the period of any delay in such party's performance caused by a Force Majeure. However, in no event shall Force Majeure excuse or delay Tenant's obligations to pay Rent or any other sum due under this Lease or perform any of its other financial obligations hereunder, or the timely performance of Tenant's surrender obligations upon the expiration or earlier termination of this Lease. Further, Tenant hereby waives the right to assert that pandemics, epidemics, health emergencies and other similar Force Majeure events, and governmental orders and actions in response thereto, constitute a frustration of the purpose of this Lease or impossibility of performance under this Lease or a casualty, condemnation or taking, and all of Tenant's obligations under this Lease shall remain in full force and effect after the occurrence of any such event (subject to the above provisions on Force Majeure), even if performance of those obligations may result in Tenant's operations being unprofitable, less profitable or more difficult.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.16 **<u>Notices</u>**. All notices, demands, statements, designations, consents, approvals or other communications (collectively, "**Notices**") given or required to be given by either party to the other hereunder or by Applicable Laws shall be in writing, shall be (A) sent by United States certified or registered mail, postage prepaid, return receipt requested ("**Mail**"), (B) delivered by a nationally recognized overnight courier, or (C) delivered personally. Any Notice shall be sent, transmitted or delivered, as the case may be, to Tenant at the appropriate address set forth in <u>Section</u> <u>7</u> of the Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord sent in accordance with this <u>Section</u> <u>28.16</u>, or to Landlord at the addresses set forth below, or to such other places as Landlord may from time to time designate in a Notice to Tenant sent in accordance with this <u>Section</u> <u>28.16</u>. Any Notice will be deemed given (i) three (3) days after the date it is posted if sent by Mail, (ii) the date the overnight courier delivery is made, or (iii) the date personal delivery is made. As of the Date of this Lease, any Notices to Landlord must be sent, transmitted, or delivered, as the case may be, to the following addresses:

The GC Net Lease (Greenwood Village) Investors, LLC

1520 E. Grand Avenue

El Segundo, CA 90245

Attention: Asset Manager

With a copy to:

The GC Net Lease (Greenwood Village) Investors, LLC

150 N. Riverside Plaza, Suite 1950

Chicago, IL 60606

Attention: General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.17 **<u>Joint and Several</u>**. If there is more than one Tenant, the obligations imposed upon Tenant under this Lease shall be joint and several.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.18 **<u>Authority</u>**. If Tenant is a corporation, limited liability company, trust or partnership, Tenant hereby represents and warrants to Landlord that Tenant is a duly formed and existing entity qualified to do business in the state where the Premises is located and that Tenant has full right and authority to execute and deliver this Lease and that each person signing on behalf of Tenant is authorized to do so. Tenant shall, at or before the execution of this Lease, deliver to Landlord satisfactory evidence of such authority and of Tenant's good standing in Tenant's state of organization and qualification to do business in the state where the Premises is located. Tenant hereby further represents and warrants to Landlord that Tenant's execution and delivery of this Lease shall not cause Tenant to be in violation of

------

any agreement, instrument, contract, law, rule or regulation by which Tenant is bound. Landlord hereby represents and warrants to Tenant that (i) Landlord is a duly formed and existing entity qualified to do business in the state where the Premises is located, (ii) Landlord has full right and authority to execute and deliver this Lease and that each person signing on behalf of Landlord is authorized to do so, and (iii) Landlord's execution and delivery of this Lease shall not cause Landlord to be in violation of any agreement, instrument, contract, law, rule or regulation by which Landlord is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.19 **<u>Attorneys' Fees</u>**. If either Landlord or Tenant brings a suit or proceeding for the possession of the Premises, for the recovery of any sum due under this Lease, or because of the breach of any provision of this Lease or for any other relief against the other, then all costs and expenses, including reasonable attorneys' fees, incurred by the prevailing party therein shall be paid by the other party, which obligation on the part of the other party shall be deemed to have accrued on the date of the commencement of such action and shall be enforceable whether or not the action is prosecuted to judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.20 **<u>Governing Law; WAIVER OF TRIAL BY JURY</u>**. This Lease shall be construed and enforced in accordance with the laws of the state where the Premises is located. IN ANY ACTION OR PROCEEDING ARISING HEREFROM, LANDLORD AND TENANT HEREBY CONSENT TO (I) THE JURISDICTION OF ANY COMPETENT COURT WITHIN THE STATE OF WHERE THE PREMISES IS LOCATED, (II) SERVICE OF PROCESS BY ANY MEANS AUTHORIZED BY THE LAW OF THE STATE WHERE THE PREMISES IS LOCATED, AND, (III) TO THE EXTENT PERMITTED BY APPLICABLE LAW, IN THE INTEREST OF SAVING TIME AND EXPENSE, TRIAL WITHOUT A JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR THEIR SUCCESSORS IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT'S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY. IF LANDLORD COMMENCES ANY SUMMARY PROCEEDINGS OR ACTION FOR NONPAYMENT OF RENT OR ANY OTHER AMOUNTS, TENANT SHALL NOT INTERPOSE ANY COUNTERCLAIM OF ANY NATURE OR DESCRIPTION (UNLESS SUCH COUNTERCLAIM SHALL BE MANDATORY) IN ANY SUCH PROCEEDING OR ACTION, BUT THE SAME SHALL BE RELEGATED TO AN INDEPENDENT ACTION AT LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.21 **<u>Submission of Lease</u>**. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of, option for or option to lease, and it is not effective as a lease or otherwise until execution and delivery by both Landlord and Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.22 **<u>Brokers</u>**. Landlord and Tenant hereby warrant to each other that they have had no dealings with any real estate broker or agent in connection with the negotiation of this Lease, excepting only the real estate brokers or agents specified in <u>Section</u> <u>9</u> of the Summary (the "**Brokers**"), and that they know of no other real estate broker or agent who is entitled to a commission in connection with this Lease. Each party agrees to indemnify and defend the other party against and hold the other party harmless from any and all claims, demands, losses, liabilities, lawsuits, judgments, costs and expenses (including reasonable attorneys' fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of any dealings with any real estate broker or agent, other than the Brokers, representing or allegedly representing the indemnifying party. The terms of this <u>Section</u> <u>28.22</u> shall survive the expiration or earlier termination of the Lease Term. Landlord shall be responsible for the commissions payable to the Brokers in connection with the execution of this Lease.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.23 **<u>Independent Covenants</u>**. This Lease shall be construed as though the covenants herein between Landlord and Tenant are independent and not dependent, and Tenant hereby expressly waives the benefit of any statute to the contrary and agrees that if Landlord fails to perform its obligations set forth herein, Tenant shall not be entitled to make any repairs or perform any acts hereunder at Landlord's expense or to any setoff against or abatement of the Rent or other amounts owing hereunder to Landlord unless otherwise expressly set forth to contrary elsewhere in this Lease. Tenant shall continue to perform its obligations under this Lease even if Tenant claims that it has been damaged by Landlord or Landlord has defaulted hereunder, and without any reduction of Rent (except to the extent, if any, otherwise expressly provided herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.24 **<u>Building Name and Signage</u>**. Tenant shall not, without the prior written consent of Landlord (which may be granted or withheld in Landlord's sole discretion), use the name or pictures or illustrations of the Premises or Building in advertising or other publicity materials or for any purpose other than as the address of the business to be conducted by Tenant at the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.25 **<u>Counterparts; Electronic Execution and Delivery</u>.** This Lease may be executed and delivered electronically and in counterparts with the same effect as if both parties hereto had executed the same original document. Both counterparts shall be construed together and shall constitute a single lease. For purposes of this Lease, electronic signatures shall constitute original signatures, including emailed scans of .PDF signatures and signatures produced through an electronic signature platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.26 **<u>Confidentiality</u>**. Tenant acknowledges that the content of this Lease and any related documents are confidential information of Landlord. Tenant shall keep such confidential information strictly confidential and shall not knowingly disclose such confidential information to any person or entity other than Tenant's financial, legal and space planning consultants, without Landlord's prior written consent, which may be granted or withheld in Landlord's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.27 **<u>Communications and Computer Lines</u>**. Tenant may install, maintain, replace, remove or use any communications or computer wires and cables serving the Building (collectively, the "**Lines**") on the following terms and conditions: (i) Tenant shall obtain Landlord's prior written consent, use an experienced and qualified contractor approved in writing by Landlord, and comply with all of the other provisions of <u>ARTICLE 7</u> and <u>ARTICLE 8</u>, (ii) if Tenant does not lease the entire Building, adequate space for additional Lines shall be maintained for future occupants of the Building, as determined in Landlord's reasonable opinion, (iii) the Lines (including riser cables) shall be appropriately insulated to prevent excessive electromagnetic fields or radiation, and shall be surrounded by a protective conduit reasonably acceptable to Landlord, (iv) all Lines must comply with all Applicable Laws, and (v) Tenant shall pay all costs in connection therewith. Landlord reserves the right (by notice to Tenant at any time prior to the expiration or earlier termination of this Lease) to require that Tenant, upon the expiration or earlier termination of this Lease, remove any Lines and repair any damage in connection with that removal, which obligation shall survive the expiration or termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.28 **<u>Landlord Marketing</u>**. Landlord and its affiliates may identify Tenant (including by use of Tenant and its affiliates' trademarks and logos) as a tenant of the Premises in and on Landlord and its affiliates' marketing materials and websites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.29 **<u>Patriot Act</u>**. As an inducement to Landlord to enter into this Lease, Tenant hereby represents and warrants that: (i) Tenant is not, and Tenant is not owned or controlled directly or indirectly by, any person, group, entity or nation named on any list issued by the Office of Foreign Assets Control ("**OFAC**") of the United States Department of the Treasury pursuant to Executive Order 13224 or any similar list or any law, order, rule or regulation or any Executive Order of the President of the United States as a terrorist, "Specially Designated National and Blocked Person" or other banned or blocked person (any such person, group, entity or nation being hereinafter referred to as a "**Prohibited Person**"); (ii) Tenant is not (and Tenant is not owned or controlled, directly or indirectly, by any person, group,

------

entity or nation that is) acting directly or indirectly for or on behalf of any Prohibited Person; and (iii) neither Tenant nor any person, group, entity or nation that owns or controls Tenant, directly or indirectly, has conducted or will conduct business, or has engaged or will engage in any transaction or dealing, with any Prohibited Person, including any assignment of this Lease or any subletting of all or any portion of the Premises, or the making or receiving of any contribution or funds, goods or services, to or for the benefit of a Prohibited Person. In connection with the foregoing, it is expressly understood and agreed that (x) any breach by Tenant of the foregoing representations and warranties shall be an Event of Default, and (y) the representations and warranties contained in this <u>Section</u> <u>28.29</u> shall be continuing in nature and shall survive the expiration or earlier termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.30 **<u>ERISA</u>**. Tenant represents, warrants and covenants to Landlord that: (i) it is acting on its own behalf and that it is not an employee benefit plan as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), which is subject to Title 1 of ERISA, nor a plan as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (each of the foregoing is hereinafter referred to collectively as a "**Plan**"); (ii) Tenant's assets do not constitute "plan assets" of one or more such Plans within the meaning of Department of Labor Regulation Section 2510.3-101; and (iii) it will not be reconstituted as a Plan or as an entity whose assets constitute "plan assets".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.31 **<u>Energy Performance Disclosures</u>**. Landlord and Tenant shall each reasonably cooperate with the other party in that other party's efforts to report on or disclose the environmental criteria of its environmental, social and governance performance, including by promptly providing information on the energy consumption at and energy sustainability of the Premises that is not readily available to that other party.

**[Signatures follow on next page]** 

------

**IN WITNESS WHEREOF,** Landlord and Tenant have caused this Lease to be executed on the Date of this Lease.

---

| | | | |
|:---|:---|:---|:---|
| **<u>LANDLORD:</u>**<br>**THE GC NET LEASE (GREENWOOD VILLAGE) INVESTORS, LLC,**<br> a Delaware limited liability company | **<u>LANDLORD:</u>**<br>**THE GC NET LEASE (GREENWOOD VILLAGE) INVESTORS, LLC,**<br> a Delaware limited liability company | **<u>TENANT:</u>**<br>**YORK SPACE SYSTEMS LLC,**<br> a Colorado limited liability company | **<u>TENANT:</u>**<br>**YORK SPACE SYSTEMS LLC,**<br> a Colorado limited liability company |
| By: | GRT OP, L.P., | By: | /s/ Dirk Wallinger<br>|
|  | a Delaware limited partnership, | Name: | Dirk Wallinger |
|  | its sole member | Its: | President & CEO |
| By: | Griffin Realty Trust, Inc.,<br> a Maryland corporation,<br> its general partner | Date: | 9/16/2021 |

---

---

| | |
|:---|:---|
| By: | /s/ Julie A. Treinen<br>|
| Name: | Julie A. Treinen |
| Its: | Managing Director, Asset Management |
| Date: | September 21, 2021 |

