# EDGAR Filing Document

**Accession Number:** 0001579878
**File Stem:** 0001628280-25-033742
**Filing Date:** 2025-7
**Character Count:** 4013188
**Document Hash:** 31749aa2dccb40c40866f601ff5bb77d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-033742.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001628280-25-033742

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 72

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Figma, Inc.
- **CENTRAL INDEX KEY:** 0001579878
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 462843087
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288451
- **FILM NUMBER:** 251095970

**BUSINESS ADDRESS:**
- **STREET 1:** 760 MARKET ST.
- **STREET 2:** FLOOR 5
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94102
- **BUSINESS PHONE:** 415-890-5404

**MAIL ADDRESS:**
- **STREET 1:** 760 MARKET ST.
- **STREET 2:** FLOOR 5
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94102

**As filed with the U.S. Securities and Exchange Commissionon July 1, 2025**

**Registration No. 333- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**FIGMA, INC.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **7372** | **46-2843087** |
| **(State or other jurisdiction of**<br>**incorporation or organization)**<br>| **(Primary Standard Industrial**<br>**Classification Code Number)**<br>| **(I.R.S. Employer**<br>**Identification Number)**<br>|

---

**760 Market Street, Floor 10**

**San Francisco, California 94102**

**(415) 890-5404**

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

**Dylan Field**

**Chair of the Board of Directors, Chief Executive Officer, and President**

**760 Market Street, Floor 10**

**San Francisco, California 94102**

**(415) 890-5404**

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

---

| | | |
|:---|:---|:---|
| **Michael T. Esquivel**<br>**Ran D. Ben-Tzur**<br>**Jennifer J. Hitchcock**<br>**Aman D. Singh**<br>**Chance L. Goldberg**<br>**Fenwick & West LLP**<br>**Silicon Valley Center**<br>**801 California Street**<br>**Mountain View, California 94041**<br>**(650) 988-8500**<br>| **Brendan Mulligan**<br>**Amanda Westendorf**<br>**Brendan Brown**<br>**Figma, Inc.**<br>**760 Market Street, Floor 10**<br>**San Francisco, California 94102**<br>**(415) 890-5404**<br>| **Richard A. Kline**<br>**Richard Kim**<br>**Latham & Watkins LLP**<br>**140 Scott Drive**<br>**Menlo Park, California 94025**<br>**(650) 328-4600**<br>|

---

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after the effective date of this registration statement.**

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, as

amended, or ("Securities Act"), 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, as amended.

---

| | |
|:---|:---|
| 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. ☐

**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 or until the registration statement** 

**shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

![image.jpg](image.jpg)

Class A Common Stock Figma, Inc.

This is the initial public offering of shares of Class A common stock of Figma, Inc. We are offering &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock and the

selling stockholders identified in this prospectus are offering&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in this offering.

Prior to this offering, there has been no public market for our Class A common stock. We will not receive any proceeds from the sale of shares of

Class A common stock by any of the selling stockholders. We expect that the initial public offering price per share of our Class A common stock will

be between $&nbsp;&nbsp;&nbsp;&nbsp; and $&nbsp;&nbsp;&nbsp;&nbsp; per share.

We have applied to list our Class A common stock on the New York Stock Exchange ("NYSE") under the symbol "FIG."

Following this offering, we will have three series of authorized common stock, Class A common stock, Class B common stock, and Class C common

stock. The rights of the holders of our Class A common stock, Class B common stock, and Class C common stock are identical, except with respect

to voting and conversion rights. Each share of Class A common stock is entitled to one vote per share. Each share of Class B common stock is

entitled to 15 votes per share and is convertible into one share of our Class A common stock. Each share of Class C common stock has no voting

rights, except as otherwise required by law, and, subject to satisfaction of certain conditions as described herein, is convertible into one share of our

Class A common stock. Immediately following the completion of this offering, and assuming no exercise of the underwriters' option to purchase

additional shares to cover over-allotments, if any, Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, will hold or

have the ability to control approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our outstanding capital stock, including &nbsp;&nbsp;&nbsp;&nbsp; % of the voting power pursuant

to an irrevocable proxy granted by Evan Wallace, our other co-founder, and the Wu-Wallace Family Trust, an affiliate of Mr. Wallace, to Mr. Field (the

"Wallace Proxy"). As a result, following this offering, Mr. Field will have the ability to control the outcome of matters submitted to our stockholders for

approval, including the election of our directors and the approval of any change of control transaction.

We are an "emerging growth company" as defined under the federal securities laws. As such, in this prospectus we have taken advantage of certain

reduced disclosure obligations that apply to emerging growth companies regarding our financial statements and executive compensation

arrangements.

Investing in our Class A common stock involves risks. See the section titled "<u>[Risk Factors](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u>" beginning on page <u>[38](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u> to read about factors you should

consider before buying shares of our Class A common stock.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the

accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

---

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

---

__________________

*(1)See the section titled "Underwriters (Conflicts of Interest)" for a description of the compensation payable to the underwriters.*

The underwriters have the option for a period of 30 days from the date of this prospectus to purchase up to an additional &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A

common stock from us to cover over-allotments, if any, at the initial public offering price less underwriting discounts and commissions.

*The underwriters expect to deliver the shares of our Class A common stock to purchasers on or about&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025.*

---

| | | | |
|:---|:---|:---|:---|
| **MORGAN STANLEY** | **GOLDMAN SACHS & CO. LLC** | **ALLEN & COMPANY LLC** | **J.P. MORGAN** |

---

---

| | | |
|:---|:---|:---|
| **BOFA SECURITIES** | **WELLS FARGO SECURITIES** | **RBC CAPITAL MARKETS** |
| **WILLIAM BLAIR**  |  | **WOLFE \| NOMURA ALLIANCE** |

---

*Prospectus dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025*

**The information in this preliminary prospectus is not complete and may be changed. We and the selling stockholders may not sell these securities until the** 

**registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities** 

**and we and the selling stockholders are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025**

**PRELIMINARY PROSPECTUS**

![introductorypages1f.jpg](introductorypages1f.jpg)

![introductorypages2g.jpg](introductorypages2g.jpg)

![introductorypages3e.jpg](introductorypages3e.jpg)

![introductorypages4e.jpg](introductorypages4e.jpg)

![introductorypages5e.jpg](introductorypages5e.jpg)

i

## **Table of Contents**

---

| | |
|:---|:---|
| <u>[FOUNDER LETTER](#i8dccdb6f4d824d4aba81e7c665eaa62d_1573)</u>............................................. | ii |
| <u>[PROSPECTUS SUMMARY](#i8dccdb6f4d824d4aba81e7c665eaa62d_10)</u>................................ | <u>[1](#i8dccdb6f4d824d4aba81e7c665eaa62d_10)</u> |
| <u>[RISK FACTORS](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u>................................................... | <u>[38](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u> |
| <u>[SPECIAL NOTE REGARDING FORWARD-](#i8dccdb6f4d824d4aba81e7c665eaa62d_22)</u><br><u>[LOOKING STATEMENTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_22)</u>...............................<br>| <u>[94](#i8dccdb6f4d824d4aba81e7c665eaa62d_22)</u> |
| <u>[INDUSTRY AND MARKET DATA](#i8dccdb6f4d824d4aba81e7c665eaa62d_25)</u>..................... | <u>[96](#i8dccdb6f4d824d4aba81e7c665eaa62d_25)</u> |
| <u>[USE OF PROCEEDS](#i8dccdb6f4d824d4aba81e7c665eaa62d_28)</u>.......................................... | <u>[97](#i8dccdb6f4d824d4aba81e7c665eaa62d_28)</u> |
| <u>[DIVIDEND POLICY](#i8dccdb6f4d824d4aba81e7c665eaa62d_31)</u>.............................................. | <u>[98](#i8dccdb6f4d824d4aba81e7c665eaa62d_31)</u> |
| <u>[CAPITALIZATION](#i8dccdb6f4d824d4aba81e7c665eaa62d_34)</u>................................................ | <u>[99](#i8dccdb6f4d824d4aba81e7c665eaa62d_34)</u> |
| <u>[DILUTION](#i8dccdb6f4d824d4aba81e7c665eaa62d_37)</u>.............................................................. | <u>[103](#i8dccdb6f4d824d4aba81e7c665eaa62d_37)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u><br><u>[ANALYSIS OF FINANCIAL CONDITION](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u><br><u>[AND RESULTS OF OPERATIONS](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u>...............<br>| <u>[108](#i8dccdb6f4d824d4aba81e7c665eaa62d_40)</u> |
| <u>[BUSINESS](#i8dccdb6f4d824d4aba81e7c665eaa62d_136)</u>............................................................. | <u>[149](#i8dccdb6f4d824d4aba81e7c665eaa62d_136)</u> |
| <u>[MANAGEMENT](#i8dccdb6f4d824d4aba81e7c665eaa62d_139)</u>.................................................... | <u>[184](#i8dccdb6f4d824d4aba81e7c665eaa62d_139)</u> |
| <u>[EXECUTIVE COMPENSATION](#i8dccdb6f4d824d4aba81e7c665eaa62d_142)</u>......................... | <u>[196](#i8dccdb6f4d824d4aba81e7c665eaa62d_142)</u> |

---

---

| | |
|:---|:---|
| <u>[CERTAIN RELATIONSHIPS AND RELATED](#i8dccdb6f4d824d4aba81e7c665eaa62d_145)</u><br><u>[PARTY TRANSACTIONS](#i8dccdb6f4d824d4aba81e7c665eaa62d_145)</u>...............................<br>| <u>[217](#i8dccdb6f4d824d4aba81e7c665eaa62d_145)</u> |
| <u>[PRINCIPAL AND SELLING](#i8dccdb6f4d824d4aba81e7c665eaa62d_148)</u><br><u>[STOCKHOLDERS](#i8dccdb6f4d824d4aba81e7c665eaa62d_148)</u>............................................<br>| <u>[222](#i8dccdb6f4d824d4aba81e7c665eaa62d_148)</u> |
| <u>[DESCRIPTION OF CAPITAL STOCK](#i8dccdb6f4d824d4aba81e7c665eaa62d_151)</u>.............. | <u>[226](#i8dccdb6f4d824d4aba81e7c665eaa62d_151)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE SALE](#i8dccdb6f4d824d4aba81e7c665eaa62d_154)</u>....... | <u>[236](#i8dccdb6f4d824d4aba81e7c665eaa62d_154)</u> |
| <u>[MATERIAL U.S. FEDERAL INCOME TAX](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u><br><u>[CONSEQUENCES FOR NON-U.S.](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u><br><u>[HOLDERS OF OUR CLASS A COMMON](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u><br><u>[STOCK](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u>...............................................................<br>| <u>[245](#i8dccdb6f4d824d4aba81e7c665eaa62d_157)</u> |
| <u>[UNDERWRITERS (CONFLICTS OF](#i8dccdb6f4d824d4aba81e7c665eaa62d_160)</u><br><u>[INTEREST)](#i8dccdb6f4d824d4aba81e7c665eaa62d_160)</u>........................................................<br>| <u>[251](#i8dccdb6f4d824d4aba81e7c665eaa62d_160)</u> |
| <u>[LEGAL MATTERS](#i8dccdb6f4d824d4aba81e7c665eaa62d_163)</u>................................................ | <u>[269](#i8dccdb6f4d824d4aba81e7c665eaa62d_163)</u> |
| <u>[EXPERTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_166)</u>.............................................................. | <u>[270](#i8dccdb6f4d824d4aba81e7c665eaa62d_166)</u> |
| <u>[WHERE YOU CAN FIND ADDITIONAL](#i8dccdb6f4d824d4aba81e7c665eaa62d_169)</u><br><u>[INFORMATION](#i8dccdb6f4d824d4aba81e7c665eaa62d_169)</u>.................................................<br>| <u>[270](#i8dccdb6f4d824d4aba81e7c665eaa62d_169)</u> |
| <u>[INDEX TO CONSOLIDATED FINANCIAL](#i8dccdb6f4d824d4aba81e7c665eaa62d_175)</u><br><u>[STATEMENTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_175)</u>..................................................<br>| <u>[F-1](#i8dccdb6f4d824d4aba81e7c665eaa62d_175)</u> |

---

Neither we, the selling stockholders, 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 prospectuses filed with the Securities and Exchange Commission (the "SEC"). Neither we, the

selling stockholders, nor any of the underwriters take any responsibility for, and can provide no assurance

as to the reliability of, any other information that others may give you. This prospectus is an offer to sell

only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do

so. We and the selling stockholders are offering to sell, and seeking offers to buy, the shares of Class A

common stock offered hereby only in jurisdictions where offers and sales are permitted. 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 the shares of our Class A common stock. Our business,

operating results, financial condition, and future prospects may have changed since that date.

For investors outside the United States: Neither we, the selling stockholders, nor any of the underwriters

have taken any action that would permit this offering or possession or distribution of this prospectus in

any jurisdiction where action for that purpose is required, other than in the United States. You are

required to inform yourselves about and to observe any restrictions relating to this offering and the

distribution of this prospectus.

Unless otherwise indicated, the terms "Figma," the "company," "we," "us," and "our" refer to Figma, Inc.

and our subsidiaries.

![a006-foundersxletterx1.jpg](a006-foundersxletterx1.jpg)

![foundersletter2d.jpg](foundersletter2d.jpg)

![propsectussummarycover1c.jpg](propsectussummarycover1c.jpg)

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp; We define monthly active users as the number of unique users that access at least one of our products during a given month. A

Paid Customer typically includes multiple unique users. When reporting monthly active users during a quarter or other period of

time, we report the number of monthly active users during the month with the highest number of active users during such

period.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Prospectus Summary

Overview

*Figma is where teams come together to turn ideas into the world's best digital products and* 

*experiences.* 

Every day, billions of people around the world use apps, websites, and other digital experiences that are

made in Figma. They're looking up directions on Google Maps; requesting rides with Uber; checking in for

flights on JetBlue; streaming shows on Netflix; learning languages with Duolingo; asking questions of

Claude; connecting on LinkedIn; buying goods on Mercado Libre; or booking stays and experiences with

Airbnb.

Behind each of these products is a cross-functional team responsible for bringing them to life. In Figma,

designers work alongside developers, product managers ("PMs"), researchers, marketers, writers, and

other non-designers who, in the three months ended March 31, 2025, made up two-thirds of our more

than 13 million monthly active users.<sup>1</sup>Together, these teams share and explore ideas, align on a vision,

visualize concepts, and translate them into coded products — all on a single, connected, AI-powered

platform that collaborators around the world can access with a URL.

Our focus on the entire lifecycle of software creation reflects our ability to rapidly bring new products onto

Figma's browser-based platform and our belief that design spans far beyond a single step or role. We

take this expansive view because design is more than how something looks, or even feels; design is also

how something works — and in today's increasingly digital-first world, what sets brands and companies

apart.

As AI makes software much easier to create, and as organizations across industries and geographies

continue to invest heavily in digital transformation, better-designed digital products and experiences have

become even more critical to a company's success.That's why 95% of the Fortune 500 and 78% of the

Forbes Global 2000 used Figma in March 2025. These companies understand deeply that great design is

what attracts and wins user loyalty, especially in a world where a business' interactions with its customers

are increasingly digital.

![a007-numbers.jpg](a007-numbers.jpg)

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp; See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" for information

regarding (i) certain one-time events that impacted our operating results for the years ended December 31, 2023 and 2024,

including the $1.0 billion termination fee we received in 2023 in connection with the Abandoned Merger with Adobe (as defined

below) and $889.3 million of stock-based compensation expense, net of amounts capitalized, we recognized in 2024 in

connection with the May 2024 RSU Release and the 2024 Stock Option Grants (each as defined below), (ii) our use of non-

GAAP operating margin and a reconciliation of operating margin to non-GAAP operating margin, and (iii) our definition of Net

Dollar Retention Rate.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Figma has been fortunate to play a part in, and benefit from, the growing global movement to elevate

design and the craft of building software. Millions of people use Figma every week, often for hours a day,

and as more users have come to our platform, our business has grown.

• Our revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-

over-year growth as compared to the year ended December 31, 2023, and our revenue was

$228.2 million for the three months ended March 31, 2025, representing 46% year-over-year

growth as compared to the three months ended March 31, 2024. Our four-year compounded

annual revenue growth rate as of December 31, 2024 was 53%.

• For the year ended December 31, 2024 and for the three months ended March 31, 2025, we

delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating

margin of 17% and 18%, respectively. Our 2024 operating margin was impacted by our May 2024

RSU Release and 2024 Stock Option Grant (each as defined below), one-time events.

• We had a Net Dollar Retention Rate (as defined below) of 134% and132% as of December 31,

2024 and as of March 31, 2025, respectively.

• For the years ended December 31, 2023 and 2024, we had net income of $737.8 million and net

loss of $732.1 million, respectively, and for the three months ended March 31, 2024 and 2025, we

had net income of $13.5 million and $44.9 million, respectively. In addition to our May 2024 RSU

Release and 2024 Stock Options Grant, we also received a $1.0 billion termination fee in 2023 in

connection with the Abandoned Merger with Adobe (as defined below).<sup>2</sup>

![a008-numbers.jpg](a008-numbers.jpg)

While Figma began as a browser-based tool for designing user interfaces, our platform has expanded to

help teams go from idea to product all in one place. We are quickly becoming the system of record for

design and product development at a time when software is growing exponentially. We believe our pace

of innovation, the breadth and flexibility of our platform, the strength of our team, the community

relationships we have built, and the enduring power of design position us well for future growth.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

From design silos to a new software standard

Dylan Field and Evan Wallace started Figma in 2012, after they met as students at Brown University.

Back then, design looked very different than it does today. Designers worked by themselves in silos

across multiple tools and products. Even if they wanted to design together or with others, technological

constraints and the fragmented nature of the product development toolchain made collaboration a pain.

The most elegant solution to share work? Huge, manually annotated files sent around as email

attachments with indecipherable names like "Draft_Final_V2_FINAL_v13."

![a009-softwarexstandards.jpg](a009-softwarexstandards.jpg)

As part of a generation that found community in multiplayer, virtual worlds and grew up on Google Docs,

Dylan and Evan saw an opportunity to bring design to the browser, and in doing so, make it more open

and collaborative. After experimenting with a powerful technology called WebGL, which harnesses the

power of a computer's Graphics Processing Unit ("GPU") to render high-performance graphics in the

browser, and spending three years building, testing, and iterating with users, they launched Figma. It was

the first design tool that combined the accessibility of the web with the functionality and performance of a

native desktop app.

Not everyone was as excited as Dylan and Evan were about this new way of working. Despite the product

benefits of a more open design process — seamless version control, real-time collaboration in the file,

and the ability to access designs from any browser or computer anywhere in the world — designers

raised concerns that more transparency and collaborators in the mix would lead to tighter deadlines, more

micro management, and an implicit loss of control over their craft. One person even said that if Figma was

the future of design, they were changing careers.

But as more designers and their teams started using Figma, they began to understand the benefits of

designing together in the browser. It was more fun working collaboratively in the same file; it was also

faster and more efficient to work in a single product that brought storage, asset creation, prototyping, and

other parts of the design toolchain into one place. The ability to easily share work with a URL led people

to bring collaborators into their files earlier, placing more emphasis on co-creation and less on the "big

reveal." It also led Figma to spread quickly within companies and design communities globally, while

giving teams something they'd never had before: a single source of truth to access the most up-to-date

designs.

Today, the openness and accessibility that Figma helped pioneer is no longer a novelty; it's the

expectation, a way of working that has spread across teams, tools, countries, and industries — and

transformed the way products are designed and built.

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From design tool to product development

platform

As Figma's open and collaborative way of working pulled more people into the design process, we

expanded to serve the many roles and steps involved in going from an idea to a product in users' hands.

The early investments we made in our browser-based platform have enabled us to rapidly introduce and

monetize new products.

![a010-figmaxplatform.jpg](a010-figmaxplatform.jpg)

• In 2021, we expanded our platform to serve earlier phases of the product development lifecycle

with the launch of FigJam, an online whiteboard for teams to brainstorm and ideate together.

FigJam grew organically out of the unexpected ways our community was using our first product

Figma Design to meet, connect, and brainstorm product ideas. We tailored FigJam to fit this use

case, creating a more welcoming and lightweight space for designers and their collaborators to

meet and brainstorm what to build together — using the core principles and primitives of Figma.

• In 2023, we released Dev Mode, a dedicated space in Figma that helps teams more efficiently

translate design concepts into coded products. While Figma Design is built for more free-form

design exploration, Dev Mode is tailored to the very specific and structured needs of developers,

who, during the three months ended March 31, 2025, made up approximately 30% of our monthly

active users. Dev Mode organizes information and surfaces data like design specifications and

measurements in ways that are both useful and intuitive for developers. Building on years of

updates in Figma Design to bridge the gap between design and code, Dev Mode is designed to

improve cross-team communication and maximize efficiency at this crucial step in the product

development process.

• In 2024, we launched Figma Slides, a product for designers and their collaborators to drive

alignment through better-designed and more collaborative presentations. Figma Slides was born

from an organic use case in which our users were creating millions of slide presentations in

Figma Design. Seeing that pattern, a team of our employees drew up Figma Slides during our

annual "Maker Week" hackathon. Figma Slides marries the visual fidelity of Figma Design with

the playful interactivity of FigJam, making it easier for designers and non-designers to create

powerful presentations in the same space.

• In 2025, we doubled our product portfolio with the launch of four new products: Figma Sites,

Figma Make, Figma Buzz, and Figma Draw. Figma Sites is a product that lets you design a

website and directly publish it to the web, with a custom URL. Figma Make is an AI-powered

product that turns a prompt into a fully functional prototype. Figma Buzz is a product for easily

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creating social media assets, display ads, and other marketing materials at scale that are

consistent with your brand or visual identity. And Figma Draw provides a dedicated space for finer

vector editing required when drawing detailed iconography and product illustrations.

With the additions of these seven products over the last four years, Figma offers an increasingly end-to-

end platform for teams to go from idea to shipped product. Over time, we've seen teams adopt our

platform for more parts of their product development journey, as evidenced by the fact that76% of Figma

customers were using at least two of our products during the three months ended March 31, 2025.

![a011-numbers.jpg](a011-numbers.jpg)

AI has the power to accelerate the process of going from idea to product even further by helping users of

all skill levels explore and iterate on ideas more quickly, while automating rote, repetitive tasks. Over the

last few years, we've launched AI features that help users generate editable user interfaces with a simple

prompt and rename layers in a design file or instantly summarize sticky notes from team meetings with a

single click.

Figma Make is the most recent launch that shows the potential of AI to accelerate product development,

as it helps users rapidly explore concepts by turning a conversational prompt — optionally augmented

with an existing Figma design — into a working prototype within minutes. This and other Figma AI

features currently rely on off-the-shelf foundational models, though we expect developments of our own

models to accelerate over time as we continue to make significant investments in AI.

Our community has also contributed to the expansion of Figma's platform in ways that increasingly

position us at the center of design and product development workflows. They have created over 250,000

Community resources, including more than 10,000 plugins and widgets that allow users to customize their

workspaces and speed up their workflows using Figma's publicly-accessible application programming

interfaces ("APIs"). With the help of our users and trusted partners, we have built a powerful, extensible

ecosystem that keeps evolving to meet the diverse needs of a growing global community and contributes

to our growth.

Through close community ties and a relentless focus on innovation and meeting user needs, Figma has

grown to serve more people and parts of the process of helping teams turn ideas into shipped products

and experiences.

The opportunity ahead

In the 13 years since Figma's founding, the amount of software in the world has exploded, and according

to a Gartner<sup>®</sup>forecast, worldwide software spending is expected to exceed $1.2 trillion in 2025.

Meanwhile, generative AI has made digital products more ubiquitous and much easier to build, with

International Data Corporation ("IDC") estimating there will be more than 1 billion new apps in the world

<sup>(3)</sup> Per IDC, "apps are defined here as logical applications which include solutions that are entirely made up of brand-new software

but also solutions that leverage existing installed applications as providers of data, decision-making logic, and other services."

<sup>(4)</sup> &nbsp;&nbsp;&nbsp;&nbsp; To estimate our market opportunity, we took IDC primary research-informed models of the global workforce population

engaged in software design and then applied our internal pricing data to determine our total addressable market.

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by 2028.<sup>3</sup> As a platform that's quickly becoming a system of record for design and product development,

Figma is well positioned to benefit from this growth.

![a014-numbers.jpg](a014-numbers.jpg)

We believe that, in today's world, design and a company's brand matter more than ever. The explosion of

software means that companies must increasingly vie for customer attention, and it is the well-crafted,

thoughtfully-designed brands, products, and user experiences that will stand out from the rest. In addition,

companies are still in the early phases of incorporating AI into their products. We expect to see so much

innovation in the years to come around the design of new interfaces and interaction paradigms that are

truly AI-native. Like the shifts to mobile and the cloud, we believe broader usage and adoption of new

technologies will be fueled by great design.

We estimate that our total addressable market is $33 billion today across the "global workforce engaged

in software design," as identified by IDC. We calculate our total addressable market based on internal

Figma data and the IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in

Software Design Expands to 144 Million by 2029." We commissioned this IDC Executive Spotlight, which

sizes the global number of participants involved in the product development process.<sup>4</sup>

Figma's founding vision was to eliminate the gap between imagination and reality. Thirteen years later,

the shift from a physical economy to a digital economy, huge advances in AI, and our own evolution from

design tool to design and product development platform have combined to make this aspiration feel even

more within reach today than it was when we started. This vision inspires us to think bigger about the role

Figma can play in extending the power of design to more people, so that whoever you are, whatever you

want to design, you'll be able to make it in Figma.

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Deep Dive: The product development

process in Figma

While our community has pushed Figma in all kinds of unexpected ways, our primary focus is to help

teams turn ideas into software. We started out as a relatively small part of this larger job to be done, but

Figma was always meant to be more than a tool for designing user interfaces.

![a015-figmaxplatform.jpg](a015-figmaxplatform.jpg)

We are a platform for design and product development. And while the workflow of creating software and

other digital products and experiences can take many paths and forms, the process has traditionally

involved the following key phases:

1.**Ideate and Align.** The team comes together to brainstorm different solutions to user problems

and align on a path forward.

2.**Visualize.** Designers, PMs, and others bring life to these ideas by visualizing them at different

levels of fidelity, which starts to give a sense of how the overall experience comes together.

3.**Build.** These ideas and visualizations are turned into code (most often by a developer) and made

production-ready.

4.**Ship.** The product is launched, so it can end up in users' hands, and marketed, so more users

adopt it; this kicks off a continuous loop of learning, refinement, and improvement.

These phases have continued to shift as roles have blurred and advances in AI allow more people to

participate in the process of creating digital products and experiences. We see this in our own research,

which found that, as of May 2025, more than half of non-designers reported spending substantial time on

<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Data from a Figma survey of approximately 1,200 professionals working in digital product and marketing in the United States

conducted from March through May 2025.

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design-related work like visual exploration or mapping user flows.<sup>5</sup> Over time, we've launched and

successfully monetized new products that bring more parts of the overall design and product development

process onto our platform.

Ideate and align with FigJam and Figma Slides

![a016-figjamxfigmaxslides.jpg](a016-figjamxfigmaxslides.jpg)

In the early phases of product development, teams come together to brainstorm ideas and eventually

align on potential paths forward. FigJam and Figma Slides are products we have built to facilitate these

activities.

FigJam is our product tailored for ideation, brainstorming, and rapid communication of ideas. Designed for

users of all skill levels, FigJam makes everything from personal projects to solo ideation to team meetings

more engaging and fun. This is made possible by facilitation features like timers and voting, but also fun

features that give participants more ways to express themselves, like ephemeral emoji reactions, a photo

booth that lets you take a quick selfie, or the ability to give high-fives. We also offer rich diagramming

capabilities to make it easy to convey more abstract ideas through user journeys or technical diagrams for

engineering. In FigJam, users can also use AI to generate templates for group brainstorms and

summarize meeting notes in seconds.

Figma Slides helps teams collaboratively make compelling, engaging presentations that drive and

maintain alignment. What makes this product especially effective for product teams is the way it marries

Figma's powerful design features — such as the ability to embed prototypes, create high-fidelity

animations, or make detailed edits to mock-ups directly in a slide — with strong real-time collaboration

capabilities like seamless multiplayer editing and audience voting.

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Often, these products are used side-by-side — what starts in a brainstorm in FigJam can lead to a pitch

deck in Figma Slides. We aim to make the transition between these products easy with features like AI

that can turn FigJam stickies into a Figma Slides presentation.

Visualize with Figma Design and Figma Draw

![a017-figmaxdesign.jpg](a017-figmaxdesign.jpg)

As ideas become more concrete and teams align on a path forward, they move toward visualizing these

ideas at a higher fidelity. Often, they draw mock-ups to explore directions more deeply, or build realistic

prototypes to validate designs. Figma Design is where all of this happens.

Designers at this stage want the freedom to rapidly explore concepts and express their ideas fully without

being constrained by the tools they're using. This is why Figma Design offers a wide range of features

that make it possible to visualize ideas with high fidelity, including typography features or vector editing

capabilities that add texture and dimension to designs. In some cases, designers want to make more

detailed, finer edits to key assets in their design, like icons and product illustrations. For these users,

we've created Figma Draw, which is a dedicated space for vector editing within Figma Design.

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![openerfigmadraw.jpg](openerfigmadraw.jpg)

To facilitate rapid exploration and iteration at this stage, these tools have a strong focus on ergonomics

and efficiency. Our AI features are examples of this. By automating tedious, repetitive tasks like removing

backgrounds from images or renaming layers in the design, or filling the mock-ups with realistic content to

more closely resemble the final product that ends up in users' hands (rather than *lorem ipsum*, for

example). First Draft is an AI feature that allows users to go from blank canvas to editable user interfaces

with a simple prompt.

As designs begin to solidify, designers also seek to add more structure to the design that better maps to

the constraints and requirements of a production environment. Figma Design offers a rich set of "design

systems" features in service of this: capabilities that allow teams to define flexible, reusable building

blocks that make it easy for anyone to assemble a design without ever starting from scratch. We've found

that teams are motivated to invest deeply in design systems, as their primary benefit is creating efficiency

and consistency at scale. Teams save time by no longer needing to constantly worry about pixel-level

details, and design systems help remove translation errors between designers and developers by sharing

the same building blocks and language across design and code.

More often than not, though, a static visualization of an idea isn't enough to validate a direction. That's

why users take advantage of Figma's rich prototyping capabilities, which let users string together different

screens into a dynamic, interactive flow. These prototypes are often circulated within an organization to

socialize an idea or put in front of customers in user testing to validate a particular concept in a more

realistic way.

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Build with Dev Mode

![a018-devxmode.jpg](a018-devxmode.jpg)

Once the designs are ready, it's time to translate them into code. Dev Mode is our dedicated space for

developers where this translation occurs, built to streamline the back and forth between design and

engineering and reduce the miscommunication that often happens during this step.

In Dev Mode, developers can inspect the designs to see key details most relevant to them, like special

annotations left by designers, documentation about the components used, or what's changed since they

last saw the design.

Importantly, developers can choose to view these designs in the format they understand most: code. Dev

Mode generates platform-specific, ready-to-use code from the designs that developers can directly copy;

teams can also connect their design systems to their codebase via Code Connect which helps ensure the

code snippets developers see are correct, familiar, and production-ready.

Recently, we've also added our own Model Context Protocol ("MCP") server to Dev Mode, which allows

developers to connect an agent in their code editor directly to designs in Figma. Developers can ask the

agent to inspect the design and use this context to convert it into working code in their codebase.

A traditional design-to-development handoff process often involves a spec or document that can quickly

get outdated as teams continue to iterate on designs. One of Dev Mode's key value propositions is

allowing designers, developers, and even agents to work in the very same file while giving each a

different view of the work tailored to their respective needs. This helps maintain a single source of truth

that literally keeps everyone on the same page.

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Ship with Figma Sites, promote in Figma Buzz

![a019-figmaxsites.jpg](a019-figmaxsites.jpg)

The last step of any product development process is shipping the code that's been written to production,

to get your product launched. Figma Sites represents our first offering that ships a design directly to

production, by allowing you to publish a design as a working website, with a URL of your choice, that

anyone in the world can access.

Figma Sites includes features that help make designs production-ready for the web, like breakpoints that

make websites responsive across different window sizes and devices. It also supports the ability to

augment designs with code (via a feature called code layers) to help make more powerful, dynamic

experiences, like adding special motion effects or an interactive form, that would otherwise have been

impossible to build with just a design tool. Figma Sites also includes a CMS that makes it easy for anyone

to make changes to the content on a website, like a blog post or the price of an item being sold on the

site, without worrying about breaking the underlying code or design.

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![a021-figmaxbuzz.jpg](a021-figmaxbuzz.jpg)

Once a product has been shipped to production, the last step is to actually promote it, to ensure existing

and prospective users are aware of the value of what's launched. This is where Figma Buzz comes in —

a tool that makes it easy to create on-brand marketing collateral, like social media assets, digital ads, and

more.

Similar to Figma Slides and FigJam, Figma Buzz is designed for users of any skill level. Figma Buzz

makes it easy to take a template and edit its contents, or create assets in bulk from templates (e.g., for

multiple locales or different social media platforms). The product simplifies the collaboration between a

brand designer and a marketer. Designers are able to access the more sophisticated tools necessary to

set up a beautiful template, while marketers can make edits to the simpler view of the content without

worrying about "messing up" the design. In addition to these template capabilities, Figma Buzz has a slew

of other features that marketers may need, like AI features to edit text and images, or easy ways to

generate hundreds of assets from data in a spreadsheet.

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Ideate, visualize, build, and ship — all at once, with Figma Make

![a020-figmaxmake.jpg](a020-figmaxmake.jpg)

We believe AI is fundamentally transforming the product development process by making it possible for

anyone to quickly turn an idea into a functional prototype, or in some cases, a working product. Figma

Make is our product for this new paradigm.

Instead of going from idea to wireframe to mock-up to prototype iteratively, Figma Make lets users go

directly from prompt to working prototype, at which point they can immediately validate an idea and

choose to iterate on it, or discard it altogether. Like Figma Sites, what's created in Figma Make —

whether it is a dynamic prototype or web app — can be published to a URL for anyone to use.

While it's possible for AI to get to working software with a simple prompt, we believe that the most

important differentiator is craft — ensuring that the product looks, feels, and works "just right." We've

designed Figma Make to offer fast and powerful ways to iterate and refine its output. Users are free to

use the best way to improve the design of their product, whether via further prompting, editing code

directly, or visual manipulation. They are also able to easily reference their designs in Figma Design (via

copy-paste or importing) to ensure the output feels consistent and familiar, taking heavy inspiration from

existing styles and patterns.

With Figma Make, we believe even more people will be able to create functional, dynamic prototypes and

software, as it lowers the floor to let absolutely anyone transform their idea into something that works. At

the same time, it raises the ceiling of what's possible by giving people access to capabilities that weren't

possible in their current tools, whether that's allowing designers to tap into the power and expressiveness

of code, or allowing developers to enjoy the freedom and speed of visual manipulation.

The benefits of combining rapid prototyping with a highly performant and sophisticated design tool give

users the best of both worlds: the ability to move quickly while having access to the tools needed to refine

the design.

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An integrated design and product development platform

These products come together to serve more parts of the software development lifecycle and truly push

something from an idea all the way to a final product. With these products, Figma has become a design

and product development platform that houses everything from the initial brainstorm to the pitch deck to

the design spec to the final implementation.

Underlying each of our products is the same DNA that makes them uniquely Figma. Each of these

products is built from the ground up with multiplayer in mind — built for the browser with the power of

WebGL to allow our users to engage in real-time collaboration and seamless sharing as team members

work simultaneously in the same document. Each of these products is supercharged with AI capabilities

— ranging from automating rote tasks (like summarizing brainstorms, wiring up prototypes, enhancing

images, or filling mock content) to unlocking new superpowers (like dreaming up brand new designs from

a singular prompt). Each of these products allows for seamless interoperability — making it possible to

allow content to move fluidly between products and modes, or for different personas to have views of the

same content that are tailored to their needs and roles. And all of them are built with extensibility in mind

— allowing our users to leverage our APIs and plugin architecture to customize their experience to their

specific needs, like connecting designs to their own tools, databases, and codebases.

As we've built out these new tools, we've simultaneously invested in our platform infrastructure, giving us

the ability to incubate, test, and launch new products more easily. While our primary focus will remain on

product teams building software, we believe we have the ingredients needed to explore adjacencies over

time.

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Our Community

We exist to serve anyone designing and building products and digital experiences. Customers of all sizes,

spanning industries and geographies, bring their work to life in Figma.

We have focused on creating deep ties with our users and customers since day one. In Figma's early

days, this meant our founders making house-calls to customers' offices to troubleshoot a product issue; or

traveling to Nigeria to visit a growing group of Figma users. Our deep community focus has helped fuel

the creation of more than 200 Friends of Figma chapters across the world — from Lagos to Los Angeles

— that organized over 650 events in 2024. Together, they share and collaborate on work, either in person

or virtually on Figma's Community resources platform. Many spend hours a day in our products as part of

their day jobs and side hustles. Some even get Figma tattoos.

![a00_our-community.jpg](a00_our-community.jpg)

We engage with our community through in-person and virtual touchpoints. Config — our annual

conference that started in 2020 — brings thousands of designers, developers, and product teams to San

Francisco to meet, learn, and get inspired. Our always-on programming, like product livestreams,

community meetups, and our leadership collective events, engage a broad range of customers from

students to executive leaders. And our lively product forums, social channels, and hundreds of Friends of

Figma chapters around the world create active dialogue around our products and provide a peer network

for support.

We know how unique it is for a software company to have such a strong and passionate community

championing its products. This vast, growing, and global community has a deep shared identity as

designers and product builders. Their voices are essential to our own product development process,

pushing the bounds of our existing products and inspiring us to make new ones.

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We believe building for and with our users drives revenue and long-term loyalty. The close ties we have

developed with our community since day one have opened lines of communication ingrained in how we

work, helping us respond quickly to customer feedback and innovate for customer needs.

Our Culture

The Figma team (we call ourselves Figmates) is a group of builders, makers, and tinkerers with deep

connections to our users and a passion for building and shipping. We are able to attract incredible talent

because we have the opportunity to shape how teams around the world design and build products.

We feed this maker spirit in many ways including an annual company-wide Maker Week — a full week we

set aside for Figmates to pitch, develop, and execute on new ideas or projects with one another. The only

requirement is that the ideas benefit Figma in some way. A number of products, features, and projects

were born during Maker Week such as Figma Slides, multi-edit, several FigJam features, and our

extensibility API. As these examples show, great ideas can come from anywhere, and any Figmate can

drive impact, regardless of their level or tenure. We find this way of working makes our culture unique and

helps us attract and retain employees with builder DNA.

![a00_our-culture.jpg](a00_our-culture.jpg)

We drive Figma's culture by embedding our five cultural values into how we work day to day. These

values serve as an operating system for decision-making and organizational behavior. We chose them to

be in tension with one another and their relative importance varies at different times. Taken together, they

paint a clear picture of what we value and why.

1.**Build Community:** We're multiplayer people, and we love the weird, wonderful magic that

happens when humans connect. We bring people together so they can bring new ideas to life.

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2.**Love Your Craft:** We build for builders, and try to make complex things feel simple. In our

products and process, we invest in the details few people see, but everyone feels.

3.**Run With It:** When you see something that needs doing, do it. When you have a great idea, run

with it. Tackle big, scary, exciting challenges like Figma's future depends on it. Because it does.

4.**Grow As You Go:** Everyone's a work-in-progress, and we're here to help each other grow. So

along with ❤ and , we share the direct feedback we all need to become great at what we do.

![prosum3b.jpg](prosum3b.jpg)

5.**Play:** Playing is learning. We embrace spontaneous, unstructured exploration — because that's

where we find our best ideas.

Lastly, in line with our Grow As You Go value, listening to feedback across every touchpoint with users

and customers is deeply embedded in our culture and how we work.

Our Business Model

Our subscription model is designed to meet the diverse and evolving needs of our growing community

and customer base. Access to Figma is sold as an annual or monthly subscription, per seat. Everyone

from independent freelancers to entire product teams at Fortune 500 companies design and build

products and digital experiences in Figma. We offer different seats and plans tailored to the specific

security, product, and administrative needs of different users, organizations, and industries.

To meet our users where they are, we offer a variety of ways to try, use, and purchase Figma.

• We have an automated and highly efficient self-service option, available through Figma.com. To

support our self-serve offering, our marketing team utilizes organic and paid channels to drive

awareness and usage of all of our products.

• We have a direct sales process through which we partner with customers to set up new accounts,

upgrade customers across plans, and expand existing accounts.

Plans

Our plans range from a more limited free offering to more advanced plans built in partnership with our

customers that meet the specific needs of the larger organizations using our platform.

• Our **Starter plan** is free and is designed for working on personal projects. It provides an easy

way for new users to try our design and collaboration tools.

• Our **Professional plan** is designed for individuals and small teams. It provides access to

unlimited files and projects, as well as design libraries for a single team.

• Our **Organization plan** is designed for businesses with multiple teams. The functionality on this

plan allows everyone to collaborate in one Figma workspace while keeping everything safe and

secure with centralized admin and security features.

• Our **Enterprise plan** is designed for businesses managing multiple products or brands. This plan

provides custom team workspaces, automated design system management, and enterprise-level

controls and compliance.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp; The Content seat was announced in May 2025 and is not yet available. Figma Sites CMS is currently in beta and seat access

may change once it becomes generally available.

<sup>(7)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Figma Make, Figma Buzz, Figma Draw, and Figma Sites are currently in beta. Seat access with respect to these products may

change once they become generally available.

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Seats

Rather than a one-size-fits all approach, we offer different seats tailored to specific user needs and

workflows. At the same time, we also see roles continuing to blur as the product-development process

keeps evolving.

• The **Viewer seat** allows users to view files and leave comments for free.

• The **Collab seat** gives access to FigJam and Figma Slides.

• The **Content seat** gives access to Figma Buzz, Figma Sites CMS, FigJam, and Figma Slides.<sup>6</sup>

• The **Dev seat** gives access to Dev Mode, in addition to Figma Buzz, Figma Sites CMS, FigJam,

and Figma Slides.

• The **Full seat** gives access to all of Figma Design, Figma Draw, Figma Make, Dev Mode, Figma

Buzz, Figma Sites, FigJam, and Figma Slides.<sup>7</sup>

![a012-seats.jpg](a012-seats.jpg)

Over time, we expect to introduce products and services that may be billed differently than on a per seat

basis, such as an add-on or pricing with limits on feature usage. We believe these additional options can

provide users with flexibility in how they use and pay for products and features. We also expect that this

type of billing may be less predictable than subscription-based revenue.

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![pricing.jpg](pricing.jpg)

Our Go-To-Market Motion

The combination of Figma's reputation as a product design leader, the product virality inherent to Figma's

collaborative and browser-based platform, and our integrated marketing efforts have successfully driven

awareness and adoption. Over time, many of our users grow with us into larger, managed accounts that

often include more seats and more products for users within their organizations. During each of the year

ended December 31, 2024 and the three months ended March 31, 2025, approximately 70% of new

Organization and Enterprise plan customers included at least one user who was previously a member of

a Professional plan.

The value Figma's products have created for our community has helped us earn their trust and support.

It's not uncommon for Figma users, particularly those who are active members of our community, to

champion the collaborative, design-led way of working that Figma offers to their teams.

While our product-led, bottoms-up adoption contributes to our growth, our direct sales motion helps us

serve larger customers. Our global sales and marketing teams work hand-in-hand with Figma's

expanding network of customer champions to scale our products within organizations and increase

adoption across plans. In addition to word-of-mouth, our marketing efforts include a variety of digital and

in-person channels that bring new users to our platform. We support new users in the discovery phase by

sharing content across channels like livestreams, YouTube, social media, in-product, and by email. These

resources help new users explore and understand the capabilities of our products.

Our integrated sales motion is collaborative by design, bringing both customer champions and Figmates

with deep product expertise into the conversation. Our sales team works closely with solutions

consultants, who understand how Figma's products map to specific customer needs, and designer and

developer advocates with deep technical understanding of our products and close ties to the communities

we serve. While approximately 70% of our revenue for each of the year ended December 31, 2024 and

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the three months ended March 31, 2025, came from customers on Organization and Enterprise plans, we

continue to build features and products designed to create value for all of our customers.

We believe exceptional customer support is core to a great product experience. This is why we have built

a global support function that provides customer assistance in multiple languages for all paid users. We

encourage all Figmates, including our executive team, to speak with customers and understand their

feedback, whether it's in person or online. You'll often see leaders across the company dive into and work

to actively resolve customer issues raised in support forums or on social platforms. Our customer support

associates also use the latest in AI to solve customer needs quickly and efficiently.

Figma's partner ecosystem, which includes product integrations and distribution partnerships, drives

further retention and adoption of our platform. Through collaborations with companies like Microsoft,

Atlassian, Zoom, Notion, and Linear, and integrations with tools like GitHub, Visual Studio Code, and

Storybook, users are connected to Figma from within their existing workflows. These partnerships

generate awareness and cultivate lasting engagement. Certified service partners around the globe also

provide training, enablement, and specific project support for customers. Additionally, Apple, Google

Material Design, and other organizations make their design resources available natively through Figma's

user interfaces to facilitate users designing and developing for their respective platforms.

From the beginning, Figma's Professional plan has been free for educators and students through our

Figma for Education program. This includes higher education institutions, bootcamps, and workshops. We

also make Figma's Organization plan available for free for K-12 students and educators to help develop

the next generation of product builders.

![a024-goxtoxmarket.jpg](a024-goxtoxmarket.jpg)

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Growth Strategy

We have focused on building a company for the long-term since day one. We will keep investing in our

platform across our key growth levers.

• Maintaining our rapid and proven pace of product innovation.

• Converting new and existing users into Paid Customers.

• Growing within current customers.

• Extending our platform.

• Expanding our international footprint.

• Making strategic acquisitions and investments.

Risk Factors Summary

Our business is subject to numerous risks and uncertainties of which you should be aware before making

a decision to invest in our Class A common stock. These risks are more fully described in the section

titled "Risk Factors" immediately following this prospectus summary. These risks, among others, include

the following:

• We have experienced rapid growth which may not be indicative of our future growth, and if we do

not effectively manage our future growth, our business, operating results, financial condition, and

future prospects may be adversely affected. Our rapid growth also makes it difficult to evaluate

future prospects.

• Our operating results may fluctuate significantly, which could make our future results difficult to

predict and could cause our operating results to fall below expectations.

• We have a limited operating history at our current scale, which makes it difficult to evaluate our

current business and future prospects and increases the risks associated with your investment.

• Changes in our pricing, packaging, or billing models could adversely affect our business,

operating results, financial condition, and future prospects.

• If we are unable to attract new customers or retain and increase adoption of our products and

services by existing customers, we may not achieve the growth we expect, which would

adversely affect our business, operating results, financial condition, and future prospects.

• If we are not able to effectively introduce enhancements to our platform, including new offerings,

features, and functionality, that achieve widespread market adoption, or keep pace with

technological developments, our business, operating results, and financial condition could be

adversely affected.

• Competitive developments in AI and our inability to effectively respond to such developments

could adversely affect our business, operating results, and financial condition.

• We face intense competition and could lose market share to our competitors, which would

adversely affect our business, operating results, financial condition, and future prospects.

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• Our product and investment decisions may negatively impact our short-term financial results and

may not produce the long-term benefits that we expect.

• The markets for our products and services are relatively new and unproven and may not grow,

which would adversely affect our business, operating results, financial condition, and future

prospects.

• Our business is subject to complex and evolving U.S. and foreign laws, regulations, and industry

standards, many of which are subject to change and uncertain interpretations, which uncertainty

could harm our business, operating results, and financial condition.

• The multi-class structure of our common stock has the effect of concentrating voting power with

Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, which will

limit your ability to influence the outcome of important transactions, including a change in control.

If we are unable to adequately address these or the other risks we face, our business, operating results,

financial condition, and future prospects could be adversely affected.

Channels for Disclosure of Information

Following the effectiveness of the registration statement of which this prospectus forms a part, we intend

to announce material information to the public through filings with the SEC, the investor relations page on

our website (www.figma.com), our blog (www.figma.com/blog), our newsroom (www.figma.com/

newsroom), press releases, public conference calls, public webcasts, our social media accounts on X,

LinkedIn, Instagram, Bluesky, Threads, and TikTok as well as Dylan Field's X account (@zoink) and

LinkedIn profile. The information contained on, or that can be accessed through, these channels is not a

part of this prospectus.

The information disclosed in the foregoing channels could be deemed to be material information. As such,

we encourage investors, the media, and others to follow the channels listed above and to review the

information disclosed through such channels. Any updates to the list of disclosure channels through

which we will announce information will be posted on the investor relations page on our website.

Corporate Information

We were incorporated in the State of Delaware in October 2012. Our principal executive offices are

located at 760 Market Street, Floor 10, San Francisco, California 94102. Our telephone number is (415) 890-5404. Our website address is www.figma.com. The information contained on, or that can be

accessed through, our website is not a part of this prospectus. Investors should not rely on any such

information in deciding whether to purchase shares of our Class A common stock.

Figma, the Figma logo, and other registered or common law trade names, trademarks, or service marks

of Figma appearing in this prospectus are the property of Figma, Inc. This prospectus contains additional

trade names, trademarks, logos, and service marks of ours and of other companies. We do not intend our

use or display of other companies' trade names, trademarks, logos, or service marks to imply a

relationship with these other companies, or endorsement or sponsorship of us by these other companies.

Other trademarks appearing in this prospectus are the property of their respective holders. Solely for

convenience, our trade names, trademarks, logos, and service marks referred to in this prospectus may

appear without the® and™ symbols, but those references are not intended to indicate, in any way, that

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we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable

licensor, to these trademarks, trade names, logos, and service marks.

JOBS Act

As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an

"emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS

Act").

An emerging growth company may take advantage of reduced reporting requirements that are otherwise

applicable generally to public companies. These provisions include, but are not limited to:

• not being required to comply with the auditor attestation requirements of Section 404 of the

Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act");

• reduced obligations with respect to financial data, including presenting only two years of audited

financial statements;

• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy

statements, and registration statements; and

• exemptions from the requirements of holding a nonbinding advisory vote on executive

compensation and any golden parachute payments not previously approved.

We may take advantage of these provisions until the last day of our fiscal year following the fifth

anniversary of the date of the first sale of our Class A common stock in this offering. However, we will

cease to be an emerging growth company prior to the end of such five-year period if (i) we become a

"large accelerated filer," with at least $700 million of common equity securities held by non-

affiliates; (ii) our annual gross revenue exceeds $1.235 billion; or (iii) we issue more than $1.0 billion

of non-convertible debt in any three-year period, whichever occurs first.

We have elected to take advantage of certain of the reduced disclosure obligations in the registration

statement of which this prospectus is a part and may elect to take advantage of other reduced reporting

requirements 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.

In addition, the JOBS Act provides that an "emerging growth company" can take advantage of an

extended transition period for complying with new or revised accounting standards. This provision allows

an emerging growth company to delay the adoption of some accounting standards until those standards

would otherwise apply to private companies. We have elected to use this extended transition period to

enable us to comply with certain new or revised accounting standards that have different effective dates

for public and private companies until the earlier of the date we (i) are no longer an emerging growth

company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the

JOBS Act. As a result, our financial statements may not be comparable to companies that comply with

new or revised accounting pronouncements as of public company effective dates. It is possible that some

investors will find our Class A common stock less attractive as a result, which may result in a less active

trading market for our Class A common stock and higher volatility in our stock price.

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The Offering

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| | |
|:---|:---|
| Class A common stock offered by us....... | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| Class A common stock offered by the <br>selling stockholders.................................<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| Underwriters' over-allotment option to <br>purchase shares of Class A common <br>stock...........................................................<br>| The underwriters have the option for a period of 30 days from <br>the date of this prospectus to purchase up to an additional <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock from us to cover <br>over-allotments, if any, at the initial public offering price less <br>underwriting discounts and commissions.<br>|
| Class A common stock to be <br>outstanding after this offering................<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise their <br>over-allotment option in full).<br>|
| Class B common stock to be <br>outstanding after this offering................<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. |
| Class C common stock to be <br>outstanding after this offering................<br>| None. |
| Total Class A, Class B, and Class C <br>common stock to be outstanding after <br>this offering...............................................<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares (or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares if the underwriters exercise their <br>over-allotment option in full).<br>|

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|:---|:---|
| Use of proceeds.......................................... | We estimate that the net proceeds from the sale of shares of <br>our Class A common stock in this offering will be <br>approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (or approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the <br>underwriters exercise their over-allotment option in full), <br>based upon the assumed initial public offering price of <br>$&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price <br>range set forth on the cover page of this prospectus, and after <br>deducting estimated underwriting discounts and commissions <br>and estimated offering expenses.<br>The principal purposes of this offering are to create a public <br>market for our Class A common stock, increase our visibility <br>in the marketplace, increase our capitalization and financial <br>flexibility, and facilitate an orderly distribution of shares for the <br>selling stockholders. We intend to use a portion of the net <br>proceeds from this offering to repay $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of <br>outstanding indebtedness under the Revolving Credit Facility <br>(as defined below), which we intend to borrow in order to pay <br>our anticipated tax withholding and remittance obligations <br>related to the RSU Net Settlement (as defined below). We <br>intend to use the remaining net proceeds from this offering for <br>working capital and other general corporate purposes, which <br>may include product development, general and administrative <br>matters, and capital expenditures. We may also use a portion <br>of the remaining net proceeds for the acquisition of, or <br>investment in, technologies, solutions, or businesses that <br>complement our business. However, we do not have <br>agreements or commitments for any material acquisitions or <br>investments at this time. See the section titled "Use of <br>Proceeds" for additional information.<br>We will not receive any proceeds from the sale of our Class A <br>common stock in this offering by the selling stockholders.<br>|

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|:---|:---|
| Conflicts of Interest..................................... | Because an affiliate of each of Morgan Stanley & Co. LLC <br>("Morgan Stanley"), Goldman Sachs & Co. LLC ("Goldman <br>Sachs"), J.P. Morgan Securities LLC ("J.P. Morgan"), BofA <br>Securities, Inc. ("BofA Securities"), Wells Fargo Securities, <br>LLC ("Wells Fargo Securities"), and RBC Capital Markets, <br>LLC ("RBC Capital Markets") is a lender under the Revolving <br>Credit Facility and will receive 5% or more of the net <br>proceeds of this offering due to the repayment of borrowings <br>under the Revolving Credit Facility, Morgan Stanley, Goldman <br>Sachs, J.P. Morgan, BofA Securities, Wells Fargo Securities, <br>and RBC Capital Markets, each an underwriter in this <br>offering, is deemed to have a "conflict of interest" under Rule <br>5121 ("Rule 5121") of the Financial Industry Regulatory <br>Authority, Inc. ("FINRA"). Accordingly, this offering will be <br>conducted in compliance with the requirements of Rule 5121, <br>which requires, among other things, that a "qualified <br>independent underwriter" participate in the preparation of, and <br>exercise the usual standards of "due diligence" with respect <br>to, the registration statement and this <br>prospectus.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; has agreed to act as a qualified <br>independent underwriter for this offering and to undertake the <br>legal responsibilities and liabilities of an underwriter under the <br>Securities Act of 1933, as amended (the "Securities Act"), <br>specifically including those inherent in Section 11 thereof.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will not receive any additional fees for serving as a <br>qualified independent underwriter in connection with this <br>offering. We have agreed to indemnify&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; against <br>liabilities incurred in connection with acting as a qualified <br>independent underwriter, including liabilities under the <br>Securities Act. See the sections titled "Use of Proceeds" and <br>"Underwriters (Conflicts of Interest)" for additional information.<br>|

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|:---|:---|
| Voting rights ................................................ | We have three series of common stock: Class A common <br>stock, Class B common stock, and Class C common <br>stock. Shares of our Class A common stock are entitled to <br>one vote per share. Shares of our Class B common stock are <br>entitled to 15 votes per share. Shares of our Class C common <br>stock have no voting rights, except as otherwise required by <br>law.<br>Holders of our Class A common stock and Class B common <br>stock will generally vote together as a single class, unless <br>otherwise required by law or our restated certificate of <br>incorporation that will become effective immediately prior to <br>the completion of this offering. Each share of Class B <br>common stock will be convertible into one share of our Class <br>A common stock at any time and will convert automatically <br>upon certain transfers and upon the Final Conversion Date <br>(as defined below). Immediately following the completion of <br>this offering, and assuming no exercise of the underwriters' <br>over-allotment option, Dylan Field, our Chair of our Board of <br>Directors, Chief Executive Officer, and President will hold or <br>have the ability to control approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the <br>voting power of our outstanding capital stock, including <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of the voting power pursuant to the Wallace Proxy. <br>As a result, following this offering, Mr. Field will have the <br>ability to control the outcome of matters submitted to our <br>stockholders for approval, including the election of our <br>directors and the approval of any change of control <br>transaction. These risks are more fully described in the <br>section titled "Risk Factors." See the sections titled "Principal <br>and Selling Stockholders" and "Description of Capital Stock" <br>for additional information.<br>|
| Risk factors................................................... | See the section titled "<u>[Risk Factors](#i8dccdb6f4d824d4aba81e7c665eaa62d_19)</u>" and other information <br>included in this prospectus for a discussion of some of the <br>factors you should consider before deciding to purchase <br>shares of our Class A common stock.<br>|
| Proposed NYSE trading symbol............... | "FIG" |
| Dividend policy............................................. | We currently intend to retain all available funds and any future <br>earnings for use in the operation of our business and do not <br>anticipate paying any dividends on our capital stock in the <br>foreseeable future. Any future determination to declare <br>dividends will be made at the discretion of our Board of <br>Directors and will depend, among other things, on our <br>financial condition, operating results, capital requirements, <br>general business conditions, restrictions in our debt <br>instruments, and other factors that our Board of Directors may <br>deem relevant. See the section titled "Dividend Policy" for <br>additional information.<br>|

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The number of shares of our Class A common stock, Class B common stock, and Class C common stock

that will be outstanding after this offering is based on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class A common stock

outstanding, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock outstanding, and no shares of our Class C

common stock outstanding as of March 31, 2025 (after giving effect to the Capital Stock Conversion, the

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Class B Conversion, the Option Exercise, and the RSU Net Settlement (each as defined below)), and

excludes:

• 23,057,048 shares of our Class A common stock issuable upon the exercise of stock options to

purchase shares of our Class A common stock outstanding as of March 31, 2025 under our 2012

Equity Incentive Plan (as amended and restated as of the date hereof, the "2012 Plan"), with a

weighted-average exercise price of $9.77 per share;

• 46,166,511 shares of our Class A common stock issuable upon the vesting and settlement of

restricted stock units ("RSUs") outstanding as of March 31, 2025 under the 2012 Plan for which

the service-based vesting condition was not satisfied as of March 31, 2025 and for which we

expect the performance-based vesting condition will be satisfied in connection with this offering

(we expect that the satisfaction of the service-based vesting condition of certain of these RSUs

through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, the expected date of this offering, will result in the net issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

shares of our Class A common stock in connection with this offering, after withholding an

aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock to satisfy the associated estimated tax

withholding and remittance obligations (based on the assumed initial public offering price of

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range set forth on the cover page of

this prospectus, and an assumed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% tax withholding rate));

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the vesting and settlement of RSUs

granted after March 31, 2025 under the 2012 Plan;

• 15,750,000 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2021 Executive Equity Incentive Plan (the

"2021 Plan") for which the service-based vesting condition and/or market-based vesting condition,

if applicable, were not satisfied as of March 31, 2025 and for which we expect the performance-

based vesting condition will be satisfied in connection with this offering (we expect that the

satisfaction of the service-based vesting condition of certain of these RSUs through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025,

the expected date of this offering, will result in the net issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class B

common stock in connection with this offering, after withholding an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of

Class B common stock to satisfy the associated estimated tax withholding and remittance

obligations (based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, and an

assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% tax withholding rate));

• 28,960,338 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs granted on June 30, 2025 under the 2021 Plan for which the service-based vesting

conditions and/or stock price-based vesting conditions, as applicable, are not anticipated to be

satisfied at the expected date of this offering;

• 260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock outstanding as of March 31, 2025, with an

exercise price of $0.08 per share;

• 699,705 shares of our Class A common stock issued after March 31, 2025 in connection with the

acquisition of a technology company that is a self-hosted headless content management system

and application framework; and

• 85,053,649shares of our common stock reserved for future issuance under our equity

compensation plans, consisting of (i) 14,451,482 shares of our Class A common stock available

for future issuance under our 2012 Plan as of March 31, 2025 (which amount does not reflect

RSUs settleable for shares of our Class A common stock granted after March 31, 2025), (ii)

1,002,167 shares of our Class B common stock available for future issuance under our 2021 Plan

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as of March 31, 2025 (which amount is prior to an increase of 28,960,338 shares of our Class B

common stock reserved for future issuance under the 2021 Plan after March 31, 2025 and does

not reflect RSUs settleable for shares of our Class B common stock granted after March 31,

2025), (iii) 58,000,000 shares of our Class A common stock available for future issuance under

our 2025 Equity Incentive Plan (the "2025 Plan"), which will become effective on the date

immediately prior to the date of this prospectus, and (iv)11,600,000 shares of our Class A

common stock reserved for issuance under our 2025 Employee Stock Purchase Plan (the "2025

ESPP"), which will become effective on the date of this prospectus.

On the date of this prospectus, any reserved shares of our Class A common stock available for issuance

under our 2012 Plan and shares of Class B common stock available for issuance under our 2021 Plan will

be added to the shares of our Class A common stock reserved for issuance under our 2025 Plan (and will

solely be available for grant as shares of Class A common stock), and we will cease granting awards

under our 2012 Plan and our 2021 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic

annual increases in the number of shares reserved thereunder. See the section titled "Executive

Compensation—Stock Plans" for additional information.

Unless otherwise noted, the information in this prospectus reflects and assumes the following:

• the automatic conversion of an aggregate of 245,999,103 shares of our convertible preferred

stock outstanding as of March 31, 2025 on a one-for-one basis into shares of Class A common

stock in connection with the closing of this offering pursuant to the terms of our restated certificate

of incorporation, as amended and currently in effect (the "Capital Stock Conversion");

• the conversion of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class B common stock into shares of our Class A

common stock by certain holders of our Class B common stock in connection with the sale of

shares of our Class A common stock by certain selling stockholders in this offering as described

in the section titled "Principal and Selling Stockholders" (the "Class B Conversion");

• the net issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in connection with the vesting

and settlement of RSUs outstanding as of March 31, 2025 subject to a service-based vesting

condition for which (i) the service-based vesting condition was satisfied as of March 31, 2025 and

(ii) we expect the performance-based vesting condition will be satisfied upon the effectiveness of

the registration statement of which this prospectus forms a part (the "Class A IPO Vesting

RSUs"), after giving effect to the withholding of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common

stock to satisfy the associated estimated tax withholding and remittance obligations (based on the

assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering

price range set forth on the cover page of this prospectus, and an assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% tax

withholding rate) (the "Class A RSU Net Settlement");

• the net issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock in connection with the vesting

and settlement of RSUs outstanding as of March 31, 2025 subject to a service-based vesting

condition and market-based vesting condition for which (i) the service-based vesting condition

was satisfied as of March 31, 2025 and (ii) we expect the performance-based vesting condition

will be satisfied upon the effectiveness of the registration statement of which this prospectus

forms a part (the "Class B IPO Vesting RSUs" and, together with the Class A IPO Vesting RSUs,

the "IPO Vesting RSUs"), after giving effect to the withholding of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our

Class B common stock to satisfy the associated estimated tax withholding and remittance

obligations (based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, and an

assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% tax withholding rate) (the "Class B RSU Net Settlement" and, together with

the Class A RSU Net Settlement, the "RSU Net Settlement");

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• the cash exercise of stock options to purchase 811,896 shares of our Class B common stock by

Dylan Field, with an exercise price of $23.19 per share, for total gross proceeds to us of

approximately $18.8 million (the "Option Exercise");

• the filing and effectiveness of our restated certificate of incorporation and the effectiveness of our

restated bylaws, each of which will occur immediately prior to the completion of this offering;

• no exercise of outstanding stock options or warrants or settlement of outstanding RSUs

subsequent to March 31, 2025, except for the Option Exercise and the RSU Net Settlement; and

• no exercise by the underwriters of their over-allotment option to purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;additional

shares of our Class A common stock in this offering.

The assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% tax withholding rate used in this prospectus is an assumed blended withholding

rate for the IPO Vesting RSUs that are subject to withholding in the RSU Net Settlement. The estimates in

this prospectus relating to the RSU Net Settlement and related share withholding may differ from actual

results due to, among other things, the actual initial public offering price and other terms of this offering

determined at pricing, actual forfeitures through the date of this prospectus, and actual tax withholding

rates.

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Summary Consolidated Financial

and Other Data

The following tables summarize our consolidated financial and other data as of the dates and for the

periods indicated. We derived our summary consolidated statements of operations data for the years

ended December 31, 2023 and 2024 (except for pro forma basic and diluted net income per share

attributable to common stockholders and weighted-average shares used in computing pro forma basic

and diluted net income per share attributable to common stockholders), from our audited consolidated

financial statements included elsewhere in this prospectus. The summary consolidated statements of

operations data for the three months ended March 31, 2024 and 2025(except for pro forma basic and

diluted net income per share attributable to common stockholders and weighted-average shares used in

computing pro forma basic and diluted net income per share attributable to common stockholders) and

summary consolidated balance sheet data as of March 31, 2025 have been derived from our unaudited

interim consolidated financial statements included elsewhere in this prospectus. The unaudited interim

consolidated financial statements have been prepared on the same basis as our audited consolidated

financial statements and, in the opinion of management, reflect all adjustmentsthat are necessary for the

fair statement of such data. Our historical results are not necessarily indicative of the results to be

expected in the future and our interim results are not necessarily indicative of results to be expected for

the full year or any other period.

You should read the following summary consolidated financial and other data in conjunction with the

section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations,"

and our consolidated financial statements, the accompanying notes, and other financial information

included elsewhere in this prospectus. The summary consolidated financial and other data in this section

are not intended to replace our consolidated financial statements and the related notes and are qualified

in their entirety by our consolidated financial statements and the related notes included elsewhere in this

prospectus.

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| **Consolidated Statements of Operations** <br>**Data:**<br>|  |  |  |  |
| Revenue............................................................. | $504874 | $749011 | $156229 | $228199 |
| Cost of revenue<sup>(1)</sup>........................................ | 44500 | 87514 | 12790 | 19452 |
| Gross profit........................................................ | 460374 | 661497 | 143439 | 208747 |
| Operating expenses<sup>(1)</sup> |  |  |  |  |
| Research and development....................... | 164774 | 751120 | 52711 | 69925 |
| Sales and marketing................................... | 201377 | 472076 | 55334 | 68840 |
| General and administrative........................ | 167679 | 315734 | 22873 | 30233 |
| Total operating expenses................................ | 533830 | 1538930 | 130918 | 168998 |
| Income (loss) from operations........................ | (73456) | (877433) | 12521 | 39749 |
| Other income, net............................................. | 1019375 | 84362 | 17185 | 7274 |
| Income (loss) before income taxes............... | 945919 | (793071) | 29706 | 47023 |
| Provision for (benefit from) income taxes..... | 208078 | (60951) | 16181 | 2141 |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |
| Less: net income attributable to <br>participating securities.................................<br>| (451982) |  | (13525) | (36271) |
| Net income (loss) attributable to common <br>stockholders...................................................<br>| $285859 | $(732120) | $— | $8611 |
| Net income (loss) per share, basic and <br>diluted:<br>|  |  |  |  |
| Net income (loss) per share, basic<sup>(2)</sup>............. | $1.70 | $(3.74) | $— | $0.04 |
| Net income (loss) per share, diluted<sup>(2)</sup>.......... | $1.62 | $(3.74) | $— | $0.04 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, basic.......................................<br>| 168399 | 195612 | 170625 | 214883 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, diluted.....................................<br>| 187207 | 195612 | 170625 | 231076 |

---

__________________

(1)Includes stock-based compensation expense as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cost of revenue......................................... | $37 | $27893 | $1 | $— |
| Research and development.................... | 1890 | 511259 | 543 | 197 |
| Sales and marketing................................. | 253 | 206830 | 11 |  |
| General and administrative...................... | 523 | 201571 | 52 |  |

---

(2)See Note 11 to our consolidated financial statements included elsewhere in this prospectus for an explanation of the calculation

of our basic and diluted net income (loss) attributable to common stockholders.

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

diluted, for the period presented. Pro forma net loss per share, basic and diluted, for the year ended

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December 31, 2024 and the three months ended March 31, 2025, gives effect to the Capital Stock

Conversion, the Option Exercise, and the RSU Net Settlement, as if each had occurred as of the

beginning of the period.

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br>**December 31,** <br>**2024**<br>| **Three Months** <br>**Ended March** <br>**31, 2025**<br>|
|  | **(In thousands,** <br>**except**<br>**per share data)**<br>| **(In thousands,** <br>**except**<br>**per share data)**<br>|
| **Numerator:** |  |  |
| Net income (loss) attributable to common stockholders.............................. | $(732120) | $8611 |
| Pro forma adjustment to record stock-based compensation expense <br>related to RSUs for which the service-based and performance-<br>based vesting conditions are expected to be satisfied in <br>connection with this offering...................................................................<br>|  |  |
| Pro forma net loss attributable to common 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;&nbsp;&nbsp;&nbsp;&nbsp;  |
| **Denominator:** |  |  |
| Weighted-average shares outstanding used in computing net income <br>(loss) per share attributable to common stockholders, basic and <br>diluted.............................................................................................................<br>|  |  |
| Pro forma adjustment to reflect the Capital Stock Conversion.............. |  |  |
| Pro forma adjustment to reflect the Option Exercise............................... |  |  |
| Pro forma adjustment to reflect the RSU Net Settlement....................... |  |  |
| Weighted-average shares outstanding used in computing pro forma <br>net loss per share attributable to common stockholders, basic and <br>diluted.........................................................................................................<br>|  |  |
| Pro forma net loss per share, basic and diluted............................................ | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Pro Forma**<sup>(1)</sup> | **Pro Forma As** <br>**Adjusted**<sup>(2)(3)</sup><br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **Consolidated Balance Sheet Data:** |  |  |  |
| Cash, cash equivalents, and marketable securities............... | $1541805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Working capital<sup>(4)</sup>......................................................................... | 1230092 |  |  |
| Total assets.................................................................................. | 1914755 |  |  |
| Deferred revenue......................................................................... | 406636 |  |  |
| Total debt...................................................................................... |  |  |  |
| Total liabilities............................................................................... | 544391 |  |  |
| Convertible preferred stock........................................................ | 329441 |  |  |
| Additional paid-in capital............................................................. | 1186815 |  |  |
| Accumulated deficit..................................................................... | (148028) |  |  |
| Total stockholders' equity........................................................... | 1370364 |  |  |

---

____________________

(1)The pro forma column above reflects (i) the Capital Stock Conversion, (ii) the Class B Conversion, (iii) the Option Exercise and

the receipt by us of gross proceeds of approximately $18.8 million in connection with the Option Exercise; (iv) the filing and

effectiveness of our restated certificate of incorporation that will become effective immediately prior to the completion of this

offering, (v) an increase to additional paid-in capital and accumulated deficit related to stock-based compensation of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

million associated with the RSU Net Settlement, (vi) the net issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock in connection

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with the RSU Net Settlement, after withholding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares to satisfy estimated tax withholding obligations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million

(based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range set forth

on the cover page of this prospectus, and an assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate), (vii) the net issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of

Class B common stock in connection with the RSU Net Settlement, after withholding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares to satisfy estimated tax

withholding and remittance obligations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per

share, which is the midpoint of the offering price range set forth on the cover page of this prospectus, and an assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; %

tax withholding rate), (viii) the borrowing of an aggregate of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million under the Revolving Credit Facility to pay the

estimated tax withholding and remittance obligations in connection with the RSU Net Settlement prior to the closing of this

offering, and (ix) the related $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million net increase in total debt and total liabilities and the corresponding

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million decrease in additional paid-in capital resulting from (A) the RSU Net Settlement and related tax withholding and

remittance obligations and (B) the subsequent use of proceeds from the Revolving Credit Facility to repay such tax withholding

and remittance obligations prior to the closing of this offering.

(2)The pro forma as adjusted column above gives effect to (i) the pro forma adjustments set forth in footnote (1) above, (ii) the

sale and issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in this offering at an assumed initial public offering price of

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering 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, and (iii) the application of

approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of the net proceeds from this offering to repay the outstanding indebtedness under the Revolving

Credit Facility.

(3)Each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, would increase (decrease) the amount of our pro forma as

adjusted cash, cash equivalents, and marketable securities, working capital, total assets, additional paid-in capital, and total

stockholders' equity by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the number of shares of our Class A common stock offered by us, as set

forth on the cover page of this prospectus, remains the same, after deducting estimated underwriting discounts and

commissions and estimated offering expenses payable by us. An increase (decrease) of 1.0 million shares in the number of

shares offered by us would increase (decrease) the amount of our pro forma as adjusted cash, cash equivalents, and

marketable securities, working capital, total assets, additional paid-in capital, and total stockholders' equity by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million,

assuming the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range 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 $1.00 increase (decrease) in the assumed initial public

offering price per share of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which is the midpoint of the offering price range set forth on the cover page of this

prospectus, would increase (decrease) the amount of estimated tax withholding and remittance obligations related to the RSU

Net Settlement by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million. In addition, each 1.0% increase (decrease) in the assumed tax withholding rates would

increase (decrease) the amount of estimated tax withholding and remittance obligations related to the RSU Net Settlement by

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million. Pro forma adjustments in the footnotes above and the related information in the balance sheet data are

illustrative only and may differ from actual amounts based on, among other things, the actual initial public offering price and

other terms of this offering determined at pricing, the actual tax withholding rates, as well as the actual amount of RSUs settled

in connection with this offering.

(4)Working capital is defined as current assets less current liabilities. Refer to the consolidated financial statements included

elsewhere in this prospectus for additional information regarding our current assets and current liabilities.

Key Business Metrics and Non-GAAP

Financial Measures

We review a number of operating and financial metrics, including the following key business metrics and

non-GAAP financial measures, to evaluate and manage our business, measure our performance, identify

trends affecting our business, formulate business plans, and make strategic decisions. See the sections

titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key

Business Metrics" for additional information regarding our key business metrics and "Management's

Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial

Measures" for additional information and reconciliations of our non-GAAP financial measures to the most

directly comparable financial measures prepared in accordance with GAAP.

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Key Business Metrics

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
| Paid Customers with more than $10,000 in <br>ARR.................................................................<br>| 7233 | 10517 | 8007 | 11107 |
| Paid Customers with more than $100,000 <br>in ARR............................................................<br>| 630 | 963 | 701 | 1031 |
| Net Dollar Retention Rate............................... | 122% | 134% | 125% | 132% |

---

Non-GAAP Financial Measures

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Income (loss) from operations........................ | $(73456) | $(877433) | $12521 | $39749 |
| Non-GAAP operating income......................... | $27128 | $127218 | $18067 | $40032 |
| Operating margin.............................................. | (15)% | (117)% | 8% | 17% |
| Non-GAAP operating margin.......................... | 5% | 17% | 12% | 18% |
| Net cash provided by (used in) operating <br>activities..........................................................<br>| $1047334 | $(61717) | $(18139) | $97177 |
| Net cash provided by (used in) investing <br>activities..........................................................<br>| $(57336) | $(784257) | $(336630) | $41251 |
| Net cash provided by financing activities..... | $— | $62450 | $40 | $339 |
| Free Cash Flow................................................ | $1040967 | $(68218) | $(19650) | $94582 |
| Adjusted Free Cash Flow................................ | $91809 | $181261 | $48472 | $94582 |
| Operating Cash Flow Margin ......................... | 207.4% | (8.2)% | (11.6)% | 42.6% |
| Adjusted Free Cash Flow Margin.................. | 18.2% | 24.2% | 31.0% | 41.4% |

---

![riskfactorscover1c.jpg](riskfactorscover1c.jpg)

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Risk Factors

*Investing in our Class A common stock involves a high degree of risk. You should carefully consider the* 

*risks and uncertainties described below, together with all of the other information in this prospectus,* 

*before making a decision to invest in our Class A common stock. The risks and uncertainties described* 

*below are not the only ones we face. Additional risks and uncertainties that we are unaware of or that* 

*we deem immaterial may also become important factors that adversely affect our business. If any of the* 

*following risks occur, our business, operating results, financial condition, and future prospects could be* 

*materially and adversely affected. In that event, the market price of our Class A common stock could* 

*decline, and you could lose part or all of your investment.*

Risks Related to Our Business and Industry

***We have experienced rapid growth which may not be indicative of our future growth, and if we do***

***not effectively manage our future growth, our business, operating results, financial condition, and***

***future prospects may be adversely affected. Our rapid growth also makes it difficult to evaluate***

***future prospects.***

We have experienced rapid growth and we expect to continue to invest broadly across our organization to

support our growth. Our revenue was $504.9 million and $749.0 million for the years ended December 31,

2023 and 2024, respectively. Our revenue was$156.2 million and $228.2 million for the three months

ended March 31, 2024 and 2025, respectively. The number of our employees has grown from 1,014 as of

December 31, 2022 to 1,646as of March 31, 2025. Although we have experienced rapid growth

historically, we may not sustain our current growth rates, and we cannot assure you that our investments

to support our growth will be successful. Even if our revenue continues to increase, we expect our

revenue growth rate to decline in the future as our business matures and our platform achieves more

widespread adoption. Accordingly, our historical growth makes it difficult to evaluate our business and

future prospects and you should not rely on the revenue growth of any prior quarterly or annual period as

an indication of our future performance. Overall growth of our revenue will depend on a number of factors,

including, but not limited to, our ability to:

• compete with other companies in our industry, including, but not limited to, those with greater

financial, technical, marketing, sales, and other resources, as well as with startup companies with

innovative products and novel solutions that compete with ours;

• retain and increase adoption of our products and services by existing customers, as well as

attract new customers and grow our customer base;

• develop new offerings and functionality for our platform and successfully optimize our existing

products and services, including through integration of AI into our platform;

• successfully expand our business domestically and internationally;

• effectively expand our sales force and leverage our existing sales capacity;

• attract, retain, and train service partners and expand product integrations;

• successfully hire and retain personnel, including product, design, engineering, and sales

personnel;

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• successfully introduce and sell our platform in new markets and for new use cases;

• increase awareness of our brand;

• protect against security incidents;

• successfully price and package our platform in a rapidly changing software industry, including due

to advancements and increasing use of AI; and

• successfully identify and acquire or invest in businesses, products, offerings, or technologies that

we believe could complement or expand our platform and successfully integrate such businesses,

products, offerings, or technologies into our business.