---

## Exhibit 10.15

**Exhibit 10.15** 

**STANDARD FORM INDUSTRIAL NET LEASE** 

**(Multi-Tenant)** 

**<u>Summary of Basic Lease Terms</u>**

---

| | | |
|:---|:---|:---|
| A. | **Parties:** | This Lease ("Lease"), effective July 18, 2023 ("**Effective Date**"), is made by and between **WESTCORE CG POTOMAC PARK, LLC**, a Delaware limited liability company ("**Landlord**"), and **YORK SPACE SYSTEMS LLC**, a Colorado limited liability company ("**Tenant**"), (collectively the "**Parties**," or individually a "**Party**"). |
| B. | **Premises:** | Those certain premises located within the Building (as defined below), including all improvements therein or to be provided by Landlord under the terms of this Lease, located at 7955 S. Potomac Street, Suite 900, Englewood, Colorado, and containing approximately Fifty-Nine Thousand One Hundred Fifty-Two (59152) rentable square feet as outlined on Exhibit A attached hereto ("**Premises**"). In addition to Tenant's rights to use and occupy the Premises, Tenant shall have non-exclusive rights to the Common Areas (as defined in Paragraph 1.7 below), but shall not have any rights to the roof, exterior walls, structural components or utility raceways of the Building or to any other buildings in the Industrial Center (defined below). So long as Tenant shall not be in Default, Tenant shall have a license to certain yard area located in front of the loading doors of the Premises and covering the truck apron and reasonably approved by Landlord ("**Tenant's Yard Area**") in connection with its operations at the Premises, provided that Tenant complies with any reasonable rules and regulations concerning the use of Tenant's Yard Area imposed by Landlord at any time during the Term (as defined below). Tenant's Yard Area shall not obstruct the parking areas or accessways located within the Industrial Center. Said license shall be coterminous with this Lease and any portion of Tenant's Yard Area used by Tenant shall be maintained by Tenant in the same manner required for the Premises under this Lease. At Tenant's sole cost and expense, Tenant shall fence Tenant's Yard Area and keep Tenant's Yard Area clean and regularly swept during the Term. |
| C. | **Building:** | That certain building commonly known as "Dove Valley Business Center III" located at 7955 S. Potomac Street, Englewood, Colorado, containing approximately 118,270 rentable square feet (the "**Building**"). |
| D. | **Industrial Center:** | The Premises, the Building, the Common Areas, the land upon which they are located (the "**Land**"), along with all other buildings and improvements now or hereafter thereon, including that certain building located at 7901 S. Potomac Street, commonly known as "Dove Valley Business Center III and Dove Valley Business Center IV," are herein collectively referred to as the "**Industrial Center**" and are depicted on Exhibit B attached hereto. The Industrial Center contains approximately 266,522 rentable square feet. (Also see Paragraph 1.) |
| E. | **Parking:** | So long as Tenant shall not be in Default (as defined below), Tenant shall be entitled to the use, on an unreserved, as-available basis, of a proportionate share of vehicle parking spaces within the Industrial Center based upon Tenant's Share (as defined in Paragraph J of the Summary), which is equal to one hundred twelve (112) unreserved parking spaces ("**Parking Spaces**"). (Also see Paragraph 1.6.) |
| F. | **Term:** | The term of this Lease shall be for a period of approximately one hundred twenty-five (125) full calendar months ("**Original Term**") commencing on September 1, 2023 ("**Commencement Date**"). The term "Expiration Date" shall mean January 31, 2034. For purposes of this Lease, the "**Term**" of this Lease shall refer to the Original Term, as it may be extended or renewed by any properly exercised options granted hereunder. (Also see Paragraph 2.) |
| G. | **Early Possession:** | Tenant shall be entitled to early possession of the Premises on the date of the execution and delivery of this Lease by both Landlord and Tenant, provided that Tenant has delivered to Landlord advance rent required under Paragraph I below, the Security Deposit required under Paragraph K below and the insurance certificates required under Paragraph 7 below (the "**Early Possession Date**").]. (Also see Paragraphs 2.2 and 2.3.) |
| H. | **Base Rent:** | Payable monthly, on the first day of each month during the Term, in the amount described below, calculated on a net basis ("**Base Rent**"), and commencing on the Commencement Date. (Also see Paragraph 3.) |

---

i

------

---

| | |
|:---|:---|
| Period | Monthly<br>Installment<br>of Base Rent |
|  September 1, 2023 - August 31, 2024\* | $59152.00 |
|  September 1, 2024 - August 31, 2025 | $61222.32 |
|  September 1, 2025 - August 31, 2026 | $63365.10 |
|  September 1, 2026 - August 31, 2027 | $65582.88 |
|  September 1, 2027 - August 31, 2028 | $67878.28 |
|  September 1, 2028 - August 31, 2029 | $70254.02 |
|  September 1, 2029 - August 31, 2030 | $72712.91 |
|  September 1, 2030 - August 31, 2031 | $75257.86 |
|  September 1, 2031 - August 31, 2032 | $77891.89 |
|  September 1, 2032 - August 31, 2033 | $80618.10 |
|  September 1, 2033 - January 31, 2034 | $83439.74 |

---

\* Subject to abatement of monthly Base Rent for the five (5) month period commencing on September 1, 2023 and ending on January 31, 2024 as provided in Paragraph 3.1 of this Lease.

---

| | | |
|:---|:---|:---|
| I. | **Advance Rent:** | Concurrently with Tenant's execution and delivery of this Lease, Tenant shall pay to Landlord the amount of Eighty-Six Thousand Nine Hundred Fifty-Three and 44/100 Dollars ($86,953.44) representing Tenant's first installment of Base Rent and Tenant's Share of estimated Common Area Operating Expenses due for the Original Term. |
| J. | **Tenant's Share:** | Twenty-two and 19/100 percent (22.19%) as to the Industrial Center and fifty and 1/100 percent (50.01%) as to the Building ("**Tenant's Share**") which may be adjusted by Landlord from time to time, in Landlord's sole discretion based on changes in the size of and/or number of buildings comprising the Industrial Center. |
| K. | **Security Deposit:** | One Hundred Seventy-Five Thousand and No/100 Dollars ($175,000.00) ("**Security Deposit**"). (Also see Paragraph 4.) |
| L. | **Permitted Use:** | Tenant shall use and occupy the Premises solely for the purpose of light manufacturing in connection with space communication equipment and general office use, as may be permitted under existing laws governing the Premises and for no other use or purpose ("**Permitted Use**"). (Also see Paragraph 5.) |
| M. | **Brokers:** | The following real estate broker(s) (collectively, the "**Brokers**") and brokerage relationships exist in this transaction and are consented to by the Parties (check applicable boxes): |
|  |  | ☑ Stream Realty Partners represents Landlord exclusively ("**Landlord's Broker**"); |
|  |  | ☑ CBRE represents Tenant exclusively ("**Tenant's Broker**"); |
|  |  | ☐ represents both Landlord and Tenant ("**Dual Agency**"); or |
|  |  | ☐ Neither Party is represented by a Broker. (Also see Paragraph 14.) |

---

ii

------

---

| | | |
|:---|:---|:---|
|  |  | Following the execution of this Lease by both Parties, Landlord shall pay to said Broker(s) jointly, or in such separate shares as they may mutually designate in writing, a fee as set forth in a separate written agreement between Landlord and said Broker(s). |
| N. | **Letter of Credit:** | None. |
| O. | **Tenant Insurance Coverage Minimums**: | **Tenant Insurance Coverage Minimums**: |
|  |  | (a) **Liability**: $1,000,000 per occurrence/$2,000,000 general aggregate |
|  |  | (b) **Property**: Full Replacement Cost |
|  |  | (c) **Umbrella**: $5,000,000.00 |
|  |  | (d) **Business Interruption**: 12 months |
|  |  | (e) **Automobile Liability**: $1,000,000.00 |
|  |  | (f) **Workers' Compensation**: As required by law |
|  |  | (g) **Employer's Liability**: $1,000,000.00 |
| P. | **Exhibits**. Attached hereto are Exhibits A through K, all of which constitute a part of this Lease. | **Exhibits**. Attached hereto are Exhibits A through K, all of which constitute a part of this Lease. |

---

This Summary of Basic Lease Terms (the "**Summary**") is intended to supplement and/or summarize the provisions set forth in the balance of this Lease. If there is any conflict between any provisions contained in this Summary and the balance of this Lease, the Summary shall control. The Summary and the balance of this Lease are, and shall be construed as, a single instrument.

iii

------

1. **Premises, Parking and Common Areas**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Letting.** Landlord leases to Tenant, and Tenant leases from Landlord, the Premises, for the Term, at the Rent (defined below), and upon all of the terms, covenants and conditions set forth in this Lease. Unless otherwise provided herein, any statement of square footage set forth in this Lease, or that may have been used in calculating Base Rent, Tenant's Share and/or Common Area Operating Expenses, is an approximation which Landlord and Tenant agree is reasonable and the Base Rent based thereon is not subject to revision whether the actual square footage is more or less. For purposes of this Lease, Landlord and Tenant agree that the square footage of the Premises shall be deemed to be as set forth in Paragraph B of the Summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Condition**. Tenant agrees (i) to accept the Premises on the date possession is delivered to Tenant by Landlord, and by taking possession of the Premises, Tenant shall be deemed to have accepted the Premises as then being suitable for Tenant's intended use and in good operating order, condition and repair in its then existing "AS-IS" condition, except as otherwise set forth in this Paragraph 1, and (ii) that neither Landlord nor any of Landlord's agents, representatives or employees (collectively, the "**Landlord Representatives**") has made any representations as to the suitability, fitness or condition of the Premises for the conduct of Tenant's business or for any other purpose. The Leasehold Improvements (defined in Exhibit C) shall be installed by Tenant in accordance with the terms and provisions of Exhibit C. Landlord shall deliver the Premises to Tenant broom clean and free of debris on the Commencement Date, with the roof of the Building free of leaks and all existing mechanical, electrical, plumbing, fire sprinkler system, lighting, doors, walls, ceilings, floors, docks and dock plates and heating, ventilation and air conditioning system in or serving the Premises, other than those constructed or modified by Tenant, in good operating condition on the Commencement Date. If a non-compliance with the foregoing exists as of the Commencement Date, Landlord shall, except as otherwise provided in this Lease, promptly after receipt of written notice from Tenant setting forth with specificity the nature and extent of such non-compliance, commence to rectify same at Landlord's expense. If Tenant does not give Landlord written notice of non-compliance within thirty (30) days after the Commencement Date, correction of such non-compliance shall be the obligation of Tenant at Tenant's sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Compliance with Covenants, Restrictions and Building Code**. Any improvements on or in the Premises, which have been constructed or installed by Landlord, comply with all applicable covenants or restrictions of record and applicable building codes, regulations and ordinances in effect on the date of construction. If the Premises do not comply with said warranties, Landlord shall, except as otherwise provided in this Lease, promptly after receipt of written notice from Tenant given within six (6) months following the Commencement Date and setting forth with specificity the nature and extent of such non-compliance, take such action, at Landlord's expense, as may be reasonable or appropriate to rectify the non-compliance. Landlord makes no warranty that the Permitted Use is permitted for the Premises under Applicable Laws (as defined in Paragraph 1.4).

Tenant warrants that any improvements, Alterations or Utility Installations (both, as defined below) (other than those constructed by Landlord or at Landlord's direction) on or in the Premises, which are constructed or installed by Tenant, shall comply with all Applicable Laws (as defined in Paragraph 1.4 below). If the Premises do not comply with all Applicable Laws, Tenant shall, within thirty (30) days after receipt of written notice from Landlord or any governmental authority, take all necessary action to rectify the non-compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Acceptance of Premises**. Tenant acknowledges that it has made such investigations as it deems necessary with respect to the condition of the Premises (including, without limitation, the electrical and fire sprinkler systems, security, environmental aspects, seismic and earthquake requirements) and compliance with the Americans With Disabilities Act (the "**ADA**") and all applicable Federal, State, County and City zoning, environmental, municipal, county, state and federal laws, ordinances and regulations and any covenants or restrictions of record (collectively, "**Applicable Laws**") and the present and future suitability of the Premises for Tenant's intended use and is satisfied with reference thereto, and assumes all responsibility therefor as the same relate to Tenant's occupancy of the Premises and/or the terms of this Lease. Tenant acknowledges that neither Landlord nor any Landlord Representative has made any representations, warranty, estimation or promise of any kind or nature whatsoever relating to the physical condition of the Building or the Premises, and Tenant expressly warrants and represents that Tenant has relied solely on its own investigation and inspection of the Premises and the Building in its decision to enter into this Lease and let the Premises in an "AS-IS" condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **Tenant as Prior Owner/Occupant**. Intentionally omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **Vehicle Parking**. Tenant shall be entitled to use Parking Spaces in accordance with Paragraph E of the Summary on those portions of the Common Areas designated from time to time by Landlord for parking. Tenant shall not use more parking spaces than said number. The Parking Spaces shall be used for parking by vehicles no larger than full-size passenger automobiles, SUVs or pick-up trucks, herein called "**Permitted Size Vehicles**." Vehicles other than Permitted Size Vehicles shall be parked and loaded or unloaded as directed by Landlord in the Rules and Regulations (as defined in Paragraph 37) issued by Landlord. Tenant's violation of this subparagraph shall constitute a material breach of this Lease.

------

Tenant shall not permit or allow any vehicles that belong to or are controlled by Tenant or Tenant's employees, suppliers, shippers, customers, contractors, licensees or invitees (collectively, the "**Tenant Parties**") to be loaded, unloaded, or parked in areas other than those designated by Landlord for such activities. If Tenant permits or allows any of the prohibited activities described in this Paragraph 1.6, then Landlord shall have the right, without notice, in addition to such other rights and remedies that it may have, to remove or tow away the vehicle involved and charge the cost to Tenant, which cost shall be immediately payable upon demand by Landlord. (Also see Paragraph 1.9.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 **Common Areas - Definition**. The term "**Common Areas**" is defined as all areas and facilities outside the Premises and within the exterior boundary line of the Industrial Center and interior utility raceways within the Premises that are provided and designated by Landlord from time to time for the general non-exclusive use of Landlord, Tenant and other tenants of the Industrial Center and their respective employees, suppliers, shippers, customers, contractors, licensees and invitees, including parking areas, loading and unloading areas, trash areas, roadways, sidewalks, walkways, parkways, driveways, striping, bumpers, lighting facilities, fences, gates, elevators, roofs, irrigation systems and landscaped areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 **Common Areas - Tenant's Rights**. Landlord grants to Tenant, for the benefit of Tenant and the Tenant Parties, during the Original Term of this Lease, the non-exclusive right to use, in common with others entitled to such use, the Common Areas as they exist from time to time, subject to any rights, powers, and privileges reserved by Landlord under the terms hereof or under the terms of any Rules and Regulations (as defined in Paragraph 37 below) governing the use of the Industrial Center. Under no circumstances shall the right herein granted to use the Common Areas be deemed to include the right to store any property, temporarily or permanently, in the Common Areas. In the event that any unauthorized storage shall occur, then Landlord shall have the right, without notice, in addition to such other rights and remedies that it may have, to remove the property and charge the cost to Tenant, which cost shall be immediately payable upon demand by Landlord. Notwithstanding the foregoing, Tenant may use Tenant's Yard Area in furtherance of the conduct of Tenant's business at the Premises for the Permitted Use so long as such use is in compliance with Applicable Laws and does not unreasonably interfere with the accessways of the Industrial Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 **Common Areas - Rules and Regulations**. Landlord or such other person(s) as Landlord may appoint shall have the exclusive control and management of the Common Areas and shall have the right, from time to time, to establish, modify, amend and enforce reasonable Rules and Regulations with respect thereto in accordance with Paragraph 37. Tenant agrees to abide by and conform to all such Rules and Regulations, and to cause the Tenant Parties to so abide and conform. Landlord shall not be responsible to Tenant for the non-compliance with said Rules and Regulations by other tenants of the Industrial Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 **Common Areas - Changes**. Landlord shall have the right, in Landlord's sole discretion, from time to time to: (a) make changes to the Common Areas, including, without limitation, changes in the location, size, shape and number of driveways, entrances, parking spaces, parking areas, loading and unloading areas, ingress, egress, direction of traffic, landscaped areas, walkways and utility raceways; (b) close temporarily any of the Common Areas for maintenance purposes so long as reasonable access to the Premises remains available; (c) designate other land outside the boundaries of the Industrial Center to be a part of the Common Areas; (d) add additional buildings and improvements to the Common Areas; (e) use the Common Areas while engaged in making additional improvements, repairs or alterations to the Industrial Center, or any portion thereof; and (f) do and perform such other acts and make such other changes in, to or with respect to the Common Areas and Industrial Center as Landlord may, in the exercise of sound business judgment, deem to be appropriate.