We may not successfully accomplish any of these objectives and, as a result, it may be difficult for us to

accurately forecast our future operating results. If the assumptions that we use to plan our business are

incorrect or change in reaction to fluctuations in our markets, we may be unable to maintain consistent

revenue or revenue growth, the value of our stock could be volatile, and it may be difficult to achieve and

maintain profitability. In addition, changes in the global macroeconomic environment, including, but not

limited to, changes in tariffs or trade restrictions, volatile interest rates and inflation, actual or perceived

global banking and finance related issues, labor shortages, high unemployment rates, labor

displacement, supply chain disruptions, changes in spending environments, geopolitical instability,

warfare and uncertainty, including, but not limited to, the effects of geopolitical conflicts, weak economic

conditions in certain regions, or a reduction in software spending regardless of macroeconomic

conditions, may impact our growth.

As we have grown, our number of customers has also increased, and we have increasingly managed

more complex deployments of our platform. The rapid growth and expansion of our business places a

significant strain on our management, operational, engineering, and financial resources, and rapid

development cycles have also created technical debt within our platform. Addressing technical debt

requires engineering resources that could otherwise be devoted to new features or enhancements. If we

fail to properly manage technical debt, our platform performance may suffer, we may face increased

downtime, and our business, operating results, and financial condition could be harmed. Additionally, as

we integrate AI capabilities and expand our product offerings, technical complexity may increase,

potentially exacerbating these challenges. To manage any future growth effectively, we must continue to

improve and expand our infrastructure, including information technology and financial infrastructure, our

operating and administrative systems and controls, and our ability to manage headcount, capital, and

processes in an efficient manner. If we do not manage future growth effectively, our business, operating

results, financial condition, and future prospects would be adversely impacted.

If we continue to experience rapid growth, we may not be able to successfully implement or scale

improvements to our systems, processes, or controls in an efficient, timely, or cost-effective manner. As

we grow, our existing systems, processes, and controls may not prevent or detect all errors, omissions, or

fraud. For example, we have experienced instances of credential sharing, abuse of our Figma for

Education offerings, credit card fraud, and other instances of misuse or fraud on our platform that result in

bad debt, chargebacks, or other losses to us. Such incidents may increase as we grow. Any future growth

will continue to add complexity to our organization and require effective coordination throughout our

organization. Failure to manage any future growth effectively could result in increased costs, cause

difficulty or delays in deploying our platform to new and existing customers, reduce the quality of our

platform, customer satisfaction and demand for our platform, or cause difficulties in introducing new

offerings or cause other operational challenges. Any of these difficulties would adversely affect our

business, operating results, financial condition, and future prospects.

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***Our operating results may fluctuate significantly, which could make our future results difficult to***

***predict and could cause our operating results to fall below expectations.***

Our operating results have varied significantly from period to period in the past, and we expect that our

operating results will continue to vary significantly in the future such that period-to-period comparisons of

our operating results may not be meaningful. Accordingly, our financial results in any one quarter should

not be relied upon as indicative of future performance. To the extent that fluctuations in our quarterly

results lead us to underperform relative to market expectations, such fluctuations may negatively impact

the trading price of our Class A common stock. Our quarterly financial results may fluctuate as a result of

a number of factors, many of which are outside of our control and may be difficult to predict, including, but

not limited to:

• the amount and timing of investments and expenditures related to the expansion of our business;

• the impacts on our cost structure, including, but not limited to, a decrease in our gross margins

and operating margins associated with AI-related products and features;

• the impact of AI on the software creation industry and more generally within the software industry

and on the demand for our platform, products, and services;

• general macroeconomic and political conditions, both domestically and in foreign markets where

we operate, including, but not limited to, changes in U.S. federal spending, changes in tariffs or

trade restrictions, global economic slowdowns, actual or perceived global banking and finance

related issues, increased risk of inflation, potential uncertainty with respect to the federal debt

ceiling and budget and potential government shutdowns related thereto, interest rate volatility,

supply chain disruptions, labor shortages, and potential global recession;

• the impact of natural or man-made global events on our business, including, but not limited to,

wars and other geopolitical conflicts;

• market acceptance of our recent changes to our pricing, packaging, and billing models and any

further changes in our billing model or those of our competitors;

• our ability to attract new customers and retain and increase adoption of our products by existing

customers;

• changes in user or customer requirements or market needs;

• the budgeting cycles, seasonal buying patterns, and purchasing practices of our customers and

potential customers;

• the timing and length of our sales cycles;

• the timing of revenue recognition;

• the timing and success of new product and service releases by us or our competitors or any other

competitive developments, including consolidation among our customers or competitors;

• our ability to convert users of our free product offerings into subscribing customers;

• our ability to successfully expand our business domestically and internationally;

• decisions by organizations to purchase competitive products and services from other vendors;

• insolvency, credit difficulties, or other financial issues affecting our customers or potential

customers, which affects their ability to purchase or pay for our products and services;

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• significant security breaches of, technical difficulties with, or interruptions to, the use of our

platform or other cybersecurity incidents;

• extraordinary expenses such as litigation or other dispute-related settlement payments or

outcomes, taxes, regulatory fines, or penalties;

• changes in the market value of our investments, including in our marketable securities, in

particular as a result of volatility related to our investments in a Bitcoin exchange-traded fund or

any future investments in alternative asset classes;

• significant charges in our financial statements relating to any impairment of goodwill or intangible

assets;

• changes in the mix of various aspects of our business, including, but not limited to, self-service

and sales led offerings, the proportion of business generated in the United States and

internationally, and the adoption rates among our various pricing packages;

• changes to our effective tax rate;

• future accounting pronouncements or changes in our accounting policies or practices;

• negative media and social media coverage or publicity; and

• increases or decreases in our expenses caused by fluctuations in foreign currency exchange

rates.

Historically, we have experienced seasonal fluctuations in our financial results due to increased expenses

incurred in connection with our annual user conferences, including Config, which we typically host in the

second quarter of each year, as well as in connection with other advertising efforts. We expect that

seasonality may become more pronounced in our business in the future, particularly as a greater

percentage of our business is attributable to larger customers and deals, due to the annual budget

approval process of larger organizations. Moreover, any of the above discussed fluctuations could result

in our failure to meet our operating plan or the expectations of investors or analysts for any period. If we

fail to meet such expectations for the reasons described above or other reasons, our stock price could fall

substantially, and we could face costly lawsuits, including securities class action lawsuits.

***We have a limited operating history at our current scale, which makes it difficult to evaluate our***

***current business and future prospects and increases the risks associated with your investment.***

Although we were founded in October 2012, we have evolved our business and platform significantly

since publicly launching our initial product, Figma Design, in 2015, including through the introduction of

new offerings. For example, we introduced FigJam in 2021, Dev Mode in 2023, Figma Slides in 2024, and

Figma Sites, Figma Make, Figma Buzz, and Figma Draw in 2025. In addition, in March 2025, we

implemented significant changes to our pricing, packaging, and billing models. Accordingly, we have a

limited operating history at our current scale of business and with our current pricing, packaging, and

billing models, which makes it difficult to evaluate our current business, future prospects, and other

trends. For example, we experienced an expansion in our Net Dollar Retention Rate throughout 2024

subsequent to our launch of Dev Mode in 2023. We expect our Net Dollar Retention Rate to fluctuate or

decline in the future as a result of a number of factors such as the growing level of our revenue base, the

level of penetration within our customer base, expansion of products and features, our ability to retain our

customers, and any changes to the pricing and packaging of our plans. We expect to continue to make

significant expenditures related to the development and expansion of our business, including, but not

limited to, expenditures related to acquiring new customers, expanding relationships with existing

customers, expanding our global footprint, developing and expanding our platform, growing our sales and

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marketing investments, expanding our operations both domestically and internationally, and integrating

AI, including generative AI, into our platform. We also expect to incur expenditures related to legal, tax,

accounting, and other administrative and compliance expenses related to operating as a public company.

We have encountered, and will continue to encounter, risks and uncertainties frequently experienced by

growing companies in rapidly changing industries and sectors, such as the risks and uncertainties

described herein. Any predictions about our future revenue and expenses may not be as accurate as they

would be if we had a longer operating history or operated in more predictable or established markets. If

our assumptions regarding these risks and uncertainties are incorrect or change due to changing

circumstances, or if we do not address these risks successfully, our operating and financial results could

differ materially from our expectations and our business and the trading price of our Class A common

stock may be adversely affected. We cannot assure you that we will be successful in addressing these or

other challenges we may face in the future.

***Changes in our pricing, packaging, or billing models could adversely affect our business,***

***operating results, financial condition, and future prospects.***

We have made changes to our pricing, packaging, and billing models in the past, and we expect to make

occasional changes to our pricing, packaging, and billing models in the future. For example, in March

2025, we moved away from user-driven upgrades. Prior to March 2025, seat upgrades were driven by

users by default. Administrators reviewed these new seats retroactively to provision the seats. In the new

model, any seat upgrade needs to be approved by an administrator before the license is provisioned. We

also introduced multi-product seats that include additional functionality with each seat and increased the

price of our most expensive offering, which is now our Full seat. We made these changes to keep pace

with our expanded offerings and features since our platform's launch and to provide our customers with

more visibility and upfront controls. Our new pricing, packaging, and billing models may not accurately

reflect the optimal pricing, packaging, and billing models necessary to attract new customers and retain

existing customers, which make it difficult to accurately plan and forecast our operating results. Moreover,

over time, we expect to introduce products and services that may be billed differently than on a per seat

basis, such as an add-on or pricing with limits on feature usage. We expect this type of billing may be less

predictable than subscription-based business models because customers have more flexibility in how

they use and pay for products and features, providing us less visibility into the timing of revenue

recognition from such arrangements. As a result, the introduction of alternative billing arrangements may

impact our business, operating results, and financial condition. The changes to our pricing and packaging

plans introduced in March 2025 have made, and any further changes to components of our billing models

that we may introduce in the future may make, forecasting our operating results more difficult and result in

comparisons to periods prior to the updates being less meaningful as some of the drivers underlying our

business model will have changed.

Further, as AI and its integration into software becomes more prevalent and its use cases become more

sophisticated, including with respect to our products and the products of our competitors, there could be a

decrease in the number of designers, developers, and other collaborators that use our platform if such

individuals are able to significantly increase their efficiency through the use of AI capabilities alongside or

instead of our platform. Such a decrease could reduce the number of seats that customers or potential

customers subscribe to, which could lead to a loss of revenue, slower growth, and adversely impact our

business, operating results, and financial condition. In response to any industry changes resulting from

AI, we may need to make further changes to our billing model.

Moreover, as the markets for our products and services mature, as we continue to add additional

offerings to our platform, and as competitors introduce new products and services that compete with ours,

we may be unable to attract new customers and retain existing customers at the same price or based on

the same billing models as we have used historically. We may from time to time decide to make further

changes to our billing models due to a variety of reasons, including, but not limited to, changes to the

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markets for our products and services, increased use of AI in the software industry generally, pricing

pressures, and the introduction of new products and services by competitors. Changes to the

components of our billing models, including the changes to our pricing and packaging plans introduced in

March 2025 and any further changes that we may make in the future, may, among other things, result in

customer dissatisfaction, lead to a loss of customers, and negatively impact our business, operating

results, and financial condition. Moreover, our ability to increase or maintain our prices may be

constrained by competitive dynamics, customer expectations or pressure to provide discounts, or

economic conditions. If we are unable to increase prices to offset rising costs, or if price increases

significantly reduce customer demand, our business, operating results, and financial condition could be

negatively impacted.

***If we are unable to attract new customers or retain and increase adoption of our products and***

***services by existing customers, we may not achieve the growth we expect, which would adversely***

***affect our business, operating results, financial condition, and future prospects.***

In order for us to improve our operating results and continue to grow our business, it is important that we

continue to attract new customers and that existing customers continue to renew and increase their

usage of our products, which we currently charge for on a per-user basis. Customers have no obligation

to renew a subscription after the expiration of the contract term, and customers may not renew their

subscriptions with a similar contract period, with the same or greater number of seats, for the same

subscription plan, or at all. If our customers do not renew their subscriptions or if they renew on terms less

favorable to us, our revenue may decline.

Our customer retention may decline or fluctuate as a result of various factors, including, but not limited to,

their satisfaction with our platform, products, and services and satisfaction with those offered by

competitors, our pricing, packaging, and billing models and changes to such models including our recent

pricing changes, and the effects of general economic conditions and uncertainty in financial markets.

Further, our future success depends, in part, on our ability to convert users of our free plan into paying

customers on a paid pricing plan and selling additional offerings to existing paying customers. This may

require us to incur increased sales and marketing expenses, but it may not result in additional sales. The

rate at which our customers convert from our free pricing plan to our paid product plan and the rate at

which our customers purchase additional or premium offerings depend on a number of factors, including,

but not limited to, the features, functionality, and pricing of such offerings, availability of competitive

offerings, as well as general macroeconomic conditions. If our efforts to convert users of our free pricing

plan to our paid pricing plans or sell additional or premium offerings to customers are unsuccessful, our

business, operating results, financial condition, and future prospects may be adversely impacted.

Historically, a significant portion of our revenue growth has been derived from organic growth that occurs

within organizations when new users decide to use our platform based on word-of-mouth

recommendations, as opposed to management driven enterprise-wide procurement processes. As we

increasingly sell to larger organizations, however, such organizations may have more extensive internal

approval requirements that prevent or delay potential users in those organizations from using our

platform, which may delay or prevent the organic growth of potential future customers at the same rate as

in historical periods and could cause the costs associated with new customer acquisition to increase in

future periods. This trend may be even more pronounced due to the changes we made in March 2025 as

part of our billing model update, which included administrator controls that may inhibit the number of seat

upgrades on our platform in the future.

In recent years, we have released a number of new products and feature enhancements intended to

address a broader set of use cases than contemplated by our initial product, Figma Design, and we

expect to continue to release additional products and feature enhancements to our platform. Our future

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success will depend in part on the success of these new products and features and our ability to

demonstrate the value of them to a wider set of users, both within current customers and prospective

customers. If we are unable to successfully market new products and features to a wider set of

customers, we may not achieve the return on our initial investments, or long-term growth, expected by

analysts or investors and our business may be adversely affected as a result.

As the markets for our products and services mature, our platform evolves, and competitors introduce

lower cost and/or differentiated products and services that are perceived to compete with our platform,

our ability to maintain or expand usage of our platform could be impaired. The cost of new customer

acquisition and ongoing customer support may prove higher than anticipated, thereby adversely

impacting our profitability.

Other factors, many of which are out of our control, may now or in the future impact our ability to retain

existing customers, attract new customers, and expand usage of our platform by such customers in a

cost-effective manner, including, but not limited to:

• potential customers' commitments to existing products or services or greater familiarity or comfort

with other products or services;

• our ability to expand, retain, effectively train, and motivate our sales and marketing personnel;

• negative social media, media, industry, or analyst commentary regarding our products and

services;

• decreased spending on product design solutions and other products and services that we offer;

• the impact of AI on the markets for our products and services; and

• general macroeconomic and geopolitical conditions.

***If we are not able to effectively introduce enhancements to our platform, including new offerings,***

***features, and functionality, that achieve widespread market adoption, or keep pace with***

***technological developments, our business, operating results, and financial condition could be***

***adversely affected.***

The markets for our products and services are characterized by rapidly changing technologies, frequent

new product and service releases, and evolving industry standards. The rapid growth and intense

competition in our industry exacerbate these market characteristics. Our ability to attract new customers

and increase revenue from existing customers depends in large part on our ability to enhance and

improve our platform and introduce compelling new products and services that reflect the changing nature

of our markets. Further, we will need to adapt to rapidly changing technologies by continually improving

the performance, features, and reliability of our platform, products, and services, and by selling in new

markets and for new use cases. The success of any enhancement to our platform depends on several

factors, including, but not limited to, timely completion and delivery, competitive pricing, adequate quality

testing, integration with existing technologies and our platform, and overall market adoption. We may

experience difficulties that could delay or prevent the successful development, introduction, or marketing

of platform updates or new offerings, features, and functionality. Any new product or service that we

develop may not be introduced in a timely or cost-effective manner, may contain bugs, or may not

achieve the market adoption necessary to generate significant revenue. If we are unable to successfully

develop new products, enhance our existing products to meet customer requirements, or otherwise

achieve market adoption, our business, operating results, and financial condition would be harmed.

We have made significant investments to develop, launch, and enhance new products and services, such

as FigJam in 2021, Dev Mode in 2023, Figma Slides in 2024, and Figma Sites, Figma Make, Figma Buzz,

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and Figma Draw in 2025. We intend to continue investing significant resources to develop and launch

new products, services, features, and functionality, including enhancements to our platform's accessibility.

If we do not allocate these resources efficiently, effectively, or in an otherwise commercially successful

manner, we may not realize the expected benefits of our strategy. There can be no assurance that

customer demand for such initiatives will exist or be sustained at the levels that we anticipate, or that any

of these initiatives will gain sufficient traction or market adoption to generate sufficient revenue to offset

any new expenses or liabilities associated with these new investments. It is also possible that products

and services developed by others, including, but not limited to, new technologies integrating AI, or

products and services developed by competitors that employ a consumption-based subscription model,

will render our platform and offerings uncompetitive or obsolete. Further, our development efforts with

respect to new technologies, offerings, features, and functionality could distract management from current

operations, and would divert capital and other resources from our more established offerings. If we do not

realize the expected benefits of our investments, our business, operating results, financial condition, and

future prospects could be adversely affected.

***Competitive developments in AI and our inability to effectively respond to such developments***

***could adversely affect our business, operating results, and financial condition.***

Developments in AI are already impacting the software industry significantly, and we expect this impact to

be even greater in the future. AI has become more prevalent in the markets in which we operate and may

result in significant changes in the demand for our platform, including, but not limited to, reducing the

difficulty and cost for competitors to build and launch competitive products, altering how consumers and

businesses interact with websites and apps and consume content in ways that may result in a reduction in

the overall value of interface design, or by otherwise making aspects of our platform obsolete or

decreasing the number of designers, developers, and other collaborators that utilize our platform. Any of

these changes could, in turn, lead to a loss of revenue and adversely impact our business, operating

results, and financial condition.

While we have made, and expect to continue to make, significant investments to integrate AI, including

generative AI, into our platform, AI technologies are rapidly evolving and there can be no guarantee that

our products will remain competitive as new AI technologies are developed, adopted, and integrated into

software solutions. We expect that increased investment will be required in the future to continuously

improve our use of AI technologies. As with many technological innovations, there are significant risks

involved in developing, maintaining, and deploying AI. There can be no assurance that the integration of

such technologies will enhance our products or services or be beneficial to our business, including, but

not limited to, with respect to our efficiency or profitability. Similarly, we cannot guarantee that our

investments in the development and integration of AI will be successful or provide an adequate return,

including, without limitation, with respect to the amount of time, focus, and staffing directed towards these

efforts,

Further, our competitors may incorporate AI into their products more quickly or more successfully than we

do, which would impair our ability to compete effectively. Decisions as to if and how to integrate various AI

technologies are difficult and we may choose not to adopt certain technologies or take advantage of

certain data sets available to us as a result of ethical, legal, regulatory, or reputational concerns, which

could put us at a competitive disadvantage and harm our business, operating results, and financial

condition.

Our failure to successfully develop or commercialize our products or services involving AI technologies

could impact the price of our Class A common stock and impair our ability to raise capital, expand our

business, improve and diversify our product offerings, efficiently manage our operating expenses, and

respond effectively to competitive developments. Moreover, the use of AI technologies and our

investments to integrate AI into our platform may adversely impact our business, operating results, and

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financial condition. For example, in the short term, we expect that our AI investments and use of AI

technologies, including as part of Figma Make and our Figma AI features, will negatively impact our gross

margins and operating margins and, given the newness of and rapid development of these technologies,

the impacts on our gross margins and operating margins, and on our business, operating results, financial

condition, and future prospects over the longer term, are currently unknown.

***We face intense competition and could lose market share to our competitors, which would***

***adversely affect our business, operating results, financial condition, and future prospects.***

The markets in which we participate are rapidly evolving and highly competitive, and if we do not compete

effectively, our business, operating results, and financial condition could be adversely impacted. We face

competition from a number of companies, including companies that cater to multiple stages of the design

and development process, point tools that address individual parts of the process but can expand to

cover more, and design-to-code and AI-driven companies and tools that compress or accelerate steps in

the workflow or take a different approach to building digital experiences. We may also face competition

from customized or internal solutions used by our customers or potential customers, particularly with AI's

potential to accelerate the ability to develop and deploy new software. Moreover, we expect to continue to

face intense competition from current competitors, as well as from new entrants into the market, including

as a result of strategic acquisitions and partnerships, increased use of AI, or evolving user and customer

requirements and industry standards. If we are unable to anticipate or react to these challenges, our

competitive position could weaken, and we may experience a decline in revenue, reduced revenue

growth, or a loss of market share, which, individually or collectively, could adversely affect our business,

operating results, and financial condition.

Our ability to compete effectively depends upon numerous factors, many of which are beyond our control,

including, but not limited to:

• our ability to attract new customers and retain existing customers, expand our platform, or

increase adoption of our products and services by new and existing customers;

• market acceptance of our recent, and any future, billing model changes;

• our ability to attract, train, retain, and motivate talented employees;

• the extent of market adoption of our platform, and the timing of such market adoption, which may

be influenced by developments and enhancements we introduce to our platform relative to the

developments and enhancements made to competitive products available in the market;

• the impact of AI on the markets for our products and services, including, but not limited to, our

ability to successfully incorporate AI technologies into our platform and successfully adapt our

billing models to the increased use of AI in the software industry generally;

• the budgeting cycles, seasonal buying patterns, and purchasing practices of our customers,

including, but not limited to, any slowdown in technology spending due to U.S. and global

macroeconomic conditions;

• general macroeconomic and political conditions, both domestically and in foreign markets where

we operate, including, but not limited to, changes in U.S. federal spending, changes in tariffs or

trade restrictions, global economic slowdowns, actual or perceived global banking and finance

related issues, increased risk of inflation, potential uncertainty with respect to the federal debt

ceiling and budget and potential government shutdowns related thereto, interest rate volatility,

supply chain disruptions, labor shortages, and potential global recession;

• changes in user, customer, or market needs or preferences;

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• the effectiveness and cost-effectiveness of our customer service and support efforts;

• our product pricing strategies, including any pressure to change our product pricing strategies as

a result of competition;

• the timing and success of new offerings by us or our competitors or any other change in the

competitive landscape of our industry, including, but not limited to, consolidation among our

competitors or customers and strategic partnerships entered into by or between our competitors;

• changes in the mix of our overall business, including in subscription plans and products sold;

• ease of use, performance, reliability, and comprehensiveness of our platform relative to

competitive products and services;

• our reputation and brand strength relative to our competitors;

• our ability to maintain and grow our community of users and customers both domestically and

internationally;

• security breaches of, technical difficulties with, or interruptions to the use of our platform;

• the timing and costs related to the development or acquisition of technologies, businesses, or

strategic partnerships;

• our ability to execute, complete, or efficiently integrate any acquisitions that we may undertake;

• increased expenses, unforeseen liabilities, or write-downs and any impact on our operating

results from any acquisitions we consummate;

• the length and complexity of our sales cycles; and

• insolvency, credit difficulties, or other financial issues affecting our customers or potential

customers, which could increase due to U.S. and global macroeconomic issues, changes in tariffs

or trade restrictions, inflation, and interest rate volatility, and may adversely affect their ability to

purchase or pay for our platform in a timely manner or at all.

Our competitors may have greater financial, technical, marketing, sales, and other resources, greater

name recognition, longer operating histories, and a larger base of customers than we do. Our competitors

may be able to devote greater resources to the development, promotion, and sale of their products and

services than we can, and they may offer lower pricing than we do or bundle certain competing products

and services at lower prices or for free. Our competitors may also have greater resources for research

and development of new technologies, customer support, and to pursue acquisitions, or they may have

other financial, technical, or other resource advantages. Our larger competitors have substantially broader

and more diverse product and service offerings and more mature distribution and go-to-market strategies,

which allows them to leverage their existing customer and distributor relationships to gain business in a

manner that discourages potential customers from purchasing our platform. Furthermore, our current or

potential competitors may be acquired by third parties with greater available resources and the ability to

initiate or withstand substantial price competition. Pricing pressures and increased competition could

result in reduced sales, lower margins, or financial losses, or hinder our ability to maintain or improve our

competitive market position, any of which could adversely affect our business, operating results, and

financial condition.

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***Our product and investment decisions may negatively impact our short-term financial results and***

***may not produce the long-term benefits that we expect.***

We make product and investment decisions, which we believe are essential to the success of our platform

and in serving the best, long-term interests of Figma and our stockholders. As a result, we may make

business decisions that negatively impact our financial results in the short-term when we believe that the

decisions are consistent with our goal to improve the user experience on our platform, attract new users

and customers, and expand our relationships with our existing users and customers, resulting in the long-

term success of our platform and business. These decisions may not result in the outcomes we expect

and may not be consistent with the expectations of investors and analysts, in which case our business,

operating results, and financial condition could be adversely affected.

***The markets for our products and services are relatively new and unproven and may not grow,***

***which would adversely affect our business, operating results, financial condition, and future***

***prospects.***

Although we launched our initial product, Figma Design, in 2015, the markets for our products and

services, and especially those recently introduced, such as FigJam in 2021, Dev Mode in 2023, Figma

Slides in 2024, and Figma Sites, Figma Make, Figma Buzz, and Figma Draw in 2025, remain relatively

new and unproven. Because the markets for our products and services are relatively new and rapidly

evolving, it is difficult to predict customer adoption, customer and user demand for our products and

services, the size and growth rate of these markets, the entry of competitive products and services, or the

success of existing competitive services. It is also difficult to predict the impact of AI on our markets. Any

expansion or contraction in our markets depends on a number of factors, including, but not limited to, the

cost, performance, and perceived value associated with our platform and the appetite and ability of

customers to pay for and subscribe to our platform. Further, even if the overall markets for the type of

offerings we provide continue to grow, we may face intense competition from larger and more well-

established companies, as well as new entrants, and we may not be able to compete effectively, or

achieve widespread market adoption of our platform. If the markets for our platform do not grow to the

extent that we anticipate or our platform does not achieve widespread adoption within the markets in

which we operate, our business, operating results, financial condition, and future prospects could be

adversely affected.

***Our use of AI in our products and services may result in reputational harm, legal liability,***

***competitive risks, and regulatory concerns that could adversely affect our business, operating***

***results, and financial condition.***

We have made, and expect to continue to make, significant investments to integrate AI, including

generative AI, and machine learning technology into our platform, including as part of our Figma Make

product and Figma AI features. Many AI technologies are relatively new and present ethical, legal,

regulatory, and reputational challenges. The use of datasets to develop AI models, the content generated

by AI systems, or the application of AI systems may be found to be insufficient, offensive, biased, or

harmful, or may violate current or future laws and regulations.

Further, we generally rely on third-party models for the AI features on our platform. Our ability to continue

to use such technologies at scale may be dependent on access to specific third-party software and

infrastructure. We cannot control the availability or pricing of such third-party AI technologies, especially in

a highly competitive environment, and we may be unable to negotiate favorable economic terms with the

applicable providers. If any such third-party AI technologies become incompatible with our platform or

unavailable for use, or if the providers of such models unfavorably change the terms on which their AI

technologies are offered or terminate their relationship with us, our platform may become less appealing

to our customers and our business, operating results, and financial condition could be adversely

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impacted. Moreover, the integration of third-party AI models with our platform relies on certain safeguards

implemented by the third-party developers of the underlying AI models, including those related to the

accuracy, bias, and other variables of the training data used for such models, and these safeguards may

be insufficient. If the models underlying our AI technologies are incorrectly designed or implemented;

trained or reliant on incomplete, inadequate, inaccurate, biased or otherwise poor quality data, or on data

to which we do not have sufficient rights or in relation to which we and/or the providers of such data have

not implemented sufficient legal compliance measures; used without sufficient oversight and governance

to ensure their responsible use; and/or adversely impacted by unforeseen defects, technical challenges,

cybersecurity threats, or material performance issues, the performance of our products, services, and

business, as well as our reputation and the reputations of our customers, could suffer, and we could incur

liability resulting from the violation of laws, breach of contract claims, or civil claims. In addition, the use of

AI applications may result in data leakage or unauthorized exposure of data, including, but not limited to,

confidential business information, the personal data of end users, or other sensitive information. Such

leakage or unauthorized exposure of data related to the use of AI applications could result in legal claims

or liability or otherwise adversely affect our reputation and operating results.

Moreover, our generative AI technologies could generate output that infringes on third-party intellectual

property rights, and we could be subject to claims or lawsuits, including, but not limited to, for infringement

of third-party intellectual property rights as a result of the output of such generative AI technologies. While

some providers of AI technologies offer to indemnify their end users for any copyright or other intellectual

property infringement claims arising from the output of their AI technologies, such indemnification may be

inadequate or we may not be successful in adequately recovering our losses in connection with such

claims. Our generative AI technologies could also generate content that is inaccurate, misleading, or

inappropriate, which could harm our reputation, expose us to liability, or cause customers to lose

confidence in our platform.

The regulatory framework for AI technologies is rapidly evolving as many U.S. federal, state, and foreign

government bodies and agencies have introduced or are currently considering additional laws and

regulations. Additionally, existing laws and regulations may be interpreted in ways that would affect the

operation of our AI technologies, or could be rescinded or amended as new administrations take differing

approaches to evolving AI technologies. As a result, implementation standards and enforcement practices

are likely to remain uncertain for the foreseeable future, and we cannot yet completely determine the

impact future laws, regulations, standards, or market perception of their requirements may have on our

business and may not always be able to anticipate how to respond to these laws or regulations.

Already, certain existing legal regimes, for example, relating to data privacy, regulate certain aspects of AI

technologies, and new laws regulating AI technologies either entered into force in the United States and

the European Economic Area (the "EEA") in 2024 or are expected to enter into force in 2025. U.S.

legislation related to AI technologies has been introduced at the federal level and has passed at the state

level. For example, California enacted seventeen new laws in 2024 that regulate use of AI technologies

and provide consumers with additional protections around companies' use of AI technologies, such as

requiring companies to disclose certain uses of generative AI. Other states have also passed AI-focused

legislation, such as Colorado's Artificial Intelligence Act, which will require developers and deployers of

"high-risk" AI systems to implement certain safeguards against algorithmic discrimination, and Utah's

Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures

for the use of generative AI in certain consumer interactions. Such additional regulations may impact our

ability to develop, use, and commercialize AI technologies in the future.

In Europe, the EU Artificial Intelligence Act (the "EU AI Act"), which entered into force in August 2024,

establishes a comprehensive, risk-based governance framework for AI in the EU market. The majority of

the substantive requirements of the EU AI Act are not enforceable yet and will apply from August 2, 2026.

The EU AI Act will have a material impact on the way AI is regulated in the EU, as it applies to companies

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that develop, use, and/or provide AI in the EU and, depending on the AI use case, includes requirements

around transparency, conformity assessments and monitoring, risk assessments, human oversight,

security, accuracy, general purpose AI, and foundation models, and imposes fines for breaches of up to

7% of worldwide annual revenues. The EU AI Act, together with developing guidance and/or decisions in

this area, may affect our use of AI technologies and our ability to provide, improve, or commercialize our

services, require additional compliance measures and changes to our operations and processes, result in

increased compliance costs and potential increases in civil claims against us, and could adversely affect

our business, operating results, and financial condition. It is possible that further new laws and regulations

will be adopted in the United States and in other non-U.S. jurisdictions, or that existing laws and

regulations, including competition and antitrust laws, may be interpreted in ways that would limit our ability

to use AI technologies for our business, or require us to change the way we use AI technologies in a

manner that negatively affects the performance of our offerings and the way in which we use AI

technologies. We may need to expend resources to adjust our products or services in certain jurisdictions

if the laws, regulations, or decisions are not consistent across jurisdictions. Further, the cost to comply

with such laws, regulations, or decisions and/or guidance interpreting existing laws, could be significant

and would increase our operating expenses (such as by imposing additional reporting obligations

regarding our use of AI technologies). Such an increase in operating expenses, as well as any actual or

perceived failure to comply with such laws and regulations, could adversely affect our business, operating

results, and financial condition.

Moreover, any changes to the above discussed existing legal regimes with respect to data privacy and AI

technologies within the United States and abroad could require us to expend significant resources to

modify our products, services, or operations to ensure compliance or remain competitive.

***Existing and future acquisitions, strategic investments, partnerships, or alliances could be difficult***

***to identify and integrate, divert the attention of key management personnel, disrupt our business,***

***dilute stockholder value, and adversely affect our business, operating results, financial condition,***

***and future prospects.***

As part of our business strategy, we have in the past and expect to continue to make investments in or

acquire complementary companies, services, products, technologies, or talent. All of our acquisitions and

investments are subject to a risk of partial or total loss of investment capital. Our ability as an organization

to acquire and integrate other companies, services, or technologies in a successful manner is not

guaranteed.

In the future, we may not be able to find suitable acquisition candidates, and we may not be able to

complete such acquisitions on favorable terms, if at all. Our due diligence efforts may fail to identify all of

the challenges, problems, liabilities, or other shortcomings involved in an acquisition. Further, current and

future changes to the U.S. and foreign regulatory approval processes and requirements related to

acquisitions may cause approvals to take longer than anticipated, not be forthcoming, or contain

burdensome conditions, which may prevent the completion of the transaction or jeopardize, delay, or

reduce the anticipated benefits of the transaction, and impede the execution of our business strategy. For

example, in 2022, we entered into an agreement to be acquired by Adobe, Inc. ("Adobe"). However,

based on our joint assessment that there was no clear path to obtain the required regulatory approvals for

the transaction to close, and in 2023, we mutually agreed with Adobe to terminate the agreement. In

addition, the process of seeking the regulatory approvals necessary to close an acquisition can be long

and burdensome, requiring significant time and attention from the management team and imposing

opportunity costs. If we do complete acquisitions, we may not ultimately strengthen our competitive

position or ability to achieve our business objectives, and any acquisitions we announce or complete

could be viewed negatively by our customers or investors.

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In addition, if we are unsuccessful at integrating existing and future acquisitions, or the technologies and

personnel associated with such acquisitions, into our company, the revenue and operating results of the

combined company could be adversely affected. Any integration process may require significant time and

resources, and we may not be able to manage the process successfully. We may not successfully

evaluate or utilize the acquired technology or personnel, or accurately forecast the financial impact of an

acquisition transaction, causing unanticipated write-offs or accounting (including goodwill) charges.

Additionally, integrations could take longer than expected, or if we move too quickly in trying to integrate

an acquisition, strategic investment, partnership, or other alliance, we may fail to achieve the desired

efficiencies. Further, the companies we acquire could have vulnerabilities and/or unsophisticated security

measures, which may expose us to significant cybersecurity, operational, and financial risks.

We have, and may in the future have, to pay cash, incur debt, or issue equity securities to pay for

acquisitions, each of which could adversely affect our financial condition and the market price of our Class

A common stock. The sale of equity or issuance of convertible debt to finance any such acquisitions could

result in dilution to our stockholders, which, depending on the size of the acquisition, may be significant.

The incurrence of indebtedness would result in increased fixed obligations and could also include

covenants or other restrictions that would impede our ability to manage our operations.

Additional risks we may face in connection with acquisitions and strategic investments include:

• diversion of management's time and focus from operating our business;

• the inability to integrate product and service offerings of an acquired company;

• retention of key employees from the acquired company;

• changes in relationships with strategic partners or the loss of any key customers or partners as a

result of acquisitions or strategic positioning resulting from the acquisition or strategic investment;

• cultural challenges associated with integrating employees from the acquired company into our

organization;

• integration of the acquired company's finance, accounting, customer relationship management,

management information, human resources, and other administrative systems;

• the need to implement or improve controls, procedures, and policies at a business that prior to

the acquisition may have lacked sufficiently effective controls, procedures, and policies;

• unexpected security risks or higher than expected costs to improve the security posture of the

acquired company;

• higher than expected costs to bring the acquired company's information technology infrastructure

up to our standards;

• additional legal, regulatory, or compliance requirements;

• financial reporting, revenue recognition, or other financial or control deficiencies of the acquired

company that we do not adequately address and that cause our reported results to be incorrect;

• liability for activities of the acquired company before the acquisition, including, but not limited to,

intellectual property infringement claims, violations of laws, commercial disputes, tax liabilities,

and other known and unknown liabilities;

• failing to achieve the expected benefits of the acquisition or investment; and

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• litigation or other claims in connection with the acquired company, including, but not limited to,

claims from or against terminated employees, customers, current and former stockholders, or

other third parties.

Our failure to address these risks or other problems encountered in connection with acquisitions and

investments could cause us to fail to realize the anticipated benefits of these acquisitions or investments,

cause us to incur unanticipated liabilities, and harm our business generally.

In the event that we were to receive an offer to purchase our company, our Board of Directors, subject to

its fiduciary duties, may decide to approve or forego the sale. Certain stockholders may disagree with or

challenge such a decision. Moreover, if we were to engage in a sale of our company, we may experience

risks and uncertainties, including, but not limited to, as a result of the closing conditions to the transaction

being delayed or not obtained, including due to delay or failure to obtain necessary regulatory approvals;

business disruptions due to transaction-related uncertainty or other factors making it more difficult to

maintain relationships with our employees, customers, users, and partners; any litigation resulting from

such transaction, and diversion of management's attention from our ongoing business operations and

opportunities as a result of the proposed transaction. For example, after entering into the Merger

Agreement with Adobe in 2022, we mutually agreed to terminate the Merger Agreement in 2023 based on

our joint assessment that there was no clear path to obtain the required regulatory approvals.

In addition to our strategic investments, we maintain a portfolio of marketable equity and debt securities.

From time to time, we have also invested excess cash reserves in alternative assets, such as the Bitcoin

exchange-traded fund, and may do so in the future. The investments in our portfolio are subject to our

corporate investment policy, which focuses on the preservation of capital, fulfillment of our liquidity needs,

and maximization of investment performance within the parameters set forth in our corporate investment

policy and subject to market conditions. These investments are subject to general credit, liquidity, market,

and interest rate risks. In particular, the value of our portfolio may decline due to changes in interest rates,

instability in the global financial markets that reduces the liquidity of securities and other assets in our

investment portfolio, volatility, and other factors, including unexpected or unprecedented events. As a

result, we may experience a decline in value or loss of liquidity of our investments, which could materially

and adversely affect our business, operating results, and financial condition.