2. **Term**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Term**. The Commencement Date, Expiration Date and Original Term of this Lease are as specified in the Summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Early Possession**. If an Early Possession Date is specified in Paragraph G of the Summary, Tenant shall be entitled to early possession of the Premises solely for the purpose of performing the Leasehold Improvements and installing Tenant's furniture, fixtures, equipment and other specialized leasehold improvements approved by Landlord in writing and otherwise preparing the Premises for Tenant's occupancy, but in no event for conducting Tenant's business; provided, however, that Tenant shall not interfere with Landlord's work or activities, if any, in preparing the Premises for Tenant's occupancy. Landlord and Tenant shall coordinate their respective work to be performed at the Premises during Tenant's early possession. All other terms of this Lease, however (including, without limitation, the obligations to pay for all utilities and to carry the insurance required by Paragraph 7), shall be in effect during such period. Tenant's early possession shall in no way interfere with Landlord's completion of any improvements in the Premises required to be completed by Landlord under this Lease prior to the Commencement Date, and Tenant agrees that Landlord's completion of any improvements in the Premises during the period of Tenant's early possession of the Premises shall in no way constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent. Furthermore, Landlord shall have no responsibility and shall not be liable to Tenant for, and Tenant waives any claim against Landlord in connection with, (a) any injury or damage to persons or property at the Premises, (b) any interference with Tenant's business, (c) any loss of the use of the whole or any part of the Premises or of Tenant's personal property or improvements, or (d) any inconvenience or annoyance, occasioned by or arising from the completion of any improvements in the Premises or work elsewhere in the Industrial Center performed by Landlord or its agents during Tenant's early possession of the Premises. Any such early possession shall not affect nor advance the Expiration Date of the Term.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Delay in Possession**. If for any reason Landlord cannot deliver possession of the Premises to Tenant by the Early Possession Date or by the Commencement Date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the validity of this Lease, or the obligations of Tenant hereunder, or extend the Term hereof, but in such case, Tenant shall not, except as otherwise provided herein, be obligated to pay Rent or perform any other obligation of Tenant under the terms of this Lease until Landlord delivers possession of the Premises to Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Options to Extend**. Tenant shall have two (2) options (each, an "**Option**" and, collectively, the "**Options**") to extend the Term for a period of five (5) years each (each, an "**Option Term**" and, collectively, the "**Option Terms**"), which Options shall be exercisable by written notice delivered by Tenant to Landlord as provided in this Paragraph 2.4, provided that Tenant is not then in Default under this Lease. The Options shall be exercisable only by the originally named Tenant under this Lease (the "**Original Tenant**") and only if the Original Tenant is in possession of one hundred percent (100%) of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Exercise of Options**. The Option may be exercised by Tenant, if at all, by delivering written notice (the "**Option Notice**") to Landlord not more than twelve (12) months, nor less than nine (9) months, prior to the expiration of the Term or the first Option Term, as applicable, stating that Tenant is exercising the Option. In the event that Tenant fails to exercise the Option by timely written notice, the Options shall lapse and be of no further force or effect. Landlord, after receipt of Tenant's notice, shall deliver notice (the "**Option Rent Notice**") to Tenant within thirty (30) days of Landlord's receipt of the Option Notice setting forth the "Option Rent," as that term is defined in subparagraph (b) below, which shall be applicable to the Lease during such Option Term. On or before the date ten (10) business days after Tenant's receipt of the Option Rent Notice, Tenant may, at its option, object to the Option Rent contained in the Option Rent Notice by delivering written notice thereof to Landlord, in which case the Parties shall follow the procedure, and the Option Rent shall be determined, as set forth in subparagraph (c) below. If Tenant does not so object within such ten (10) business day period, the Option Rent applicable during such Option Term shall be the amount set forth in the Option Rent Notice and the Option Rent Notice shall be binding upon Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Option Rent**. The Base Rent payable by Tenant during each Option Term (the "**Option Rent**") shall be equal to the prevailing annual market rental value for comparable space in the area in which the Industrial Center is located (including additional rent and considering any "base year" or "expense stop" applicable thereto), including all escalations, at which tenants, as of the commencement of such Option Term, are leasing non-sublease, non-renewal, non-encumbered, non-equity space in comparable buildings for a comparable term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Determination of Option Rent**. In the event Tenant timely and appropriately objects to the Option Rent, Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within ten (10) days following Tenant's objection to the Option Rent (the "**Outside Agreement Date**"), then Tenant may give written notice ("**Appraisal Notice**") to Landlord that Tenant desires to have the Option Rent determined by appraisal pursuant to the procedures set forth in subparagraphs (i) through (iv) below. If Tenant fails to give the Appraisal Notice on or before the Outside Agreement Date, the Option Rent applicable during such Option Term shall be the amount set forth in the Option Rent Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within ten (10) days after Landlord's receipt of the Appraisal Notice in accordance with this Section, Landlord and Tenant shall agree upon a list of three (3) independent, unaffiliated real estate brokers with at least ten (10) years' full-time experience brokering commercial properties within ten (10) miles of the Industrial Center. Within five (5) days after agreement upon the list of brokers, Landlord and Tenant shall meet and each shall have the right to disqualify one (1) of the brokers until only one (1) broker (the "**Arbitrator**") has not been disqualified by either Landlord or Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Within fifteen (15) days after the appointment of the Arbitrator, the Parties shall each submit their determination of the Option Rent to the Arbitrator and the Arbitrator shall independently determine the Option Rent. The Option Rent shall equal the Option Rent submitted by Landlord or Tenant that is closest to the Option Rent determined by the Arbitrator. The Arbitrator shall not divulge to Landlord or Tenant the Option Rent determined by the Arbitrator until both Parties instruct it to do so in writing. The determination of the Arbitrator in accordance with this subsection (c) shall be final and binding on the Parties and a judgment may be rendered thereon in a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Parties fail to select the three (3) qualified brokers or the Arbitrator, either Landlord or Tenant by giving ten (10) days' notice to the other Party, can apply to the American Arbitration Association office in the county in which the Premises is located for the selection of the Arbitrator who meets the qualifications stated in this Paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The cost of arbitration shall be paid by Landlord and Tenant equally.

During the period requiring the adjustment of monthly Base Rent to Option Rent, Tenant shall pay, as monthly

------

Base Rent pending such determination, one hundred five percent (105%) of the monthly Base Rent in effect for the Premises immediately prior to such adjustment; provided, however, that upon the determination of the Option Rent, Tenant shall pay Landlord the difference between the amount of monthly Base Rent Tenant actually paid and Option Rent immediately upon the determination of the Option Rent. Any amount of Base Rent Tenant has actually paid to Landlord which exceeds the Option Rent determined in accordance herewith shall be credited against Tenant's future Option Rent obligations.

3. **Rent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Base Rent**. Tenant shall pay Base Rent and other rent or charges (collectively referred to from time to time as "**Rent**"), as the same may be adjusted from time to time, to Landlord in lawful money of the United States, without notice, offset or deduction, on or before the day on which it is due under the terms of this Lease. Rent for any period during the Term hereof which is for less than one (1) full month shall be prorated on the basis of a thirty (30) day month. Payment of Rent shall be made to Landlord by ACH or wire transfer in accordance with, the Rent Payment Instructions attached as Exhibit I to this Lease or to such other persons or at such other addresses as Landlord may from time to time designate in writing to Tenant. Notwithstanding anything to the contrary contained in this Lease, Landlord and Tenant hereby agree that for the five (5) month period commencing on September 1, 2023 and ending on January 31, 2024, the monthly Base Rent due hereunder shall be abated; provided, that (i) Tenant is at no time in Default under any of the terms or provisions of this Lease, and (ii) Tenant agrees that notwithstanding the foregoing abatement of monthly Base Rent, Tenant shall observe and perform all of the other terms, covenants and provisions set forth in this Lease, including without limitation, payment of all other Rent required to be paid by Tenant under this Lease, and Landlord can charge its management fee as though Base Rent were not abated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Common Area Operating Expenses**. Tenant shall pay to Landlord during the Term hereof, in addition to the Base Rent, Tenant's Share of all Common Area Operating Expenses, as defined below, during each calendar year of the Term of this Lease, in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Common Area Operating Expenses**" are defined, for purposes of this Lease, as all costs incurred by Landlord relating to the ownership and operation of the Industrial Center, including, without limitation, the following: (i) management, administration operation, repair, replacement and maintenance, in neat, clean, good order and condition, of the following: (A) the Common Areas (including any fees or charges under any covenants, conditions and restrictions or reciprocal easement agreements recorded against the Industrial Center); (B) all heating, air conditioning, plumbing, electrical systems, life safety equipment (including telephone lines), telecommunication and other equipment used in common by, or for the benefit of, tenants or other occupants of the Industrial Center; (C) exterior signs and any tenant directories; and (D) fire detection and sprinkler systems; (ii) water, sewer, gas, electricity, telephone and any other utility systems to service the Common Areas; (iii) trash disposal, snow removal, property management and security services (including security alarm systems and telephone lines) and the costs of any environmental inspections; (iv) reserves set aside for maintenance and repair of Common Areas; (v) Real Property Taxes (as defined in Paragraph 9.2) to be paid by Landlord for the Building and the Common Areas under Paragraph 9 hereof, subject to Paragraph 3.2(b) below; (vi) premiums for the insurance policies maintained by Landlord under Paragraph 7 hereof; (vii) any deductible portion of an insured loss concerning the Building or the Common Areas; (viii) any other services to be provided by Landlord that are stated elsewhere in this Lease to be a Common Area Operating Expense; (ix) replacing and/or adding improvements mandated by any governmental agency and any repairs or removals necessitated thereby amortized over their useful life according to Federal income tax regulations or guidelines for depreciation thereof (including interest on the un-amortized balance as is then reasonable in the judgment of Landlord's accountants); and (x) capital improvements made to the Industrial Center necessary in order to keep the Industrial Center in good working order, amortized over their useful life according to Federal income tax regulations or guidelines for depreciation thereof (including interest on the un-amortized balance as is then reasonable in the judgment of Landlord's accountants). The improvements, facilities and services identified in this Subparagraph 3.2(a) shall not impose an obligation upon Landlord to either have said improvements or facilities or to provide those services unless the Industrial Center already has the same, Landlord already provides the services, or Landlord has agreed elsewhere in this Lease to provide the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Industrial Center is less than ninety-five percent (95%) occupied during any calendar year, the variable components of the Common Area Operating Expenses as determined by Landlord shall be calculated as if the Industrial Center had been 95% occupied for the full calendar year. Any Common Area Operating Expenses and Real Property Taxes that are specifically attributable to the Building or to any other building in the Industrial Center or to the operation, repair and maintenance thereof, may be allocated entirely to the Building or to such other building. However, any Common Area Operating Expenses and Real Property Taxes that are not specifically attributable to the Building or to any other building or to the operation, repair and maintenance thereof, may be equitably allocated by Landlord to all buildings in the Industrial Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tenant's Share of Common Area Operating Expenses shall be payable by Tenant within ten (10) days after a reasonably detailed statement of actual expenses is presented to Tenant by Landlord. At Landlord's option, however, an amount may be estimated by Landlord from time to time of Tenant's Share of annual Common Area Operating Expenses and the same shall be payable monthly or quarterly, as Landlord shall designate, during each twelve (12) month period of the Term, on the same day as the Base Rent is due hereunder. Landlord shall deliver to Tenant, within one hundred and twenty (120) days

------

after the expiration of each calendar year or as soon thereafter as practicable, a reasonably detailed statement showing Tenant's Share of the actual Common Area Operating Expenses incurred during the preceding year. If Tenant's payments under this Subparagraph 3.2(c) during said preceding year exceed Tenant's Share as indicated on said statement, Landlord shall credit the amount of such over-payment against Tenant's Share of Common Area Operating Expenses next becoming due. If Tenant's payments under this Subparagraph 3.2(c) during said preceding year were less than Tenant's Share as indicated on said statement, Tenant shall pay to Landlord the amount of the deficiency within ten (10) days after delivery by Landlord to Tenant of said statement.

4. **Security Deposit.** Tenant shall deposit with Landlord upon Tenant's execution hereof the Security Deposit set forth in Paragraph K of the Summary as security for Tenant's faithful performance of Tenant's obligations under this Lease. If Tenant fails to pay Base Rent or other Rent or charges due hereunder before or after the termination or expiration of this Lease, or otherwise Defaults under this Lease (as defined in Paragraph 12.1), Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any amount due Landlord or to reimburse or compensate Landlord for any liability, cost, expense, loss or damage (including attorneys' fees and costs) which Landlord may suffer or incur by reason thereof, whether foreseeable or unforeseeable, including to offset Rent which is unpaid either before or after the termination of this Lease. If Landlord uses or applies all or any portion of the Security Deposit, Tenant shall, within ten (10) days after written request therefor, deposit monies with Landlord sufficient to restore the Security Deposit to the full amount required by this Lease. Landlord shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Landlord shall, at the expiration or earlier termination of the Term hereof and after Tenant has vacated the Premises, return to Tenant (or, at Landlord's option, to the last approved assignee, if any, of Tenant's interest herein), that portion of the Security Deposit not used or applied by Landlord. Unless otherwise expressly agreed in writing by Landlord, no part of the Security Deposit shall be considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any monies to be paid by Tenant under this Lease. Tenant waives any and all rights under (i) any and all laws, rules and regulations, now or hereafter in force, applicable to security deposits in the commercial context ("**Security Deposit Laws**"), and (ii) any and all rights, duties and obligations either Party may now or, in the future, will have relating to or arising from Security Deposit Laws.

5. **Use.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Use**. Tenant shall use and occupy the Premises only for the Permitted Use set forth in Paragraph L of the Summary and for no other purpose. Tenant shall not use or permit the use of the Premises in a manner that is unlawful, creates waste or a nuisance, or that disturbs owners and/or occupants of, or causes damage to the Premises or neighboring premises or properties. In no event may the Premises be used for any federal illegal related activities (e.g., drug-related business). Tenant further covenants and agrees that it shall not use, or suffer or permit any person or persons to use, the Premises in violation of any Applicable Laws. Tenant shall comply with all recorded covenants, conditions, and restrictions, and the provisions of all ground or underlying leases, now or hereafter affecting the Land. Tenant shall not use or allow another person or entity to use any part of the Premises for the storage, use, treatment, manufacture or sale of "Hazardous Substances," as that term is defined in Subparagraph 5.2 (a) of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Hazardous Substances**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Reportable Uses Require Consent**. The term "**Hazardous Substance**" as used in this Lease shall mean any product, substance, chemical, material or waste whose presence, nature, quantity and/or intensity of existence, use, manufacture, disposal, transportation, spill, release or effect, either by itself or in combination with other materials expected to be on the Premises, is either: (i) potentially injurious to the public health, safety or welfare, the environment, or the Premises; (ii) regulated or monitored by any governmental authority; or (iii) a basis for potential liability of Landlord to any governmental agency or third party under any applicable statute or common law theory. Hazardous Substance shall include, but not be limited to, hydrocarbons, petroleum, gasoline, PCBs, crude oil or any products or by-products thereof. Tenant shall not engage in any activity in or about the Premises, which constitutes a Reportable Use (as defined below) of Hazardous Substances without the express prior written consent of Landlord and compliance in a timely manner (at Tenant's sole cost and expense) with all Applicable Requirements (as defined in Paragraph 5.3). "**Reportable Use**" shall mean (i) the installation or use of any above or below ground storage tank, (ii) the generation, possession, storage, use, transportation, or disposal of a Hazardous Substance that requires a permit from, or with respect to which a report, notice, registration or business plan is required to be filed with, any governmental authority, and (iii) the presence in, on or about the Premises of a Hazardous Substance with respect to which any Applicable Requirements require that a notice be given to persons entering or occupying the Premises or neighboring properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Duty to Inform Landlord**. If Tenant knows, or has reasonable cause to believe, that a Hazardous Substance has come to be located in, on, under or about the Premises, the Building, or the Industrial Center other than as previously consented to by Landlord, Tenant shall immediately give Landlord written notice thereof, together with a copy of any statement, report, notice, registration, application, permit, business plan, license, claim, action, or proceeding given to, or received from, any governmental authority or private party concerning the presence, spill, release, discharge of, or exposure to, such Hazardous Substance. Tenant shall not cause or permit any Hazardous Substance to be spilled or released in, on, under or about the Premises, the Building or the Industrial Center (including, without limitation, through the plumbing or sanitary sewer system).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Indemnification**. Tenant shall indemnify, protect, defend and hold Landlord (with counsel reasonably approved by Landlord), its directors, officers, agents, partners, members, managers, employees, lenders and ground lessor, if any, and their respective successors and assigns (collectively, "**Landlord Parties**") and the Industrial Center, harmless from and against any and all damages, liabilities, judgments, costs, claims, liens, expenses, penalties, loss of permits, damage to property, personal injury and attorneys' and consultants' fees and costs (collectively, "**Claims**") arising out of or involving any (i) Hazardous Substance brought, released or used or allowed to be brought, released or used on the Premises, the Building or the Industrial Center by Tenant or by anyone under Tenant's control, or (ii) the breach of any term, condition, representation or warranty contained in this Paragraph 5. Tenant's obligations under this Subparagraph 5.2 (c) shall include, but not be limited to, the effects of any contamination or injury to person, property or the environment created or suffered by Tenant, and the cost of investigation (including consultants' and attorneys' fees and costs and testing), removal, remediation, restoration and/or abatement thereof, or of any contamination therein involved, and shall survive the expiration or earlier termination of this Lease. No termination, cancellation or release agreement entered into by Landlord and Tenant shall release Tenant from its obligations under this Lease with respect to Hazardous Substances, unless specifically so agreed by Landlord in writing at the time of such agreement. The provisions of this Paragraph 5.2(c) shall survive the expiration or earlier termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Exculpation of Landlord**. Other tenants of the Industrial Center may be using, handling or storing certain Hazardous Substances in connection with such tenants' use of their premises. The failure of another tenant to comply with Applicable Requirements and procedures could result in a release of Hazardous Substances and contamination to the Industrial Center, or any part thereof, the soil and ground water thereunder or the air quality of the Industrial Center. In the event of such release, the tenant or occupant responsible for the release, and not Landlord, shall be solely responsible for any claim, damage or expense incurred by Tenant by reason of such contamination. Tenant waives any rights it may have to later assert that the foregoing release does not cover unknown claims. Tenant and anyone claiming by, through or under Tenant fully and irrevocably releases Landlord and Landlord Parties from any and all claims that it may now have or hereafter acquire against such persons and entities for any cost, loss, liability, damage, expense, demand, action or cause of action arising from or related to any Hazardous Substance release or contamination to the Industrial Center caused by another tenant or occupant at the Industrial Center. This release includes claims of which Tenant is presently unaware or which Tenant does not presently suspect to exist in its favor, which, if known by Tenant, would materially affect Tenant's release of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Environmental Questionnaire Disclosure**. Prior to the execution of this Lease, Tenant shall complete, execute and deliver to Landlord a Hazardous Substances Survey Form in substantially the form of Exhibit G attached hereto ("**Survey Form**"), and Tenant shall certify to Landlord that all information contained in the Survey Form is true and correct. Within ten (10) days following Tenant's receipt of a written request from Landlord, Tenant shall update, execute and deliver to Landlord the Survey Form, as the same may be modified by Landlord from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Tenant's Compliance with Requirements**. Tenant shall, at Tenant's sole cost and expense, fully, diligently and in a timely manner, comply with all "**Applicable Requirements**," which term is used in this Lease to mean all laws, rules, regulations, ordinances, directives, covenants, easements and restrictions of record, permits, the requirements of any applicable fire insurance underwriter or rating bureau, and the recommendations of Landlord's engineers and/or consultants, relating in any manner to the Premises (including, without limitation, matters pertaining to (i) industrial hygiene, (ii) environmental conditions on, in, under or about the Premises, including air quality, soil and groundwater conditions, and (iii) the use, generation, manufacture, production, installation, maintenance, removal, transportation, storage, spill, or release of any Hazardous Substance), now in effect or which may hereafter come into effect. Tenant shall, within five (5) days after receipt of Landlord's written request, provide Landlord with copies of all documents and information, including, without limitation, permits, registrations, manifests, applications, reports and certificates, evidencing Tenant's compliance with any Applicable Requirements specified by Landlord, and shall immediately upon receipt, notify Landlord in writing (with copies of any documents involved) of any threatened or actual claim, notice, citation, warning, complaint or report pertaining to or involving failure by Tenant or the Premises to comply with any Applicable Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Inspection; Compliance with Law**. Landlord, Landlord's agents, employees, contractors and designated representatives, and the holders of any mortgages, deeds of trust or ground leases on the Premises ("**Lenders**") shall have the right to enter the Premises at any time in the case of an emergency, and otherwise at reasonable times, for the purpose of inspecting the condition of the Premises and for verifying compliance by Tenant with this Lease and all Applicable Requirements, and Landlord shall be entitled to employ experts and/or consultants in connection therewith. The costs and expenses of any such inspections shall be paid by the Party requesting same, unless a Default or Breach of this Lease by Tenant or a violation of Applicable Requirements or a contamination, caused or materially contributed to by Tenant, is found to exist or to be imminent, or unless the inspection is requested or ordered by a governmental authority as the result of any such existing or imminent violation or contamination. In such case, Tenant shall upon request reimburse Landlord or Landlord's Lender, as the case may be, for the costs and expenses of such inspections. Notwithstanding the foregoing, Landlord acknowledges that Tenant engages in activities in connection with the Permitted Use that are subject to national security restrictions imposed by the government of the United States pursuant to Tenant's agreements with United States government agencies and Applicable Laws and confidentiality restrictions pursuant to Tenant's customer contracts with such governmental agencies. Accordingly, the rights of Landlord, Landlord's agents, employees, contractors, representatives, and Lenders to enter the Premises are subject to such restrictions which are disclosed to Landlord in writing.

------

6. **Maintenance, Repairs, Utility Installations, Trade Fixtures and Alterations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Tenant's Obligations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Paragraphs 1.2 (Condition), 1.3 (Compliance with Covenants, Restrictions and Building Code), 6.2 (Landlord's Obligations), 8 (Damage or Destruction), and 13 (Condemnation), Tenant shall, at Tenant's sole cost and expense and at all times, keep the Premises and every part thereof in good order, condition and repair (whether or not such portion of the Premises requiring repair, or the means of repairing the same, are reasonably or readily accessible to Tenant, and whether or not the need for such repairs occurs as a result of Tenant's use, any prior use, the elements or the age of such portion of the Premises), including, without limitation, all equipment or facilities specifically serving the Premises, such as plumbing, heating, air conditioning, ventilating, electrical, lighting facilities, boilers, fired or unfired pressure vessels, fire hose connections if within the Premises, fixtures, interior walls, interior surfaces of exterior walls, ceilings, floors, windows, doors, dock doors and bumpers, plate glass, and skylights, but excluding any items which are the responsibility of Landlord pursuant to Paragraph 6.2 below. Tenant, in keeping the Premises in good order, condition and repair, shall exercise and perform good maintenance practices. Tenant's obligations shall include restorations, replacements or renewals when necessary to keep the Premises and all improvements thereon or a part thereof in good order, condition and state of repair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tenant shall, at Tenant's sole cost and expense, procure and maintain a contract, with copies to Landlord, in customary form and substance for and with a licensed contractor specializing and experienced in the inspection, maintenance and service of the heating, air conditioning and ventilation for the Premises. Such contract shall provide for customary and regularly scheduled maintenance of the HVAC system, including not less than quarterly maintenance of the HVAC system, replacement of the air filters not less than monthly and all other maintenance services recommended by the equipment manufacturer in its operations and maintenance manual. Within ten (10) business days of the date Tenant takes possession of the Premises, Tenant shall deliver to Landlord a copy of the HVAC maintenance contract. However, Landlord reserves the right, upon notice to Tenant, to procure and maintain the contract for the heating, air conditioning and ventilating systems and to maintain a contract for fire/life safety inspections, repairs and monitoring, and, if Landlord so elects, Tenant shall reimburse Landlord upon demand for the cost thereof or as part of Common Area Operating Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Tenant fails to perform Tenant's obligations under this Paragraph 6.1, Landlord may enter upon the Premises after ten (10) days' prior written notice to Tenant (except in the case of an emergency, in which case no notice shall be required), to perform such obligations on Tenant's behalf, and put the Premises in good order, condition and repair, in accordance with Paragraph 12.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Landlord's Obligations**. Subject to the provisions of Paragraphs 1.2 (Condition), 1.3 (Compliance with Covenants, Restrictions and Building Code), 3.2 (Common Area Operating Expenses), 5 (Use), 6.1 (Tenant's Obligations), 8 (Damage or Destruction) and 13 (Condemnation), and subject to the reimbursement requirements of Paragraph 3.2, Landlord, shall keep in good order, condition and repair the foundations, exterior walls, structural condition of interior bearing walls, exterior roof, fire sprinkler and/or standpipe and hose (if located in the Common Areas) or other automatic fire extinguishing system including fire alarm and/or smoke detection systems and equipment, fire hydrants, parking lots, walkways, parkways, driveways, landscaping, fences, signs and utility systems serving the Common Areas and all parts thereof, and at Landlord's option, a security alarm system, as well as providing the services for which there is a Common Area Operating Expense pursuant to Paragraph 3.2. Landlord shall not be obligated to paint the exterior or interior surfaces of exterior walls nor shall Landlord be obligated to maintain, repair or replace windows, doors (or any parts thereof), skylights or plate glass of the Premises. Tenant expressly waives the benefit of any statute now or hereafter in effect which would otherwise afford Tenant the right to make repairs at Landlord's expense or to terminate this Lease because of Landlord's failure to keep the Building, Industrial Center or Common Areas in good order, condition and repair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Utility Installations, Trade Fixtures, Alterations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Definitions; Consent Required.** The term "**Utility Installations**" is used in this Lease to refer to all air lines, power panels, electrical distribution, security, fire protection systems, communications systems, lighting fixtures, heating, ventilating and air conditioning equipment, plumbing, and fencing in, on or about the Premises. The term "**Trade Fixtures**" shall mean Tenant's machinery and equipment, which can be removed without doing damage to the Premises. The term "**Alterations**" shall mean any modification of the improvements on the Premises, which are provided by Landlord or by Tenant, with Landlord's prior written approval, under the terms of this Lease, other than Utility Installations or Trade Fixtures. "**Tenant-Owned Alterations and/or Utility Installations**" are defined as Alterations and/or Utility Installations made by Tenant that are not yet owned by Landlord pursuant to Subparagraph 6.4 (a). Tenant shall not make nor cause to be made any Alterations or Utility Installations in, on, under or about the Premises without Landlord's prior written consent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Consent.** Any Alterations or Utility Installations that Tenant shall desire to make and which require the consent of Landlord shall be presented to Landlord in written form with detailed plans. All consents given by Landlord, whether by virtue of Subparagraph 6.3 (a) or by subsequent specific consent, shall be deemed conditioned upon: (i) Tenant's acquiring all applicable permits required by governmental authorities; (ii) the furnishing of copies of such permits together with a copy of the plans and specifications for the Alteration or Utility Installation to Landlord prior to commencement of the work thereon; and (iii) the compliance by Tenant with all conditions of said permits in a prompt and expeditious manner. In connection with approving any Alterations or Utility Installations, Landlord shall have the right to approve Tenant's contractor(s). Any Alterations or Utility Installations by Tenant during the Term of this Lease shall be done in a good and workmanlike manner, with good and sufficient materials, and be in compliance with all Applicable Requirements. Landlord's approval of the plans, specifications and working drawings for Tenant's Alterations or Utility Installations shall create no responsibility or liability on the part of Landlord for their completeness, design sufficiency, or compliance with all laws, rules and regulations of governmental agencies or authorities. In performing the work of any such Alterations or Utility Installations, Tenant shall have the work performed in such manner as not to obstruct access to the Building or the Common Areas for any other tenant of the Building or the Industrial Center, and as not to obstruct the business of Landlord or other tenants or occupants in the Building or the Industrial Center, or interfere with the labor force working in the Building or the Industrial Center. In the event that Tenant makes any Alterations or Utility Installations, Tenant agrees to carry "Builder's All Risk" insurance in an amount approved by Landlord covering the construction of such Alterations or Utility Installations, and such other insurance as Landlord may require and all of such Alterations or Utility Installations shall be insured by Tenant pursuant to Paragraph 7 of this Lease. Upon completion of any Alterations or Utility Installations, Tenant shall deliver to Landlord a reproducible copy of the "as built" drawings, and specifications therefor of the Alterations or Utility Installations. Landlord may (but without obligation to do so) condition its consent to any requested Alteration or Utility Installation that costs Five Thousand Dollars ($5,000.00) or more upon Tenant's providing Landlord with such assurances to Landlord, including without limitation, posting a bond or establishing an escrow account, as Landlord shall require to assure payment of the costs thereof to protect Landlord and the Industrial Center from and against any mechanic's, materialmen's or other lien- Tenant shall keep the Premises lien free. Tenant shall pay to Landlord all of Landlord's actual costs incurred in conjunction with the review of Tenant's proposed Alterations or Utility Installations within fifteen (15) days of Tenant's receipt of an invoice therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Lien Protection.** Tenant shall pay when due all claims for labor or materials furnished or alleged to have been furnished to or for Tenant at or for use on the Premises, which claims are or may be secured by any mechanic's or materialmen's lien against the Premises or any interest therein. Tenant shall give Landlord not less than ten (10) days' notice prior to the commencement of any work in, on, or about the Premises, and Landlord shall have the right to post notices of non-responsibility in or on the Premises and to record the same, as provided by law. If Tenant shall, in good faith, contest the validity of any such lien, claim or demand, then Tenant shall, at its sole expense, defend and protect itself, Landlord and the Premises against the same and shall pay and satisfy any such adverse judgment that may be rendered thereon before the enforcement thereof against Landlord or the Premises and Tenant shall furnish to Landlord adequate security of at least one hundred fifty percent (150%) of the amount of the claim, plus estimated costs and interest, or at Tenant's option, file a bond with the appropriate court and obtain a release of the lien pursuant to Section 38-22-131, C.R.S.. In addition, Landlord may require Tenant to pay Landlord's attorneys' fees and costs in participating in such action if Landlord shall decide it is to its best interest to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Ownership, Removal, Surrender, and Restoration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Ownership.** Subject to Landlord's right to require their removal and to cause Tenant to become the owner thereof as hereinafter provided in this Paragraph 6.4, all Alterations and Utility Installations made to the Premises by Tenant shall be the property of and owned by Tenant, but considered a part of the Premises. Landlord may, at any time and at its option, elect in writing to Tenant to be the owner of all or any specified part of the Tenant-Owned Alterations and Utility Installations. Unless otherwise instructed per Subparagraph 6.4 (b) hereof, all Tenant-Owned Alterations and Utility Installations shall, at the expiration or earlier termination of this Lease, automatically and without further action on the part of Landlord, become the property of Landlord and remain upon the Premises and be surrendered with the Premises by Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Removal.** Unless otherwise agreed in writing, Landlord may require that any or all Tenant-Owned Alterations or Utility Installations be removed by the expiration or earlier termination of this Lease, notwithstanding that Landlord may have consented to their installation. Landlord may require the removal at any time of all or any part of any Alterations or Utility Installations made without the required consent of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Surrender/Restoration.** Tenant shall surrender the Premises by the end of the last day of the Term or any earlier termination date, clean and free of debris and in good operating order, condition and state of repair as more particularly described in the Move Out Standards attached as Exhibit H to this Lease, and shall provide Landlord with keys for all interior doors. Except as otherwise agreed or specified herein, the Premises, as surrendered, shall include the Alterations and Utility Installations. The obligations of Tenant shall include the repair of any damage occasioned by the installation, maintenance or removal of Tenant's Trade Fixtures, furnishings, equipment, and Tenant-Owned Alterations and Utility Installations, as well as material or ground water contaminated by Tenant, all as may then be required by Applicable Requirements and/or good practice. Tenant's Trade Fixtures shall remain the property of Tenant and shall be removed by Tenant subject to its obligation to repair and restore the Premises pursuant to this Lease.