***Adverse global macroeconomic conditions or reduced software spending could adversely affect***

***our business, operating results, and financial condition.***

Our business depends on the overall demand for software technology and on the economic health of our

current and prospective customers. As the landscape for software technology, and for the types of

products that we offer, evolves, the purchase of our products may be considered discretionary and

involve a significant commitment of capital, implementation, and other resources by an organization and,

as a result, prospective customers may decide not to purchase our products and existing customers may

reduce their use of our products. Weak global and regional economic conditions — including, but not

limited to, U.S. and global macroeconomic issues, actual or perceived global banking and finance related

issues, any economic impacts due to changes in U.S. federal spending, changes in tariffs and trade

restrictions, labor shortages, supply chain disruptions, fluctuating interest rates and inflation, changes in

spending environments, geopolitical instability, warfare, and uncertainty, including the effects of

geopolitical conflicts — could result in longer sales cycles, pressure to lower prices for our platform,

reduced sales to new or existing customers, or slower or declining growth of our business or negatively

impact our ability to attract new customers, retain existing customers, or increase the adoption of our

products and services by new and existing customers, any of which would adversely affect our business,

operating results, and financial condition. For example, in 2023, we experienced a decline in usage and

consumption patterns from certain customers, especially larger enterprise customers, longer sales cycles

and downsizing of renewals by existing customers, especially larger enterprise customers. We believe

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these trends were due, in part, to uncertainty in macroeconomic conditions and related cost-

consciousness around software budgets at the time. Deterioration in economic conditions in any of the

countries in which we do business could also cause slower or impaired collections on accounts

receivable, which may adversely impact our liquidity and financial condition.

The imposition of tariffs, border taxes, or other barriers to trade may directly or indirectly impact our

business, operating results, financial condition, and stock price, including as a result of any impact on our

customers that may reduce demand for our platform, products, and services. For example, the United

States has recently announced tariffs, certain of which have been temporarily suspended, on imported

goods from most countries and select countries have announced retaliatory tariffs in response,

contributing to volatility in the markets. There can be no assurance that we will be able to mitigate the

impacts of the foregoing or any future changes in global trade dynamics on our business.

***Security and privacy breaches may adversely impact our business, operating results, and financial***

***condition.***

Our platform hosts, processes, stores, and transmits our and our customers' proprietary and sensitive

data, including personal data about customers, employees, business partners and others, and trade

secrets. We also use third-party service providers to help us deliver services to our customers and users.

These vendors may host, process, store, or transmit personal and financial data, or other confidential

information of our employees, consultants, or our users and customers. We collect such information from

individuals located both in the United States and abroad and may host, process, store, or transmit such

information outside the country in which it was collected. While we and our third-party service providers

have implemented security measures designed to protect against privacy and security breaches, these

measures could fail or may be insufficient, resulting in the unauthorized access or disclosure,

modification, misuse, destruction, or loss of our or our customers' data or other sensitive information. We

have experienced, and may in the future experience, cybersecurity incidents; however, to date, these

incidents have not had a material impact on our business, operating results, and financial condition. Any

security breach of our platform, our operational systems, physical facilities, or the systems of our third-

party processors, or the perception that a breach has occurred, or other adverse impact to the availability,

integrity or confidentiality of such platform and systems, could result in litigation (including class actions),

indemnity obligations, regulatory enforcement actions, investigations, compulsory audits, fines, penalties,

mitigation and remediation costs, disputes, reputational harm, diversion of management's attention, and

other liabilities and damage to our business.

We face evolving cybersecurity risks that threaten the confidentiality, integrity, and availability of our or

our customers' confidential or personal data and our and our third-party service providers' information

technology systems, which could result from human error, system misconfiguration, or from cyber-attacks,

including distributed-denial-of-service attacks, reverse-engineering of AI algorithms, web scraping,

ransomware attacks, business email compromises, computer malware, viruses, and social engineering

(including phishing), malicious code embedded in open-source software, or misconfigurations, "bugs" or

other vulnerabilities in commercial software that is integrated into our and our third-party service

providers' information technology systems, products or services, which are prevalent in our industry.

These threats may come from a variety of sources including nation-state sponsored espionage and

hacking activities, corporate espionage, organized crime, sophisticated organizations, hacking groups and

individuals, and insider threats. Any security breach or disruption could result in the loss or destruction of,

or unauthorized access to, or use, alteration, disclosure, or acquisition of confidential or personal data,

which may result in damage to our reputation, termination of customer contracts, litigation, regulatory

investigations, or other liabilities. Any circumvention or failure of our cybersecurity defenses or measures

could compromise the confidentiality or integrity of our customers' data or other sensitive information. If

our, our customers', or our partners' security measures are breached as a result of third-party action,

human error, system misconfiguration, malfeasance, or otherwise, and, as a result, someone obtains

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unauthorized access to our platform including confidential or personal data of our customers, our

reputation could be damaged, our business may suffer loss of current customers and future opportunities,

and we could incur significant financial liability including fines, cost of recovery, and costs related to

remediation measures.

Techniques used to obtain unauthorized access or to sabotage systems change frequently. As a result,

we may be unable to fully anticipate these techniques or to implement adequate preventative measures.

Further, state-supported and geopolitical-related cyberattacks may rise in connection with regional

geopolitical conflicts which have increased the risk of cyberattacks on various types of infrastructure and

operations. Bad actors are also beginning to utilize AI-based tools, including generative AI-based tools, to

execute attacks, circumvent security controls, evade detection, and remove forensic evidence, creating

unprecedented cybersecurity challenges. As a result, we may be unable to detect, investigate, remediate,

or recover from future attacks or incidents, or to avoid a material adverse impact to our information

technology systems, confidential or personal data, or business. Remote and hybrid working arrangements

at our company (and at many third-party providers) also increase cybersecurity risks due to the

challenges associated with worker fraud, including through the use of a stolen or forged identity to gain

employment, managing remote computing assets and security vulnerabilities that are present in many

non-corporate and home networks. If an actual or perceived security breach occurs, the market

perception of our security measures could be harmed, and we could lose sales and customers. If we are,

or are perceived to be, not in compliance with data protection, consumer privacy, or other legal or

regulatory requirements or operational norms bearing on the collection, processing, storage, or other

treatment of data records, including personal data, our reputation and operating performance may suffer.

Any significant violations of data privacy could result in the loss of business, litigation,regulatory

investigations and processes, and penalties that could damage our reputation and adversely impact our

business, operating results, and financial condition.

We have certain contractual and legal obligations to notify relevant stakeholders of security breaches.

Most jurisdictions have enacted their own laws requiring companies to notify affected individuals,

regulatory authorities, and relevant others of security breaches involving certain types of data, including

personal data. In addition, our agreements with certain customers may require us to notify them in the

event of a security breach. The foregoing mandatory disclosures are costly, could lead to negative

publicity, may cause our customers to lose confidence in the effectiveness of our security measures, and

may require us to expend significant capital and other resources to respond to or alleviate problems

caused by the actual or perceived security breach.

A security breach could lead to claims by our customers or other relevant stakeholders that we have

failed to comply with such legal or contractual obligations. As a result, we could be subject to legal action

or our customers could end their relationships with us. There can be no assurance that any limitations of

liability in our contracts would be enforceable or adequate or would otherwise protect us from liabilities or

damages. While we maintain cybersecurity insurance, our insurance may be insufficient or may not cover

all liabilities incurred by such attacks and insurance may not be available to us in the future on

economically reasonable terms or at all.

Any adverse impact to the availability, integrity, or confidentiality of our data, systems, or physical facilities

could result in disputes, claims, or litigation with our customers and impacted third-parties, or

investigations by government authorities. These proceedings could force us to incur significant

expenditures in defense or settlement, divert management's time and attention, increase our costs of

doing business, or adversely affect our reputation. We could be required to fundamentally change our

business activities and practices or modify our platform, products, and services in response to such

litigation, which could have an adverse effect on our business. If a security breach were to occur, and the

confidentiality, integrity, or availability of our data or the data of our customers and users was disrupted,

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we could incur significant liability, or our platform, products, and services may be perceived as less

desirable, which could negatively affect our business and damage our reputation.

***If we do not or cannot maintain the compatibility of our platform with our customers' existing***

***technology, including third-party technologies that our customers use in their businesses, our***

***business, operating results, and financial condition may be adversely affected.***

The functionality and popularity of our platform depend, in part, on our ability to integrate our platform with

our customers' existing technology, including other third-party technologies that our customers use in their

businesses. Our customers, or the third parties whose products and services our customers utilize, may

change the features of their technologies, restrict our access to their technologies, or alter the terms

governing use of their technologies in a manner that makes our platform incompatible with their

technologies, which would adversely impact our ability to service our customers. Such changes could

functionally limit or prevent our ability to use these third-party technologies in conjunction with our

platform, products, and services, which would negatively affect adoption of our platform and harm our

business. Moreover, we may decide to restrict or limit the ability of third parties to access our platform or

APIs for various business, privacy, or security reasons, which may negatively impact the functionality of

our platform and our brand reputation. If we fail to create or maintain a robust developer ecosystem or

otherwise fail to integrate our platform with our customers' technologies and with third-party technologies

that our customers use, we may not be able to offer the functionality that our customers need, which

could adversely impact our business, operating results, and financial condition. In addition, customers

may require our platform to comply with certain security or other certifications and standards. If we are

unable to achieve, or are delayed in achieving, compliance with these certifications and standards, we

may be disqualified from selling our platform to such customers, or may otherwise be at a competitive

disadvantage, either of which could adversely affect our business, operating results, and financial

condition.

***If our platform fails to perform properly, whether due to material defects with the software or***

***external issues, our reputation could be adversely affected, our market share could decline, and we***

***could be subject to claims for refunds, credits, damages, indemnity, or other forms of liability,***

***including lawsuits.***

Our platform is inherently complex and may contain material defects, software "bugs," or errors.Any

defects in functionality or operational procedures that cause interruptions in the availability of our platform,

or cause our platform to function other than intended, could result in:

• loss of, or delayed, market adoption and sales;

• loss of or unintended disclosure of data;

• inaccurate billing of our customers, including over- or under-billing;

• breach of warranty claims;

• sales credits or refunds;

• loss of customers, users, and potential customers;

• diversion of development and customer service resources;

• destruction or compromised integrity of data and/or intellectual property; and

• injury to our brand and reputation.

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The costs incurred in correcting any material defects, software "bugs," or errors in our platform might be

substantial and could adversely affect our operating results.

We rely on information technology systems to process, transmit, and store electronic information,

including those provided by our third-party vendors and service providers. Our ability to effectively

manage our business depends significantly on the reliability and capacity of these systems.

Our information technology systems, and those of the third parties on whom we rely, may be subject to

damage or interruption from telecommunications problems, data corruption, data errors, software errors,

fire, flood, acts of war, terrorism, armed conflicts, global pandemics, natural disasters, power outages,

systems disruptions, system conversions, system updates, or human error. Our existing controls, safety

systems, data backup, access protection, user management, and information technology emergency

planning may not be sufficient to prevent data loss, long-term network outages, or other negative impacts

to the usability of our platform. Our production systems might not be sufficiently resilient against regional

outages and recovery from such an outage might take an extended period of time. While we have in

place a data recovery plan, our data backup systems might fail and our data recovery plans may be

insufficient to fully recover all of our or our customers' data hosted on our system. In addition, we may

have to upgrade our existing information technology systems or choose to incorporate new information

technology systems from time to time in order to support the requirements of our growing and increasingly

complexbusiness. Introduction of new technology, or upgrades and maintenance to our existing systems,

could result in increased costs or unforeseen problems which may disrupt or reduce our operating

efficacy.

We may also encounter service interruptions, outages, or disruptions due to issues interfacing with our

customers' information technology systems, including, but not limited to, stack misconfigurations or

improper environment scaling, defective updates or upgrades, our customers' inability to access the

internet, the failure of our network or software systems, security breaches, variability in user traffic for our

platform or due to cybersecurity attacks on our or our customers' information technology systems. For

example, if our cloud hosting provider or the hosting provider of any of our third-party technology partners,

including AI partners, were to experience interruptions, delays, outages, or other service interruptions,

including as a result of customer demand, that may impact our ability to provide service to our customers.

We may be required to issue credits or refunds or otherwise be liable to our customers for damages they

may incur resulting from certain of these events.

Certain of our customer agreements contain service level commitments, which contain specifications

regarding the availability of our platform and our support services. Pursuant to these agreements, if we

are unable to meet our stated service level commitments or if we suffer extended periods of poor

performance or unavailability of our platform for any reason, we may be contractually obligated to provide

certain affected customers with credits, partial refunds, or termination rights. For example, from time to

time, we have granted, and in the future may continue to grant, credits, partial refunds, or termination

rights to customers pursuant to the terms of these agreements. Our business, operating results, and

financial condition would be adversely affected if we suffer performance issues or downtime that fails to

meet the service level commitments under our agreements with our customers.

We also have in the past and may in the future, experience issues with respect to our billing processes as

a result of errors in our code or the implementation of our billing logic, user permissioning systems,

internal controls, or information technology infrastructure. For example, in February 2023, we became

aware of an error in our platform that was erroneously causing certain users to be upgraded from free

seats to paid seats whenever they took certain actions on our platform, resulting in the overbilling of

impacted customers. Upon discovery, we remediated the error and issued credits to impacted customers.

We do not currently have any liabilities accrued on our consolidated balance sheets related to this

incident. Although these events have not historically had a material impact on our operating results, any

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future issues with respect to our billing processes may be substantial and could adversely affect our

business, operating results, and financial condition.

In addition to potential liability, refunds, or credits, if we experience interruptions in the availability of our

platform or other issues that impact customer satisfaction with our platform, our reputation and brand

could be adversely affected and we could lose customers. While we currently maintain errors and

omissions insurance, it may be inadequate or may not be available in the future on acceptable terms, or

at all. In addition, our policy may not cover all claims made against us and defending a suit, regardless of

its merit, could be costly and divert management's attention.

***If we are not able to maintain and enhance our brand and reputation, our business, operating***

***results, and financial condition may be adversely affected.***

We believe that maintaining and enhancing our brand and reputation is critical to continued adoption of

our platform, our relationship with our existing customers, and our ability to attract new customers. The

successful promotion and maintenance of our brand will depend on a number of factors, including, but not

limited to, our ability to continue to provide reliable products and services that continue to meet the needs

of our customers at competitive prices, our ability to successfully differentiate our platform from those of

competitors, the effectiveness of our marketing and customer support efforts, and the effectiveness of our

communications to our stockholders. Although we believe it is important for our growth, our brand

awareness activities may not be successful or yield increased revenue, and even if they do, any

increased revenue may not offset the expenses we incur in building our brand. If we fail to successfully

promote and maintain our brand, our business, operating results, financial condition, and future prospects

may be adversely impacted. In addition, our users, customers, employees, or the public at large may,

from time to time, disagree with, or find objectionable, organizational decisions, including, but not limited

to, pricing, packaging, and billing changes and changes that we make to our platform, or other actions or

comments by members of our team. As a result of these disagreements and any negative publicity

associated therewith, we could lose users or customers, including loyal members of our community, or we

may have difficulty attracting or retaining employees and such disagreements may divert resources and

the time and attention of management from our business. Additionally, with the importance and impact of

social media, any negative publicity regarding our policies and practices or organizational decisions or

actions by members of our team, may be magnified and reach a large portion of our users, customers,

and employees in a very short period of time, which could harm our brand and reputation and adversely

affect our business, operating results, and financial condition.

In addition, independent industry and research firms have evaluated and provided, and will continue to

evaluate and provide, reviews of our platform, as well as the products and services of our competitors,

and perception of our platform in the marketplace may be significantly influenced by these reviews. If

these reviews are negative, or less positive as compared to those of our competitors' products and

services, our brand may be adversely affected. Harm to our brand and reputation can also arise from

many other sources, including, but not limited to, customer complaints, allegations of violations of law,

regulatory investigations, security incidents or allegations of security incidents, allegations of employee

misconduct, and allegations of misconduct by our partners, consultants, and third-party service providers.

The effect of negative publicity may be exacerbated to the extent it is disseminated via social media. Any

unfavorable publicity about us or members of our team could negatively impact our brand reputation or

otherwise cause us reputational harm, which could have an adverse effect on our business, operating

results, and financial condition. Additionally, negative publicity from, or with respect to, our partners or

service providers, including, but not limited to, as relating to any decision to restrict or limit access to our

platform or APIs, could negatively impact our brand reputation or otherwise cause us reputational harm,

which could also affect our business, operating results, and financial condition.

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***We host our platform on Amazon Web Services. Any disruption in the operations of Amazon Web***

***Services, limitations on capacity, or interference with our use could adversely affect our business,***

***operating results, and financial condition.***

Our platform is hosted by Amazon Web Services ("AWS"). Our software is designed to use computing,

storage capabilities, bandwidth, and other services provided by AWS. We have experienced, and expect

in the future that we may experience from time to time, interruptions, delays, or outages in service

availability due to a variety of factors, including issues with service providers like AWS. Depending on

severity, future disruptions may also result in data security incidents which are notifiable to stakeholders

such as affected individuals and regulators. Capacity constraints could arise from a number of causes

such as technical failures, cyberattacks, contagious diseases, terrorist attacks, and natural disasters,

fraud, or security attacks. The level of service provided by AWS, or regular or prolonged interruptions in

that service, could also impact the use of, and our customers' satisfaction with, our platform and could

harm our business and reputation. In addition, hosting costs are expected to increase as our customer

base grows, which could adversely affect our business, operating results, and financial condition.

Furthermore, AWS has discretion to change and interpret its terms of service and other policies with

respect to us, including on contract renewal, and those actions may be unfavorable to our business

operations. AWS may also take actions beyond our control that could seriously harm our business,

including, but not limited to, discontinuing or limiting our access to one or more services, increasing

pricing terms, terminating or seeking to terminate our contractual relationship altogether, or altering how

we are able to process data on their system in a way that is unfavorable or costly to us. If our current

arrangement with AWS were to be terminated and we could not find an alternative provider on favorable

terms or in a timely manner, we could experience interruptions on our platform and in our ability to make

our content available to customers, as well as delays and additional expenses in arranging for expansion

and transition to alternative cloud hosting and infrastructure services. Such a transition could require

further technical changes to our platform, including, but not limited to, our cloud service infrastructure

which was initially designed to run on AWS. Making such changes could be costly in terms of time and

financial resources. Any of these factors could reduce our revenue, subject us to liability, and cause our

customers to decline to renew their subscriptions, any of which would harm our business, operating

results, and financial condition.

***Our estimates of market opportunity and forecasts of market growth included in this prospectus***

***may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted***

***growth, our business could fail to grow at similar rates, if at all.***

The estimates of market opportunity and forecasts of market growth included in this prospectus may

prove to be inaccurate. Market opportunity estimates and growth forecasts included in this prospectus,

including those we have generated ourselves, are subject to significant uncertainty and are based on

assumptions and estimates that may not prove to be accurate, including the risks described herein. Even

if the markets in which we compete achieve the forecasted growth, our business could fail to grow at

similar rates, if at all.

Our market opportunity may change over time and there is no guarantee that any particular number or

percentage of addressable customers covered by our market opportunity estimates will purchase our

platform at all or generate any particular level of revenue for us. Any expansion in the markets in which

we operate depends on a number of factors, including, but not limited to, the cost, performance, and

perceived value associated with our platform and those of our competitors. Even if the markets in which

we compete meet the size estimates and growth as forecasted, our business could fail to grow at similar

rates, if at all. Our growth is subject to many factors, including, but not limited to, our success in

implementing our business strategy, which is subject to many risks and uncertainties. Accordingly, our

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forecasts of market growth included in this prospectus should not be taken as indicative of our future

growth.

***Key business metrics and other estimates are subject to inherent challenges in measurement and***

***to change as our business evolves, and our business, operating results, financial condition, and***

***future prospects could be adversely affected by real or perceived inaccuracies in those metrics or***

***any changes in metrics we disclose.***

We regularly review key business metrics to evaluate growth trends, measure our performance, and

make strategic decisions. These key business metrics are calculated using internal company data and

have not been validated by an independent third party. While these numbers are based on what we

believe to be reasonable estimates for the applicable period of measurement at the time of reporting,

there are inherent challenges in such measurements. If we fail to maintain effective processes and

systems, our key business metrics calculations may be inaccurate, and we may not be able to identify

those inaccuracies. We regularly review our processes for calculating these metrics, and from time to time

we make adjustments to improve their accuracy. We generally will not update previously disclosed key

business metrics for any such inaccuracies or adjustments that are immaterial.

We may change our key business metrics from time to time, which may be perceived negatively. Given

the rapid evolution of the software market, we regularly evaluate whether our key business metrics remain

meaningful indicators of the performance of our business. As a result of these evaluations, we may in the

future make changes to our key business metrics, including eliminating or replacing existing metrics.

Further, if investors or the media perceive any changes to our key business metrics disclosures

negatively, our business, operating results, and financial condition could be adversely affected.

***Our business involves hosting user-generated and third-party content, which may present certain***

***legal and reputational risks.***

Users of our platform can upload templates, designs, icons, widgets, plugins, and other user-generated

and third-party content for use across our platform. In addition, on our Community webpage, we also host

both free and paid content uploaded by our users. Hosting such user-generated and third-party content

exposes us to certain risks, including, but not limited to, the risk that the content may violate the

intellectual property rights of others, or violate other laws and regulations. Moreover, we could be subject

to the risk of reputational and brand damage if we are perceived to unfairly moderate, monetize, or

otherwise exploit user-generated content, even if such perceptions are inaccurate, which could ultimately

harm our business. We may not effectively detect and address user actions that may violate our terms of

service and community guidelines and we may not effectively review, approve, or otherwise screen

content uploaded to our platform by users. There have been in the past, and there could be in the future,

incidents where users and customers engage in activities on or through our platform that violate our

policies or laws. Our safeguards may not be sufficient or adequate to ensure the safety of our users and

customers and this may harm our reputation and brand.

***Our long-term success depends, in part, on our ability to increase sales of our platform to***

***customers located outside of the United States and our current, and any further, expansion of our***

***international operations exposes us to risks that could have an adverse effect on our business,***

***operating results, and financial condition.***

We conduct our business activities in various foreign countries and currently have operations in North

America, South America, Europe, Australia, and Asia. In 2024, a majority of our revenue was generated

outside of the United States. Our ability to manage our business and conduct our operations

internationally requires considerable management attention and resources, including financial resources,

and is subject to the particular challenges of supporting a rapidly growing business across multiple

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cultures, customs, legal, regulatory and compliance systems, and commercial infrastructures. Our

operations in international markets may not be sufficiently commercially successful to justify our level of

investment. Operating internationally may subject us to new risks that we have not faced before or

increase risks that we currently face, including, but not limited to, risks associated with:

• fluctuations in foreign currency exchange rates, which could add volatility to our operating results;

• recruiting and retaining talented and capable employees in foreign countries;

• new, or changes in, legal and regulatory requirements;

• tariffs, export and import restrictions, restrictions on foreign investments, sanctions, and other

trade barriers or protectionist measures;

• exposure to numerous, increasing, stringent, and potentially inconsistent laws and regulations

relating to, among other things, AI, privacy, data protection, online safety, moderation, and

information security;

• costs of, and challenges with, localizing our platform including, but not limited to, data localization

and other data privacy requirements;

• challenges in successfully pricing our products in a way that meets local expectations while

remaining financially viable to us;

• lack of acceptance of our localized products and services, including due to competition with local

products that compete with our products and services;

• the need to make significant investments in people, offerings, services, and infrastructure,

typically well in advance of revenue generation;

• challenges inherent in efficiently managing an increasing number of employees over large

geographic distances, including, but not limited to, the need to implement appropriate systems,

policies, benefits, and compliance programs;

• difficulties in maintaining our company culture with a dispersed and distant workforce;

• treatment of revenue from international sources, evolving domestic and international tax

environments, and other potential tax issues, including, but not limited to, with respect to our

corporate operating structure and intercompany arrangements;

• different or weaker protection of our intellectual property rights, including, but not limited to,

increased risk of theft of our proprietary technology and other intellectual property;

• economic weakness or currency-related crises;

• longer payment cycles and greater difficulty in collecting accounts receivable;

• our ability to adapt to sales practices and customer requirements in different cultures;

• the lack of reference customers and other marketing assets in regional markets that are new or

developing for us, as well as other adaptations in our market generation efforts that we may be

slow to identify and implement;

• natural disasters, acts of war, terrorism, or pandemics, including, but not limited to, the armed

conflicts in the Middle East and Ukraine, and tensions between China and Taiwan, or responses

to these events;

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• actual or perceived instability in the global financial system;

• cybersecurity incidents;

• corporate espionage; and

• political instability and security risks in the countries where we are doing business and changes in

the public perception of governments in the countries where we operate or plan to operate.

***Our ability to maintain customer satisfaction depends in part on the quality of our customer***

***support. Failure to maintain high-quality customer support could have an adverse effect on our***

***business, operating results, financial condition, and future prospects.***

We believe that the successful use of our platform requires a high level of support and engagement for

many of our customers. Increased demand for customer support, without corresponding increases in

revenue, could increase our costs and adversely affect our business, operating results, financial

condition, and future prospects.

There can be no assurance that we will be able to hire sufficient support personnel as and when needed,

particularly if our sales exceed our internal forecasts. Additionally, our customer support team uses third-

party AI tools to assist them with responding to and resolving customer inquiries. To the extent that we

are unsuccessful in hiring, training, and retaining adequate support resources or utilizing AI tools for

customer support, our ability to provide high-quality and timely support to our customers will be negatively

impacted, and our customers' satisfaction and their usage of our infrastructure could be adversely

affected.

***Because we recognize subscription revenue over the subscription term, downturns or upturns in***

***new sales and renewals are not immediately reflected in full in our operating results.***

We recognize revenue from subscriptions to our platform on a straight-line basis over the term of the

contract subscription period beginning on the date access to our platform is granted, provided all other

revenue recognition criteria have been met. Our subscription arrangements generally have monthly or

annual contractual terms. As a result, much of the revenue we report each quarter is the recognition of

deferred revenue from recurring subscriptions. Consequently, a decline in subscriptions in any one

quarter, whether as a result of fewer or smaller new subscriptions, downsized subscription renewals, or

lower subscription renewal rates in the applicable quarter, will not be fully reflected in revenue in that

quarter, and will continue to negatively affect our revenue in future quarters. Accordingly, the effect of

significant downturns in new or renewed sales of our recurring subscriptions are not reflected in full in

operating results until future periods.

***We make our platform available to users free of charge on our Starter plan. If this fails to lead to***

***customers purchasing paid subscriptions, our business, operating results, and financial condition***

***may be adversely affected.***

We offer our Starter plan (our free plan), which gives users limited access to our platform. This may not

lead to customers purchasing subscriptions to our platform, as usage of our Starter plan may not lead to

them or their organization purchasing subscriptions to our platform. To the extent that users do not

become paying customers, or we are unable to successfully attract paying customers, our ability to grow

our revenue may be adversely affected. In addition, making aspects of our platform available free of

charge involves significant expenses, including hosting costs, with no immediate revenue in return. If we

fail to convince users of our free pricing plan to purchase paid subscriptions to our platform our

profitability may be adversely affected.

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***Our sales cycles can be long and unpredictable, and our sales and post-sales efforts require***

***considerable time and expense.***

Our revenue recognition and operating results may be difficult to predict because of the length and

unpredictability of the sales cycle for our platform, particularly as we increasingly sell to larger

organizations, governmental organizations, regulated entities, and organizations outside of the United

States or to the technology industry that may have different procurement requirements than our historical

customers. For example, we have observed a lengthening of the sales cycle recently for some

prospective customers that we attribute to increased sensitivity to information technology security

concerns, particularly with respect to products that include AI features or otherwise incorporate AI

technologies, such as our platform. In addition, larger customers frequently have rigorous procurement

processes and require considerable time to evaluate, test, and qualify our platform prior to entering into or

expanding a relationship with us.

Our direct sales team develops relationships with our customers, and works on account penetration,

account coordination, sales, and overall market development. We spend substantial time and resources

on our sales efforts without any assurance that our efforts will produce a sale. Sales of our platform may

be subject to budget constraints, multiple approvals, security, accessibility, compliance, legal, and other

reviews, and unanticipated administrative, processing, and other delays. As a result, it is difficult to predict

whether and when a sale will be completed, which, in turn, can make it difficult to accurately plan our

business and forecast our operating results. The failure of our efforts to secure sales after investing

resources in a lengthy sales process, or a failure to accurately forecast our operating results that causes

our actual operating results to fall short of our projections or market expectations, would adversely affect

our business, operating results, and financial condition.

Further, our success depends, in part, on our ability to maintain and expand our relationships with

customers by helping them realize value from our products and services over time. If our post-sales and

customer success efforts are ineffective, our business, operating results, and financial condition could be

adversely affected.

***Sales to government entities are subject to a number of challenges and risks.***

We sell to U.S. federal, state, and local, as well as foreign governmental agency customers. Although we

anticipate that they may increase in the future, sales to governmental organizations have not accounted

for, and may never account for, a significant portion of our revenue. Sales to governmental organizations

are subject to a number of challenges and risks that may adversely affect our business, operating results,

and financial condition, including, but not limited to, the following risks:

• selling to governmental agencies can be highly competitive, expensive, and time consuming,

often requiring significant upfront time and expense without any assurance that such efforts will

generate a sale;

• government certification, software supply chain or source code transparency requirements

applicable to us or our platform may change and, in doing so, restrict our ability to sell into the

governmental sector until we have attained the revised certification or meet other new

requirements (for example, although we are currently Federal Risk and Authorization

Management Program ("FedRAMP") authorized, such authorization is costly to maintain and

subject to rigorous compliance and if we lose our authorization, it will restrict our ability to sell to

government customers);

• government demand and payment for our platform may be impacted by public sector budgetary

cycles and funding authorizations, with funding reductions or delays adversely affecting public

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sector demand for our platform, including, but not limited to, as a result of sudden, unforeseen,

and disruptive events such as government shutdowns, governmental defaults on indebtedness,

war, regional geopolitical conflicts around the world, incidents of terrorism, natural disasters, and

public health concerns or epidemics;

• governments routinely investigate and audit government contractors' compliance with

government contract provisions and applicable procurement laws and regulations, and failure to

comply with these laws, regulations, or provisions in our government contracts could result in the

government refusing to continue buying our platform, terminating our contracts, or suspending or

debarring us, which would adversely impact our revenue and operating results, initiating breach

of contract actions, or instituting fines or civil or criminal liability if an investigation, audit, or other

review, were to uncover improper or illegal activities;

• governments may require certain products to be manufactured, produced, hosted, or accessed

solely in their country or in other relatively high-cost locations, and we may not produce or host all

products in locations that meet these requirements, affecting our ability to sell these products to

governmental agencies;

• our governmental agency customers may have more expansive termination rights; and

• refusal to grant certain certifications or clearance by one government agency, or decision by one

government agency that our products do not meet certain standards, may cause reputational

harm and cause concern with other government agencies.

Any pressure on the U.S. federal government's budget or uncertainty around potential changes in

budgetary priorities could adversely affect the funding for individual programs and our existing and future

contracts with the U.S. government.

Risks Related to Our People

***We rely on Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President,***

***other members of our management team, and other key employees and will need additional***

***personnel to grow our business, and the loss of one or more key employees or our inability to hire,***

***integrate, train, manage, retain, and motivate qualified personnel, including members of our Board***

***of Directors, could harm our business.***

Our future success is dependent, in part, on our ability to hire, integrate, train, manage, retain, and

motivate the members of our management team and other key employees throughout our organization.

The loss of key personnel, including key members of our management team or members of our Board of

Directors, as well as certain of our key marketing, sales, finance, support, product development, legal,

people team, or technology personnel, could disrupt our operations and have an adverse effect on our

ability to grow our business. In particular, we are highly dependent on the services of Dylan Field, our

Chair of our Board of Directors, Chief Executive Officer, and President, who is critical to the development

of our technology, products, platform, future vision, and strategic direction. Mr. Field is involved in a

number of initiatives aside from his work for Figma. For example, Mr. Field actively invests in technology

companies. This and other initiatives he is, or may become, involved in could divert Mr. Field's time and

attention from overseeing our business operations, which could have a negative impact on our business,

and may result in potential conflicts of interest. Moreover, from time to time there have been and may in

the future be changes in our management team. While we seek to manage any such transitions carefully,

such changes may result in a loss of institutional knowledge, cause disruptions to our business, and

negatively affect our business.

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Competition for highly skilled personnel is intense, especially in markets such as the San Francisco Bay

Area, London, and New York City where we have a substantial presence and need for highly skilled

personnel, and we may not be successful in hiring or retaining qualified personnel to fulfill our current or

future needs. More generally, the technology industry, and the software industry more specifically, is also

subject to substantial and continuous competition for engineers with high levels of experience in

designing, developing, and managing software and related services. This is especially true in the market

for AI talent, which remains extremely competitive. We have, from time to time, experienced, and we

expect to continue to experience, difficulty in hiring and retaining highly skilled employees with

appropriate qualifications at a suitable cost, and this risk may be exacerbated by factors related to,

among other things, increased recruiting efforts by other companies. In the past, we have used stock-

based compensation to recruit and retain qualified employees. If we were to decrease the amount of

stock-based compensation that is granted to employees, or otherwise make changes to our

compensation philosophy, we may have difficulty hiring and retaining qualified individuals. Even if we are

able to recruit and retain qualified personnel, the cost of doing so may impact our profitability and our

ability to meet the expectations of investors and analysts. We also invest significant time and expense in

training our employees, which increases their value to competitors who may seek to recruit them and

increases our costs. Further, the labor market is subject to external factors that are beyond our control,

including, but not limited to, our industry's highly competitive market for skilled workers and leaders, cost

inflation, overall macroeconomics, and workforce participation rates. Should our competitors recruit our

employees, our level of expertise and ability to execute our business plan would be negatively impacted.

Restrictive immigration policies or legal or regulatory developments relating to immigration in any of the

global markets in which we have employees may also negatively affect our efforts to attract and hire new

personnel as well as retain our existing personnel. For example, we have previously had to make

changes to the way we attract and hire personnel in certain jurisdictions due to changes to the framework

with which employer-sponsored visa applications are assessed in those regions. Our business may be

adversely affected if legislative or administrative changes to immigration or visa laws and regulations

impair our hiring processes.

Moreover, many of the companies with which we compete for experienced personnel have greater

resources than we have. Our competitors also may be successful in recruiting and hiring members of our

management team, sales team, or other key employees, and it may be difficult for us to find suitable

replacements on a timely basis, on competitive terms, or at all. We have in the past, and may in the

future, be subject to allegations that employees we hire have been improperly solicited, or that they have

divulged proprietary or other confidential information, or that their former employers own such employees'

inventions or other work product, or that they have been hired in violation of non-compete provisions or

non-solicitation provisions.

In addition, job candidates and existing employees often consider the value of the equity awards and

other compensation they receive in connection with their employment. If the perceived value of our

compensatory package is viewed as below market or declines, it may adversely affect our ability to attract

and retain highly skilled employees. If we fail to attract new personnel or fail to retain and motivate our

current personnel, our business and future growth prospects would be severely harmed. Further, our

competitors may be successful in recruiting and hiring members of our management team, or other key

employees, and it may be difficult for us to find suitable replacements on a timely basis, on competitive

terms, or at all. In recent years, the increased availability of hybrid or remote working arrangements has

expanded the pool of companies that can compete for our employees and employment candidates.

Although we have entered into employment agreements with our key employees, these agreements are

on an "at-will" basis, meaning they are able to terminate their employment with us at any time. If we fail to

attract new personnel or fail to retain and motivate our current personnel, our business and future growth

prospects would be severely harmed.

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Moreover, we have a number of current employees whose equity ownership in our company has given

them a substantial amount of personal wealth, or will shortly after the completion of this offering result in

them having substantial wealth. As a result, it may be difficult for us to continue to retain and motivate

these employees, and this wealth could affect their decisions about whether or not they continue to work

for us. If we do not succeed in attracting, hiring, and integrating excellent personnel, or retaining and

motivating existing personnel, we may be unable to grow effectively.

***If we do not effectively integrate, train, manage, and retain product, design, engineering, and sales***

***personnel, and expand our product, design, engineering, and sales capabilities, we may be unable***

***to increase our customer base and increase sales to our existing customers.***

Our ability to increase our customer base, enhance our platform, and achieve broader market adoption of

our products and services will depend to a significant extent on our ability to continue to hire, integrate,

and retain talented product, design, research, and engineering personnel. We have dedicated, and plan

to continue to dedicate, significant resources to our product, design, and engineering programs to

enhance our platform, including by investing in developing additional features and products, but there is

no guarantee that we will be successful in such endeavors. If we are unable to find efficient ways to

deploy our product, design, and engineering investments or if these programs are not effective, our

business, operating results, and financial condition would be adversely affected.

Additionally, in recent years, we have made significant investments in our sales and marketing teams and

plan to continue expanding our sales force. There is significant competition for sales personnel with the

skills and technical knowledge that we require. Our ability to achieve revenue growth will depend, in part,

on our success in hiring, integrating, training, managing, and retaining sufficient numbers of qualified

sales personnel to support our growth, particularly in international markets.

New hires require significant training and may take extended time before they are productive. Our recent

hires and planned hires may not become productive as quickly as we expect, or at all, and we may be

unable to hire or retain sufficient numbers of qualified individuals in the markets where we do business or

plan to do business. Moreover, our international expansion may be slow or unsuccessful if we are unable

to retain qualified personnel with international experience, language skills, and cultural competencies in

the geographic markets which we target.

***We believe that our company culture has contributed to our success, and if we cannot maintain***

***this culture as we grow, we could lose the innovation, creativity, and teamwork fostered by our***

***culture, and our business may be harmed.***

We believe that our company culture has been and will continue to be vital to our success, including in

attracting, developing, and retaining personnel, as well as our customers. We have worked to develop our

culture, and we strive to empower our employees to continuously learn, evolve, and grow, and treat each

other with respect. If we do not continue to develop our company culture as we grow and evolve,

including maintaining a culture that encourages a sense of ownership by our employees, it could harm our

ability to foster the innovation, creativity, and teamwork that we believe we need to support our growth.

We expect to continue to hire as we expand. As our organization grows and is required to implement

more complex organizational structures, we may find it increasingly difficult to maintain the beneficial

aspects of our company culture, which could negatively impact its future success. Further, maintaining a

cohesive company culture may prove difficult as a significant percentage of our employees work fully

remote or remotely for at least part of the workweek. If we are unable to maintain our company culture,

we could lose the innovation, passion, and dedication of our team and as a result, our business and

ability to focus on our corporate objectives may be harmed.

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Risks Related to Our Intellectual Property

***Failure to obtain, maintain, protect, or enforce our intellectual property and proprietary rights***

***could enable others to copy or use aspects of our platform without compensating us, which could***

***harm our brand, business, and operating results.***

We rely on a combination of patent, trademark, copyright, and trade secrets laws, and contractual

provisions, including confidentiality agreements, to establish and protect our intellectual property and

proprietary technology, including from unauthorized use or disclosure by our customers and users, third-

party partners, employees, and consultants. However, the steps we take to obtain, maintain, protect, and

enforce our intellectual property and proprietary rights may be inadequate. We will not be able to protect

our intellectual property rights if we are unable to enforce our rights or if we do not detect unauthorized

use of our intellectual property rights. If we fail to protect our intellectual property rights adequately, our

competitors may gain access to our proprietary technology and develop and commercialize substantially

identical products, services, or technologies, and our business, operating results, and financial condition

may be harmed.

Valid patents may not issue from our pending or future patent applications, and the claims allowed on any

issued patents may not be sufficient to protect our technology or platform. Any issued patents that we

have or may obtain may be challenged or circumvented, invalidated, or held unenforceable through

administrative processes, including re-examination, inter partes review, interference and derivation

proceedings, and equivalent proceedings in foreign jurisdictions (e.g., opposition proceedings) or

litigation, and any rights granted under these patents may not actually provide adequate defensive

protection or competitive advantages to us. In addition, there may be issued patents held by third parties

of which we are not aware, that, if found to be valid and enforceable, could be alleged to be infringed by

our current or future technologies or products. There may also be pending patent applications of which

we are not aware that may result in issued patents, which could be alleged to be infringed by our current

or future technologies or products. Patent applications in the United States are typically not published

until at least 18 months after filing, or, in some cases, not at all, and publications of discoveries in

industry-related literature lag behind actual discoveries. We cannot be certain that we were the first to

make the inventions claimed in our pending patent applications or that we were the first to file for patent

protection. Additionally, the process of obtaining patent protection is expensive and time-consuming, and

we may not be able to prosecute all necessary or desirable patent applications at a reasonable cost or in

a timely manner. Recent changes to patent laws in the United States may also bring into question the

validity of certain software patents and may make it more difficult and costly to prosecute patent

applications.

Furthermore, legal standards relating to the validity, enforceability, and scope of protection of intellectual

property rights are uncertain, which may lead to increased costs and risks surrounding the prosecution,

validity, ownership, enforcement, and defense of our issued patents, patent applications, and other

intellectual property rights, as well as uncertainty regarding the outcome of third-party claims of

infringement, misappropriation, or other violation of intellectual property rights which may be brought

against us and actual or enhanced damages that may be awarded in connection with any such current or

future claims. Such uncertainty could have a material and adverse effect on our business, operating

results, and financial condition.

In particular, we are unable to predict or assure that:

• our intellectual property rights will not lapse or be invalidated, circumvented, challenged, or, in the

case of third-party intellectual property rights licensed to us, be licensed to others;

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• our intellectual property rights will be sufficient to protect our products and services or our

business or provide competitive advantages to us;

• rights previously granted by third parties to intellectual property rights licensed or assigned to us,

including portfolio cross-licenses, will not hamper our ability to assert our intellectual property

rights or hinder the settlement of currently pending or future disputes;

• any of our pending or future patent, copyright, or trademark applications will be issued or have

the coverage originally sought;

• we will be able to enforce our intellectual property rights in certain jurisdictions, in particular in

foreign countries where the laws may not be as protective of intellectual property rights as those

in the United States and mechanisms for enforcement may be inadequate.

Despite our efforts to protect our proprietary rights, it may be possible for unauthorized parties to copy our

products and aspects of our platform capabilities or obtain and use information that we regard as

proprietary, including to create products that compete with ours. We enter into confidentiality agreements

or other agreements that contain confidentiality provisions with our employees, consultants, vendors,

users, and customers, and limit access to and distribution of our proprietary information. However, such

agreements may not be enforceable in full or in part in all jurisdictions and no assurance can be given

that such agreements will be effective in controlling access to, or distribution, use, misuse,

misappropriation, reverse-engineering, or disclosure of our proprietary information, know-how, and trade

secrets. In addition, any breach of these agreements could negatively affect our business and our remedy

for such breach may be limited. Further, these agreements may not prevent our competitors from

independently developing technologies that are substantially equivalent or superior to our products and

platform capabilities. As such, we cannot guarantee that the steps taken by us to prevent unauthorized

access, use, disclosure, and distribution of our proprietary information will prevent misappropriation of our

technology.

We pursue the registration of our patents, copyrights, trademarks, service marks, and domain names in

the United States and in certain foreign jurisdictions. These application processes are expensive and may

not be successful in all jurisdictions or for every such application, and we may not pursue such

protections in all jurisdictions that may be relevant, for all our goods or services, or in every class of goods

and services in which we operate. Additionally, we may not be able to obtain, maintain, protect, exploit,

defend, or enforce our intellectual property rights in every foreign jurisdiction in which we operate. For

example, effective trade secret protection may not be available in every country in which our products are

available or where we have employees or independent contractors. The loss of trade secret protection

could make it easier for third parties to compete with our products by copying functionality. Further, many

foreign countries limit the enforceability of patents against certain third parties, including government

agencies or government contractors. In these countries, patents may provide limited or no benefit. In

addition, any changes in the trade secret, employment, and other intellectual property laws in any country

in which we operate may compromise our ability to enforce our trade secrets and other intellectual

property rights. The legal systems of certain foreign countries do not favor the enforcement of patents,

trademarks, copyrights, trade secrets, and other intellectual property and proprietary protection, which

could make it difficult for us to prevent or stop any infringement, misappropriation, dilution, or other

violation of our intellectual property rights. If we fail to maintain, protect, and enhance our intellectual

property rights, our brand, business, operating results, financial condition, and future prospects may be

harmed.

From time to time, legal action by us may be necessary to enforce our patents and other intellectual

property rights, to protect our trade secrets, to determine the validity and scope of the proprietary rights of

others, or to defend against claims of infringement or invalidity. Protecting our intellectual property rights,

both as a defendant and plaintiff, as applicable, through litigation in the United States and internationally

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may entail significant time and expense. Such litigation could result in substantial costs and diversion of

resources and could negatively affect our business, operating results, and financial condition. If we are

unable to protect our proprietary rights, including aspects of our software and platform protected other

than by patent rights, we will find ourselves at a competitive disadvantage to others who need not incur

the expense, time, and effort required to create our platform and other innovative products that have

enabled us to be successful to date. Moreover, we may need to expend additional resources to defend

our intellectual property rights in foreign countries, and our inability to do so could impair our business or

adversely affect our international expansion.

Furthermore, the application of intellectual property law to AI technologies is a new and emerging

practice, and there is uncertainty and ongoing litigation in different jurisdictions as to the degree and

extent of protection warranted for AI and machine learning systems and relevant system input and

outputs. The law is also uncertain across jurisdictions regarding the copyright ownership of content that is

produced in whole or in part by generative AI tools. As a result, our use of AI tools in our product

development and engineering processes may make it difficult to assert ownership rights over our

technology. If we fail to obtain protection for the intellectual property rights concerning our AI

technologies, or later have our intellectual property rights invalidated or otherwise diminished, our

competitors may be able to take advantage of our research and development efforts to develop

competing products which could adversely affect our business, reputation, and financial condition. In

addition, given the long history of development of AI technologies, other parties may have, or in the future

may obtain, patents or other proprietary rights that could prevent, limit, or interfere with our ability to

make, use, or sell our own AI technologies.

***Third parties have claimed and may claim that our platform infringes, misappropriates, or***

***otherwise violates their intellectual property rights and such claims could be time-consuming or***

***costly to defend or settle, result in the loss of significant rights, or harm our relationships with our***

***customers or reputation in the industry.***

We may become subject to intellectual property disputes. Our success depends, in part, on our ability to

develop and commercialize our products and services without infringing, misappropriating, or otherwise

violating the intellectual property rights of third parties. However, we may not be aware that our products

or services are infringing, misappropriating, or otherwise violating third-party intellectual property rights

and such third parties have claimed and may bring claims alleging that our current or future platform

capabilities, products, and services infringe their intellectual property rights. Such claims may also result

in legal claims against our third-party partners and our customers. We cannot predict the outcome of

lawsuits and cannot ensure that the results of any such claims will not have an adverse effect on our

business, operating results, and financial condition. These claims may be time consuming, costly to

defend or settle, damage our brand and reputation, harm our customer relationships, and create liability

for us. Contractually, we are obligated to indemnify our partners and customers for certain expenses or

liabilities they may incur as a result of any such third-party intellectual property infringement claims

associated with our platform. In addition, to the extent that any claim arises as a result of third-party

technology we have licensed for use in our platform, we may be unable to recover from the appropriate

third party any expenses or other liabilities that we incur. We expect the number of such claims, whether

warranted or not, to increase, particularly as a public company with an increased profile and visibility, as

the number of products and services and the level of competition in our market grows, as the functionality

of our platform overlaps with that of other products and services, and as the volume of issued software

patents and patent applications continues to increase.

Companies in the software and technology industries, some of whom may compete with us, own large

numbers of patents, copyrights, trademarks, and trade secrets and frequently engage in litigation based

on allegations of infringement or other violations of intellectual property rights. In addition, many of these

companies have the capability to dedicate substantially greater resources to enforce their intellectual

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property rights and to defend claims that may be brought against them. Furthermore, patent holding

companies, non-practicing entities, and other adverse patent owners that are not deterred by our existing

intellectual property protections may seek to assert patent claims against us. From time to time, third

parties have invited us to license their patents and may, in the future, assert patent, copyright, trademark,

or other intellectual property rights against us, our third-party partners, or our customers. We have

received, and may in the future receive, notices that claim we have misappropriated, misused, or infringed

other parties' intellectual property rights, and, to the extent we gain greater market visibility, we face a

higher risk of being the subject of intellectual property infringement claims.

There may be third-party intellectual property rights, including issued or pending patents and trademarks,

that cover significant aspects of our technologies or business methods and assets. In the event that we

engage software engineers or other personnel who were previously engaged by competitors or other third

parties, we may be subject to claims that those personnel have inadvertently or deliberately incorporated

proprietary technology of third parties into our products or have otherwise improperly used or disclosed

trade secrets or other proprietary information. We may also in the future be subject to claims by

employees or contractors asserting an ownership right in our patents, patent applications, or other

intellectual property rights as a result of the work they performed on our behalf. In addition, we may lose

valuable intellectual property rights or personnel. A loss of key personnel or their work product could

hamper or prevent our ability to develop, market, and support potential products or enhancements, which

could severely harm our business.

Further, we may use AI technologies, including tools provided by third parties, to develop or assist in the

development of our own software code. While use of such tools makes our development process more

efficient, AI technologies have sometimes generated content that is "substantially similar" to proprietary or

open source software code on which the AI tool was trained. If the AI technologies we use generate code

that is too similar to other proprietary code, or to software processes that are protected by patents, we

could be subject to intellectual property infringement claims. We may also not be able to anticipate and

detect security vulnerabilities in such AI-generated software code, including those that could be induced

by a maliciously trained AI model. If our tools generate code that is too similar to open source code, we

risk losing protection of our own proprietary code that is commingled with such code. Finally, to the extent

we use third-party AI technologies to develop software code, the terms of use of these tools may state

that the third-party provider retains rights in the generated code.

Any intellectual property claims, whether with or without merit, could be very time-consuming, could be

expensive to settle or litigate, and could divert our management's attention and other resources, even if

such claims do not result in litigation or are resolved in our favor. These claims could also subject us to

significant liability for damages, potentially including treble damages if we are found to have willfully

infringed patents or copyrights, and may require us to indemnify our customers for liabilities they incur as

a result of such claims. Although we carry general liability insurance, our insurance may not cover

potential claims of this type or may not be adequate to indemnify us for all liability that may be imposed.

These claims could also result in our having to stop using technology found to be in violation of a third

party's rights. We might be required to seek a license for the applicable third-party intellectual property

rights, which may not be available on reasonable terms, or at all. Even if a license was available, we

could be required to pay significant royalties, which would increase our operating expenses, or we could

be required to develop alternative non-infringing technology, which may require significant time, effort,

and expense, and may affect the performance or features of our platform. If we cannot license or develop

alternative non-infringing substitutes for any infringing technology used in any aspect of our business, we

may decide to limit or stop sales of our platform and may be unable to compete effectively. Moreover,

there could be public announcements of the results of hearings, motions, or other interim proceedings or

developments, and if securities analysts or investors perceive these results to be negative, it could have a

substantial adverse effect on the price of our Class A common stock. Any of these results would

adversely affect our business, operating results, and financial condition.

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***Some of our technology incorporates "open source" software, which could under certain***

***circumstances materially and adversely affect our ability to sell our platform and subject us to***

***possible litigation.***

Certain software used within our products and services is, and certain software of our customers, third-

party partners, and vendors, may be, derived from "open source" software that is made generally

available to the public by its authors or other third parties. Open source software is made available under

licenses that in some instances may subject us to certain unfavorable conditions, including requirements

that we offer our proprietary software, or portions of our proprietary software, which incorporates or links

to such open source software, for no cost, that we make available source code for modifications or

derivative works we create based upon, incorporating, or using such open source software, and that we

license such modifications or derivative works under the terms of the applicable open source licenses.

Our platform contains third-party open source software components, and failure to comply with the terms

of the underlying open source software licenses could restrict our ability to sell our products and services.

The use and distribution of open source software may entail greater risks than the 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, which licensors are not typically

required to maintain and update, and licensors can change the license terms on which they offer the open

source software without notice. In addition, some open source projects have known vulnerabilities and

architectural instabilities and are provided on an "as-is" basis which, if not properly addressed, could

negatively affect the performance of our platform. Further, the shared nature of open source software

means the source code for open source software used in our, or our vendors', offerings is widely available

to the public, and a malicious actor could attempt to identify or create vulnerabilities in this open sourced

code and exploit those security vulnerabilities, which may increase the likelihood of a data breach,

network interruption, or other type of ransomware attack or cyberattack against us or against third parties

who may use open source software, such as our key vendors or technology licensors, any of which could

negatively impact our business. Although we monitor our use of open source software in an effort to

comply with the terms of the applicable open source licenses, to avoid subjecting our platform and

products to conditions we do not intend, and to avoid subjecting our platform and products to security

vulnerabilities, many of the risks associated with use of open source software cannot be eliminated and

such risks could materially and adversely affect our business, operating results, financial condition, and

future prospects, as well as our reputation, including if we are required to take remedial action that may

divert resources away from our development efforts.

Our use and distribution of certain software is subject to open source licenses that may require that we

make certain source code publicly available. If we combine and distribute our proprietary software with

open source software in a certain manner, we could, under certain open source licenses, be required to

release the combined source code of our proprietary software to the public, under terms authorizing

further modification and redistribution, or otherwise be limited in the licensing of our offerings, each of

which could provide an advantage to our competitors or other entrants to the market, create security

vulnerabilities in our platform, require us to re-engineer all or a portion of our platform, and reduce or

eliminate the value of our platform. This would allow our competitors to create similar offerings with lower

development efforts and in less time and ultimately could result in a loss of sales for us. If we

inappropriately use or incorporate open source software subject to certain types of open source licenses

that challenge the proprietary nature of our products, we may be required to re-engineer such products,

discontinue the sale of such products, or take other remedial actions. Any efforts to re-engineer all or a

portion of our platform could result in potentially prolonged periods of reduced usability and accessibility

of our platform, which in turn would adversely affect our business, operating results, and financial

condition.

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There is evolving legal precedent for interpreting the terms of certain open source licenses, including the

determination of which works are subject to the terms of such licenses. The terms of many open source

licenses have not been interpreted by U.S. courts, and there is a risk that these licenses could be

construed in ways that could impose unanticipated conditions or restrictions on our ability to

commercialize any offerings incorporating such software. Moreover, we may have incorporated or used

open source software in a manner that is inconsistent with the terms of the applicable license or our

current policies and procedures, and we cannot guarantee that our processes for controlling our use of

open source software in our platform are or will be effective. From time to time, we may face claims from

third parties asserting ownership of, or demanding release of, the open source software or derivative

works that we developed using such software, which could include our proprietary source code, or

otherwise seeking to enforce the terms of the applicable open source license. These claims, regardless of

validity, could result in time consuming and costly litigation, divert management's time and attention away

from developing the business, expose us to customer indemnity claims, or force us to disclose source

code. Litigation could be costly for us to defend, result in our paying damages or entering into unfavorable

licenses, have a negative effect on our business, operating results, and financial condition, or cause

delays by requiring us to devote additional research and development resources to modify our platform.

***We license technology from third parties for the development of our products, and our inability to***

***maintain those licenses could harm our business.***

We currently rely on or incorporate, and will in the future rely on or incorporate, technology that we license

from third parties, including software and large language models, into our products. For example, Figma's

AI-powered products and features, including our Figma Make product, rely on off-the-shelf foundational AI

models. If we are unable to continue to use or license these technologies on reasonable terms, or if these

technologies become unreliable, unavailable, or fail to operate properly, we may not be able to secure

adequate alternatives in a timely or cost-effective manner, or at all, and our ability to offer our products

and remain competitive in our market would be harmed. Further, licensing technologies from third parties

exposes us to increased risk of being the subject of intellectual property infringement claims due to,

among other things, our lower level of visibility into the development process with respect to such

technology and the care taken to safeguard against infringement risks. We cannot be certain that our

licensors do not or will not infringe on the intellectual property rights of third parties or that our licensors

have or will have sufficient rights to the licensed intellectual property in all jurisdictions in which we may

sell our platform. In addition, some of our third-party license agreements may be terminated by our

licensors for convenience, or otherwise provide for a limited term. If we are unable to continue to license

technology because of intellectual property infringement claims brought by third parties against our

licensors or against us, or if we are unable to continue our license agreements or enter into new licenses

on commercially reasonable terms, our ability to develop and sell products and services containing or

dependent on that technology would be limited, and our business, including our operating results,

financial condition, and cash flows could be harmed. Additionally, if we are unable to license technology

from third parties, we may decide to acquire or develop alternative technology, which we may be unable

to do in a commercially feasible manner, or at all, and may require us to use alternative technology of

lower quality or performance standards. This could limit or delay our ability to offer new or competitive

products and increase our costs. Third-party software we rely on may be updated infrequently,

unsupported, or subject to vulnerabilities that may not be resolved in a timely manner, any of which may

expose our products to vulnerabilities. Any impairment of the technologies of or our relationship with

these third parties could harm our business, operating results, and financial condition.

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Risks Related to Legal and Regulatory

Matters

***Our business is subject to complex and evolving U.S. and foreign laws, regulations, and industry***

***standards, many of which are subject to change and uncertain interpretations, which uncertainty***

***could harm our business, operating results, and financial condition.***

We are subject to many U.S. and foreign federal, state, and local laws, regulations, and industry

standards that involve matters central to our business, including laws and regulations that involve data

privacy, data security, intellectual property, including copyright and patent laws, AI technologies, antitrust

and competition, online safety and moderation, employment, labor, immigration, consumer protection,

public health, workplace safety, and taxation. These laws and regulations are constantly evolving and

may be interpreted, applied, created, or amended, in a manner that could harm our business.

The introduction of new products, expansion of our activities in certain jurisdictions, or other actions that

we take may subject us to additional laws, regulations, or other government scrutiny. In light of our recent

geographic expansion, we cannot guarantee that we will be able to comply with all relevant laws and

regulations of every jurisdiction in which our platform can be accessed, including, but not limited to, with

respect to the data privacy or data localization requirements of various jurisdictions. If we are found to be

in violation of the laws, regulations, or standards of any of the jurisdictions where we make our platform

available, we could face legal liability, fines, and costly investigations or regulatory processes, and we

may decide to restrict access to our platform in such jurisdictions, which would harm our growth, revenue,

and operating results.

In certain jurisdictions and situations, we may be subject to consumer protection laws and regulations,

including, but not limited to, laws and regulations related to subscriptions, billing, and auto-renewal.

Additionally, we have in the past, are currently, and may from time-to-time in the future become the

subject of inquiries and other actions by regulatory authorities as a result of our business practices and

product decisions that we make, including our policies and practices around subscriptions, billing, auto-

renewal, intermediary liability, privacy, data protection, and partnerships and integrations. Consumer

protection laws may be interpreted or applied by authorities in a manner that requires us to make changes

to our operations or incur fines, penalties, or settlement expenses, which may result in harm to our

business, operating results, financial condition, and brand.

In addition, we are subject to evolving laws, regulations, policies, and international accords relating to

matters beyond our products and services, including, but not limited to, environmental sustainability,

climate change, human capital, and employment matters. In particular, we face challenges inherent in

effectively and efficiently managing a workforce across a large number of jurisdictions, many of which

have differing labor law requirements, including the need to implement appropriate systems, policies,

benefits, and compliance programs. Compliance with such laws, regulations, and policies may require

significant investment and expense. Further, if we fail to implement the necessary programs, frameworks

and principles for compliance, our reputation, business, operating results, and financial condition may be

adversely affected.

The costs of complying with these laws and regulations, which in some cases can be enforced by private

parties in addition to government entities, are high and likely to increase in the future, particularly as the

degree of regulation increases, our business grows, and our geographic scope expands. The impact of

these laws and regulations may disproportionately affect our business in comparison to our peers in the

technology sector that have greater resources. Any failure or perceived failure of compliance on our part

to comply with the laws and regulations may subject us to significant liabilities or penalties, or otherwise

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adversely affect our business, operating results, and financial condition. Furthermore, it is possible that

certain governments may seek to block or limit our platform or otherwise impose other restrictions that

may affect the accessibility or usability of any or all of our platform for an extended period of time or

indefinitely.

***We are subject to governmental economic sanctions requirements and export and import controls***

***that could impair our ability to compete in international markets or subject us to liability if we are***

***not in compliance with applicable laws.***

Our platform and associated products are subject to various restrictions under U.S. and other

jurisdictions' export control and sanctions laws and regulations, including the U.S. Department of

Commerce's Export Administration Regulations and various economic and trade sanctions regulations

administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"). These

U.S. export control and economic sanctions laws include restrictions or prohibitions on the sale or supply

of certain products and services to U.S.-embargoed or sanctioned countries, governments, persons, and

entities and require authorization for the export of certain encryption items. In addition, various countries

regulate the import of certain encryption technology, including through import permitting and licensing

requirements, and have enacted or could enact export control, economic and trade sanctions, or import

laws that could limit our ability to distribute our platform or subject us to liability.

Although we take precautions to prevent our platform and associated products from being accessed or

used in violation of such laws, we may have inadvertently allowed some access to our platform and

associated products in violation of U.S. economic sanctions laws, including by users and customers in

embargoed or sanctioned countries. As a result, we have submitted to OFAC a voluntary self-disclosure

concerning potential violations and the voluntary self-disclosure is still under review. Since becoming

aware of the circumstances leading to our voluntary self-disclosure to OFAC, we have put in place

additional measures designed to prevent our platform and products from being accessed or used in

violation of U.S. economic and trade sanctions laws and will continue to consider enhancements to our

internal controls and monitor our compliance with such laws and regulations, but there can be no

assurance that we will not encounter compliance issues in the future. If we are found to be in violation of

U.S. economic sanctions, it could result in substantial fines and penalties for us and for individuals

working for us. We may also be adversely affected through other penalties, reputational harm, loss of

access to certain markets, or otherwise. No loss has been recognized in our financial statements

contained herein for any loss contingency relating to the pending OFAC enforcement matter, as we

believe it is not probable a loss will be incurred and the range of a possible loss is not yet estimable.

Changes in our platform or future changes in export and import regulations may create delays in the

introduction of our platform in international markets or prevent our customers with international operations

from deploying our platform globally. Any change in export or import regulations, economic sanctions or

related legislation, or change in the countries, governments, persons, or technologies targeted by such

regulations, could result in decreased use of our platform by, or in our decreased ability to export our

technology and services to, existing or potential customers with international operations. Any decreased

use of our platform or limitation on our ability to export our platform would adversely affect our business,

operating results, financial condition, and future prospects.

***We are subject to anti-bribery, anti-corruption, and similar laws and non-compliance with such***

***laws can subject us to criminal penalties or significant fines and harm our business and reputation.***

We are subject to anti-bribery and similar laws, such as the U.S. Foreign Corrupt Practices Act of 1977,

as amended, (the "FCPA"), the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the USA

PATRIOT Act, U.S. Travel Act, the U.K. Bribery Act 2010, and Proceeds of Crime Act 2002, and possibly

other anti-corruption, anti-bribery, and anti-money laundering laws in countries in which we conduct

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activities. Anti-corruption laws have been enforced with great rigor in recent years and are interpreted

broadly and prohibit companies and their employees and their agents from making or offering improper

payments or other benefits to government officials and others in the private sector. The FCPA or other

applicable anti-corruption laws may also hold us liable for acts of corruption or bribery committed by our

third-party business partners, representatives, and agents, even if we do not authorize such activities. As

we develop our international sales and business, and increase our use of third parties, our risks under

these laws will increase. As a public company, the FCPA will separately require that we keep accurate

books and records and maintain internal accounting controls sufficient to assure management's control,

authority, and responsibility over our assets.

We have adopted policies and procedures and conducted training designed to prevent improper

payments and other corrupt practices prohibited by applicable laws, but cannot guarantee that

improprieties will not occur. Noncompliance with these laws could subject us to investigations, sanctions,

settlements, prosecution, other enforcement actions, disgorgement of profits, significant fines, damages,

other civil and criminal penalties or injunctions, suspension and/or debarment from contracting with

specified persons, the loss of export privileges, reputational harm, adverse media coverage, and other

collateral consequences. Any investigations, actions, and/or sanctions could harm our reputation,

business, operating results, financial condition, and future prospects.

***Compliance with ever evolving U.S. federal, state, and foreign laws relating to the handling of***

***information about individuals involves significant expenditure and resources and if we fail to***

***adequately protect personal data or other information we collect, process, share, or maintain***

***under applicable laws, our business, operating results, and financial condition could be adversely***

***affected.***

We receive, store, and process some personal data from our employees, customers, and the employees

of our customers and third-party vendors. Additionally, our users and customers use our platform to

create and store their proprietary and confidential data. A wide variety of state, national, and international

laws, as well as regulations and industry standards apply to the collection, use, retention, protection,

disclosure, transfer, and other processing of personal information and other data, the scope of which is

changing, subject to differing interpretations, and may be inconsistent across countries or conflict with

other rules. Data protection and privacy-related laws and regulations are evolving and may result in

increasing regulatory and public scrutiny and escalating levels of enforcement and sanctions. Failure or

perceived failure to comply with U.S. or international laws, regulations, and industry standards regarding

personal data or other information could adversely affect our business, operating results, and financial

condition. Moreover, complying with these various laws and regulations could cause us to incur

substantial costs or require us to change our business practices, systems, and compliance procedures in

a manner adverse to our business.

In the United States, there are numerous federal and state consumer, privacy, and data security laws and

regulations governing the collection, use, disclosure, and protection of personal data, including security

breach notification laws and consumer protection laws. Each of these laws is subject to varying

interpretations and constantly evolving. Additionally, the Federal Trade Commission and many state

attorneys general interpret federal and state consumer protection laws to impose standards on the

collection, use, dissemination, and security of data. On the state level, the California Consumer Privacy

Act of 2018 (as amended, the "CCPA") created new data privacy obligations for covered businesses and

provided new privacy rights to California residents, including the right to opt out of certain disclosures of

their information and receive detailed information about how their personal data is used. The CCPA

provides for civil penalties for violations, as well as a private right of action for certain data breaches that

has increased data breach litigation. Over a third of other U.S. states have enacted consumer privacy

laws comparable to the CCPA and numerous other states have pending consumer privacy legislation

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under review, which if enacted, would add additional costs and expense of resources to maintain

compliance.

We are also subject to evolving privacy laws on cookies, tracking technologies and marketing,

advertising, and other activities conducted by telephone, email, mobile devices, and the internet.

Regulation of cookies and similar technologies may lead to broader restrictions on our marketing and

personalization activities, as well as the effectiveness of our marketing. Such regulations may have a

negative effect on our business. We may also be subject to fines and penalties for non-compliance with

any such laws and regulations. The decline of cookies or other online tracking technologies as a means

to identify and target potential customers may increase the cost of operating our business and lead to a

decline in revenues. In addition, legal uncertainties about the legality of cookies and other tracking

technologies may increase regulatory scrutiny and increase potential civil liability under data protection or

consumer protection laws.

We also may be subject to various U.S. federal, state, and foreign laws governing how companies provide

age-appropriate experiences to children and minors, including the collection and processing of children

and minors' data. These laws include, but are not limited to, the Children's Online Privacy Protection Act

of 1998, and the Family Educational Rights and Privacy Act of 1974, which address the use and

disclosure of the personal data of children and minors and impose obligations on online services or

products directed to or likely to be accessed by children, such as our Figma for Education offerings. We

are subject to similar laws and regulations governing the collection and processing of children and minors'

data in a number of other jurisdictions, including, but not limited to, the United Kingdom (the "UK"), EEA,

and Japan, and we may be subject to additional similar laws and regulations as we expand our Figma for

Education offerings into new markets.

We are subject to the GDPR, which governs the collection, use, disclosure, transfer, or other processing

of personal data of natural persons located in the EEA and the UK, and it applies extra-territorially and

imposes onerous requirements on controllers and processors of personal data, including, for example,

accountability and transparency requirements, obligations to consider data protection as any new

products or services are developed and to limit the amount of personal data processed, and obligations to

comply with data protection rights of data subjects. We face increased compliance obligations and risk,

including more robust regulatory enforcement of data protection requirements and potential fines for

noncompliance of up to €20 million (£17.5 million in the UK) or four percent of the annual global revenues

of the noncompliant company, whichever is greater. A breach of the GDPR may also result in regulatory

investigations, orders to cease or change our data processing activities, enforcement notices,

assessment notices for a compulsory audit and we may also face civil claims including representative

actions and other class action type litigation (where individuals have suffered harm), potentially amounting

to significant compensation or damages liabilities, as well as associated costs, diversion of internal

resources, and reputational harm.

The GDPR prohibits transfers of personal data from the EEA or the UK to countries not formally deemed

adequate by the European Commission or the UK Information Commission Office, respectively, including

the United States, unless a particular compliance mechanism and, if necessary, certain safeguards, are

implemented. The mechanisms that we and many other companies, including our customers, rely upon

for European and UK data transfers out of the EEA and the UK are the European Commission Standard

Contractual Clauses ("SCCs"), the UK Information Commissioner's Office's Addendum to the SCCs, the

EU-US Data Privacy Framework ("EU-US DPF"), and the UK Extension to the EU-US DPF. We also have

the Swiss-US Data Privacy Framework in place to legitimize transfers of personal data from Switzerland

to the United States. All of these transfer mechanisms are the subject of legal challenge, regulatory

interpretation, and judicial decisions by the Court of Justice of the EU. In particular, we expect the

European Commission's approval of the current EU-US DPF to be challenged, and expect international

transfers to the United States and to other jurisdictions more generally to continue to be subject to

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enhanced scrutiny by regulators. Some countries are also considering or have passed legislation

requiring local storage and processing of data, or similar requirements, which could increase the cost and

complexity of delivering our products and services if we were to operate in those countries. If we are

required to implement additional measures to transfer data around the world, this could increase our

compliance costs, and could adversely affect our business, operating results, and financial condition.

We may be subject to data privacy laws and similar laws in a number of other jurisdictions where our

platform is available, including requirements that may require us to process or store customer data in

certain jurisdictions or otherwise restrict our ability to serve customers in certain markets. For example, in

certain circumstances, we may be subject to China's Personal Information Protection Law (the "PIPL").

The PIPL's requirements include extraterritorial application, data localization, and obligations to provide

certain notices and rights to citizens of China. In the event that we are alleged or determined to be not in

compliance with the PIPL or the local data privacy laws of any other jurisdiction where we make our

platform available, including with respect to the data localization, cross-border transfer, or residency

requirements, we may decide to make modifications to our platform, products, and services, increase

costs, or cease operating in that jurisdiction, which would negatively impact our business, operating

results, and financial condition, and may subject us to claims, investigations, regulatory processes, and

penalties.

Further, as we accept debit and credit cards for payment, we are subject to the Payment Card Industry

Data Security Standard ("PCI-DSS"), issued by the Payment Card Industry Security Standards Council.

PCI-DSS contains compliance guidelines with regard to our security surrounding the physical and

electronic storage, processing, and transmission of cardholder data. If we or our service providers are

unable to comply with the security standards established by banks and the payment card industry, we

may be subject to fines, restrictions, and expulsion from card acceptance programs, which could

materially and adversely affect our business.

We depend on a number of third parties in relation to the operation of our business, a number of which

process personal data on our behalf or as our sub-processor. To the extent required by applicable law,

we attempt to mitigate the associated risks of using third parties by performing security assessments and

detailed due diligence, entering into contractual arrangements to ensure that providers only process

personal data according to our instructions or to the instructions of our customers, and ensuring that they

have sufficient technical and organizational security measures in place. There is no assurance that these

contractual measures and our own privacy and security-related safeguards will protect us from the risks

associated with the third-party processing, storage, and transmission of personal data. Any violation of

privacy, data protection, data, or cybersecurity laws by our third-party processors could have an adverse

effect on our business and result in significant fines and penalties.

Our compliance efforts are further complicated by the fact that data privacy and security laws, rules,

regulations, and standards around the world are rapidly evolving, may be subject to uncertain or

inconsistent interpretations and enforcement, and may conflict among various jurisdictions. Any failure or

perceived failure by us to comply with our privacy policies, or applicable U.S. and international data

privacy and security laws, rules, regulations, standards, certifications, or contractual obligations, or any

compromise of security that results in unauthorized access to, or unauthorized loss, destruction, use,

modification, acquisition, disclosure, release, or transfer of personal data, may result in requirements to

modify or cease certain operations or practices, the expenditure of substantial costs, time, and other

resources, proceedings or actions against us, legal liability, governmental investigations, enforcement

actions, claims, fines, judgments, awards, penalties, sanctions, and costly litigation, including class

actions. Any of the foregoing could harm our reputation, distract our management and technical

personnel, increase our costs of doing business, adversely affect the demand for our products and

services, and ultimately result in the imposition of liability, any of which could have an adverse effect on

our business, operating results, and financial condition.

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***We are subject to European digital services and content moderation regulations, which impose***

***evolving compliance requirements that may impact how we offer our products in Europe.***

The adoption of European laws relating to the internet or other areas of our business could affect the

manner in which we currently conduct our business. On November 16, 2022, the EU Digital Services Act

("DSA"), came into force in the European Union. The DSA governs, among other things, our potential

liability for illegal services or content on our platform, and requires enhanced transparency measures,

including in relation to any recommendation systems (including the main parameters used by such

systems and any available options for recipients to modify or influence them). The DSA may increase our

compliance costs, require changes to our user interface, processes, operations, and business practices

which may adversely affect our ability to attract, retain and provide our services to users, and may

otherwise adversely affect our business, operating results, and financial condition. Similarly, in the UK,

the Online Safety Act 2023 ("OSA") establishes a regulatory framework for user-to-user services and

imposes obligations to protect users from illegal content which may increase compliance costs and may

otherwise adversely affect our business, operating results, and financial condition. While obligations

under the OSA are being phased in, and certain obligations, including the conduct of risk assessments,

became applicable starting on March 17, 2025, other OSA obligations will only become enforceable once

regulatory guidance is issued. Failure to comply with the DSA or OSA can result in fines of up to 6% of

total annual worldwide revenue or £18 million, respectively.

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

From time to time, we may be subject to claims, suits, and other legal proceedings. Regardless of the

outcome, legal proceedings can have an adverse impact on us because of legal costs and diversion of

management attention and resources, and could cause us to incur significant expenses or liability,

adversely affect our brand recognition, or require us to change our business practices. The expense of

litigation and the timing of this expense from period to period are difficult to estimate, subject to change,

and could adversely affect our business, operating results, financial condition, and future prospects. It is

possible that a resolution of one or more such proceedings could result in substantial damages,

settlement costs, fines, and penalties that would adversely affect our business, operating results, financial

condition, or cash flows in a particular period. These proceedings could also result in reputational harm,

sanctions, consent decrees, or orders requiring a change in our business practices. Because of the

potential risks, expenses, and uncertainties of litigation, we may, from time to time, settle disputes, even

where we have meritorious claims or defenses, by agreeing to settlement agreements. Because litigation

is inherently unpredictable, we cannot assure you that the results of any of these actions will not have an

adverse effect on our business, operating results, financial condition, and future prospects.

Risks Related to Financial and Accounting

Matters

***If we fail to maintain an effective system of internal controls, our ability to produce timely and***

***accurate financial statements or comply with applicable regulations could be impaired.***

As a public company, we will be subject to the reporting requirements of the Securities Exchange Act of

1934, as amended (the "Exchange Act"), the Sarbanes-Oxley Act, and the rules and regulations of the

applicable listing standards of the NYSE. The Sarbanes-Oxley Act requires, among other things, that we

maintain effective disclosure controls and procedures, and internal control, over financial reporting. We

are continuing to develop and refine our disclosure controls, internal control over financial reporting, and

other procedures that are designed to ensure information required to be disclosed by us in our financial

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statements and in the reports that we will file with the SEC is recorded, processed, summarized, and

reported within the time periods specified in SEC rules and forms, and information required to be

disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive

and financial officers. In order to maintain and improve the effectiveness of our internal controls and

procedures, we have expended, and anticipate that we will continue to expend, significant resources,

including accounting-related costs and significant management oversight.

Our current controls and any new controls we develop may become inadequate because of changes in

conditions in our business. Further, weaknesses in our internal controls may be discovered in the future.

Any failure to develop or maintain effective controls, or any difficulties encountered in their implementation

or improvement, could harm our operating results, result in a restatement of our financial statements for

prior periods, cause us to fail to meet our reporting obligations, and adversely affect the results of periodic

management evaluations and annual independent registered public accounting firm attestation reports

regarding the effectiveness of our internal control over financial reporting that we will be required to

include in the periodic reports we will file with the SEC. Ineffective disclosure controls and procedures and

internal control over financial reporting could also cause investors to lose confidence in our reported

financial and other information, which would likely have a negative effect on the trading price of our Class

A common stock.

We expect our independent registered public accounting firm will be required to formally attest to the

effectiveness of our internal control over financial reporting commencing with our second annual report on

Form 10-K. We expect to incur significant expenses and devote substantial management effort toward

ensuring compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act.

As a result of the complexity involved in complying with the rules and regulations applicable to public

companies, our management's attention may be diverted from other business concerns, which could

harm our business, operating results, financial condition, and future prospects. We have hired and expect

to continue to hire additional employees to assist us in complying with these requirements, and we may

also engage outside consultants, either of which will increase our operating expenses.

***We expect operating as a public company to result in a significant diversion of management's time***

***and attention from operating our business and to result in significantly increased costs.***

As a public company, we will incur significant legal, accounting, compliance, and other expenses that we

did not incur as a private company. Such additional compliance costs will continue to increase our legal,

accounting, and financial compliance costs, make certain activities more difficult, time-consuming, and

costly, and place significant strain on our management, personnel, systems, and resources. For example,

in anticipation of becoming a public company, we will need to adopt additional internal controls and

disclosure controls and procedures, retain a transfer agent, and adopt an insider trading policy. As a

public company, we will bear all of the internal and external costs of preparing and distributing periodic

public reports in compliance with our obligations under the securities laws.

In addition, regulations and standards relating to corporate governance and public disclosure, including

the Exchange Act, Sarbanes-Oxley Act, and rules and regulations implemented by the SEC have

increased legal and financial compliance costs and will make some compliance activities more time-

consuming. We intend to invest resources to comply with evolving laws, regulations, and standards, and

this investment will result in increased general and administrative expenses and may divert

management's time and attention from our other business activities. If our efforts to comply with new

laws, regulations, and standards differ from the activities intended by regulatory or governing bodies due

to ambiguities related to practice, regulatory authorities may initiate legal proceedings against us, and our

business may be harmed. In connection with this offering, we intend to increase our directors' and

officers' insurance coverage, which will increase our insurance costs. In the future, it may be more

expensive or more difficult for us to obtain director and officer liability insurance, and we may be required

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to accept reduced coverage or incur substantially higher costs to obtain and maintain the same or similar

coverage. These factors would also make it more difficult for us to attract and retain qualified members of

our Board of Directors, particularly to serve on our audit committee and compensation committee, and

qualified executive officers.