------

7. **Insurance; Indemnity.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Landlord's Insurance**. At all times during the Term of this Lease, Landlord will purchase and maintain, as part of the Common Area Operating Expenses, (a) Commercial General Liability Insurance, (b) Umbrella/Excess Liability Insurance, (c) Commercial Property Insurance covering the Common Areas and Landlord's equipment, furnishings, business income/rental value, and (d) any other insurance coverage deemed appropriate by Landlord or required by Landlord's lender; all in such reasonable amounts and with such reasonable coverages as determined by Landlord. Tenant acknowledges that it shall not be a named insured on such policies and that it has no right to receive any proceeds from any such insurance policies carried by Landlord. Tenant further acknowledges that Landlord shall not be required to carry insurance covering (1) Tenant-Owned Alterations and Utility Installations, Trade Fixtures, equipment and Tenant's personal property, including inventory; (2) Business Income Insurance against, or be responsible for, any loss suffered by Tenant due to interruption of Tenant's business from any cause; (3) loss to the Premises resulting from flood, earthquake, windstorm or hurricane; and (4) any other type of property. Tenant shall cooperate with Landlord's insurance companies in the adjustment of any claims for any damage to the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Tenant's Insurance**. At all times during the Term of this Lease, Tenant shall satisfy the insurance requirements set forth in Exhibit J to this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Waiver of Subrogation**. Notwithstanding anything herein to the contrary, Landlord and Tenant hereby waive and shall cause their respective insurance carriers to waive any and all rights of recovery, claims, actions or causes of action against the other, and against the Tenant or Landlord Parties, as applicable, for any loss or damage with respect to Tenant's business and trade fixtures, equipment, movable partitions, furniture, merchandise and other personal property within the Premises, Leasehold Improvements, the Industrial Center, the Building, the Premises, or any contents thereof, including rights, claims, actions and causes of action based on negligence, which loss or damage is (or would have been, had the insurance required by this Lease been carried) covered by insurance. Landlord and Tenant shall each cause their property insurance policies to be properly endorsed to reflect the insurer's waiver of its rights of subrogation. For the purposes of this waiver, any deductible with respect to a party's insurance shall be deemed covered by and recoverable by such party under valid and collectable policies of insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Indemnity.** Except for Landlord's gross negligence or willful misconduct, Tenant shall indemnify, protect, defend and hold harmless the Premises, the Industrial Center, Landlord and Landlord Parties from and against any and all Claims arising out of, involving, or in connection with, the occupancy of the Premises by Tenant (including Tenant's Yard Area), the conduct of Tenant's business, any act, omission or neglect of Tenant or the Tenant Parties, and out of any Default or Breach by Tenant in the performance in a timely manner of any obligation on Tenant's part to be performed under this Lease. The foregoing shall include, but not be limited to, the defense or pursuit of any claim or any action or proceeding involved therein, and whether or not (in the case of claims made against Landlord) litigated and/or reduced to judgment. In case any action or proceeding is brought against Landlord by reason of any of the foregoing matters, Tenant, upon notice from Landlord, shall defend the same at Tenant's expense by counsel reasonably satisfactory to Landlord and Landlord shall cooperate with Tenant in such defense. Landlord need not have first paid any such claim in order to be so indemnified. The provisions of this Paragraph 7.4 shall survive the expiration or earlier termination of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Exemption of Landlord from Liability.** Except to the extent arising from the gross negligence or willful misconduct of Landlord, Landlord shall not be liable for injury or damage to the person or goods, wares, merchandise or other property of Tenant or the Tenant Parties or any other person in or about the Premises, whether such damage or injury is caused by or results from fire, steam, electricity, gas, water or rain, or from the breakage, leakage, obstruction or other defects of pipes, fire sprinklers, wires, appliances, plumbing, air conditioning or lighting fixtures, or from any other cause, whether said injury or damage results from conditions arising upon the Premises or upon other portions of the Building of which the Premises are a part, from other sources or places, and regardless of whether the cause of such damage or injury or the means of repairing the same is accessible or not. Landlord shall not be liable for any damages arising from any act or neglect of any other tenant of Landlord nor from the failure by Landlord to enforce the provisions of any other lease or occupancy agreement in the Industrial Center. Notwithstanding the negligence or breach of this Lease by either Party, except with respect to Tenant's obligations pursuant to Paragraph 6.2 ("Hazardous Substances") and Paragraph 26 ("No Right to Holdover") of this Lease, under no circumstances shall either Party be liable for injury to the other Party's business or for any loss of income or profit therefrom, provided that in no event shall Landlord be precluded from exercising its remedies under Paragraph 12.2 of this Lease.

8. **Damage or Destruction**. If at any time during the Term the Premises are physically damaged by a fire or other casualty, Landlord shall notify Tenant as to the amount of time Landlord reasonably estimates it will take to restore the Premises. If the restoration time is estimated to exceed six (6) months, Landlord may elect to terminate this Lease upon notice to Tenant. If Landlord does not elect to terminate this Lease, or if Landlord estimates that restoration will take six (6) months or less, then

------

Landlord shall, subject to delays arising from the collection of insurance proceeds or from events of Force Majeure, restore the Premises, excluding any Alterations. Tenant at Tenant's expense shall promptly perform, subject to delays arising from the collection of insurance proceeds, or from Force Majeure events, all repairs or restoration not required to be done by Landlord. Notwithstanding the foregoing, either Party may terminate this Lease if the Premises are damaged during the last year of the Term and Landlord reasonably estimates that it will take more than two (2) months to repair such damage. Base Rent and Common Area Operating Expenses shall be abated for the period of repair and restoration commencing on the date of such casualty event in the proportion which the area of the Premises, if any, which is not usable by Tenant bears to the total area of the Premises. Such abatement shall be the sole remedy of Tenant, and except as provided herein, Tenant waives any right to terminate the Lease by reason of damage or casualty loss accorded Tenant by any law currently existing or hereafter enacted. Landlord and Tenant agree that the provisions of this Paragraph 8 shall only apply when the Premises is physically damaged or the structural integrity of the Premises is degraded as a result of a fire or other casualty. In no event shall a temporary closure of the Building or the Industrial Center for the purpose of protecting public health constitute physical damage to the Premises, Building or Industrial Center, nor shall Tenant's inability to productively use the Premises during any such temporary closure be deemed a casualty.

9. **Real Property Taxes.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Payment of Taxes.** Landlord shall pay the Real Property Taxes, as defined in Paragraph 9.2, applicable to the Industrial Center, and except as otherwise provided in Paragraph 9.3, any such amounts shall be included in the calculation of Common Area Operating Expenses in accordance with the provisions of Paragraph 3.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Real Property Tax Definition.** As used herein, the term "**Real Property Taxes**" shall include any form of real estate tax or assessment, general, special, ordinary or extraordinary, and any license fee, commercial rental tax, improvement bond or bonds, levy or tax (other than inheritance, personal income or estate taxes) imposed upon the Industrial Center by any authority having the direct or indirect power to tax, including any city, state or federal government, or any school, agricultural, sanitary, fire, street, drainage, or other improvement district thereof, levied against any legal or equitable interest of Landlord in the Industrial Center or any portion thereof, Landlord's right to rent or other income therefrom, and/or Landlord's business of leasing the Premises, including any tax, fee, levy, assessment or charge, or any increase therein, imposed by reason of events occurring, or changes in Applicable Law taking effect, during the Term of this Lease, including, without limitation, a change in the ownership of the Industrial Center (or any portion thereof) or in the improvements thereon, the execution of this Lease, or any modification, amendment or transfer thereof, and whether or not contemplated by the Parties. In calculating Real Property Taxes for any calendar year, the Real Property Taxes for any real estate tax year shall be included in the calculation of Real Property Taxes for such calendar year based upon the number of days, which such calendar year and tax year have in common. Each year, at Landlord's election, Landlord may protest real property assessments. In the event Landlord elects to protest a real property tax assessment, Landlord may utilize the services of a tax consultant to protest the real property tax assessment. If as a result of the protest, the Real Property Taxes are lowered, and a tax consultant has been utilized in connection with the protest, Tenant agrees to pay, as additional rent during the Term, its prorated Tenant's Share of all fees payable to tax consultants in the manner set forth in this Lease, as long as there is a net benefit to Tenant from such lowering of Real Property Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Tenant's Property Taxes.** Tenant shall pay, prior to delinquency, all taxes assessed against and levied upon Alterations and Utility Installations, Trade Fixtures, furnishings, equipment and all personal property of Tenant contained in the Premises or stored within the Industrial Center. When possible, Tenant shall cause its Tenant-Owned Alterations and Utility Installations, Trade Fixtures, furnishings, equipment and all other personal property to be assessed and billed separately from the real property of Landlord. If any of Tenant's said property shall be assessed with Landlord's real property, Tenant shall pay Landlord the taxes attributable to Tenant's property within ten (10) days after receipt of a written statement setting forth the taxes applicable to Tenant's property.

10. **Utilities**. Tenant shall pay directly for all utilities and services supplied to the Premises, including, without limitation, electricity, telephone, security, gas, and cleaning of the Premises, together with any taxes thereon. Upon Landlord's request, Tenant shall deliver to Landlord copies of all bills for separately metered utilities supplied to the Premises for the past twelve (12) month period within ten (10) days of Landlord's request. If any such utilities or services are not separately metered to the Premises or separately billed to the Premises, Tenant shall pay to Landlord a reasonable proportion to be determined by Landlord of all such charges jointly metered or billed with other premises in the Building, in the manner and within the time periods set forth in Subparagraph 3.2 (c). At Landlord's option, Landlord may maintain a telephone line or lines in Landlord's name for a security alarm system and/or fire-life/safety system for the Building, the cost of which shall be included in Common Area Operating Expenses. Under no circumstances shall any public safety power shutoff ("PSPS"), planned maintenance outage or other power shutoff by any utility provider render Landlord liable to Tenant for abatement of Rent.

------

11. **Assignment and Subletting.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Landlord's Consent Required.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Tenant shall not assign, transfer, mortgage or otherwise transfer or encumber (collectively, "**assign**" or "**assignment**") or sublet all or any part of Tenant's interest or obligations in this Lease or in the Premises without Landlord's prior written consent given under and subject to the terms of this Paragraph 11 and Paragraph 34, which Landlord shall not withhold unreasonably; provided, that it shall not be unreasonable for Landlord to withhold its consent if any of the following circumstances exist or may exist: (i) the transferee's contemplated use of the Premises following the proposed assignment or subletting is different from the permitted use specified herein; (ii) in Landlord's reasonable business judgment, the transferee lacks sufficient business reputation or experience to operate a successful business of the type and quality permitted under the Lease; (iii) in Landlord's reasonable business judgment, the present net worth of the transferee is less than the greater of Tenant's net worth at the Effective Date or Tenant's "**Net Worth**" (as defined below) at the date of Tenant's request for consent to the assignment or subletting; (iv) in Landlord's reasonable business judgment, the Rent that Landlord reasonably anticipates receiving from the transferee is less than that which Landlord has received from Tenant; (v) the proposed assignment or subletting would breach any covenant of Landlord in any other lease, financing agreement or other agreement relating to the Industrial Center or otherwise; or (vi) the transferee requests an amendment to the Lease other than the identity of Tenant. "**Net Worth**" for purposes of this Lease shall be the tangible net worth of Tenant (not including goodwill as an asset and excluding any guarantors) established under generally accepted accounting principles consistently applied. Notwithstanding the foregoing but provided that the present net worth of the transferee is not less than the greater of Tenant's Net Worth at the Effective Date or Tenant's Net Worth at the date of the proposed sublease or assignment, Tenant may assign this Lease or sublease the Premises (each, a "**Permitted Transfer**"), without Landlord's consent but upon ten (10) days prior written notice to Landlord, to any entity which controls, is controlled by or is under common control with Tenant, or to any entity resulting from the merger of or consolidation with Tenant or which acquires all or substantially all of the stock or assets of Tenant (each, a "**Permitted Transferee**"). In such case, any Permitted Transferee shall assume in writing all of Tenant's obligations under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Regardless of Landlord's consent, any assignment or subletting shall not (i) be effective without the express written assumption by such assignee or subtenant of the obligations of Tenant under this Lease; (ii) release Tenant of any liabilities, obligations or covenants hereunder; nor (iii) alter the primary liability of Tenant for the payment of Base Rent and other sums due Landlord hereunder or for the performance of any other obligations to be performed by Tenant under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An assignment of Tenant's interest in this Lease or subletting of the Premises or any part thereof without Landlord's specific prior written consent shall, at Landlord's option, constitute a Default under this Lease. In the event of any Default or Breach of Tenant's obligation under this Lease, Landlord may proceed directly against Tenant, any Guarantors or anyone else responsible for the performance of the Tenant's obligations under this Lease, including any subtenant, without first exhausting Landlord's remedies against any other person or entity responsible therefor to Landlord, or any security held by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Additional Terms and Conditions Applicable to Assignment and Subletting.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Landlord may accept any Rent or performance of Tenant's obligations from any person other than Tenant pending approval or disapproval of an assignment. Neither a delay in the approval or disapproval of such assignment nor the acceptance of any Rent for performance shall constitute a waiver or estoppel of Landlord's right to exercise its remedies for the Default or Breach by Tenant of any of the terms, covenants or conditions of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The consent of Landlord to any assignment or subletting shall not constitute consent to any subsequent assignment or subletting by Tenant or to any subsequent assignment or subletting by the assignee or subtenant. However, Landlord may consent to subsequent sublettings and assignments of the sublease or any amendments or modifications thereto without notifying Tenant or anyone else liable under this Lease or the sublease and without obtaining their consent, and such action shall not relieve such persons from liability under this Lease or the sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should Tenant desire to enter into an assignment or subletting transaction, Tenant shall give notice thereof to Landlord by requesting in writing Landlord's consent to such assignment or subletting at least forty-five (45) days before the proposed effective date of any such assignment or subletting and shall provide Landlord with the following: (i) the full particulars of the proposed assignment or subletting transaction, including its nature, effective date, terms and conditions, and copies of any documents pertaining to such proposed transaction; (ii) a description of the identity, net worth and previous business experience of the transferee, including, without limitation, copies of transferee's latest income, balance sheet and change-of-financial-position statements (with accompanying notes and disclosures of all material changes thereto) in audited form, if available, and certified as accurate by the transferee; and (iii) any further information relevant to the transaction which Landlord shall have requested within thirty (30) days after receipt of Tenant's request for consent and all information specified above in Subparagraphs (i), (ii) and (iii). Each assignment or subletting to which Landlord has consented shall be evidenced by an instrument made in such written form as is satisfactory to Landlord and executed by Tenant and transferee. By such instrument, transferee shall assume all the terms, covenants and conditions of this Lease, which are obligations of Tenant. Tenant shall remain fully liable to perform its duties under this Lease following the assignment or subletting. Tenant shall pay Landlord a fee of $1,000.00 for Landlord's review of any proposed assignment or subletting, whether or not Landlord consents to it. In addition, Tenant shall, on demand of Landlord, reimburse Landlord for Landlord's reasonable costs, including legal fees, incurred in obtaining advice and preparing documentation for each assignment or subletting to which Landlord has consented.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Landlord consents to an assignment or subletting, as a condition thereto which the Parties hereby agree is reasonable, Tenant shall pay to Landlord seventy-five percent (75%) of any "Transfer Premium," as that term is defined in this Paragraph, received by Tenant from such assignee or subtenant. "**Transfer Premium**" shall mean all rent, additional rent or other consideration (including, without limitation, key money, bonus money or other cash consideration of any kind) payable by the assignee or subtenant to Tenant or any person or entity affiliated with Tenant in connection with the assignment or sublease in excess of the Base Rent under this Lease during the term of the assignment or sublease, deducting any documented marketing and commission expenses incurred by Tenant, but excluding expenses incurred in improving the space or loss of rent. The determination of the amount of Landlord's applicable share of the Transfer Premium shall be made on a monthly basis as rent or other consideration is received by Tenant under the assignment or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Landlord shall have the right, by notice to Tenant within fifteen (15) days following receipt of a written notice of proposed assignment or sublease from Tenant, to terminate this Lease in the event of an assignment as to all of the Premises and, in the event of a sublease, as to the subleased portion of the Premises and to require that all or part, as the case may be, of the Premises be surrendered to Landlord for the balance of the Term.

12. **Default; Breach; Remedies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **Default; Breach.** Tenant's obligations to Landlord hereunder shall include any and all costs or expenses incurred by Landlord in conjunction with enforcing Landlord's rights and remedies hereunder, including, without limitation, any attorneys' fees or other legal expenses or costs associated therewith, and Landlord may include the cost of such services and costs in any notice of Default as rent due and payable to cure said default. A "**Default**" by Tenant is defined as a failure by Tenant to observe, comply with or perform any of the terms, covenants, conditions or rules applicable to Tenant under this Lease. A "**Breach**" by Tenant is defined as the occurrence of any Default, including, without limitation, those listed below, and, where a grace period for cure after notice is specified herein, the failure by Tenant to cure such Default prior to the expiration of the applicable grace period, and shall entitle Landlord to pursue the remedies set forth in Paragraphs 12.2 and/or 12.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The vacating of the Premises without the intention to reoccupy same, or the abandonment of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly otherwise provided in this Lease, the failure by Tenant to make any payment of Rent, Tenant's Share of Common Area Operating Expenses, or any other monetary payment required to be made by Tenant hereunder as and when due, the failure by Tenant to provide Landlord with reasonable evidence of insurance or surety bond required under this Lease, or the failure of Tenant to fulfill any obligation under this Lease which endangers or threatens life or property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Default by Tenant as to the terms or provisions of this Lease, or of the Rules and Regulations adopted under Paragraph 37 below that are to be observed, complied with, or performed by Tenant, other than those described in Subparagraphs 12.1(a) or (b) above, where such Default continues for a period of thirty (30) days after written notice thereof by or on behalf of Landlord to Tenant; provided, however, that if the nature of Tenant's Default is such that more than thirty (30) days are reasonably required for its cure, then it shall not be deemed to be a Breach of this Lease by Tenant if Tenant commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion within ninety (90) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **Remedies.** If Tenant fails to perform any affirmative duty or obligation of Tenant under this Lease, within ten (10) days after written notice to Tenant (or in case of an emergency, without notice), Landlord may at its option (but without obligation to do so), perform such duty or obligation on Tenant's behalf, including, without limitation, obtaining reasonably required bonds, insurance policies, or governmental licenses, permits or approvals. The costs and expenses of any such performance by Landlord shall be due and payable by Tenant to Landlord upon invoice therefor. If any check given to Landlord by Tenant shall not be honored by the bank upon which it is drawn, Landlord at its own option, may require all future payments to be made under this Lease by Tenant to be made only by cashier's check. In the event of a Breach of this Lease by Tenant, with or without further notice or demand, and without limiting Landlord in the exercise of any right or remedy, which Landlord may have by reason of such Breach, Landlord may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Terminate Tenant's right to possession of the Premises by any lawful means, in which case this Lease and the Term hereof shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. In such event Landlord shall be entitled to recover from Tenant: (i) the worth at the time of the award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; (iii) the worth at the time of award of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; and (iv) any other

------

amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom, including, without limitation, the cost of recovering possession of the Premises, expenses of reletting, including necessary renovation and alteration of the Premises, reasonable attorneys' fees, and that portion of any leasing commission paid by Landlord in connection with this Lease applicable to the unexpired Term of this Lease. The worth at the time of award of the amount referred to in provision (iii) of the immediately preceding sentence shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco or the Federal Reserve Bank District in which the Premises are located at the time of award plus one percent (1%). Efforts by Landlord to mitigate damages caused by Tenant's Default or Breach of this Lease shall not waive Landlord's right to recover damages under this Paragraph 12.2. If termination of this Lease is obtained through the provisional remedy of unlawful detainer, Landlord shall have the right to recover in such proceeding the unpaid rent and damages as are recoverable therein, or Landlord may reserve the right to recover all or any part thereof in a separate suit for such rent and/or damages. If a notice and grace period required under Subparagraph 12.1 (b) or (c) was not previously given, a notice to pay rent or quit, or to perform or quit, as the case may be, given to Tenant under any statute authorizing the forfeiture of leases for unlawful detainer shall also constitute the applicable notice for grace period purposes required by Subparagraph 12.1 (b) or (c). In such case, the applicable grace period under the unlawful detainer statute shall run concurrently after the one such statutory notice, and the failure of Tenant to cure the Default within the greater of the two (2) such grace periods shall constitute both an unlawful detainer and a Breach of this Lease entitling Landlord to the remedies provided for in this Lease and/or by said statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Continue the Lease and Tenant's right to possession in effect after Tenant's Breach and recover the Rent as it becomes due, provided Tenant has the right to sublet or assign, subject only to reasonable limitations. Landlord and Tenant agree that the limitations on assignment and subletting in this Lease are reasonable. Acts of maintenance or preservation, efforts to relet the Premises, or the appointment of a receiver to protect Landlord's interest under this Lease, shall not constitute a termination of Tenant's right to possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Continue this Lease in effect, but terminate Tenant's right to possession of the Premises and re-enter the Premises and take possession thereof, whereupon Tenant shall have no further claim to the Premises without the same constituting an acceptance of surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Landlord may relet the Premises without thereby voiding or terminating this Lease (if the same has not been previously terminated), and Tenant shall remain liable for any and all Rent and other charges and expenses hereunder. Landlord shall not be obligated to relet the Premises (i) to any tenant which does not meet Landlord's financial criteria, (ii) for less than market terms, or (iii) prior to other vacant space in the Industrial Center. For the purpose of reletting, Landlord is authorized to make such repairs or alterations to the Premises as may be necessary in the sole discretion of Landlord for the purpose of such reletting, and if a sufficient sum is not realized from such reletting (after payment of all costs and expenses of such repairs, alterations and the expense of such reletting (including, without limitation, reasonable attorney and brokerage fees) and the collection of rent accruing therefrom) each month to equal the Rent, then Tenant shall pay such deficiency each month upon demand therefor. Actions to collect such amounts may be brought from time to time, on one or more occasions, without the necessity of Landlord's waiting until the expiration of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent permitted by Applicable Laws, Landlord shall have the right, without notice to Tenant, to change or re-key all locks to entrances to the Premises, and Landlord shall have no obligation to give Tenant notice thereof or to provide Tenant with a key to the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursue any other remedy now or hereafter available to Landlord under the laws or judicial decisions of the state wherein the Premises are located, without the necessity of proving the inadequacy of any legal remedy or irreparable harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Even if an eviction moratoria exists, to the extent allowed by applicable law, Landlord shall have the right to continue this Lease in effect and bring an action to collect rent due under this Lease (including an action against any guarantors of Tenant's obligations under this Lease) and otherwise exercise Landlord's rights and remedies under this Lease including, but not limited to, Landlord's right to apply or draw upon any security deposit or letter of credit delivered to Landlord pursuant to this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The expiration or termination of this Lease and/or the termination of Tenant's right to possession shall not relieve Tenant from liability under any indemnity provisions of this Lease as to matters occurring or accruing during the Term hereof or by reason of Tenant's occupancy of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **Inducement Recapture in Event of Breach.** Any agreement by Landlord for free or abated Rent or other charges applicable to the Premises, or for the giving or paying by Landlord to or for Tenant of any cash or other bonus, inducement or consideration for Tenant's entering into this Lease, all of which concessions are hereinafter referred to as "**Inducement Provisions**" shall be deemed conditioned upon Tenant's full and faithful performance of all of the terms, covenants and conditions of this Lease to be performed or observed by Tenant during the Term hereof as the same may be extended.