***If our estimates or judgments relating to our critical accounting policies prove to be incorrect or***

***financial reporting standards or interpretations change, our operating results could be adversely***

***affected.***

The preparation of financial statements in conformity with GAAP requires management to make estimates

and assumptions that affect the amounts reported in our consolidated financial statements and

accompanying notes. We base our estimates on historical experience and on various other assumptions

that we believe to be reasonable under the circumstances, as discussed in the section titled

"Management's Discussion and Analysis of Financial Condition and Results of Operations." The results of

these estimates form the basis for making judgments about the carrying values of assets, liabilities,

equity, stock-based compensation, the fair value of our Class A common stock, and the amount of

revenue and expenses that are not readily apparent from other sources. Significant assumptions and

estimates used in preparing our consolidated financial statements include, but are not limited to, those

related to, stock-based compensation, including the estimation of the underlying fair value of common

stock and the estimation of the fair value of market-based awards. Our operating results may be

adversely affected if our assumptions change or if actual circumstances differ from those in our

assumptions, which could cause our operating results to fall below the expectations of industry or

financial analysts and investors, potentially resulting in a decline in the market price of our Class A

common stock.

Additionally, we regularly monitor our compliance with applicable financial reporting standards and review

new pronouncements and drafts thereof that are relevant to us. As a result of new standards, changes to

existing standards, and changes in their interpretation, we might be required to change our accounting

policies, alter our operational policies, and implement new or enhance existing systems so that they

reflect new or amended financial reporting standards, or we may be required to restate our published

financial statements. For example, SEC proposals on climate-related disclosures may require us to

update our accounting or operational policies, processes, or systems to reflect new or amended financial

reporting standards. Such changes to existing standards or changes in their interpretation may have an

adverse effect on our reputation, business, financial condition, and profitability, or cause an adverse

deviation from our revenue and operating profit target, which may adversely affect our financial condition.

***Our Revolving Credit Facility contains restrictive and financial covenants that may limit our***

***operational flexibility. If we fail to meet our obligations under the credit facility, our operations may***

***be interrupted and our business, operating results, and financial condition could be adversely***

***affected.***

On June 27, 2025, we entered into the Revolving Credit Facility (as defined below) by and among us and

certain lenders, some of which are affiliated with certain members of our underwriting syndicate, to fund

working capital and general corporate purpose expenditures. We expect to draw approximately $

million on the Revolving Credit Facility in order to pay our anticipated tax withholding and remittance

obligations in connection with the RSU Net Settlement and we intend to use a portion of the net proceeds

from this offering to repay such indebtedness. The Revolving Credit Facility contains a financial covenant

requiring that Liquidity (defined as unrestricted cash and cash equivalents, plus the undrawn revolver

commitments) is not less than $100 million as of the last day of each fiscal quarter. The Revolving Credit

Facility contains additional customary affirmative and negative covenants, including restrictions on

indebtedness, liens, investments, asset dispositions and affiliate transactions, each subject to customary

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exceptions and baskets, and customary events of default. The obligations under the Revolving Credit

Facility are secured by liens on substantially all of our assets.

Various risks, uncertainties, and events beyond our control could affect our ability to comply with these

covenants. Failure to comply with any of the covenants could result in a default under the Revolving

Credit Facility. Such a default could permit lenders to accelerate the maturity of outstanding amounts

under our Revolving Credit Facility, if any, which in turn could result in material adverse consequences

that negatively impact our business, the market price for our Class A common stock, and our ability to

obtain other financing in the future. In addition, the Revolving Credit Facility's covenants, consent

requirements, and other provisions may limit our flexibility to pursue or fund strategic initiatives or

acquisitions that might be in the long-term interests of us and stockholders.

***We may require additional capital to fund our business and support our growth, and any inability to***

***generate or obtain such capital may adversely affect our business, operating results, and financial***

***condition.***

In order to support our growth and respond to business challenges, such as developing new features or

enhancements to our platform to stay competitive, acquiring new technologies, and improving our

infrastructure, we have made significant financial investments in our business and we intend to continue

to make such investments. As a result, we may need to engage in additional equity or debt financings to

provide the funds required for these investments and other business endeavors. If we raise additional

funds through equity or convertible debt issuances, our existing stockholders may suffer significant

dilution and these securities could have rights, preferences, or privileges that are superior to those of

holders of our Class A common stock. We expect that our existing cash and cash equivalents, and

marketable securities will be sufficient to meet our anticipated cash needs for working capital and capital

expenditures for at least the next twelve months. If we obtain additional funds through debt financing, we

may not be able to obtain such financing on terms favorable to us. Our ability to raise capital in the future

may be impacted by global macroeconomic conditions, which may make it difficult to raise additional

capital on favorable terms, if at all. Such terms may involve restrictive covenants making it difficult to

engage in capital raising activities and pursue business opportunities, including potential acquisitions. The

trading prices of the common stock of technology companies have been highly volatile in recent years as

a result of inflation, interest rate volatility, actual or perceived instability in the banking system, geopolitical

conflicts, and market downturns, which may reduce our ability to access capital on favorable terms or at

all. In addition, a recession, depression, or other sustained adverse market event could adversely affect

our business and the value of our Class A common stock. If we are unable to obtain adequate financing

or financing on terms satisfactory to us when we require it, our ability to continue to support our business

growth and to respond to business challenges could be significantly impaired and our business may be

adversely affected, requiring us to delay, reduce, or eliminate some or all of our operations.

***We are exposed to fluctuations in currency exchange rates, which may be exacerbated in the future***

***and could negatively affect our business, operating results, and financial condition.***

Our sales are currently denominated in U.S. dollars, Euros, British pounds, Japanese Yen, and the

Canadian Dollar, and will likely be denominated in other currencies in the future. Because we report our

operating results and revenue in U.S. dollars, we currently face exposure to foreign currency exchange

risk and may in the future face other foreign currency risks. We do not currently hedge against the risks

associated with foreign currency fluctuations. If we are not able to successfully hedge against the risks

associated with currency fluctuations, our operating results could be adversely affected. Further, to the

extent that our customer agreements with our customers outside of the United States are denominated in

U.S. dollars, strengthening of the U.S. dollar increases the real cost of our platform to our customers

outside of the United States, which could lead to delays in the purchase of our platform and the

lengthening of our sales cycle. If the U.S. dollar continues to strengthen, this could adversely affect our

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business, operating results, and financial condition. Conversely, if the U.S. dollar weakens relative to the

foreign currencies in the jurisdictions in which we have operations, our cost of revenue and operating

expenses will increase, which would have an adverse impact on our operating results. In addition,

increased international sales in the future, including through continued international expansion and our

partners could result in foreign currency denominated sales, which would increase our foreign currency

risk.

Our operating expenses incurred outside the United States and denominated in foreign currencies are

increasing and are subject to fluctuations due to changes in foreign currency exchange rates. These

expenses are denominated in foreign currencies and are subject to fluctuations due to changes in foreign

currency exchange rates. We do not currently hedge against the risks associated with currency

fluctuations but may do so, or use other derivative instruments, in the future.

Moreover, in addition to risks associated with traditional fiat currency, the emergence of cryptocurrencies,

particularly Bitcoin, as potential alternative mediums of exchange may introduce further risk. If the

adoption of Bitcoin or another cryptocurrency increases to the point where it has the potential to displace

traditional fiat currencies in our markets, this may exacerbate the risks described above.

***We could be subject to additional tax liabilities and U.S. federal and global income tax reform***

***could adversely affect us.***

We are subject to U.S. federal, state, and local income taxes, sales, and other taxes in the United States

and income taxes, withholding taxes, transaction taxes, and other taxes in numerous foreign jurisdictions.

Our existing corporate structure has been implemented in a manner that we believe is in compliance with

current prevailing tax laws. Moreover, changes to our corporate structure, including increased headcount

and expanded functions outside of the United States, could impact our worldwide effective tax rate and

adversely affect our operating results and financial condition. Significant judgment is required in

evaluating our tax positions and our worldwide provision for income taxes. During the ordinary course of

business, there are many activities and transactions for which the ultimate tax determination is uncertain.

The relevant taxing authorities may disagree with our determinations as to the income and expenses

attributable to specific jurisdictions. If such a disagreement were to occur, and our position were not

sustained, we could be required to pay additional taxes, interest, and penalties, which could result in one-

time tax charges, higher effective tax rates, reduced cash flows, and lower overall profitability of our

business, with some changes possibly affecting our tax obligations in future or past years. In addition, our

future income tax obligations could be adversely affected by changes in, or interpretations of, tax laws in

the United States or in other jurisdictions in which we operate.

For example, the U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 (the

"TCJA") significantly reformed the Internal Revenue Code of 1986, as amended (the "Code"), reducing

U.S. federal tax rates, making sweeping changes to rules governing international business operations,

and imposing significant additional limitations on tax benefits, including the deductibility of interest and the

use of net operating loss ("NOL") carryforwards. In addition, as part of the Organization for Economic

Cooperation and Development's ("OECD") Inclusive Framework on Base Erosion and Profit Shifting, 147

jurisdictions have joined a two-pillar plan to reform international taxation rules. The first pillar is focused

on the allocation of taxing rights between countries for in-scope multinational enterprises that sell goods

and services into countries with little or no local physical presence and is intended to apply to

multinational enterprises with global revenues above €20 billion. The second pillar is focused on

developing a global minimum tax rate of at least 15% applicable to in-scope multinational enterprises and

is intended to apply to multinational enterprises with annual consolidated group revenue in excess of

€750 million. We are still evaluating the impact of the OECD pillar one and pillar two rules as they

continue to be refined by the OECD and implemented by various national governments. However, it is

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possible that the OECD pillar one and pillar two rules, as implemented by various national governments,

could adversely affect our effective tax rate or result in higher cash tax liabilities.

Due to the expanding scale of our international business activities, these types of changes to the taxation

of our activities could impact the tax treatment of our foreign earnings, increase our worldwide effective

tax rate, increase the amount of taxes imposed on our business, and harm our financial condition. Such

changes may also apply retroactively to our historical operations and result in taxes greater than the

amounts estimated and recorded in our financial statements.

***Our ability to use our NOL carryforwards and certain other tax attributes may be limited.***

As of December 31, 2024, we had aggregate U.S. federal and state NOL carryforwards of $164.0 million

and $181.5 million, respectively, which may be available to offset future taxable income for U.S. income

tax purposes. Under the TCJA, U.S. federal NOLs we generated in tax years beginning after December

31, 2017 may be carried forward indefinitely but may only be used to offset 80% of our taxable income

annually. If not utilized, our California and other state NOL carryforwards will begin to expire in 2044 and

2029, respectively. As of December 31, 2024, we had federal research and development credit

carryforwards of $0.1 million, which will begin to expire in 2041, and state research and development

credit carryforwards of $24.7 million, which will begin to expire in 2029. California research and

development credit carryforwards do not expire. Realization of these NOL and research and development

credit carryforwards depends on our future taxable income, and there is a risk that certain of our existing

carryforwards could expire unused and be unavailable to offset future income tax liabilities, which could

adversely affect our operating results and financial condition.

In addition, under Sections 382 and 383 of the Code, if a corporation undergoes an "ownership change,"

generally defined as a greater than 50% cumulative change (by value) in ownership by certain "five-

percent shareholders" (as defined in Section 382 of the Code and the Treasury Regulations promulgated

thereunder) over a rolling three-year period, the corporation's ability to use its pre-change NOLs and other

pre-change tax attributes, such as research and development credits, to offset its post-change income or

taxes may be limited. We may experience ownership changes in the future as a result of shifts in our

stock ownership, including as a result of this offering. As a result, if we earn net taxable income, our ability

to use our pre-change U.S. NOL carryforwards and other tax attributes to offset U.S. federal taxable

income may be subject to limitations, which could potentially result in increased future tax liability to us.

Similar provisions of state tax law may also apply to limit our use of accumulated state tax NOLs. In

addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise

limited, which could accelerate or permanently increase our state income tax liabilities. As a result of the

foregoing, even if we attain profitability, we may be unable to use all or a material portion of our NOLs and

other tax attributes, which could adversely affect our future cash flows.

Risks Related to Ownership of Our Class A

Common Stock

***The market price of our Class A common stock may be volatile, and you could lose all or part of***

***your investment.***

We cannot predict the prices at which our Class A common stock will trade. The initial public offering price

of our Class A common stock will be determined by negotiations between us and the underwriters and

may not bear any relationship to the market price at which our Class A common stock will trade after this

offering. Furthermore, the market price of our Class A common stock following this offering may fluctuate

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substantially and may be lower than the initial public offering price. The market price of our Class A

common stock following this offering will depend on a number of factors, including, but not limited to,

those described in this "Risk Factors" section, many of which are beyond our control and may not be

related to our operating results. In addition, the limited public float of our Class A common stock following

this offering will tend to increase the volatility of the trading price of our Class A common stock. These

fluctuations could cause you to lose all or part of your investment in our Class A common stock, since you

might not be able to sell your shares at or above the price you paid in this offering. Factors that could

cause fluctuations in the market price of our Class A common stock include, but are not limited to, the

following:

• actual or anticipated changes or fluctuations in our operating results;

• the global political, economic, and macroeconomic climate, including, but not limited to, tariffs or

trade restrictions, actual or perceived instability in the financial industry, potential uncertainty with

respect to the U.S. federal debt ceiling and budget and potential government shutdowns related

thereto, labor shortages, supply chain disruptions, potential recession, inflation, and interest rate

volatility;

• our incurrence of any material amounts of indebtedness;

• our ability to produce timely and accurate financial statements;

• the financial projections we may provide to the public, any changes in these projections, or our

failure to meet these projections;

• announcements by us or our competitors of new offerings or new or terminated significant

contracts, commercial relationships, acquisitions, or capital commitments;

• industry or financial analyst or investor reaction to our press releases, other public

announcements, and filings with the SEC;

• rumors and market speculation involving us or other companies in our industry;

• price and volume fluctuations in the overall stock market from time to time;

• the overall performance of the stock market or the performance of public technology companies;

• the expiration of market standoff or contractual lock up agreements and sales of shares of our

Class A common stock by us or our stockholders;

• failure of industry or financial analysts to maintain coverage of us, changes in financial estimates

by any analysts who follow our company, or our failure to meet financial analysts' estimates or the

expectations of investors;

• actual or anticipated developments in our business or our competitors' businesses or the

competitive landscape generally;

• developments in AI;

• litigation or other proceedings involving us, our industry, or both, or investigations by regulators

into our operations or those of our competitors or others that may be associated with us;

• developments or disputes concerning our intellectual property rights, or third-party intellectual

property or other proprietary rights that we rely on or have implemented into our platform;

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• new laws or regulations or new interpretations of existing laws or regulations applicable to our

business;

• any major changes in our management or our Board of Directors;

• other events or factors, including, but not limited to, those resulting from acts of war, terrorism,

armed conflict, including the conflicts in the Middle East and Ukraine and tensions between China

and Taiwan, or responses to these events; and

• actual or perceived cybersecurity incidents.

In addition, the stock market in general, and the market for technology companies in particular, has

experienced price and volume fluctuations that have often been unrelated or disproportionate to the

operating performance of those companies, particularly during the current period of global

macroeconomic uncertainty. These economic, political, regulatory, and market conditions may negatively

impact the market price of our Class A common stock, regardless of our actual operating results. In the

past, securities class action litigation and derivative litigation have often been instituted against

companies following periods of volatility in the market price of a company's securities. These types of

litigation, if instituted, could result in substantial costs and a diversion of management's attention and

resources, which could adversely affect our business, operating results, or financial condition.

Additionally, the dramatic increase in the cost of directors' and officers' liability insurance may cause us to

opt for lower overall policy limits and coverage or to forgo insurance that we may otherwise rely on to

cover significant litigation defense costs, settlements, and damages awarded to plaintiffs, or incur

substantially higher costs to maintain the same or similar coverage. Any of the above potential effects

relating to potential volatility in the market price of our Class A common stock could have an adverse

effect on our business, operating results, financial condition, and future prospects.

***The multi-class structure of our common stock has the effect of concentrating voting power with***

***Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and President, which will***

***limit your ability to influence the outcome of important transactions, including a change in control.***

Our Class B common stock has 15 votes per share, and our Class A common stock has one vote per

share. Our Class C common stock has no voting rights, except as required by law.

Following this offering of our Class A common stock, Mr. Field and Mr. Wallace (each a "Founder" and

together the "Co-Founders") will collectively hold substantially all of the issued and outstanding shares of

our Class B common stock. Moreover, Mr. Wallace and his affiliated trust entered into the Wallace Proxy,

granting Mr. Field complete and unlimited authority to act, in his sole discretion, on their behalf, to vote

any number of shares of our capital stock, owned or beneficially held by them at any time and from time

to time (the "Wallace Proxy Shares") on all matters submitted to a vote of stockholders at a meeting of

stockholders or through the solicitation of a written consent of stockholders and for any contractual voting

rights that may be applicable to the Wallace Proxy Shares. For additional information, see the section

titled "Description of Capital Stock."

Accordingly, upon the closing of this offering, and assuming no exercise of the underwriters' option to

purchase additional shares, Mr. Field will hold approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our

outstanding capital stock, including&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power subject to the Wallace Proxy, which

voting power may increase over time upon the exercise or settlement of equity awards held by Mr. Field.

Therefore, Mr. Field will be able to control matters submitted to our stockholders for approval, including

the election of directors, amendments of our organizational documents, and any merger, consolidation,

sale of all or substantially all of our assets, or other major corporate transactions. Mr. Field may have

interests that differ from yours and may vote in a way with which you disagree and which may be adverse

to your interests. This concentrated control may have the effect of delaying, preventing, or deterring a

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change in control of our company, could deprive our stockholders of an opportunity to receive a premium

for their capital stock as part of a sale of our company, and might ultimately affect the market price of our

Class A common stock. In addition, we and Mr. Field are party to a Nominating Agreement under which

we and Mr. Field are required to take certain actions to include Mr. Field in the slate of nominees

nominated by our Board of Directors for the applicable class of directors (or the full board of directors if

the board of directors is not classified), include him in our proxy statement, cause our Board of Directors,

subject to their fiduciary duties, to recommend in favor of Mr. Field's election or re-election to our Board of

Directors and solicit proxies or consents in favor of electing Mr. Field to our Board of Directors. For more

information regarding the Nominating Agreement, see the section titled "Management—Nominating

Agreement."

Future transfers by the holders of Class B common stock will generally result in those shares converting

into shares of Class A common stock, subject to limited exceptions, such as certain transfers effected for

estate planning or charitable purposes. The conversion of Class B common stock to Class A common

stock will have the effect, over time, of increasing the relative voting power of those holders of Class B

common stock who retain their shares in the long term. As a result, it is possible that one or more of the

persons or entities holding our Class B common stock could increase their voting control as other holders

of Class B common stock sell or otherwise convert their shares into Class A common stock. For

additional information, see the section titled "Description of Capital Stock—Conversion."

***The multi-class structure of our common stock may adversely affect the trading market for our***

***Class A common stock.***

We cannot predict whether our multi-class structure of our common stock will result in a lower or more

volatile market price of our Class A common stock, adverse publicity, or other adverse consequences.

Certain stock index providers exclude or limit the ability of companies with multi-class share structures

from being added to certain of their indices. In addition, several stockholder advisory firms and large

institutional investors oppose the use of multi-class structures. As a result, the multi-class structure of our

common stock may make us ineligible for inclusion in certain indices and may discourage such indices

from selecting us for inclusion, notwithstanding our automatic termination provision, may cause

stockholder advisory firms to publish negative commentary about our corporate governance practices or

otherwise seek to cause us to change our capital structure, and may result in large institutional investors

not purchasing shares of our Class A common stock. Given the sustained flow of investment funds into

passive strategies that seek to track certain indices, any exclusion from certain stock indices could result

in less demand for our Class A common stock. Any actions or publications by stockholder advisory firms

or institutional investors critical of our corporate governance practices or capital structure could also

adversely affect the value of our Class A common stock.

***No public market for our Class A common stock currently exists, and an active public trading***

***market may not develop or be sustained following this offering.***

Prior to this offering, there has been no public market or active private market for our Class A common

stock. We have applied to list our Class A common stock on the NYSE. However, an active trading

market may not develop following the completion of this offering or, if developed, may not be sustained.

The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or

at a price that you consider reasonable. The lack of an active market may also reduce the market price of

your shares of Class A common stock. An inactive market may also impair our ability to raise capital by

selling shares and may impair our ability to acquire other companies or technologies by using our shares

as consideration.

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***Sales of substantial amounts of our Class A common stock in the public markets, or the perception***

***that they might occur, could cause the market price of our Class A common stock to decline.***

Sales of a substantial number of shares of our Class A common stock into the public market, particularly

sales by our directors, executive officers, and principal stockholders, or the perception that these sales

might occur, could cause the market price of our Class A common stock to decline.

All of the shares of Class A common stock sold in this offering will be freely tradable without restrictions or

further registration under the Securities Act, except that any shares held by our affiliates, as defined in

Rule 144 under the Securities Act, would only be able to be sold in compliance with Rule 144 and any

applicable lock-up agreements described below.

In connection with this offering, all of our directors and executive officers, the selling stockholders, and

certain other holders that together represent approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding Class A common

stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A

common stock are subject to lock-up agreements with the underwriters pursuant to which they have

agreed, subject to certain exceptions, that without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, they will not, in accordance with the terms of such

agreements during the period ending on the earlier of (i) the commencement of trading on the second

trading day after the date that we publicly announce earnings for the second quarter following the most

recent period for which financial statements are included in this prospectus, and (ii) 180 days after the

date of this prospectus:

(a)offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or

contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock or any securities directly or

indirectly convertible into or exercisable or exchangeable for our common stock;

(b)enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole

or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise;

(c)publicly disclose the intention to take any of the actions restricted by clause (a) or (b) above; or

(d)make any demand for, or exercise any right with respect to, the registration of any shares of our

common stock or any securities convertible into or exercisable or exchangeable for our common

stock.

Furthermore, (i) an additional approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock and securities

directly or indirectly convertible into or exchangeable or exercisable for our common stock are subject to

the market standoff provisions in our Rights Agreement (as defined below), pursuant to which such

holders agreed to not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase

any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock held immediately prior to the effectiveness of this

registration statement, or enter into any swap, hedging transaction, or other arrangement that transfers to

another, in whole or in part, any of the economic consequences of ownership of our common stock,

whether any such transaction described above is to be settled by delivery of our common stock or such

other securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise, or publicly disclose the intention to take any of the foregoing actions, during the lock-up period

and (ii) an additional approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock and securities directly or

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indirectly convertible into or exchangeable or exercisable for our common stock are subject to the market

standoff agreements with us, pursuant to which such holders agreed to not sell or otherwise dispose of

any shares of our common stock or any securities convertible into or exercisable or exchangeable for our

common stock held immediately prior to the effectiveness of this registration statement during the lock-up

period. The forms and specific restrictive provisions within these market standoff provisions vary among

security holders. For example, although some of these market standoff agreements do not specifically

restrict hedging transactions and others may be subject to different interpretations between us and

security holders as to whether they restrict hedging, our insider trading policy prohibits hedging, short

sales, and certain other transactions involving derivative securities by all of our current directors, officers,

employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity

securities, whether before or after this offering and whether or not we believe them to be prohibited, could

adversely affect the price of our Class A common stock.

As a result of the foregoing, substantially all of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to a lock-up

agreement or market standoff provisions during the lock-up period. We have agreed to enforce all such

market standoff restrictions on behalf of the underwriters and not to amend or waive any such market

standoff provisions during the lock-up period without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, provided that we may release shares from such

restrictions to the extent such shares would be entitled to release under the form of lock-up agreement

with the underwriters entered into by our directors and executive officers, the selling stockholders, and

certain other holders of our securities as described herein.

We anticipate that we will net settle the IPO Vesting RSUs in the RSU Net Settlement. For RSUs that will

vest after the effectiveness of the registration statement of which this prospectus forms a part and prior to

the expiration of the lock-up period, we anticipate that we will continue to net settle the shares underlying

these RSUs. However, we will continue to have discretion to sell-to-cover rather than net settle shares

underlying these RSUs in order to satisfy tax withholding obligations. The lock-up agreements and market

standoff agreements permit sell-to-cover transactions to cover tax withholding obligations in connection

with the vesting and/or settlement of RSUs and stock options during the lock-up period. If we decide to

sell-to-cover rather than net settle shares underlying these RSUs and stock options, up to approximately

shares of our Class A common stock will be eligible for sale in the open market during the lock-up period

in connection with such sell-to-cover transactions.

Furthermore, as further described and subject to the conditions set forth in the sections titled "Shares

Eligible for Future Sale" and "Underwriters (Conflicts of Interest)," at the commencement of trading of the

second trading day after the date that we publicly announce earnings for the first quarter following the

most recent period for which financial statements are included in this prospectus (the "Initial Post-Offering

Earnings Release Date"), if the closing price per share of our Class A common stock on NYSE for at least

five trading days in any ten consecutive trading day period, with at least one of such five trading days

occurring after the Initial Post-Offering Earnings Release Date is at least 25% greater than the initial

public offering price of our Class A common stock set forth on the cover of this prospectus, up to

approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock held by our current employees and service

providers (excluding our directors and any officer within the meaning of Section 16 of the Exchange Act)

will be immediately available for sale in the public market.

When the lock-up period expires, we and our securityholders subject to a lock-up agreement or market

stand-off agreement will be able to sell our shares in the public market. In addition, Morgan Stanley and

Goldman Sachs may release all or some portion of the shares subject to lock-up agreements prior to the

expiration of the lock-up period. See the section titled "Shares Eligible for Future Sale" for more

information. Sales of a substantial number of such shares upon expiration of the lock-up and market

stand-off agreements, or the perception that such sales may occur, or early release of these agreements,

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could cause our market price to fall or make it more difficult for you to sell your Class A common stock at

a time and price that you deem appropriate.

As of March 31, 2025, we had stock options and RSUs outstanding that, if fully exercised or vested and

settled, as applicable, would result in the issuance of 23,057,048 shares of Class A common stock

and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock, respectively, and we also had an outstanding warrant

exercisable for the purchase of 260,580 shares of Class A common stock. In addition, as of March 31,

2025 and before giving effect to the Option Exercise, we had stock options and RSUs outstanding that, if

fully exercised or vested and settled, as applicable, would result in the issuance of 811,896 shares of

Class B common stock and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common stock, respectively. All of the shares of

Class A common stock issuable upon the exercise or settlement of stock options, warrants, or RSUs, and

the shares reserved for future issuance under our equity incentive plans, will be registered for public

resale under the Securities Act. Accordingly, these shares will be able to be freely sold in the public

market upon issuance subject to existing lock-up or market standoff agreements and applicable vesting

requirements.

Immediately following this offering, the holders of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our common stock will have rights,

subject to some conditions, to require us to file registration statements for the public resale of the Class A

common stock issuable upon conversion of such shares or to include such shares in registration

statements that we may file for us or other stockholders.

We may also issue our shares of common stock or securities convertible into shares of our common stock

from time to time in connection with a financing, acquisition, investment, or otherwise. Any further

issuance could result in substantial dilution to our existing stockholders, especially if the issuance were to

occur at a price below the then-current market price of our Class A common stock. Any future issuances

could cause the market price of our Class A common stock to decline.

Moreover, during the quarter in which this offering is completed, we will begin recording stock-based

compensation expense for RSUs that we have granted to our service providers, which vest upon the

satisfaction of both a service-based vesting condition and a performance-based vesting condition. We

expect the performance condition will be satisfied in connection with this offering. If the performance

vesting condition had occurred on March 31, 2025, we would have recorded $809.8 million of stock-

based compensation, and we would recognize additional stock-based compensation of $735.9 million

over a weighted-average remaining requisite service period of 1.9 years.At the time of the offering, we

expect to recognize stock-based compensation expense of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million with respect to

RSUs for which the service-based vesting condition was satisfied or partially satisfied as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025

and for which we expect the performance-based vesting condition to be satisfied in connection with this

offering. Following this offering, our future cost of revenue and operating expenses, particularly during the

quarter in which this offering is completed, will include a substantial amount of stock-based compensation

expense with respect to these RSUs, as well as any other equity awards we have granted and may grant

in the future, which will have an adverse impact on our ability to achieve profitability. For additional

information, see the section titled "Management's Discussion and Analysis of Financial Condition and

Results of Operations—Significant Impacts of Stock-Based Compensation—RSUs."

***If financial analysts issue inaccurate or unfavorable research regarding our Class A common stock,***

***our stock price and trading volume could decline.***

The trading market for our Class A common stock will be influenced by the research and reports that

financial analysts publish about us, our business, our market, and our competitors. We do not control

these analysts or the content and opinions included in their reports. As a new public company, the

analysts who publish information about our Class A common stock will have had relatively little

experience with our company, which could affect their ability to accurately forecast our results and make it

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more likely that we fail to meet their estimates. If any of the analysts who cover us issue an inaccurate or

unfavorable opinion regarding our stock price, our stock price would likely decline. In addition, the stock

prices of many companies in the technology industry have declined significantly after those companies

have failed to meet, or significantly exceed, the financial guidance publicly announced by the companies

or the expectations of analysts. If our financial results fail to meet, or significantly exceed, our announced

guidance or the expectations of analysts or public investors, analysts could downgrade our Class A

common stock or publish unfavorable research about us. If one or more of these analysts cease coverage

of our Class A common stock or fail to publish reports on us regularly, our visibility in the financial markets

could decrease, which in turn could cause our stock price or trading volume to decline.

***Any future issuance of our Class C common stock may have the effect of further concentrating***

***voting control in our Class B common stock, may discourage potential acquisitions of our***

***business, and could have an adverse effect on the market price of our Class A common stock.***

Under our restated certificate of incorporation that will become effective immediately prior to the

completion of this offering, we will be authorized to issue up to 1,000,000,000 shares of our Class C

common stock. Although we have no current plans to issue any shares of our Class C common stock, we

may in the future issue shares of our Class C common stock for a variety of corporate purposes, including

financings, acquisitions, investments, and equity incentives to our employees, consultants, and directors.

Any future issuance of our Class C common stock may have the effect of further concentrating voting

control in our Class B common stock, may discourage potential acquisitions of our business, and could

have an adverse effect on the market price of our Class A common stock. Our authorized but unissued

shares of Class C common stock are available for issuance with the approval of our Board of Directors

without stockholder approval, except as may be required by the listing rules of the NYSE. Because our

Class C common stock carries no voting rights (except as otherwise required by law) and is not listed for

trading on an exchange or registered for sale with the SEC, shares of our Class C common stock may be

less liquid and less attractive to any future recipients of these shares than shares of our Class A common

stock, although we may seek to list our Class C common stock for trading and register shares of our

Class C common stock for sale in the future. Further, we could issue shares of Class C common stock to

Mr. Field and, in that event, he would be able to sell such shares of Class C common stock and achieve

liquidity in his holdings without diminishing his voting power. In addition, because our Class C common

stock carries no voting rights (except as otherwise required by law), if we issue shares of our Class C

common stock in the future, the holders of our Class B common stock may be able to hold significant

voting control over most matters submitted to a vote of our stockholders for a longer period of time than

would be the case if we issued our Class A common stock rather than our Class C common stock in such

transactions. Further, any and all outstanding shares of Class C common stock will convert automatically

into Class A common stock, on a share-for-share basis, following both (a) the earliest to occur of (i) the

conversion or exchange of all outstanding shares of our Class B common stock into shares of Class A

common stock, (ii) the Class B Automatic Conversion (as defined below) and (iii) the affirmative vote of

the holders of a majority of the outstanding shares of Class B common stock, voting separately as a

single class and (b) the date and time, or occurrence of an event, specified by the holders of a majority of

the outstanding shares of Class A common stock, voting as a separate class.

***We do not intend to pay dividends in the foreseeable future. As a result, your ability to achieve a***

***return on your investment will depend on appreciation in the price of our Class A common stock.***

We have never declared or paid any cash dividends on our capital stock. We currently intend to retain all

available funds and any future earnings for use in the operation of our business and do not anticipate

paying any dividends in the foreseeable future. Any determination to pay dividends in the future will be at

the discretion of our Board of Directors and will depend on our operating results, financial condition,

capital requirements, general business conditions, instruments, and other factors that our Board of

Directors may deem relevant. Additionally, our ability to pay dividends is limited by restrictions on our

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ability to pay dividends or make distributions under the terms of our Revolving Credit Facility. Accordingly,

investors must rely on sales of their Class A common stock after price appreciation, which may never

occur, as the only way to realize any future gains on their investments.

***We will have broad discretion in the use of the net proceeds to us from this offering and may not***

***use them effectively.***

We will have broad discretion in the application of the net proceeds to us from this offering, including for

any of the purposes described in the section titled "Use of Proceeds," and you will not have the

opportunity as part of your investment decision to assess whether the net proceeds are being used

appropriately. Because of the number and variability of factors that will determine our use of the net

proceeds from this offering, their ultimate use may vary substantially from their currently intended use. If

we do not use the net proceeds that we receive in this offering effectively, our business, operating results,

financial condition, and prospects could be harmed, and the market price of our Class A common stock

could decline. Pending their use, we may invest the net proceeds from this offering in short-term,

investment-grade interest-bearing securities such as money market accounts, certificates of deposit,

commercial paper, and guaranteed obligations of the U.S. government that may not generate a high yield.

These investments may not yield a favorable return to our investors.

***Because the initial public offering price of our Class A common stock will be substantially higher***

***than the pro forma net tangible book value per share of our outstanding Class A common stock***

***following this offering, new investors will experience immediate and substantial dilution.***

The initial public offering price is substantially higher than the pro forma net tangible book value per share

of our Class A common stock immediately following this offering based on the total value of our tangible

assets less our total liabilities. Therefore, if you purchase shares of our Class A common stock in this

offering, based on the midpoint of the offering price range set forth on the cover page of this prospectus,

and the issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock in this offering, you will experience

immediate dilution of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, the difference between the price per share you pay for our Class

A common stock and its pro forma net tangible book value per share as of March 31, 2025 after giving

effect to the issuance of shares of our Class A common stock in this offering. Furthermore, if the

underwriters exercise their option to purchase additional shares in full, current or future outstanding

warrants or equity awards are settled in shares of our capital stock, or if we otherwise issue additional

shares of our capital stock, you could experience further dilution. See the section titled "Dilution" for

additional information.

General Risk Factors

***We may be adversely affected by natural disasters, pandemics, and other catastrophic events, and***

***by man-made problems such as war and regional geopolitical conflicts around the world, that***

***could disrupt our business operations, and our business continuity and disaster recovery plans***

***may not adequately protect us from a serious disaster.***

Natural disasters or other catastrophic events may cause damage or disruption to our operations,

international commerce, and the global economy, and thus could have an adverse effect on us. Our

business operations are also subject to interruption by fire, power shortages, flooding, and other events

beyond our control. In addition, our global operations expose us to risks associated with public health

crises, such as pandemics and epidemics, which could harm our business and cause our operating

results to suffer. Further, acts of war, armed conflict, terrorism, and other geopolitical unrest, such as the

conflicts in the Middle East, and Ukraine and tensions between China and Taiwan, could cause

disruptions in our business, the businesses of our partners or customers, or the economy as a whole.

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Moreover, the risks associated with AI technology are still unknown and advances in AI could pose risks,

including, but not limited to, cyberattacks, terrorism, disruption to labor markets, criminal misuse,

autonomous warfare, and catastrophic accidents.

In the event of a natural disaster, including, but not limited to, a major earthquake, blizzard, or hurricane,

or a catastrophic event such as a fire, power loss, cyberattack, or telecommunications failure, we may be

unable to continue our operations and may endure system interruptions, reputational harm, delays in

development of our platform, lengthy interruptions in service, breaches of data security, and loss of critical

data, all of which could have an adverse effect on our future operating results. Climate change could

result in an increase in the frequency or severity of such natural disasters. Moreover, any of our office

locations may be vulnerable to the adverse effects of climate change. For example, our corporate offices

are located in California, a state that frequently experiences earthquakes, wildfires, and resultant air

quality impacts and power shutoffs associated with wildfire prevention, heatwaves, and droughts. These

events can, in turn, have impacts on inflation risk, food security, water security, and on our employees'

health and well-being. Additionally, all the aforementioned risks will be further increased if we do not

implement an effective disaster recovery plan or our partners' or customers' disaster recovery plans prove

to be inadequate.

***We are an "emerging growth company" and the reduced reporting requirements applicable to***

***emerging growth companies could make our Class A common stock less attractive to investors.***

We are an "emerging growth company" as defined in the JOBS Act. For as long as we continue to be an

emerging growth company, we may take advantage of exemptions from various reporting requirements

that are applicable to other public companies that are not emerging growth companies, including (i) not

being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley

Act, (ii) reduced disclosure obligations regarding executive compensation in this prospectus and our

periodic reports and proxy statements, and (iii) exemptions from the requirements of holding nonbinding

advisory stockholder votes on executive compensation and stockholder approval of any golden parachute

payments not previously approved. In addition, as an emerging growth company, we are only required to

provide two years of audited financial statements in this prospectus.

We could be an emerging growth company for up to five years following the completion of this offering,

although circumstances could cause us to lose that status earlier, including if we are deemed to be a

"large accelerated filer," which occurs when the market value of our common stock that is held by non-

affiliates equals or exceeds $700.0 million as of the prior June 30, or if we have total annual gross

revenue of $1.235 billion or more during any fiscal year before that time, in which cases we would no

longer be an emerging growth company as of the following December 31, or if we issue more than $1.0

billion in non-convertible debt during any three-year period before that time, in which case we would no

longer be an emerging growth company immediately.

Under the JOBS Act, emerging growth companies can also delay adopting new or revised accounting

standards until such time as those standards apply to private companies. We have elected to take

advantage of the benefits of this extended transition period. Our financial statements may therefore not

be comparable to those of companies that comply with such new or revised accounting standards. Until

the date that we are no longer an "emerging growth company" or affirmatively and irrevocably opt out of

the exemption provided by Section 7(a)(2)(B) of the Securities Act, upon issuance of a new or revised

accounting standard that applies to our financial statements and that has a different effective date for

public and private companies, we will disclose the date on which adoption is required for non-emerging

growth companies and the date on which we will adopt the recently issued accounting standard.