------

Upon the occurrence of a Breach of this Lease by Tenant, any such Inducement Provision shall automatically be deemed deleted from this Lease and of no further force or effect, and any Rent, other charge, bonus, inducement or consideration theretofore abated, given or paid by Landlord under such an Inducement Provision shall be immediately due and payable by Tenant to Landlord, and recoverable by Landlord, as additional rent due under this Lease, notwithstanding any subsequent cure of said Breach by Tenant. The acceptance by Landlord of Rent or the cure of the Breach which initiated the operation of this Paragraph 12.3 shall not be deemed a waiver by Landlord of the provisions of this Paragraph 12.3 unless specifically so stated in writing by Landlord at the time of such acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 **Late Charges.** If any installment of rent or other sum due from Tenant shall not be received by Landlord or Landlord's designee at the address stated in, and in accordance with, the Rent Payment Instructions attached as Exhibit I to this Lease, within five (5) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to ten percent (10%) of such overdue amount. Any post dated checks, two party checks, third party checks or any check from a party other than the Tenant named in this Lease will not be accepted and will be deemed late unless a check from Tenant is received within such five (5) day period. Tenant acknowledges that late payment by Tenant to Landlord of rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. The Parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's Default or Breach with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. In addition to the late charge, in the event (i) any check is returned for insufficient funds, (ii) Landlord receives a check for an installment of rent at an address other than the address set forth in the Rent Payment Instructions attached as Exhibit I to this Lease, or (iii) Landlord receives a postdated check, a two party check, a third party check or any check for Rent from a party other than the Tenant named in this Lease, Tenant shall pay to Landlord, as additional rent, the sum of $50.00. In the event that more than one (1) check of Tenant is returned for insufficient funds in any twelve (12) month period, Landlord shall have the right to require that any or all subsequent payments by Tenant to Landlord be in the form of cashier's or certified check drawn on an institution acceptable to Landlord, notwithstanding any prior practice of accepting payments in any different form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Condemnation.** If any part of the Premises or the Industrial Center should be taken for any public or quasi-public use under governmental law, ordinance, or regulation, or by right of eminent domain, or by private purchase in lieu thereof (a "**Taking**" or "**Taken**"), and the Taking would materially interfere with or impair Landlord's ownership or operation of the Industrial Center, then upon written notice by Landlord this Lease shall terminate and Base Rent shall be apportioned as of said date. If part of the Premises shall be Taken, and this Lease is not terminated as provided above, the Base Rent payable hereunder during the unexpired Term shall be reduced to such extent as may be fair and reasonable under the circumstances. In the event of any such Taking, Landlord shall be entitled to receive the entire price or award from any such Taking without any payment to Tenant, and Tenant assigns to Landlord Tenant's interest, if any, in such award. Tenant shall have the right to make a claim together with Landlord against the condemning authority (but not Landlord) for such compensation as may be awarded or recoverable by Tenant for moving expenses and damage to Tenant's Trade Fixtures. In no event shall any governmental action for the purpose of protecting public safety (e.g., to protect against acts of war, the spread of communicable diseases, or an infestation), including but not limited to, any order requiring businesses to close temporarily, be considered a Taking requiring government compensation or entitling Tenant to abatement of rent or any other remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Brokers.** The Broker(s) named in Paragraph M of the Summary is/are the procuring cause of this Lease. Tenant and Landlord each represent and warrant to the other that it has had no dealings with any person, firm, broker or finder other than as named in Paragraph M of the Summary in connection with the negotiation of this Lease and/or the consummation of the transaction contemplated hereby, and that no broker or other person, firm or entity other than said named Broker(s) is entitled to any commission or finder's fee in connection with said transaction. Tenant and Landlord do each agree to indemnify, protect, defend and hold the other harmless from and against liability for compensation or charges which may be claimed by any such unnamed broker, finder or other similar party by reason of any dealings or actions of the indemnifying Party, including any costs, expenses, and/or attorneys' fees reasonably incurred with respect thereto.

15. **Estoppel Certificate and Financial Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **Estoppel Certificate**. Within ten (10) days after written notice from Landlord, Tenant shall execute and deliver to Landlord a certificate stating such matters reflecting the status of this Lease or the Premises as Landlord or Landlord's lender, purchaser or ground lessor may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 **Financial Information.** Within ten (10) days of Landlord's request, Tenant shall deliver a reasonably detailed summary of the financial condition of Tenant and a credit and bank reference letter to Landlord and Landlord's lender, prospective lender, assignee or purchaser of the Building or the Industrial Center. In addition, Tenant agrees to make its Chief Financial Officer available by telephone to discuss such financial condition of Tenant with Landlord and/or such lender, assignee or purchaser. All such financial information shall be received by Landlord and such lender or purchaser in confidence and shall be used only for the purposes herein set forth. Notwithstanding the foregoing, Landlord acknowledges that Tenant engages in

------

activities in connection with the Permitted Use that are subject to national security restrictions imposed by the government of the United States pursuant to Tenant's agreements with United States government agencies and Applicable Laws and confidentiality restrictions pursuant to Tenant's customer contracts with such governmental agencies. Accordingly, the rights of Landlord and such other parties to receive financial information are subject to such restrictions.

16. **Landlord's Liability.** The term "**Landlord**" as used herein shall mean the owner or owners at the time in question of the fee title to the Premises. In the event of a transfer of Landlord's title or interest in the Premises or in this Lease, Landlord shall deliver to the transferee or assignee (in cash or by credit) any unused Security Deposit held by Landlord at the time of such transfer or assignment. Upon such transfer or assignment and delivery of the Security Deposit, the prior Landlord shall be relieved of all liability with respect to the obligations and/or covenants under this Lease thereafter to be performed by Landlord. Subject to the foregoing, the obligations and/or covenants in this Lease to be performed by Landlord shall be binding only upon Landlord as hereinabove defined. In no event shall the obligations of Landlord under this Lease constitute personal obligations of Landlord or the Landlord Parties, and Tenant expressly waives such personal liability on behalf of itself and all persons claiming by, through or under Tenant. Further, Tenant, for satisfaction of any liability of Landlord under this Lease, may seek recourse only against Landlord's interest in the Premises and shall not seek recourse against Landlord's other assets or against the Landlord Parties.

17. **Severability.** The invalidity of any provision of this Lease, as determined by a court of competent jurisdiction, shall in no way affect the validity of any other provision hereof.

18. **Interest on Past-Due Obligations.** Any monetary payment due Landlord hereunder, other than late charges, not received by Landlord within ten (10) days following the date on which it was due, shall bear interest from the date due at the rate of twelve percent (12%) per annum, but not exceeding the maximum rate allowed by law, in addition to the potential late charge provided for in Paragraph 12.4.

19. **Time of Essence.** Time is of the essence with respect to the performance of all obligations to be performed or observed by the Parties under this Lease.

20. **Rent Defined.** All monetary obligations of Tenant to Landlord under the terms of this Lease are deemed to be "Rent."

21. **No Prior or Other Agreements.** This Lease (including all exhibits and addenda) contains all agreements, representations and warranties between the Parties with respect to any matter mentioned herein and supersedes and cancels any and all previous negotiations, arrangements, brochures, marketing materials, agreements and understandings, if any, and no other prior or contemporaneous agreement or understanding (whether verbal or written) shall be effective. This Lease may not be modified, deleted or added to except by a writing signed by the Parties hereto. The Parties acknowledge that (i) each Party and/or its counsel have reviewed and revised this Lease, and (ii) no rule of construction to the effect that any ambiguities are to be resolved against the drafting Party shall be employed in the interpretation or enforcement of this Lease.

22. **Notices.** All notices required or permitted by this Lease shall be in writing and shall be and deemed duly served or given when actually delivered, if personally delivered or delivered by overnight courier (including delivery by FedEx, which confirms delivery in writing), or within three (3) business days after deposit in the U.S. Mail, if sent by certified mail, postage prepaid, return receipt requested, and shall be deemed sufficiently given if served in a manner specified in this Paragraph 22. If notice is received on a Saturday or a Sunday or a legal holiday, it shall be deemed received on the next business day. The addresses noted adjacent to a Party's signature on this Lease (including "copy to" addresses) shall be that Party's address for delivery or mailing of notices, provided that either Party may designate other addresses for notices by written notice to the other Party. Either Party may by written notice to the other specify a different address for notice purposes, except that upon Tenant's taking possession of the Premises, the Premises shall constitute Tenant's address for the purpose of mailing or delivering notices to Tenant.

23. **Waivers.** No waiver by Landlord of the Default or Breach of any term, covenant or condition hereof by Tenant, shall be deemed a waiver of any other term, covenant or condition hereof, or of any subsequent Default or Breach by Tenant of the same or any other term, covenant or condition hereof. Regardless of Landlord's knowledge of a Default or Breach at the time of accepting rent, the acceptance of rent by Landlord shall not be a waiver of any Default or Breach by Tenant of any provision hereof. Any payment given Landlord by Tenant may be accepted by Landlord on account of moneys or damages due Landlord, notwithstanding any qualifying statements or conditions made by Tenant in connection therewith, which such statements and/or conditions shall be of no force or effect whatsoever unless specifically agreed to in writing by Landlord at or before the time of deposit of such payment.

24. **Recording.** Tenant shall not record this Lease or any memorandum of this Lease.

------

25. **No Right to Holdover.** Tenant has no right to retain possession of the Premises or any part thereof beyond the expiration or earlier termination of this Lease. In the event that Tenant holds over in violation of this Paragraph 25, the Base Rent payable from and after the time of the expiration or earlier termination of this Lease shall be increased to two hundred percent (200%) of the Base Rent applicable during the month immediately preceding such expiration or earlier termination. Additionally, in the event that upon the expiration or earlier termination of the Lease, Tenant has not fulfilled its obligation with respect to restoration, repairs and cleanup of the Premises or any other Tenant obligations as set forth in this Lease, Landlord shall have the right to perform any such obligations as it deems necessary at Tenant's sole cost and expense, and any time required by Landlord to complete such obligations shall be considered a period of holding over and the terms of this Paragraph 25 shall apply. Tenant shall protect, defend, indemnify and hold Landlord harmless from all Claims resulting from Tenant's holding over, including, without limitation, the cost of unlawful detainer proceedings instituted by Landlord against Tenant, increased construction costs to Landlord as a result of Landlord's inability to timely commence construction of improvements for a new tenant for the Premises, lost profits that results from Landlord's inability to timely deliver the Premises to such new tenant, and any claims made by any succeeding tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom. Nothing contained herein shall be construed as consent by Landlord to any holding over by Tenant.

26. **Cumulative Remedies.** No remedy or election hereunder shall be deemed exclusive but shall, wherever possible, be cumulative with all other remedies at law or in equity.

27. **Covenants and Conditions.** All provisions of this Lease to be observed or performed by Tenant are both covenants and conditions.

28. **Binding Effect; Choice of Law.** This Lease shall be binding upon the Parties, their personal representatives, successors and assigns and be governed by the laws of the State in which the Premises are located. Tenant expressly agrees that any and all disputes arising out of or in connection with this Lease shall be litigated only in the District Court of the State of Colorado for the county in which the Premises are located (and in no other), and Tenant consents to the jurisdiction of said court.

29. **Subordination; Attornment; Non-Disturbance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.1 **Subordination.** This Lease and any Option granted hereby shall automatically be subject and subordinate to any ground lease, mortgage, deed of trust, or other security device or amendment or modification thereto (collectively, "**Security Device**"), now or hereafter placed by Landlord upon the Land and to all amendments, renewals and extensions thereof. Tenant agrees that the Lenders holding any such Security Device shall have no duty, liability or obligation to perform any of the obligations of Landlord under this Lease, but that in the event of Landlord's default with respect to any such obligation, Tenant will give any Lender whose name and address have been furnished Tenant notice of Landlord's default. If any Lender shall elect to have this Lease and/or any Option granted hereby superior to the lien of its Security Device and shall give written notice thereof to Tenant, this Lease and such Options shall be deemed prior to such Security Device, notwithstanding the relative dates of the documentation or recordation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.2 **Attornment.** Subject to the non-disturbance provisions of Paragraph 29.3, Tenant agrees to attorn to a Lender or any other party who acquires ownership of the Premises by reason of a foreclosure of a Security Device, and that in the event of such foreclosure, such new owner shall not: (i) be liable for any act or omission of any prior landlord or with respect to events occurring prior to acquisition of ownership, (ii) be subject to any offsets or defenses which Tenant might have against any prior landlord, or (iii) be bound by prepayment of more than one month's rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.3 **Non-Disturbance.** With respect to Security Devices entered into for the first time (as opposed to amendments or modifications to existing Security Devices) by Landlord after the execution of this Lease, Tenant's subordination of this Lease shall be subject to receipt of an assurance (a "**Non-Disturbance Agreement**") from the Lender that Tenant's possession and this Lease, including any options to extend the Term hereof, will not be disturbed so long as Tenant is not in Breach hereof and attorns to the record owner of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.4 **Self-Executing.** The agreements contained in this Paragraph 29 shall be effective without the execution of any further documents; provided, however, that upon written request from Landlord or a Lender in connection with a sale, financing or refinancing of Premises, Tenant shall, within ten (10) days following the date of such request, execute such further writings as may be reasonably required to separately document any such subordination or non-subordination, attornment and/or non-disturbance agreement as is provided for herein.

30. **Attorneys' Fees.** If any Party brings an action or proceeding to enforce the terms hereof or declare rights hereunder, the Prevailing Party (defined below) in any such proceeding, action, or appeal thereon, shall be entitled to reasonable attorneys' fees. Such fees may be awarded in the same suit or recovered in a separate suit, whether or not such action or proceeding is pursued to decision or judgment. The term "**Prevailing Party**" shall include, without limitation, a Party who substantially obtains or defeats the relief sought, as the case may be, whether by compromise, settlement, judgment, or the abandonment by the other Party of its claim or defense. The attorneys' fee award shall not be computed in accordance with any court fee schedule,

------

but shall be such as to fully reimburse all attorneys' fees reasonably incurred. Landlord shall be entitled to attorneys' fees, costs and expenses incurred in preparation and service of notices of Default and consultations in connection therewith, whether or not a legal action is subsequently commenced in connection with such Default or resulting Breach.

31. **Landlord's Access; Showing Premises; Repairs.** Landlord and Landlord's agents shall have the right to enter the Premises at any time, in the case of an emergency, and otherwise at reasonable times for the purpose of showing the same to prospective purchasers, lenders, or tenants, and making such alterations, repairs, improvements or additions to the Premises or to the Building, as Landlord may reasonably deem necessary, including the right to take photographs of the Premises in connection with such entry. Landlord may at any time place on or about the Premises or Building any ordinary "For Sale" signs and Landlord may at any time during the last one hundred eighty (180) days of the Term hereof place on or about the Premises any ordinary "For Lease" signs. All such activities of Landlord shall be without abatement of rent or liability to Tenant. Notwithstanding the foregoing, Landlord acknowledges that Tenant engages in activities in connection with the Permitted Use that are subject to national security restrictions imposed by the government of the United States pursuant to Tenant's agreements with United States government agencies and Applicable Laws and confidentiality restrictions pursuant to Tenant's customer contracts with such governmental agencies. Accordingly, the rights of Landlord and Landlord's agents, employees, contractors, representatives, and Lenders to enter the Premises and take photographs are subject to such restrictions.

32. **Signs.** Tenant shall not place any sign upon the exterior of the Premises or the Building, except that Tenant may, with Landlord's prior written consent and at Tenant's sole cost and expense, install (but not on the roof) such signs as are reasonably required to advertise Tenant's own business so long as such signs are in a location designated by Landlord and comply with Applicable Requirements and the signage criteria established for the Industrial Center by Landlord. Notwithstanding the foregoing, at Tenant's sole cost and expense, Tenant shall have the right to install (a) a sign on the exterior of the Building, and (b) a panel on the monument sign in front of the Building, which signage shall consist solely of the name "York Space Systems" and/or their logos, subject to Landlord's prior approval of such signage and Tenant's compliance with the other provisions of this Paragraph 32. The location, quality, design, style, lighting and size of such signage shall be subject to Landlord's prior written approval. The right granted under this paragraph shall be personal to the originally named Tenant under this Lease. Such signage shall comply with all applicable laws, statutes, regulations, ordinances and restrictions, including but not limited to, any permit requirements. Tenant shall install and maintain said signage in good condition and repair at its sole cost and expense during the entire Term. The installation of any sign on the Premises by or for Tenant shall be subject to the provisions of Paragraph 6 (Maintenance, Repairs, Utility Installations, Trade Fixtures and Alterations). Unless otherwise expressly agreed herein, Landlord reserves all rights to the use of the roof of the Building, and the right to install advertising signs on the Building, including the roof, which do not unreasonably interfere with the conduct of Tenant's business; Landlord shall be entitled to all revenues from such advertising signs.

33. **Termination; Merger.** Unless specifically stated otherwise in writing by Landlord, the voluntary or other surrender of this Lease by Tenant, the mutual termination or cancellation hereof, or a termination hereof by Landlord for Breach by Tenant, shall automatically terminate any sublease or lesser estate in the Premises; provided, however, Landlord shall, in the event of any such surrender, termination or cancellation, have the option to continue any one or all of any existing subtenancies. Landlord's failure within ten (10) days following any such event to make a written election to the contrary by written notice to the holder of any such lesser interest, shall constitute Landlord's election to have such event constitute the termination of such interest.

34. **Consents.** Except as otherwise provided herein, wherever in this Lease the consent of a Party is required to an act by or for the other Party, such consent shall not be unreasonably withheld or delayed. Landlord's actual costs and expenses (including, without limitation, architects', attorneys', engineers' and other consultants' fees) incurred in the consideration of, or response to, a request by Tenant for any Landlord consent pertaining to this Lease or the Premises, including, without limitation, consents to an assignment or subletting or the presence or use of a Hazardous Substance, shall be paid by Tenant to Landlord upon receipt of an invoice therefor.

35. **Guarantor.** Intentionally deleted.

36. **Quiet Possession.** Upon payment by Tenant of the Rent for the Premises and the performance of all of the covenants, conditions and provisions on Tenant's part to be observed and performed under this Lease, and unless specifically provided herein, Tenant shall have quiet possession of the Premises for the entire Term hereof subject to all of the provisions of this Lease.

37. **Rules and Regulations.** Tenant agrees that it will abide by, and keep and observe all reasonable rules and regulations ("**Rules and Regulations**") which Landlord may make from time to time for the management, safety, care, and cleanliness of the grounds, the parking and unloading of vehicles and the preservation of good order, as well as for the convenience of other occupants or Tenant of the Building and the Industrial Center and their invitees. The current Rules and Regulations for the Industrial Center are attached hereto as Exhibit E.

38. **Substitution Space.** Intentionally deleted.

------

39. **Security Measures.** Tenant acknowledges that the rental payable to Landlord hereunder does not include the cost of guard service or other security measures, and that Landlord shall have no obligation whatsoever to provide same. Tenant assumes all responsibility for the protection of the Premises (including Tenant's Yard Area), Tenant and the Tenant Parties and their property from the acts of third parties and shall install, at Tenant's sole cost and expense, any and all necessary security devices.

40. **Reservations.** Landlord reserves the right, from time to time, to grant, without the consent or joinder of Tenant, such easements, rights of way, utility raceways, and dedications that Landlord deems necessary, and to cause the recordation of parcel maps and restrictions, so long as such easements, rights of way, utility raceways, dedications, maps and restrictions do not unreasonably interfere with the use of the Premises by Tenant. Tenant agrees to sign any documents reasonably requested by Landlord to effectuate any such easement rights, dedication, map or restrictions.

41. **OFAC Compliance***.* Tenant represents, warrants and covenants to Landlord that neither they are not, and, after making due inquiry, that no person or entity that owns a 10% or greater equity interest in or otherwise controls Tenant, nor any of their respective officers, directors or managing members, (i) is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control ("**OFAC**") of the Department of the Treasury (including those named on OFAC's Specially Designated and Blocked Persons List or any similar list) or under any statute, executive order (including Executive Order 13224 (the "**Executive Order**") signed on September 24, 2001 and entitled "Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism"), or other governmental action, (ii) is currently subject to any U.S. sanctions administered by OFAC, (iii) is in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001 or the regulations or orders promulgated thereunder (as amended from time to time, the "**Money Laundering Act**") and none of the activities of such person violate the Money Laundering Act, and (iv) that throughout the term of this Lease Tenant shall comply with the Executive Order and with the Money Laundering Act.

42. **Covenant Against Liens.** Nothing contained in this Lease shall authorize or empower Tenant to do any act which shall in any way encumber Landlord's title to the Industrial Center, the Building, the Land or the Premises, nor in any way subject Landlord's title to any claims by way of lien or encumbrance whether claimed by operation of Applicable Laws or by virtue of any expressed or implied contract of Tenant, and any claim to a lien upon the Industrial Center, the Building, the Land or the Premises arising from any act or omission of Tenant shall attach only against Tenant's interest and shall in all respects be subordinate to Landlord's title to the Industrial Center, the Building, the Land and the Premises. If Tenant has not removed any such lien or encumbrance within fifteen (15) days after written notice to Tenant by Landlord, Landlord may, but shall not be obligated to, pay the amount necessary to remove such lien or encumbrance, without being responsible for making any investigation as to the validity or accuracy thereof, and the amount so paid, together with all costs and expenses (including reasonable attorneys' fees) incurred by Landlord in connection therewith, shall be deemed additional Rent reserved under this Lease due and payable forthwith.

43. **Authority.** If either Party hereto is a corporation, limited liability company, trust, or general or limited partnership, each individual executing this Lease on behalf of such entity represents and warrants that he or she is duly authorized to execute and deliver this Lease on its behalf. If Tenant is a corporation, limited liability company, trust or partnership, Tenant shall, within five (5) days after request by Landlord, deliver to Landlord evidence satisfactory to Landlord of such authority.

44. **Conflict.** Any typewritten or handwritten provisions that have been initialed by both Parties shall control any conflict between the printed provisions of this Lease and the typewritten or handwritten provisions.

45. **Force Majeure**. Except for Tenant's obligation to pay rent and other monetary obligations under this Lease, the Parties shall not be held responsible for delays in the performance of their obligations hereunder when caused by strikes, lockouts, labor disputes, acts of God, permitting delays, inspection delays, the inability to obtain or unavailability of services, labor, or materials or reasonable substitutes therefor, failure of power or utilities, governmental actions, orders or declarations, eviction moratoria, riots, insurrection, civil commotion, sabotage, vandalism, explosion, war, natural or local emergency, including public health emergencies, pandemics, epidemics or other outbreaks of virus or disease, fire, flood, severe weather or other casualty, or any other cause beyond the reasonable control of the party obligated to perform, whether foreseen or unforeseen and including events that may or may not be related to the events enumerated herein ("**Force Majeure**").

46. **Offer; Counterparts; Facsimile, Electronic and Emailed Signatures.** Preparation of this Lease by either Landlord or Tenant or Landlord's agent or Tenant's agent and submission of same to Tenant or Landlord shall not be deemed an offer to lease. This Lease is not intended to be binding until executed and delivered by all Parties hereto. This Lease may be executed in counterparts, each of which shall be deemed an original, but such counterparts, when taken together, shall constitute one agreement. A signed copy of this Lease transmitted by facsimile, email, DocuSign or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this Lease for all purposes.

------

47. **Amendments.** This Lease may be modified only in writing, signed by the Parties in interest at the time of the modification. The Parties shall amend this Lease from time to time to reflect any adjustments that are made to the Base Rent or other rent payable under this Lease. As long as they do not materially change Tenant's obligations hereunder, Tenant agrees to make such reasonable non-monetary modifications to this Lease as may be reasonably required by a Lender in connection with the obtaining of normal financing or refinancing of the property of which the Premises are a part.

48. **Multiple Parties.** Except as otherwise expressly provided herein, if more than one person or entity is named herein as either Landlord or Tenant, the obligations of such multiple parties shall be the joint and several responsibility of all persons or entities named herein as such Landlord or Tenant.

49. **Construction.** Headings at the beginning of each paragraph and subparagraph are solely for the convenience of the Parties and are not a part of the Lease. Whenever required by the context of this Lease, the singular shall include the plural and the masculine shall include the feminine and vice versa. This Lease shall not be construed as if it had been prepared by one of the Parties, but rather as if both Parties had prepared the same and, consequently, any inconsistencies or ambiguities herein shall not be interpreted against either Party as the drafter of the Lease. Unless otherwise indicated, all references to paragraphs and subparagraphs are to this Lease. All exhibits referred to in this Lease are attached and incorporated by this reference. Tenant agrees that Tenant shall not disclose any of the economic terms of this Lease to any person or entity not a party to this Lease, nor shall Tenant issue any press releases or make any public statements relating to the terms or provisions of this Lease; provided, however, Tenant may make necessary disclosures to potential lenders, attorneys, accountants and space planning consultants, and/or as may be required by applicable Laws or court order, so long as such Parties agree to keep all of the economic terms of this Lease strictly confidential. The obligation of Tenant set forth in this paragraph shall survive the expiration or any earlier termination of this Lease.

50. **Waiver of Redemption and Common Law Defenses by Tenant**. Tenant hereby waives, for Tenant and for all those claiming under Tenant, any and all rights now or hereafter existing (a) to redeem by order or judgment of any court or by any legal process or writ, Tenant's right of occupancy of the Premises after any termination of this Lease, and (b) to disavow the effectiveness of this Lease or claim that Tenant is excused from Tenant's obligations with regard to Rent and other charges to be paid by Tenant pursuant to this Lease based on any common law doctrines of frustration of purpose or impracticability or impossibility of performance regardless of the occurrence of events making performance of Tenant's obligations under this Lease unprofitable, less profitable or more difficult, including the unavailability of a particular source of funds.

51. **Waiver of Trial by Jury**. LANDLORD AND TENANT, TO THE EXTENT THEY MAY LEGALLY DO SO, HEREBY EXPRESSLY WAIVE ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS LEASE, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS LEASE OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. TO THE EXTENT THEY MAY LEGALLY DO SO, LANDLORD AND TENANT HEREBY AGREE THAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE OTHER PARTY OR PARTIES HERETO TO WAIVER OF ITS OR THEIR RIGHT TO TRIAL BY JURY.

THE PARTIES HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH RESPECT TO THE PREMISES.

THIS LEASE HAS BEEN PREPARED FOR YOUR ATTORNEY'S REVIEW AND APPROVAL. EXPERTS SHOULD BE CONSULTED TO EVALUATE THE CONDITION OF THE PREMISES AS TO THE POSSIBLE PRESENCE OF ASBESTOS OR HAZARDOUS SUBSTANCES. THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. AN ATTORNEY FROM THE STATE WHERE THE PREMISES IS LOCATED SHOULD BE CONSULTED.

[SIGNATURES ON NEXT PAGE]

------

The Parties hereto have executed this Lease as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **LANDLORD** | **LANDLORD** | **TENANT** | **TENANT** |
| **WESTCORE CG POTOMAC PARK, LLC**,<br>a Delaware limited liability company | **WESTCORE CG POTOMAC PARK, LLC**,<br>a Delaware limited liability company | **YORK SPACE SYSTEMS LLC**,<br> a Colorado limited liability company | **YORK SPACE SYSTEMS LLC**,<br> a Colorado limited liability company |
| By: | Westcore CG Venture, LLC, | By: | /s/ Dirk Wallinger |
|  | a Delaware limited liability company, | Name: Dirk Wallinger | Name: Dirk Wallinger |
|  | its Sole Member | Title: Chief Executive Officer | Title: Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By: Westcore Realty Investments CG, LLC, a Delaware limited liability company, its Operations Member<br>By: Westcore Realty, LLC,<br> a Delaware limited liability company, its Managing Member | Address:<br>1449 7th Street, Suite 425<br> Denver, CO 80204 | Address:<br>1449 7th Street, Suite 425<br> Denver, CO 80204 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ Don Ankeny | Attention: Angelina Smith, VP - Operations<br> Telephone: \*\*\*\* |
| Name: Don Ankeny | Name: Don Ankeny | Facsimile: (<u> </u>) N/A |
| Title: Authorized Officer | Title: Authorized Officer | Email: \*\*\*\*<br>With a copy to: \*\*\*\*<br>Telephone: \*\*\*\*<br> Facsimile: (<u> </u>) N/A |

---

Address:

c/o Westcore

4350 La Jolla Village Drive, Suite 900

San Diego, CA 92122

Telephone: \*\*\*\*

Facsimile: \*\*\*\*

and

Ziontz & Radick LLP

233 Wilshire Boulevard, Suite 600

Santa Monica, CA 90401

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We have issued our report dated September 28, 2025, with respect to the consolidated financial statements of Yellowstone Midco Holdings, LLC contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Denver, Colorado

January 16, 2026

## Exhibit 23.2

**Exhibit 23.2** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We have issued our report dated November 17, 2025, with respect to the financial statement of Yellowstone Midco Holdings II, LLC contained in the Registration Statement and Prospectus. We consent to the use of the aforementioned report in the Registration Statement and Prospectus, and to the use of our name as it appears under the caption "Experts."

/s/ GRANT THORNTON LLP

Denver, Colorado

January 16, 2026

## Exhibit 99.7

**Exhibit 99.7** 

**Consent of Director Nominee** 

Yellowstone Midco Holdings II, LLC, which will convert into a corporation named York Space Systems Inc., is filing a Registration Statement on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), in connection with the initial public offering of shares of its common stock. In connection therewith, I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of York Space Systems Inc. in the Registration Statement, as may be amended from time to time. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| By: | /s/ General (RET) James McConville |
| Name: | General (RET) James McConville |
| Date: | January 16, 2026 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Yellowstone Midco Holdings II, LLC**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Security Type**  | **Security Class Title**  | **Fee Calculation or Carry Forward Rule**  | **Amount Registered**  | **Proposed Maximum Offering Price Per Unit**  | **Maximum Aggregate Offering Price**  | **Fee Rate**  | **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Stock, par value $0.0001 per share | 457(a) | 18400000 | $34.00 | $625600000.00 | 0.0001381 | $86395.36 |
| Fees Previously Paid | 2 | Equity | Common Stock, par value $0.0001 per share | 457(o) |  |  | $100000000.00 |  | $13810.00 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $725600000.00  |  | $100205.36  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $13810.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $86395.36  |

---

 **Offering Note** <br>

<sup>1</sup> (1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended. (2) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase.

<sup>2</sup> (1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(a) under the Securities Act of 1933, as amended. (2) Includes the aggregate offering price of additional shares that the underwriters have the option to purchase.

---

| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security Type**  | **Security Class Title**  | **Amount of Securities Previously Registered**  | **Maximum Aggregate Offering Price of Securities Previously Registered**  | **Form Type**  | **File Number**  | **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

---