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***Provisions in our charter documents and under Delaware law could make an acquisition of us,***

***which may be beneficial to our stockholders, more difficult and may limit attempts by our***

***stockholders to replace or remove our current management.***

Provisions in our restated certificate of incorporation and restated bylaws that will be in effect immediately

prior to the completion of this offering may have the effect of delaying or preventing a merger, acquisition,

or other change of control of the company that the stockholders may consider favorable. In addition,

because our Board of Directors is responsible for appointing the members of our management team,

these provisions may frustrate or prevent any attempts by our stockholders to replace or remove our

current management by making it more difficult for stockholders to replace members of our Board of

Directors. Among other things, our restated certificate of incorporation and restated bylaws that will be in

effect immediately prior to the completion of this offering include provisions that:

• from and after the Trigger Date (as defined below), subject to the special rights of the holders of

any preferred stock then-outstanding, provide that our Board of Directors is classified into three

classes of directors with staggered three-year terms;

• permit our Board of Directors to establish the number of directors and fill any vacancies and

newly created directorships, provided that prior to the Trigger Date, vacancies and newly created

directorships may be filled by our stockholders with the approval of a majority of the voting power

of all of the then-outstanding shares of our capital stock;

• from and after the Trigger Date, require supermajority voting to amend some provisions in our

restated certificate of incorporation and restated bylaws;

• authorize the issuance of "blank check" preferred stock that our Board of Directors could use to

implement a stockholder rights plan;

• from and after the Trigger Date, provide that only the chairperson of our Board of Directors, our

chief executive officer, the lead independent director, or a majority of our Board of Directors will

be authorized to call a special meeting of stockholders;

• from and after the Trigger Date, eliminate the ability of our stockholders to call special meetings

of stockholders;

• do not provide for cumulative voting;

• from and after the Trigger Date, subject to the special rights of the holders of any preferred stock

then-outstanding, provide that directors may only be removed "for cause" and only by the

affirmative vote of the holders of at least two-thirds of the voting power of all of the then-

outstanding shares of our capital stock;

• provide for a multi class common stock structure in which holders of our Class B common stock

may have the ability to control the outcome of matters requiring stockholder approval, even if they

own significantly less than a majority of the outstanding shares of our common stock, including

the election of directors and other significant corporate transactions, such as a merger or other

sale of our company or its assets;

• from and after the Trigger Date, subject to the rights of the holders of any preferred stock then-

outstanding, prohibit stockholder action by written consent, which requires all stockholder actions

to be taken at a meeting of our stockholders;

• provide that our Board of Directors is expressly authorized to adopt, amend, or repeal our

restated bylaws; and

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• 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.

Moreover, Section 203 of the Delaware General Corporation Law ("DGCL"), may discourage, delay, or

prevent a change in control of our company. Section 203 imposes certain restrictions on mergers,

business combinations, and other transactions between us and holders of 15% or more of our common

stock.

***Our restated bylaws contain exclusive forum provisions for certain claims, which may limit our***

***stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors,***

***officers, or employees.***

Our restated bylaws that will be in effect immediately prior to the completion of this offering will provide

that the Court of Chancery of the State of Delaware, to the fullest extent permitted by law, will be the

exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a

breach of fiduciary duty, any action asserting a claim against us arising pursuant to the DGCL, our

restated certificate of incorporation, or our restated bylaws, any action to interpret, apply, enforce or

determine the validity of our restated certificate of incorporation, or our restated bylaws, any action

asserting a claim against us that is governed by the internal affairs doctrine or any action asserting an

internal corporate claim (as defined in the DGCL).

Moreover, Section 22 of the Securities Act creates concurrent jurisdiction for U.S. federal and state courts

regulations thereunder. Our restated bylaws provide that the federal district courts of the United States

will, to the fullest extent permitted by law, be the exclusive forum for resolving any complaint asserting a

cause of action arising under the Securities Act (the "Federal Forum Provision"). Our decision to adopt a

Federal Forum Provision followed a decision by the Supreme Court of the State of Delaware holding that

such provisions are facially valid under Delaware law. While there can be no assurance that U.S. federal

or state courts will follow the holding of the Delaware Supreme Court or determine that the Federal Forum

Provision should be enforced in a particular case, application of the Federal Forum Provision means that

brought in U.S. federal court and cannot be brought in state court.

Section 27 of the Exchange Act creates exclusive federal jurisdiction over all claims brought to enforce

regulations thereunder must be brought in U.S. federal court.

Our stockholders will not be deemed to have waived our compliance with the federal securities laws and

the regulations promulgated thereunder.

Any person or entity purchasing or otherwise acquiring or holding any interest in any of our securities

shall be deemed to have notice of and consented to our exclusive forum provisions, including the Federal

Forum Provision. These provisions may limit a stockholder's ability to bring a claim in a judicial forum of

their choosing for disputes with us or our directors, officers, or employees, which may discourage lawsuits

against us and our directors, officers, and employees. Alternatively, if a court were to find the choice of

forum provision contained in our restated bylaws to be inapplicable or unenforceable in an action, we may

incur additional costs associated with resolving such action in other jurisdictions, which could harm our

business, operating results, and financial condition.

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## Special Note Regarding Forward-
Looking Statements

This prospectus contains forward-looking statements about us and our industry that involve substantial

risks and uncertainties. All statements contained in this prospectus other than statements of historical

fact, including statements regarding our future operating results and financial condition, our business

strategy and plans, market growth, and our objectives for future operations, are forward-looking

statements. The words "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend,"

"could," "would," "project," "target," "plan," "expect," "aspire," and similar expressions are intended to

identify forward-looking statements.

Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

• our future financial performance, including our expectations regarding our revenue, cost of

revenue, gross profit or gross margin, operating expenses, including changes in operating

expenses, and our ability to achieve and maintain profitability;

• our business plan and our ability to effectively manage our growth;

• our total market opportunity;

• anticipated trends, growth rates, and challenges in our business and in the markets in which we

operate;

• adoption of our platform;

• the impacts of AI on our business;

• beliefs and objectives for future operations;

• our ability to attract new customers and successfully retain, and increase adoption of our platform

and offerings by, existing customers;

• our ability to develop and introduce new products and bring them to market in a timely manner;

• our expectations concerning relationships with third parties;

• our ability to maintain, protect, and enhance our intellectual property rights;

• our ability to expand internationally;

• the effects of increased competition in our markets and our ability to compete effectively;

• our ability to identify, recruit, hire, and retain skilled personnel, including key members of senior

management;

• future acquisitions or investments in complementary companies, products, technologies, or

services;

• our ability to stay in compliance with laws and regulations that currently apply, or may become

applicable to, our business both in the United States and internationally;

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• our ability to maintain the security and availability of our platform and protect against data

breaches and other security incidents;

• economic and industry trends, projected growth, or trend analysis;

• general economic conditions in the United States and globally, including the effects of changes in

tariffs or trade restrictions, global geopolitical conflicts, inflation, interest rates, any instability in

the global banking sector, and foreign currency exchange rates;

• our ability to operate and grow our business in light of macroeconomic uncertainty;

• increased expenses associated with being a public company;

• our intended use of the proceeds from this offering; and

• other statements regarding our future operations, financial condition, and prospects and business

strategies.

We have based these forward-looking statements largely on our current expectations and projections

about future events and trends that we believe may affect our financial condition, operating results,

business strategy, and short-term and long-term business operations and objectives. These forward-

looking statements are subject to a number of risks, uncertainties, and assumptions, including those

described in the section titled "Risk Factors" and elsewhere in this prospectus. Moreover, we operate in a

very competitive and rapidly changing environment, and new risks emerge from time to time. It is not

possible for our management to predict all risks, nor can we assess the impact of all factors on our

business or the extent to which any factor, or combination of factors, may cause actual results to differ

materially from those contained in any forward-looking statements we may make. In light of these risks,

uncertainties, and assumptions, the forward-looking events and circumstances discussed in this

prospectus may not occur, and actual results could differ materially and adversely from those anticipated

or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The events and

circumstances reflected in the forward-looking statements may not be achieved or occur. We undertake

no obligation to update any of these forward-looking statements for any reason after the date of this

prospectus or to conform these statements to actual results or to changes in our expectations, except as

required by law. These forward-looking statements do not reflect the potential impact of any future

acquisitions, mergers, dispositions, joint ventures, or investments.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the

relevant subject. These statements are based on information available to us as of the date of this

prospectus. While we believe such information provides a reasonable basis for these statements, such

information may be limited or incomplete. Such statements should not be read to indicate that we have

conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These

statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

You should read this prospectus and the documents that we reference in this prospectus and have filed

with the SEC as exhibits to the registration statement of which this prospectus is a part with the

understanding that our actual future results, performance, and events and circumstances may be

materially different from what we expect.

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## Industry a nd Market Data
Unless otherwise indicated, information contained in this prospectus concerning our industry and the

markets in which we operate, including our general expectations, market position, market opportunity, and

market size, is based on information from various sources, including our own estimates, as well as

assumptions that we have made that are based on such data and other similar sources and on our

knowledge of the markets for our platform and offerings. This information involves important assumptions

and limitations, and you are cautioned not to give undue weight to such estimates. Although we are

responsible for all of the disclosure contained in this prospectus and we believe the third-party market

position, market opportunity, and market size data included in this prospectus are reliable, we have not

independently verified the accuracy or completeness of this third-party data. In addition, projections,

assumptions, and estimates of our future performance and the future performance of the industry in which

we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors,

including those described in the sections titled "Risk Factors" and "Special Note Regarding Forward-

Looking Statements," as well as elsewhere in this prospectus. These and other factors could cause

results to differ materially from those expressed in the estimates made by the independent parties and by

us.

This prospectus contains statistical data, estimates, and forecasts that are based on publications or

reports generated by third parties, including reports prepared by Forrester Research, Inc. ("Forrester")

and IDC, which we commissioned, or other publicly available information, as well as other information

based on our internal sources.

The sources of certain statistical data, estimates, and forecasts contained in this prospectus are provided

below:

• Forrester Consulting, The Total Economic Impact™ of Figma and FigJam, Cost Savings and

Business Benefits Enabled by Figma and FigJam, November 2023 (Figma commissioned).

• Gartner Press Release, "Gartner Forecasts Worldwide IT Spending to Grow 9.8% in 2025,"

January 21, 2025.\*

• IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in Software Design

Expands to 144 Million by 2029," DOC#US53309325, May 2025 (Figma commissioned).

• IDC, 1 Billion New Logical Applications: More Background, April 2024.

_______________________________________________________

\*The Gartner, Inc. ("Gartner") content described herein (the "Gartner Content") represents research opinion or viewpoints

published, as part of a syndicated subscription service, by Gartner, and is not a representation of fact. The Gartner Content

speaks as of its original publication date (and not as of the date of this prospectus), and the opinions expressed in the Gartner

Content are subject to change without notice. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its

affiliates in the United States and internationally and is used herein with permission. All rights reserved.

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## Use of Proceeds
We estimate that the net proceeds from the sale of shares of our Class A common stock in this offering at

an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range

set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and

commissions and estimated offering expenses, will be approximately $&nbsp;&nbsp;&nbsp;&nbsp; (or approximately $&nbsp;&nbsp;&nbsp;&nbsp; if the

underwriters' over-allotment option is exercised in full). We will not receive any proceeds from the sale of

Class A common stock by the selling stockholders.

A $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, would increase

(decrease) the net proceeds to us from this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp; million, assuming the number

of shares of our Class A common stock offered by us remains the same and after deducting estimated

underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each

increase (decrease) of 1.0 million shares in the number of shares of our Class A common stock offered

would increase (decrease) the net proceeds from this offering by approximately $&nbsp;&nbsp;&nbsp;&nbsp; million, assuming

that the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; , which is the midpoint of the offering price range set

forth on the cover page of this prospectus, remains the same, and after deducting the estimated

underwriting discounts and commissions and estimated offering expenses payable by us.

The principal purposes of this offering are to create a public market for our Class A common stock,

increase our visibility in the marketplace, increase our capitalization and financial flexibility, and facilitate

an orderly distribution of shares for the selling stockholders. We intend to use a portion of the net

proceeds we receive from this offering to repay $&nbsp;&nbsp;&nbsp;&nbsp;million of outstanding indebtedness under the

Revolving Credit Facility, which we intend to borrow in order to pay our anticipated tax withholding and

remittance obligations related to the RSU Net Settlement. The Revolving Credit Facility matures on June

27, 2030 and interest on our outstanding balance under the Revolving Credit Facility accrues at a rate per

annum equal to, at our option, either (i) a base rate determined by reference to the highest of (x) the

prime rate, (y) the federal funds effective rate plus 0.50% and (z) the one month term Secured Overnight

Financing Rate ("SOFR") plus 1.00% or (ii) term SOFR plus 1.00%. Assuming (i) the fair market value of

our common stock at the time of settlement will be equal to the assumed initial public offering price per

share of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which is the midpoint of the offering price range set forth on the cover page of this

prospectus, and (ii) an assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate, we estimate that these tax withholding and

remittance obligations on the RSU Net Settlement will be $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million in the aggregate. A $1.00

increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint

offering price range set forth on the cover page of this prospectus, assuming no change to the applicable

tax rate, would increase (decrease) the amount we would be required to pay to satisfy these tax

withholding and remittance obligations by approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million. We intend to use the remaining

net proceeds, if any, from this offering for working capital and other general corporate purposes, which

may include product development, general and administrative matters, and capital expenditures. We may

also use a portion of the net proceeds for the acquisition of, or investment in, technologies, solutions, or

businesses that complement our business. However, we do not have agreements or commitments for any

material acquisitions or investments at this time.

We will have broad discretion over the uses of the net proceeds of this offering. We cannot specify with

certainty all of the particular uses for the remaining net proceeds to us from this offering. Pending their

use as described above, we intend to invest a portion of net proceeds from this offering in one or more

capital-preservation investments, which may include short-term, investment-grade interest-bearing

securities, such as money market funds, certificates of deposit, commercial paper, and guaranteed

obligations of the U.S. government.

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Dividend Policy

We currently intend to retain all available funds and any future earnings for use in the operation of our

business and do not have current plans to pay any dividends on our capital stock in the foreseeable

future. In addition, our ability to pay dividends is restricted by the terms of our Revolving Credit Facility, as

described further in "Management's Discussion and Analysis of Financial Condition and Results of

Operations," and may be restricted by any agreements we may enter into in the future.

Any future determination to declare dividends will be made at the discretion of our Board of Directors and

will depend, among other things, on our financial condition, operating results, capital requirements,

general business conditions, restrictions in any debt instruments, and other factors that our Board of

Directors may deem relevant.

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Capitalization

The following table sets forth our cash, cash equivalents, and marketable securities, and our capitalization

as of March 31, 2025, on:

• an actual basis;

• a pro forma basis, giving effect to (i) the Capital Stock Conversion, (ii) the Class B Conversion,

(iii) the Option Exercise and the receipt by us of gross proceeds of approximately $18.8 million in

connection with the Option Exercise; (iv) the filing and effectiveness of our restated certificate of

incorporation that will become effective immediately prior to the completion of this offering, (v) an

increase to additional paid-in capital and accumulated deficit related to stock-based

compensation of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million associated with the RSU Net Settlement, (vi) the net issuance of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock in connection with the RSU Net Settlement, after

withholding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares to satisfy estimated tax withholding and remittance obligations of

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, and an

assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate), (vii) the net issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common

stock in connection with the RSU Net Settlement, after withholding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares to satisfy

estimated tax withholding and remittance obligations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (based on the assumed

initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, and an assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate),

(viii) the borrowing of an aggregate of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million under the Revolving Credit Facility to pay

the estimated tax withholding and remittance obligations in connection with the RSU Net

Settlement prior to the closing of this offering, and (ix) the related $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million net increase in

total debt and total liabilities and the corresponding $&nbsp;&nbsp;&nbsp;&nbsp; million decrease in additional paid-in

capital resulting from (A) the RSU Net Settlement and related tax withholding and remittance

obligations and (B) the subsequent use of proceeds from the Revolving Credit Facilityto repay

such tax withholding and remittance obligations prior to the closing of this offering; and

• a pro forma as adjusted basis, giving effect to (i) the pro forma adjustments set forth above,

(ii) the sale and issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class A common stock in this offering at an

assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering 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, and (iii) the

application of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of the net proceeds from this offering to repay the

entire outstanding amount under the Revolving Credit Facility.

The information below is illustrative only and our capitalization following this offering will be adjusted

based on, among other things, the actual initial public offering price and other terms of this offering

determined at pricing, the actual tax withholding rates, as well as the actual amount of RSUs settled in

connection with this offering. You should read this table together with our consolidated financial

statements and the accompanying notes, and the section titled "Management's Discussion and Analysis

of Financial Condition and Results of Operations," that are included elsewhere in this prospectus.

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---

| | | | |
|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma as**<br>**Adjusted**<sup>(1)</sup><br>|
|  | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| Cash, cash equivalents, and marketable securities............... | $1541805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Total debt...................................................................................... |  |  |  |
| Total liabilities............................................................................... | 544391 |  |  |
| Stockholders' equity: |  |  |  |
| Convertible preferred stock; $0.00001 par value per <br>share; 247,861 shares authorized, 245,999 shares <br>issued and outstanding, actual; no shares authorized, <br>issued, and outstanding, pro forma and pro forma as <br>adjusted................................................................................<br>| 329441 |  |  |
| Preferred stock; $0.00001 par value per share; no <br>shares authorized, issued and outstanding, actual; <br>200,000 shares authorized, no shares issued and <br>outstanding, pro forma and pro forma as adjusted.......<br>|  |  |  |
| Class A common stock; $0.00001 par value per share; <br>586,500 shares authorized, 124,313 shares issued <br>and outstanding, actual; 10,000,000 shares <br>authorized, &nbsp;&nbsp;&nbsp;&nbsp; shares issued and outstanding, pro <br>forma; 10,000,000 shares authorized, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares <br>issued and outstanding, pro forma as adjusted.............<br>| 1 |  |  |
| Class B common stock; $0.00001 par value per share; <br>118,956 shares authorized, 90,747 shares issued and <br>outstanding, actual; 350,000 shares authorized, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>shares issued and outstanding, pro forma; 350,000 <br>shares authorized, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares issued and <br>outstanding, pro forma as adjusted.................................<br>|  |  |  |
| Class C common stock; $0.00001 par value per share; <br>no shares authorized, issued and outstanding, actual; <br>1,000,000 shares authorized, no shares issued and <br>outstanding, pro forma and pro forma as adjusted.......<br>|  |  |  |
| Additional paid-in capital........................................................ | 1186815 |  |  |
| Accumulated other comprehensive income ...................... | 2135 |  |  |
| Accumulated deficit................................................................ | (148028) |  |  |
| Total stockholders' equity................................................. | 1370364 |  |  |
| Total capitalization........................................................ | $1370364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Each $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted cash,

cash equivalents, and marketable securities, additional paid-in capital, total stockholders' equity, and total capitalization by

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, 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 the estimated underwriting discounts and commissions and estimated offering expenses payable by

us. Similarly, each increase (decrease) of 1.0 million shares in the number of shares of our Class A common stock offered by

us would increase (decrease) the amount of our pro forma as adjusted cash, cash equivalents, and marketable securities,

additional paid-in capital, total stockholders' equity, and total capitalization by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the assumed initial

public offering price remains the same, and after deducting the estimated underwriting discounts and commissions and

estimated offering expenses payable by us. In addition, each 1.0% increase (decrease) in the tax withholding rate would

increase (decrease) the amount of tax withholding and remittance obligations related to the RSU Net Settlement and increase

(decrease) cash, cash equivalents, and marketable securities, additional paid-in capital, total stockholders' equity, and total

capitalization by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the assumed initial public offering price remains the same, that the number of

shares of Class A common stock offered by us, as set forth on the cover page of this prospectus, remains the same, and after

deducting underwriting discounts and commissions and estimated offering expenses payable by us. Each $1.00 increase

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(decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range set

forth on the cover page of this prospectus, would increase (decrease) the amount of tax withholding and remittance obligations

related to the RSU Net Settlement and increase (decrease) cash, cash equivalents, and marketable securities, additional paid-

in capital, total stockholders' equity, and total capitalization by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the tax withholding rate remains

the same, that the number of shares of Class A common stock offered by us, as set forth on the cover page of this prospectus,

remains the same, and after deducting underwriting discounts and commissions and estimated offering expenses payable by

us. If the underwriters' over-allotment option is exercised in full, the pro forma as adjusted amount of each of cash, cash

equivalents, and marketable securities, additional paid-in capital, total stockholders' equity, and total capitalization would

increase by $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, and after deducting estimated underwriting discounts and commissions and estimated offering

expenses payable by us, and we would have&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issued and outstanding, pro forma

as adjusted.

The number of shares of our Class A common stock, Class B common stock, and Class C common stock

that will be outstanding after this offering is based on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock

outstanding,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock outstanding, and no shares of our Class C

common stock outstanding as of March 31, 2025 (after giving effect to the Capital Stock Conversion, the

Class B Conversion, the Option Exercise, and the RSU Net Settlement), and excludes:

• 23,057,048 shares of our Class A common stock issuable upon the exercise of stock options to

purchase shares of our Class A common stock outstanding as of March 31, 2025 under our 2012

Plan, with a weighted-average exercise price of $9.77 per share;

• 46,166,511 shares of our Class A common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2012 Plan for which the service-based vesting

condition was not satisfied as of March 31, 2025 and for which we expect the performance-based

vesting condition will be satisfied in connection with this offering (we expect that the satisfaction

of the service-based vesting condition of certain of these RSUs through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, the

expected date of this offering, will result in the net issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A

common stock in connection with this offering, after withholding an aggregate

of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock to satisfy the associated estimated tax

withholding and remittance obligations (based on the assumed initial public offering price of

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range set forth on the cover

page of this prospectus, and an assumed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate));

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the vesting and settlement of RSUs

granted after March 31, 2025 under the 2012 Plan;

• 15,750,000 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2021 Plan for which the service-based vesting

condition and/or market-based vesting condition, if applicable, were not satisfied as of March 31,

2025 and for which we expect the performance-based vesting condition will be satisfied in

connection with this offering (we expect that the satisfaction of the service-based vesting

condition of certain of these RSUs through &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, the expected date of this offering,

will result in the net issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock in connection

with this offering, after withholding an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common stock

to satisfy the associated estimated tax withholding and remittance obligations (based on the

assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the

offering price range set forth on the cover page of this prospectus, and an

assumed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate));

• 28,960,338 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs granted on June 30, 2025 under the 2021 Plan for which the service-based vesting

conditions and/or stock price-based vesting conditions, as applicable, are not anticipated to be

satisfied at the expected date of this offering;

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• 260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock outstanding as of March 31, 2025, with an

exercise price of $0.08 per share;

• 699,705 shares of our Class A common stock issued after March 31, 2025 in connection with the

acquisition of a technology company that is a self-hosted headless content management system

and application framework; and

• 85,053,649 shares of our common stock reserved for future issuance under our equity

compensation plans, consisting of (i) 14,451,482 shares of our Class A common stock available

for future issuance under our 2012 Plan as of March 31, 2025 (which amount does not reflect

RSUs settleable for shares of our Class A common stock granted after March 31, 2025),

(ii) 1,002,167 shares of our Class B common stock available for future issuance under our 2021

Plan as of March 31, 2025 (which amount is prior to an increase of 28,960,338 shares of our

Class B common stock reserved for future issuance under the 2021 Plan after March 31, 2025

and does not reflect RSUs settleable for shares of our Class B common stock granted after

March 31, 2025), (iii) 58,000,000 shares of our Class A common stock available for future

issuance under our 2025 Plan, which will become effective on the date immediately prior to the

date of this prospectus, and (iv) 11,600,000 shares of our Class A common stock reserved for

issuance under our 2025 ESPP, which will become effective on the date of this prospectus.

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance

under our 2012 Plan and shares of Class B common stock available for issuance under our 2021 Plan will

be added to the shares of our Class A common stock reserved for issuance under our 2025 Plan (and will

solely be available for grant as shares of Class A common stock), and we will cease granting awards

under our 2012 Plan and our 2021 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic

annual increases in the number of shares reserved thereunder. See the section titled "Executive

Compensation—Stock Plans" for additional information.

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Dilution

If you invest in our Class A common stock in this offering, your ownership interest will be immediately

diluted to the extent of the difference between the initial public offering price per share of our Class A

common stock and the pro forma as adjusted net tangible book value per share of our Class A common

stock immediately after this offering.

As of March 31, 2025, our pro forma net tangible book value was $&nbsp;&nbsp;&nbsp;&nbsp; million, or $&nbsp;&nbsp;&nbsp;&nbsp; per share of our

common stock. Our pro forma net tangible book value per share represents the amount of our total

tangible assets reduced by the amount of our total liabilities and divided by the total number of shares of

our common stock outstanding as of March 31, 2025, after giving effect to (i) the Capital Stock

Conversion, (ii) the Class B Conversion, (iii) the Option Exercise and the receipt by us of gross proceeds

of approximately $18.8 million in connection with the Option Exercise; (iv) the filing and effectiveness of

our restated certificate of incorporation that will become effective immediately prior to the completion of

this offering, (v) an increase to additional paid-in capital and accumulated deficit related to stock-based

compensation of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;million associated with the RSU Net Settlement, (vi) the net issuance of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock in connection with the RSU Net Settlement, after

withholding&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares to satisfy estimated tax withholding and remittance obligations of

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (based on the assumed initial public offering price of $ per share, which is the midpoint

of the offering price range set forth on the cover page of this prospectus, and an assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%

tax withholding rate), (vii) the net issuance of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common stock in connection with

the RSU Net Settlement, after withholding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares to satisfy estimated tax withholding and

remittance obligations of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million (based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per

share, and an assumed &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate), (viii) the borrowing of an aggregate of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

million under the Revolving Credit Facility to pay the estimated tax withholding and remittance obligations

in connection with the RSU Net Settlement prior to the closing of this offering, and (xi) the related

$&nbsp;&nbsp;&nbsp;&nbsp; million net increase in total debt and total liabilities and the corresponding $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million decrease in

additional paid-in capital resulting from (A) the RSU Net Settlement and related tax withholding and

remittance obligations and (B) the subsequent use of proceeds from the Revolving Credit Facility to repay

such tax withholding and remittance obligations prior to the closing of this offering.

After giving effect to (i) the sale and issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock in this offering

at an assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering 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 and (ii) the use of proceeds to repay

our outstanding $&nbsp;&nbsp;&nbsp;&nbsp; million of indebtedness under the Revolving Credit Facility, our pro forma as adjusted

net tangible book value as of March 31, 2025 would have been $&nbsp;&nbsp;&nbsp;&nbsp; million, or $&nbsp;&nbsp;&nbsp;&nbsp; per share. This

represents an immediate increase in pro forma net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp; per share to our existing

stockholders and an immediate dilution in pro forma as adjusted net tangible book value of $&nbsp;&nbsp;&nbsp;&nbsp; per share

to investors purchasing shares of our Class A common stock in this offering at the assumed initial public

offering price.

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The following table illustrates this dilution on a per share basis to new investors:

---

| | |
|:---|:---|
| Assumed initial public offering price per share................................................... | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Pro forma net tangible book value per share as of March 31, 2025 before <br>giving effect to this offering................................................................................<br>|  |
| Increase in pro forma net tangible book value per share attributable to <br>new investors purchasing Class A common stock in this offering...............<br>|  |
| Pro forma as adjusted net tangible book value per share immediately after <br>this offering...........................................................................................................<br>|  |
| Dilution in pro forma as adjusted net tangible book value per share to new <br>investors in this offering......................................................................................<br>| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

The dilution information discussed above is illustrative only and will change based on, among other

things, the actual initial offering price and other terms of this offering determined at pricing, the actual tax

withholding rates, as well as the actual amount of RSUs settled in connection with this offering. A $1.00

increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of

the offering 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 $&nbsp;&nbsp;&nbsp;&nbsp; per share and would

increase (decrease) the dilution per share to new investors in this offering by $&nbsp;&nbsp;&nbsp;&nbsp; per share, assuming the

number of shares of our Class A common stock offered, as set forth on the cover page of this prospectus,

remains the same and after deducting the estimated underwriting discounts and commissions and

estimated offering expenses payable by us. Similarly, each increase of 1.0 million shares in the number of

shares of our Class A common stock offered would increase the pro forma as adjusted net tangible book

value per share after this offering by $&nbsp;&nbsp;&nbsp;&nbsp; per share and decrease the dilution to new investors by

$&nbsp;&nbsp;&nbsp;&nbsp; per share, and each decrease of 1.0 million shares in the number of shares of our Class A common

stock offered would decrease the pro forma as adjusted net tangible book value per share after this

offering by $&nbsp;&nbsp;&nbsp;&nbsp; per share and increase the dilution to new investors by $&nbsp;&nbsp;&nbsp;&nbsp; per share, in each case

assuming the assumed initial public offering price, which is the midpoint of the offering price range set

forth on the cover page of this prospectus, remains the same and after deducting the estimated

underwriting discounts and commissions and estimated offering expenses payable by us.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book

value per share of our Class A common stock after giving effect to this offering would be $&nbsp;&nbsp;&nbsp;&nbsp; per share,

and the dilution in pro forma as adjusted net tangible book value per share to investors in this offering

would be $&nbsp;&nbsp;&nbsp;&nbsp; per share.

The following table summarizes, on a pro forma as adjusted basis as of March 31, 2025, after giving

effect to the pro forma adjustments described above, the difference between existing stockholders and

new investors purchasing shares of our Class A common stock in this offering with respect to the number

of shares purchased from us, the total consideration paid to us, and the average price per share paid by

our existing stockholders or to be paid by investors purchasing shares in this offering at an assumed initial

public offering price of $&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range set forth on the

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cover page of this prospectus, before deducting the estimated underwriting discounts and commissions

and estimated offering expenses:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price** <br>**Per Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average Price** <br>**Per Share** |
| Existing stockholders............ |  | % |  | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| New public investors............. |  |  |  |  |  |
| Total........................................ |  | 100% |  | 100% |  |

---

Sales by the selling stockholders in this offering will cause the number of shares held by existing

stockholders before this offering to be reduced to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares, or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the total number of

shares of our Class A common stock outstanding immediately after the completion of this offering, and

will increase the number of shares held by new investors to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares, or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the total

number of shares of our common stock outstanding immediately after the completion of this offering.

A $1.00 increase (decrease) in the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the

midpoint of the offering price range set forth on the cover page of this prospectus, would increase

(decrease) total consideration paid by new investors and total consideration paid by all stockholders by

approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, assuming that the number of shares offered by us and the selling

stockholders, as set forth on the cover page of this prospectus remains the same and before deducting

the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters'

option to purchase additional shares. If the underwriters' over-allotment option is exercised in full, our

existing stockholders would own&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % and our new investors would own&nbsp;&nbsp;&nbsp;&nbsp; % of the total number of

shares of our Class A common stock outstanding upon completion of this offering.

In addition, to the extent we issue any additional stock options or RSUs or any outstanding stock options

are exercised or outstanding RSUs vest and settle, or we issue any other securities or convertible debt in

the future, investors will experience further dilution.

The number of shares of our Class A common stock, Class B common stock, and Class C common stock

that will be outstanding after this offering is based on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock

outstanding,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock outstanding, and no shares of our Class C

common stock outstanding as of March 31, 2025 (after giving effect to the Capital Stock Conversion, the

Class B Conversion, the Option Exercise, and the RSU Net Settlement), and excludes:

• 23,057,048 shares of our Class A common stock issuable upon the exercise of stock options to

purchase shares of our Class A common stock outstanding as of March 31, 2025 under our 2012

Plan, with a weighted-average exercise price of $9.77 per share;

• 46,166,511 shares of our Class A common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2012 Plan for which the service-based vesting

condition was not satisfied as of March 31, 2025 and for which we expect the performance-based

vesting condition will be satisfied in connection with this offering (we expect that the satisfaction

of the service-based vesting condition of certain of these RSUs through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, the

expected date of this offering, will result in the net issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A

common stock in connection with this offering, after withholding an aggregate of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares

of Class A common stock to satisfy the associated estimated tax withholding and remittance

obligations (based on the assumed initial public offering price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the

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midpoint of the offering price range set forth on the cover page of this prospectus, and an

assumed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate));

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the vesting and settlement of RSUs

granted after March 31, 2025 under the 2012 Plan;

• 15,750,000 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs outstanding as of March 31, 2025 under the 2021 Plan for which the service-based vesting

condition and/or market-based vesting condition, if applicable, were not satisfied as of March 31,

2025 and for which we expect performance-based vesting condition will be satisfied in connection

with this offering (we expect that the satisfaction of the service-based vesting condition of certain

of these RSUs through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, the expected date of this offering, will result in the net

issuance of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock in connection with this offering, after

withholding an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class B common stock to satisfy the associated

estimated tax withholding and remittance obligations (based on the assumed initial public offering

price of $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per share, which is the midpoint of the offering price range set forth on the

cover page of this prospectus, and an assumed&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % tax withholding rate));

• 28,960,338 shares of our Class B common stock issuable upon the vesting and settlement of

RSUs granted on June 30, 2025 under the 2021 Plan for which the service-based vesting

conditions and/or stock price-based vesting conditions, as applicable, are not anticipated to be

satisfied at the expected date of this offering;

• 260,580 shares of our Class A common stock issuable upon the exercise of a warrant to

purchase shares of our Class A common stock outstanding as of March 31, 2025, with an

exercise price of $0.08 per share;

• 699,705 shares of our Class A common stock issued after March 31, 2025 in connection with the

acquisition of a technology company that is a self-hosted headless content management system

and application framework; and

• 85,053,649 shares of our common stock reserved for future issuance under our equity

compensation plans, consisting of (i) 14,451,482 shares of our Class A common stock available

for future issuance under our 2012 Plan as of March 31, 2025 (which amount does not reflect

RSUs settleable for shares of our Class A common stock granted after March 31, 2025), (ii)

1,002,167 shares of our Class B common stock available for future issuance under our 2021 Plan

as of March 31, 2025 (which amount is prior to an increase of 28,960,338 shares of our Class B

common stock reserved for future issuance under the 2021 Plan after March 31, 2025 and does

not reflect RSUs settleable for shares of our Class B common stock granted after March 31,

2025), (iii) 58,000,000 shares of our Class A common stock available for future issuance under

our 2025 Plan, which will become effective on the date immediately prior to the date of this

prospectus, and (iv) 11,600,000 shares of our Class A common stock reserved for issuance

under our 2025 ESPP, which will become effective on the date of this prospectus.

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance

under our 2012 Plan and shares of Class B common stock available for issuance under our 2021 Plan will

be added to the shares of our Class A common stock reserved for issuance under our 2025 Plan (and will

solely be available for grant as shares of Class A common stock), and we will cease granting awards

under our 2012 Plan and our 2021 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic

annual increases in the number of shares reserved thereunder. See the section titled "Executive

Compensation—Stock Plans" for additional information.

![mda1c.jpg](mda1c.jpg)

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## Management's Discussion and

## Analysis of Financial Condition

## and Results Of Operations
*You should read the following discussion and analysis of our financial condition and operating results* 

*together with the section titled "Summary Consolidated Financial and Other Data," our consolidated* 

*financial statements, and the accompanying notes included elsewhere in this prospectus. Some of the* 

*information contained in this discussion and analysis or set forth elsewhere in this prospectus, including* 

*information with respect to our plans and strategy for our business and related financing, includes* 

*forward-looking statements that involve risks, uncertainties, and assumptions. You should read the* 

*sections titled "Special Note Regarding Forward-Looking Statements" and "Risk Factors" for a* 

*discussion of important factors that could cause actual results to differ materially from the results* 

*described in or implied by the forward-looking statements contained in the following discussion and* 

*analysis.*

*Figma is where teams come together to turn ideas into the world's best digital products and* 

*experiences.*

We launched Figma Design in 2015 using powerful WebGL technology to bring design into the browser

for the first time. The ability to share and access files with a URL made design more open and

collaborative, a major departure from the historically closed approach that defined design for decades,

and required multiple tools and expensive hardware to bring designs to life. Figma Design made it easier

and more efficient for designers to work alongside developers, PMs, researchers, and other participants

in the product development process.

Since then, we have added products and features to support the process of going from idea to product. In

2021, we launched our second product: FigJam, an online whiteboarding tool. We built FigJam to help

teams brainstorm together — one of the earliest stages of the design and product development process.

Then, in 2023, building on years of bringing design and code closer together, we launched Dev Mode, a

product tailored for developers, who, during the three months ended March 31, 2025, made up

approximately 30% of our monthly active users. In 2024, we introduced Figma Slides to give teams a new

tool to drive strategy and alignment along the way.

In 2025, we doubled our product portfolio with the launch of four new products: **Figma Sites**, **Figma** 

**Make**, **Figma Buzz**, and **Figma Draw**. Figma Sites is a product that lets you design a website and

directly publish it to the web, with a URL of your choice. Figma Make is an AI-powered tool that turns a

prompt into a fully functional prototype. Figma Buzz is a product for easily creating marketing assets (like

social media assets and digital ads) at scale that are consistent with your brand or visual identity. And

Figma Draw provides a dedicated space for finer vector editing required when drawing detailed

iconography and product illustrations.

With the addition of these new products, Figma has expanded to help teams go from idea to shipped

product *faster*, all in one place. We believe that AI will accelerate this process even further and allow our

users to continue to push the boundaries of what is possible on our platform. In Figma, AI helps builders

of all skill levels quickly get from an idea to a working prototype with a simple prompt, create action items

out of a brainstorm with a single click, or reduce the time it takes to complete rote, repetitive tasks like

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renaming layers to seconds. We were founded to help anyone go from imagination to reality, and we

believe that AI is critical to delivering our vision.

Importantly, we have not only expanded our platform with new products but have also continuously

deepened the capabilities of each of our products. We have also added powerful features and

functionality within existing products like widgets and improved diagramming in FigJam; auto layout, multi-

edit, variables, and interactive components in Figma Design; Code Connect, MCP server, and

annotations in Dev Mode; as well as object animations and video capabilities in Figma Slides. In 2024

alone, we shipped 180 new features and updates. Our customers recognize the benefits of the

interconnectivity across our platform, with 76%of our customers using two or more products during the

three months ended March 31, 2025.

While we have maintained a rapid pace of product innovation, we have also partnered with our

community and customers to adapt and expand our products to meet their evolving needs. In Figma's

early days, our customers could choose from one of two plans: Starter (our free plan) and Professional

(our paid plan).

As teams grew with Figma, companies started to standardize their systems and processes on our

platform. This was necessary because many of these companies were managing multiple brands and

teams across time zones. Many customers began viewing Figma as their system of record for design and

product development, and needed more features and functionality to support not only their work, but also

to adhere to security and compliance standards. Based on feedback from our customers, in 2018, we

introduced our Organization plan. Our Organization plan allows for unlimited teams, shared libraries, and

centralized admin tools. While these features were sufficient for many of our customers, others needed

more. As a result, in 2022, we launched our Enterprise plan, with features like custom team workspaces,

advanced security, and private APIs to meet the needs of our largest customers. While approximately

70%of our revenue for each of the year ended December 31, 2024 and the three months ended March

31, 2025, came from customers on Organization and Enterprise plans, we continue to build features and

products designed to create value for all of our customers.

Our platform is inherently global. The vast majority of our users have always been outside the United

States, and today we have users in over 150 countries. Customers working in Figma on University

Avenue in Palo Alto use the same product as those building the next big thing in a Bangalore coffee shop.

As Figma has grown, we have continued to invest deeply in the underlying infrastructure that keeps our

platform fast, accessible, and secure for users across the world — aligned with our efforts to make design

accessible to all. As of May 15, 2025, our product was available in English, Japanese, Spanish, Korean,

and Portuguese; we accepted five currencies; and our marketing and support channels were available in

six languages.During the three months ended March 31, 2025, approximately 85% of our monthly active

users were based outside of the United States, and 53% of our revenue came from non-U.S. markets

during the same period.

The growing global importance of design has also led us to expand Figma's physical footprint to more

cities and countries. In 2020, we opened our first office outside the United States in London, which serves

as our Europe, Middle East, and Africa hub. In 2022, we launched two more offices in Europe, in Paris

and Berlin, and opened our first Japan and Asia-Pacific office in Tokyo. We have continued our

international expansion in the years since, opening offices in Singapore in 2023 and Australia in 2024. As

of March 31, 2025, we had nine offices in seven countries, with local staff spread across 13 countries and

five continents.

Figma also serves a wide array of industries with diverse needs and priorities. Companies across

industries, including banking, consumer-packaged goods, energy, manufacturing and software, use

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Figma. Our top ten customers on a combined basis accounted for less than 10% of our revenue for each

of the years ended December 31, 2023 and 2024.

We have also introduced specific products to meet the needs of some of our most security-conscious

customers. Based on feedback from government customers who wanted to build better products for

citizens, we embarked on a process to become FedRAMP authorized, a certification that confirms our

product meets the compliance requirements of the U.S. federal government. We received FedRAMP

authorization in early 2025. As of March 31, 2025, Figma was used by over 100 federal, regional, and

local government agencies in the United States and across the globe. In 2024, we introduced our

Governance+ add-on, which provides centralized control over organizations' activity and data, advanced

permissioning, and enhanced data governance — answering the requests of our most security-focused

enterprises.

While individuals and organizations have begun to adopt Figma's platform for more parts of their work, we

have offered them ways to share resources and customize workflows in ways that meet their needs. In

2019, we launched our Community resources for Figma, allowing users to build and browse templates,

community, these resources broaden the scope of what is possible in Figma by helping users customize

their product experience and close gaps in their workflows. Builders and partners have developed over

250,000 Community resources, including more than 10,000 plugins and widgets that allow users to

personalize their workspaces and speed up their workflows, using Figma's APIs, extending the power of

our platform for our users. In 2022, we also enabled our community members to monetize the content that

they created and published.

All of these efforts are in service of our approximately 450,000 Paid Customers (as defined in the section

titled "—Key Business Metrics" below) globally as of March 31, 2025. Whether they are building an

application used in a distribution and fulfillment center or designing a suite of products used by billions of

people globally, our customers rely on Figma to design and build the best product and digital

experiences.

We have continued to grow efficiently in recent years, while reaching greater scale.

• Our revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-

over-year growth as compared to the year ended December 31, 2023, and our revenue was

$228.2 million for the three months ended March 31, 2025, representing 46% year-over-year

growth as compared to the three months ended March 31, 2024. Our four-year compounded

annual revenue growth rate as of December 31, 2024 was 53%.

• For the year ended December 31, 2024 and for the three months ended March 31, 2025, we

delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating

margin of 17% and 18%, respectively. Our 2024 operating margin was impacted by our May 2024

RSU Release and 2024 Stock Option Grant, one-time events.

• We had a Net Dollar Retention Rate of 134% and 132% as of December 31, 2024 and as of

March 31, 2025, respectively.

• For the years ended December 31, 2023 and 2024, we had net income of $737.8 million and net

loss of $732.1 million, respectively, and for the three months ended March 31, 2024 and 2025, we

had net income of $13.5 million and $44.9 million, respectively. In addition to our May 2024 RSU

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp; See (i) the section titled "—Factors Impacting our 2023 and 2024 Operating Results" regarding the Adobe termination fee, the

May 2024 RSU Release, and the 2024 Stock Option Grants, which impacted our operating results for the years ended

December 31, 2023 and 2024 and (ii) the section titled "—Non-GAAP Financial Measures" regarding our use of non-GAAP

operating margin and a reconciliation of operating margin to non-GAAP operating margin.

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp; A customer agreement is considered active when seats are provisioned to the customer at the start of their subscription. In

cases where contracts are signed but not provisioned prior to the measurement date, the customer agreement is counted as

active if provisioning takes place no more than 15 days after the measurement date. Additionally, ARR is not adjusted for any

terminations or cancellations of customer agreements with an effective date after the measurement date, with the exception of

adjustment for invoices that have been determined to be uncollectible.

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Release and 2024 Stock Options Grant, we also received a $1.0 billion termination fee in 2023 in

connection with the Abandoned Merger with Adobe.<sup>1</sup>

We benefit from strong financial results, driven by our scalable platform and an efficient go-to-market

strategy. This has allowed us to reinvest in product innovation and ecosystem expansion. We intend to

continue investing in innovation to drive durable long-term growth.

Our Go-To-Market Motion

Figma is built for designers and builders, and flexible to the needs of teams of all sizes. Freelancers, for

example, use Figma to easily share concepts with clients and bring their ideas to life. Fortune 500

companies use Figma to help cross-functional teams align and build software more efficiently and ensure

the advanced access and controls that large organizations require.

When we first launched Figma in 2015, early adopters realized the benefit of using a highly performant,

browser-based design tool that was also easy-to-use. Adoption grew organically as designers advocated

for Figma within their organizations and others saw the natural benefits of bringing teams together into

the design process. Users started inviting their collaborators to join them in Figma, and as we began

charging for Figma in 2017, this drove conversions from free to paid plans. The power of the URL,

combined with a self-serve option for new users interested in the product, fueled adoption and community

growth.

While Figma's product and bottoms-up adoption has historically driven much of our growth — with

community at the core — we quickly recognized that we needed a direct sales model to serve larger

customers. We hired our first sales rep in 2018, the same year we launched our Organization plan. As we

have introduced tailored plans designed to meet the needs of larger companies, we have seen increased

adoption of Figma's platform among enterprise customers.As of March 31, 2025, we had more than 40

Paid Customers with more than $1 million of ARR. We calculate annual recurring revenue ("ARR") as the

annualized value of our active customer agreements as of the measurement date, assuming any

agreement that expires during the next twelve months following the measurement date is renewed on

existing terms.<sup>2</sup> ARR is not a forecast of future revenue, which can be impacted by contract start and end

dates and renewal rates.

We complement our inbound and outbound demand with a robust marketing program. Our marketing

team drives brand awareness and educates users on the benefits of Figma through community events,

marketing campaigns, owned and earned media, in-product education, and more.

March 2025 Pricing & Packaging Update

We have also evolved our pricing and packaging to meet the evolving needs of our customers, and to

serve the different users involved in designing and building products today. We started with just one

product, Figma Design. As we introduced new products, we sold them individually. Customers purchased

<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp; The Content seat was announced in May 2025 and is not yet available. Figma Sites CMS is currently in beta and seat access

may change once it becomes generally available.

<sup>(4)</sup> Figma Make, Figma Buzz, Figma Draw, and Figma Sites are currently in beta. Seat access with respect to these products may

change once they become generally available.

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additional licenses for each product that a team member wanted to use and account administrators had to

manage the type of access on an individual and product basis. As adoption continued to spread quickly

within companies, customers told us that managing licenses, account details, and other administrative

functions became increasingly time-consuming and complex.

In response to this feedback, we made our first-ever changes to our pricing and packaging of our plans in

March 2025. Instead of buying individual products, customers can now buy multi-product seats tailored to

the needs of different users, with FigJam and Figma Slides included in every paid seat:

• The **Viewer seat** allows users to view files and leave comments for free.

• The **Collab seat** gives access to FigJam and Figma Slides.

• The **Content seat** gives access to Figma Buzz, Figma Sites CMS, FigJam, and Figma Slides.<sup>3</sup>

• The **Dev seat** gives access to Dev Mode, in addition to Figma Buzz, Figma Sites CMS, FigJam,

and Figma Slides.

• The **Full seat** gives access to all of Figma Design, Figma Draw, Figma Make, Dev Mode, Figma

Buzz, Figma Sites, FigJam, and Figma Slides.<sup>4</sup>

We have also made additional modifications to how we sell, price, and package our products. First, we

moved away from user-driven upgrades. Prior to March 2025, seat upgrades were driven by users by

default. Administrators reviewed these new seats retroactively to provision the seats. In the new model,

any seat upgrade needs to be approved by an administrator before the license is provisioned. We also

increased the prices on our Full seat for the first time, ranging from 20-33%. Because these changes went

into effect on March 11, 2025, and will roll out as customers go through their annual or monthly renewals,

the impact to our results of operations for the three months ended March 31, 2025 wasminimal.

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![pricing.jpg](pricing.jpg)

In April 2025 we also introduced Connected Projects. This feature enables freelancers and agencies to

seamlessly create and co-edit files with clients using their existing Figma seats. Instead of requiring

multiple licenses for each specific domain, Figma customers who are on Connected Projects can

collaborate using their existing Figma seats.

Factors Affecting Our Performance

We believe that the continued growth and future success of our business depends on many factors. While

these factors present significant opportunities for us, they also represent the challenges that we must

successfully address to continue to drive growth and drive operating leverage.

Maintaining Our Rapid and Proven Pace of Product Innovation

Since launching our core product Figma Design in 2015, we have expanded our platform to serve more

parts of the product development process with FigJam, Dev Mode, Figma Slides, Figma Buzz, Figma

Make, Figma Sites, and Figma Draw. In 2024, we introduced a revamped user interface focused on

improving the design experience and providing a consistent foundation for new and existing products.

We've also introduced AI capabilities across our products and platform, including Figma Make and other

Figma AI features. And we continue to bring design and coding closer together with our Dev Mode MCP

server. With the expansion of these products and capabilities, our platform is quickly becoming the

system of record for design and product development. Our rapid pace of innovation has been a core

driver of our growth, both winning new customers and expanding adoption within our existing customers

as we meet their evolving needs. We will continue investing significantly in our platform and team so that

we can continue to deliver new products and capabilities to customers.

<sup>(</sup><sup>5)</sup>&nbsp;&nbsp;&nbsp;&nbsp; We define monthly active users as the number of unique users that access at least one of our products during a given month. A

Paid Customer typically includes multiple unique users. When reporting monthly active users during a quarter or other period of

time, we report the number of monthly active users during the month with the highest number ofactive users during such

period.

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Converting New and Existing Users Into Paid Customers

We believe companies of all sizes need to interact with their customers through digital products and

experiences to stay competitive. Converting new and existing users into paying customers is a key driver

of our growth strategy. We have a range of different plans for all types of users, including a free Starter

plan. We also have a free offering for students and educators. We have rapidly grown our user base and

during the three months ended March 31, 2025, we had over 13 million monthly active users<sup>5</sup>, comprised

of both free users and paying users. Our Starter plan makes it easy for anyone to quickly get started with

Figma and experience the benefits of our platform. More advanced functionality is available on our paid

plans, which are designed to meet the specific and sometimes complex needs of teams. During each of

the year ended December 31, 2024 and the three months ended March 31, 2025, approximately 70% of

new Organization and Enterprise plan customers included at least one user who was previously a

member of a Professional plan. We believe that this represents a material opportunity as more teams

standardize their software development process on Figma.

Growing Within Current Customers

Figma's user base grew organically as more people began to participate in the design and broader

product development process. We have also been able to grow and expand within ourexisting customer

base by introducing new products that meet specific user needs and serve different parts of the product

development process. While 78% of the Forbes Global 2000 used Figma in March 2025, only 24% of the

Forbes Global 2000 spent more than $100,000 in ARR on Figma as of March 31, 2025. We believe that

this represents a material expansion opportunity as more companies expand their product usage across

our platform.

A key measure of our ability to successfully expand and grow revenue within our existing customer base

is our Net Dollar Retention Rate (as defined in the section titled "—Key Business Metrics" below). Our Net

Dollar Retention Rate of 132% as of March 31, 2025underscores the natural expansion of our platform

as well as adoption of new products with our customers. The chart below illustrates the ARR of each

cohort over the periods presented, with each cohort representing Paid Customers who made their first

purchase from us in a given fiscal year. For example, the 2020 cohort represents all Paid Customers that

purchased their first subscription from us during 2020. The compound annual growth rate of ARR for our

2020 cohort, 2021 cohort, and 2022 cohort from the fiscal year of the cohort through March 31, 2025 is

46%, 31%, and 22%, respectively.

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![arrbyannualcohort.jpg](arrbyannualcohort.jpg)

As of March 31, 2025, our Gross Retention Rate was 96%. We calculate our "Gross Retention Rate" as of

the applicable period of measurement by starting with the ARR from Paid Customers with more than

$10,000 in ARR as of twelve months prior to such period ("Prior Period ARR"). We then deduct from the

Prior Period ARR the ARR from Paid Customers with more than $10,000 in ARR who are no longer

customers as of the date of measurement, and divide that figure by the Prior Period ARR to arrive at our

Gross Retention Rate, which is the percentage of ARR from all Paid Customers with more than $10,000

in ARR as of the year prior that is not lost to customer churn. We calculate Gross Retention Rate using

ARR from Paid Customers with more than $10,000 in ARR because we believe that $10,000 in ARR is an

important threshold, as it is a strong indicator of significant paid usage of our products. Our Gross

Retention Rate reflects only customer losses and does not reflect customer expansion or contraction, so it

demonstrates that the vast majority of our customers continue to use our platform and renew their

subscriptions.

Expanding Our International Footprint

Our business has been global from the start. During the three months ended March 31, 2025,

approximately85% of our monthly active users were based outside of the United States but only 53% of

our revenue came from non-U.S. markets during the same period, which we believe represents an

opportunity for us to continue to drive growth and expansion. As of March 31, 2025, our product was

available in English, Japanese, Spanish, Korean, and Portuguese; we accept five currencies; our

marketing and support channels are available in six languages; and we had nine offices in seven

countries, with local staff spread across 13 countries and five continents. We intend to continue to invest

in our international operations to help our global customers build better products and to meet our

customers where they are as we believe it will contribute to our long-term success.

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Factors Impacting our 2023 and 2024

Operating Results

Abandoned Merger with Adobe, Inc.

On September 15, 2022, we entered into an Agreement and Plan of Merger (the "Merger Agreement")

with Adobe and certain of Adobe's wholly-owned subsidiaries.

On December 17, 2023, we mutually agreed with Adobe to terminate the Merger Agreement based on the

joint assessment that there was no clear path to obtain the required regulatory approvals for the

transaction to close (the "Abandoned Merger with Adobe"). On December 20, 2023, we received a $1.0

billion termination fee per the terms of the Merger Agreement from Adobe which was recorded within

other income, net on our consolidated statement of operations. We incurred transaction costs and other

related expenses associated with the Abandoned Merger with Adobe of $97.9 million and $18.1 million for

the years ended December 31, 2023 and 2024, respectively. The operating cash outflow associated with

these transaction costs and other related expenses was $50.8 million and $68.5 million for the years

ended December 31, 2023 and 2024, respectively. Additionally, we paid $181.0 million in federal and

state income taxes related to the transaction during the year ended December 31, 2024, which was

included in cash flows used in operating activities in our consolidated financial statements included

elsewhere in this prospectus.

May 2024 Restricted Stock Unit Release and 2024 Stock Option

Grants

Following the Abandoned Merger with Adobe, we wanted to provide existing equity holders, including

holders of RSUs, the opportunity to sell a portion of their eligible equity holdings in a tender offer (the

"2024 Tender Offer"). In order to allow holders of RSUs to participate, in May 2024, we modified certain

RSUs for which the service-based condition was satisfied to remove the performance-based vesting

condition (the "May 2024 RSU Release"), resulting in the recognition of stock-based compensation

expense, net of amounts capitalized, of $801.2 million during the year ended December 31, 2024.

On August 22, 2024, we also granted stock options to purchase shares of our common stock to eligible

employees in connection with our 2024 Tender Offer (the "2024 Stock Option Grants"). These stock

options were fully vested at grant and therefore the related stock-based compensation expense, net of

amounts capitalized, of $88.1 million was recognized during the year ended December 31, 2024.

Our operating expenses increased significantly during the year ended December 31, 2024 as compared

to 2023 as a result of the May 2024 RSU Release and 2024 Stock Option Grants. Refer to Note 10to our

consolidated financial statements included elsewhere in this prospectus for additional information.

<sup>(6)</sup> &nbsp;&nbsp;&nbsp;&nbsp; A customer account is considered active when seats are provisioned to the customer at the start of their subscription. In cases

where contracts are signed but not provisioned as of the last date of the applicable period of measurement, the customer

account is counted as active if provisioning takes place no more than 15 days after the last day of the applicable period of

measurement.

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Key Business Metrics

We review a number of operating and financial metrics, including the following key metrics to evaluate our

business, measure our performance, identify trends affecting our business, formulate business plans, and

make strategic decisions. The calculation of the key metrics discussed below may differ from other

similarly titled metrics used by other companies, securities analysts, or investors.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of March 31,** | **As of March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
| Paid Customers with more than $10,000 in <br>ARR.................................................................<br>| 7233 | 10517 | 8007 | 11107 |
| Paid Customers with more than $100,000 <br>in ARR............................................................<br>| 630 | 963 | 701 | 1031 |
| Net Dollar Retention Rate............................... | 122% | 134% | 125% | 132% |

---

We define a Paid Customer as a customer account that is billed separately for which we have an active

paid subscription as of the last day of the applicable period of measurement.<sup>6</sup> A single organization with

multiple divisions, segments, subsidiaries, or subscribing teams that are each billed separately are

counted as multiple Paid Customers. Our ability to continue to attract and retain new Paid Customers is

important to the success of our business and we had approximately 450,000Paid Customers globally as

of March 31, 2025.

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Paid Customers with more than $10,000 in ARR

We believe that the number of Paid Customers with more than $10,000 in ARR on our platform is an

important indication of the value that our products deliver. We define a Paid Customer with more than

$10,000 in ARR as a Paid Customer with a total of $10,000 or more of ARR as of the last day of the

applicable period of measurement. We believe that $10,000 in ARR is an important threshold, as it is a

strong indicator of significant paid usage of our products. As of each of December 31, 2024 and

March 31, 2025, Paid Customers with more than $10,000 in ARR represented 64% of our ARR.

![paidcustomers_10k.jpg](paidcustomers_10k.jpg)

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Paid Customers with more than $100,000 in ARR

We believe that the number of Paid Customers with $100,000 or more in ARR on our platform is

indicative of our ability to scale our platform with our customers as well as our ability to support larger

organizations. We define a Paid Customer with more than $100,000 in ARR as a Paid Customer with

$100,000 or more of ARR as of the last day of the applicable period of measurement. As of December 31,

2024 and March 31, 2025, Paid Customers with more than $100,000 in ARR represented 37% of our

ARR.

![paidcustomers_100k.jpg](paidcustomers_100k.jpg)

Net Dollar Retention Rate

We believe that Net Dollar Retention Rate is an important metric as it measures our ability to both retain

our existing customers and grow within our customer base. We calculate Net Dollar Retention Rate as of

the applicable period of measurement by starting with the ARR as of the date of measurement from all

Paid Customers with more than $10,000 in ARR that were also Paid Customers with more than $10,000

in ARR as of twelve months prior to such date of measurement ("Current Period ARR"). We then calculate

the ARR for those same customers as of twelve months prior to the date of measurement ("Previous

Period ARR"). We then divide Current Period ARR by Previous Period ARR to calculate our Net Dollar

Retention Rate for the applicable period of measurement. Our Net Dollar Retention Rate was 122% and

134% as of December 31, 2023 and 2024, respectively, and 132% as of March 31, 2025. We calculate

Net Dollar Retention Rate using ARR from Paid Customers with more than $10,000 in ARR because we

believe that $10,000 in ARR is an important threshold, as it is a strong indicator of significant paid usage

of our products.

The most significant drivers of changes in our Net Dollar Retention Rate during each reporting period

have historically been a combination of seat expansion, plan upgrades, and the adoption of new products.

In 2022, our Net Dollar Retention Rate benefited from the introduction of both FigJam and our new

Enterprise plan in the three months ended March 31, 2022. After we passed the one-year anniversary of

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rolling out FigJam and the Enterprise plan, our Net Dollar Retention Rate trended down in 2023 because,

unlike the Net Dollar Retention Rate in 2022, the Net Dollar Retention Rate in 2023 reflected the impact

of FigJam and our new Enterprise plan across both 2022 and 2023. In addition, throughout 2023,

continued macroeconomic uncertainty prompted many companies to reduce overall software spending.

As a result, customers became more focused on optimizing seat utilization, which led to seat contraction

for certain of our customers. Following 2023, the level of macroeconomic uncertainty impacting our

customers subsided. In 2024, we experienced an expansion in our Net Dollar Retention Rate subsequent

to our launch of Dev Mode.

We expect our Net Dollar Retention Rate to fluctuate or decline in the future as a result of a number of

factors such as the growing level of our revenue base, the level of penetration within our customer base,

expansion of products and features, our ability to retain and expand within our customer base, and any

changes to the pricing and packaging of our plans. Contractions in customers or seats could negatively

impact our Net Dollar Retention Rate. In addition, we expect our Net Dollar Retention Rate may decline

once we pass the one-year anniversary of the March 2025 price increase for Figma Design. Our

calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other

companies.

![netdollarretentionrate.jpg](netdollarretentionrate.jpg)

Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we believe the below non-GAAP financial

measures are useful in evaluating our operating performance. We use the below non-GAAP financial

information, collectively, to evaluate our ongoing operations and for internal planning and forecasting

purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to

investors because it provides consistency and comparability with past financial performance, and assists

in comparisons with other companies, some of which use similar non-GAAP financial information to

supplement their GAAP results. The non-GAAP financial information is presented for supplemental

informational purposes only, and should not be considered a substitute for financial information presented

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in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other

companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly

comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the

related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their

most directly comparable GAAP financial measures.

Non-GAAP Operating Income and Non-GAAP Operating Margin

We define non-GAAP operating income and non-GAAP operating margin as loss from operations and

operating margin, respectively, excluding stock-based compensation expense, amortization of stock-

based compensation expense included in capitalized internal use software development costs, and

amortization of acquired intangibles for acquisitions. Additionally, we exclude certain non-recurring

charges, including transaction costs and other related expenses associated with the Abandoned Merger

with Adobe, employer payroll taxes related to the May 2024 RSU Release and 2024 Tender Offer, and

2024 Tender Offer transaction costs. Non-GAAP operating margin represents non-GAAP operating

income as a percentage of revenue.

The following table reflects the reconciliation of loss from operations to non-GAAP operating income and

non-GAAP operating margin for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March** <br>**31,** | **Three Months Ended March** <br>**31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **Income (loss) from operations**............................ | $(73456) | $(877433) | $12521 | $39749 |
| Plus: Stock-based compensation expense<sup>(1)</sup>..... | 2703 | 947553 | 607 | 197 |
| Plus: Amortization of stock-based <br>compensation included in capitalized internal <br>use software development costs......................<br>| 28 | 186 | 7 | 86 |
| Plus: Transaction costs and other related <br>expenses associated with the Abandoned <br>Merger with Adobe<sup>(2)</sup>..........................................<br>| 97853 | 18064 | 4781 |  |
| Plus: Employer payroll taxes related to the <br>May 2024 RSU Release and 2024 Tender <br>Offer......................................................................<br>|  | 26703 |  |  |
| Plus: 2024 Tender Offer transaction costs<sup>(3)</sup>...... |  | 12145 | 151 |  |
| **Non-GAAP operating income**.............................. | $27128 | $127218 | $18067 | $40032 |
| **Operating margin**.................................................... | (15)% | (117)% | 8% | 17% |
| **Non-GAAP operating margin**............................... | 5% | 17% | 12% | 18% |

---

__________________

<sup>(1)</sup> The increase in stock-based compensation expense for the year ended December 31, 2024 primarily related to the May 2024

RSU Release and 2024 Stock Option Grants. See the section titled "—Factors Impacting our 2023 and 2024 Operating Results

—May 2024 Restricted Stock Unit Release and 2024 Stock Option Grants" for further information.

<sup>(2)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(3)</sup> 2024 Tender Offer transaction costs includes legal and professional services fees.

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Free Cash Flow and Adjusted Free Cash Flow

We define Free Cash Flow as GAAP net cash provided by (used in) operating activities less capital

expenditures and capitalized internal use software development costs, if any. Adjusted Free Cash Flow is

a non-GAAP financial measure that we calculate as Free Cash Flow less the termination fee received

from the Abandoned Merger with Adobe, plus transaction costs and other related expenses associated

with the Abandoned Merger with Adobe and estimated income taxes related to the Abandoned Merger

with Adobe. Adjusted Free Cash Flow Margin represents Adjusted Free Cash Flow divided by revenue.

Transaction costs and other related expenses include legal, accounting, professional services fees, local

business taxes and non-recurring compensation expenses related to the transaction. We believe that

Free Cash Flow and Adjusted Free Cash Flow are useful indicators of liquidity that provide information to

management and investors about the amount of cash generated from our core operations that, after the

purchases of property and equipment and capitalized internal use software development costs, can be

used for strategic initiatives, including investing in our business, making strategic acquisitions, and

strengthening our balance sheet. We have adjusted our Free Cash Flow by the amount of cash received

related to the termination fee, transaction costs and other related expenses associated with the

Abandoned Merger with Adobe, and estimated income taxes attributable to the Abandoned Merger with

Adobe because we do not expect such items to occur when we are a public company and we believe that

this provides greater comparability across periods. Free Cash Flow and Adjusted Free Cash Flow have

limitations as analytical tools, and they should not be considered in isolation or as substitutes for analysis

of other GAAP financial measures, such as net cash provided by operating activities. Some of the

limitations of Free Cash Flow and Adjusted Free Cash Flow are that these metrics do not reflect our

future contractual commitments and may be calculated differently by other companies in our industry,

limiting their usefulness as comparative measures. We expect our Free Cash Flow to fluctuate in future

periods as we invest in our business to support our plans for growth. These activities, along with certain

increased operating expenses as described below, may result in a decrease in Free Cash Flow as a

percentage of revenue in future periods.

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The following table presents our cash flows for the periods presented and a reconciliation of Free Cash

Flow and Adjusted Free Cash Flow to net cash provided by (used in) operating activities, the most directly

comparable financial measure calculated in accordance with GAAP:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| Net cash provided by (used in) operating <br>activities ................................................................<br>| $1047334 | $(61717) | $(18139) | $97177 |
| Less: Capital expenditures............................ | (3737) | (1977) | (503) | (874) |
| Less: Capitalized internal use software <br>development costs..........................................<br>| (2630) | (4524) | (1008) | (1721) |
| Free Cash Flow.................................................... | $1040967 | $(68218) | $(19650) | $94582 |
| Less: Termination fee received from the <br>Abandoned Merger with Adobe....................<br>| (1000000) |  |  |  |
| Add: Transaction costs and other related <br>expenses associated with the <br>Abandoned Merger with Adobe<sup>(1)</sup>.............<br>| 50842 | 68492 | 68122 |  |
| Add: Estimated income taxes related to the <br>Abandoned Merger with Adobe<sup>(2)</sup>...............<br>|  | 180987 |  |  |
| Adjusted Free Cash Flow................................... | $91809 | $181261 | $48472 | $94582 |
| Net cash provided by (used in) investing <br>activities.............................................................<br>| $(57336) | $(784257) | $(336630) | $41251 |
| Net cash provided by financing activities......... | $— | $62450 | $40 | $339 |
| Operating Cash Flow Margin<sup>(3)</sup>.......................... | 207% | (8)% | (12)% | 43% |
| Adjusted Free Cash Flow Margin<sup>(4)</sup>................... | 18% | 24% | 31% | 41% |

---

__________________

<sup>(1)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(2)</sup> The estimated income taxes related to the Abandoned Merger with Adobe represents our assessment of the transaction's

impact on our 2023 federal and state income tax payments, which were included in cash provided by operating activities for the

year ended December 31, 2024.

<sup>(3)</sup> Operating Cash Flow Margin is calculated as net cash provided by (used in) operating activities divided by revenue.

<sup>(4)</sup> Adjusted Free Cash Flow Margin is a non-GAAP financial measure that is calculated as Adjusted Free Cash Flow divided by

revenue.

Key Components of Results of Operations

Revenue

We generate revenue from sales of subscriptions to our platform. Our subscription agreements generally

have monthly or annual contractual terms. Our agreements are generally non-cancelable and we typically

bill in advance. Amounts that have been billed are initially recorded as deferred revenue and revenue is

recognized ratably over the related contractual term.

Our revenue is driven primarily by the number of paying customers and the price we charge for access to

our platform, which varies based on the type of plan and products to which a customer subscribes.

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Costs That May Impact Multiple Line Items

*Employee Related Costs and Overhead Allocation.* Employee related costs include salaries, bonuses

and benefits, and stock-based compensation for cost of revenue and each operating expense category.

Overhead costs represent shared costs that are not specific to a functional group and are allocated based

on headcount. Such costs include costs associated with office facilities, IT-related personnel expenses,

depreciation of property and equipment, and other expenses, such as software subscription fees. As

such, allocated shared costs are reflected in cost of revenue and each operating expense category.

*AI and Related Costs.* As a part of our product innovation, we have made and will continue to make

significant investments to integrate AI, including generative AI, into our platform. We expect that the use

of AI technologies and our investments to integrate AI into our platform will impact our business, operating

results, and financial condition. For example, in the short-term, we expect that our AI investments and use

of AI technologies, including spend on AI inference and model training, will impact our cost of revenue,

research and development expenses, and potentially impact our sales and marketing expenses, which we

expect to negatively impact our gross margins and operating margins. Given the newness and rapid

development of these technologies, the impacts on our gross margins and operating margins, and our

business, operating results, financial condition, and future prospects over the longer term are currently

unknown.

Cost of Revenue

Cost of revenue consists primarily of technical infrastructure and hosting costs, including AI inference,

employee-related costs, including stock-based compensation, for infrastructure and product support

teams for paid users of Figma, payment processing fees, amortization of capitalized internal-use software

development costs, amortization of acquired intangible assets, and allocated overhead. Depending on the

timing of investments in our platform, including those related to our AI initiatives, we expect that our cost

of revenue will increase in absolute dollars as our business grows and will fluctuate as a percentage of

our revenue from period-to-period depending on the timing of these investments.

Gross Profit and Gross Margin

Gross profit represents revenue less cost of revenue. Gross margin is gross profit expressed as a

percentage of revenue. Our gross margin may fluctuate from period to period as our revenue fluctuates,

and as a result of the timing and amount of technical infrastructure and hosting costs, AI and related

efforts, and other investments to expand our products and geographical coverage.

Operating Expenses

*Research and development.* Our research and development expenses consist primarily of employee-

related costs, including stock-based compensation, technical infrastructure and hosting costs,

professional service fees, software subscription fees, and allocated overhead. We expense our research

and development costs as they are incurred, other than capitalized internal-use software development

costs. Our research and development expenses as a percentage of revenue of 100% for the year ended

December 31, 2024 was primarily driven by the May 2024 RSU Release and the 2024 Stock Option

Grants described above and we expect to incur significant research and development expenses in 2025

relating to the expected vesting and settlement of our outstanding RSUs in connection with this offering

and other expenses relating to this offering. Over time, we expect that our research and development

expenses will increase in absolute dollars relative to our research and development expenses in 2023,

which exclude the aforementioned events in 2024 and 2025, as we continue to invest in our platform.

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However, depending on the timing of our investments, including those related to our AI initiatives, we

anticipate that research and development expenses may fluctuate as a percentage of our revenue from

period-to-period.

*Sales and marketing.* Our sales and marketing expenses consist primarily of employee-related costs,

including stock-based compensation, expenses associated with our marketing and brand advertising

campaigns, events, such as annual user conferences, including Config, amortization of sales

commissions, professional service fees, software subscription fees, and allocated overhead. Additionally,

we classify within sales and marketing technical infrastructure and hosting costs as well as overhead

costs for our infrastructure and product support teams related to the users of our free version of Figma.

We capitalize and subsequently amortize sales commissions and related expenses, including associated

payroll taxes and 401(k) contributions, over the estimated period of benefit, which we have determined to

be four years. Our sales and marketing expenses as a percentage of revenue of 63% for the year ended

December 31, 2024 was driven in part by the May 2024 RSU Release and the 2024 Stock Option Grants

described above and we expect to incur significant sales and marketing expenses in 2025 relating to the

expected vesting and settlement of our outstanding RSUs in connection with this offering and other

expenses relating to this offering. Over time, we expect that our sales and marketing expenses will

increase in absolute dollars relative to our sales and marketing expenses in 2023, which exclude the

aforementioned events in 2024 and 2025, as our business grows and we continue to scale our go-to-

market organization. However, depending on the timing of our investments, including those related to our

AI initiatives, we anticipate that sales and marketing expenses will fluctuate as a percentage of revenue

from period-to-period.

*General and administrative.* Our general and administrative expenses consist primarily of employee-

related costs, including stock-based compensation, for our legal, finance, human resources, and other

administrative teams, as well as certain executives. In addition, general and administrative expenses

include general business expenses, professional service fees, software subscription fees, and allocated

overhead. Following the closing of this offering, we expect to incur additional expenses as a result of

operating as a public company, including costs to comply with the rules and regulations applicable to

companies listed on a national securities exchange, costs related to compliance and reporting obligations,

and increased expenses for insurance, investor relations, and professional services. Our general and

administrative expenses as a percentage of revenue of 42% for the year ended December 31, 2024 was

primarily driven by the May 2024 RSU Release and the 2024 Stock Option Grants described above and

we expect to incur significant general and administrative expenses in 2025 relating to the expected

vesting and settlement of our outstanding RSUs in connection with this offering and other expenses

relating to this offering. Over time, we expect that our general and administrative expenses will increase in

absolute dollars relative to our general and administrative expenses in 2023, which exclude the

aforementioned events in 2024 and 2025, as our business grows. However, we anticipate that general

and administrative expenses will decrease as a percentage of revenue over time, although these

expenses may fluctuate as a percentage of our revenue from period-to-period depending on the timing of

these expenses.

Other Income (Loss), Net

Other income (loss), net consists primarily of interest income earned on our cash, cash equivalents, and

marketable securities, unrealized and realized gains or losses on equity securities, which includes our

investments in a Bitcoin exchange traded fund and strategic investments, gains or losses on foreign

currency exchange, and miscellaneous other expenses. Additionally, other income (loss) includes a $1.0

billion termination fee received due to the Abandoned Merger with Adobe for the year ended December

31, 2023.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Provision for (Benefit From) Income Taxes

Provision for (benefit from) income taxes consists of U.S. federal and state income taxes and income

taxes in certain foreign jurisdictions in which we conduct business and the income taxes related to the

termination fee received due to the Abandoned Merger with Adobe. We maintain a full valuation

allowance on our federal and state deferred tax assets as we have concluded that it is not more likely

than not that the deferred tax assets will be realized.

Results of Operations

The following tables set forth our consolidated statement of operations data for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Revenue............................................................. | $504874 | $749011 | $156229 | $228199 |
| Cost of revenue<sup>(1)</sup>........................................ | 44500 | 87514 | 12790 | 19452 |
| Gross profit........................................................ | 460374 | 661497 | 143439 | 208747 |
| Operating expenses<sup>(1)</sup>: |  |  |  |  |
| Research and development....................... | 164774 | 751120 | 52711 | 69925 |
| Sales and marketing................................... | 201377 | 472076 | 55334 | 68840 |
| General and administrative........................ | 167679 | 315734 | 22873 | 30233 |
| Total operating expenses................................ | 533830 | 1538930 | 130918 | 168998 |
| Income (loss) from operations........................ | (73456) | (877433) | 12521 | 39749 |
| Other income, net<sup>(2)</sup>.......................................... | 1019375 | 84362 | 17185 | 7274 |
| Income (loss) before income taxes............... | 945919 | (793071) | 29706 | 47023 |
| Provision for (benefit from) income taxes..... | 208078 | (60951) | 16181 | 2141 |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |

---

__________________

<sup>(1)</sup> Includes stock-based compensation, net of amounts capitalized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cost of revenue......................................... | $37 | $27893 | $1 | $— |
| Research and development.................... | 1890 | 511259 | 543 | 197 |
| Sales and marketing................................. | 253 | 206830 | 11 |  |
| General and administrative...................... | 523 | 201571 | 52 |  |

---

<sup>(2)</sup> Includes the $1.0 billion termination fee received in 2023 from the Abandoned Merger with Adobe.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

The following tables set forth our consolidated statement of operations data expressed as a percentage of

revenue for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(As a % of revenue**<sup>(1)</sup>**)** | **(As a % of revenue**<sup>(1)</sup>**)** | **(As a % of revenue**<sup>(1)</sup>**)** | **(As a % of revenue**<sup>(1)</sup>**)** |
| Revenue............................................................. | 100% | 100% | 100% | 100% |
| Cost of revenue .......................................... | 9 | 12 | 8 | 9 |
| Gross profit........................................................ | 91 | 88 | 92 | 91 |
| Operating expenses: |  |  |  |  |
| Research and development....................... | 33 | 100 | 34 | 31 |
| Sales and marketing................................... | 40 | 63 | 35 | 30 |
| General and administrative........................ | 33 | 42 | 15 | 13 |
| Total operating expenses................................ | 106 | 205 | 84 | 74 |
| Income (loss) from operations........................ | (15) | (117) | 8 | 17 |
| Other income, net............................................. | 202 | 11 | 11 | 3 |
| Income (loss) before income taxes............... | 187 | (106) | 19 | 21 |
| Provision for (benefit from) income taxes..... | 41 | (8) | 10 | 1 |
| Net income (loss)............................................. | 146% | (98)% | 9% | 20% |

---

__________________

<sup>(1)</sup> Percentages may not foot due to rounding.

Comparison of the Three Months Ended

## March 31, 2024 and 2025
Revenue and Cost of Revenue

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Revenue............................................................. | $156229 | $228199 | $71970 | 46% |
| Cost of revenue ............................................... | 12790 | 19452 | 6662 | 52% |
| Gross profit........................................................ | $143439 | $208747 | $65308 | 46% |

---

Revenue increased by $72.0 million, or 46%, for the three months ended March 31, 2025 compared to

the three months ended March 31, 2024. The increase in revenue was primarily due to expansion within

our existing Paid Customers, as reflected by our Net Dollar Retention Rate of 132% as of March 31,

2025, compared to 125% as of March 31, 2024, and the addition of new Paid Customers, as our number

of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in ARR

increased by 39% and 47%, respectively, as of March 31, 2025 compared to the prior year.

Cost of revenue increased by $6.7 million, or 52%, for the three months ended March 31, 2025 compared

to the three months ended March 31, 2024. The increase was primarily due to $3.5 million of higher

technical infrastructure and hosting costs due to increased usage of our platform as well as AI related

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

costs for paid users, $2.3 million of higher employee-related costs driven by an increase in headcount and

the implementation of a company-wide annual bonus program, and $1.5 million in higher payment

processing fees.

Research and Development

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Research and development............................ | $52711 | $69925 | $17214 | 33% |

---

Research and development expenses increased by $17.2 million, or 33%, for the three months ended

March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to

$12.0 million of higher employee-related costs driven by an increase in headcount and the

implementation of a company-wide annual bonus program, a $2.6 million increase in technical

infrastructure and hosting costs, primarily driven by AI related costs as we improve and extend our

product offerings and develop new technologies, and $1.7 million of higher software subscription fees.

Sales and Marketing

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Sales and marketing........................................ | $55334 | $68840 | $13506 | 24% |

---

Sales and marketing expenses increased by $13.5 million, or 24%, for the three months ended March 31,

2025 compared to the three months ended March 31, 2024. The increase was primarily due to $6.0

million of higher employee-related costs driven by an increase in headcount and the implementation of a

company-wide annual bonus program, $2.1 million of higher technical infrastructure and hosting costs for

users of our free version of Figma due to continuing growth in our user base, and $1.8 million of higher

spend related to marketing events and advertising expenses.

General and Administrative

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| General and administrative............................. | $22873 | $30233 | $7360 | 32% |

---

General and administrative expenses increased by $7.4 million, or 32%, for the three months ended

March 31, 2025 compared to the three months ended March 31, 2024. The increase was primarily due to

$3.9 million of higher professional service fees and $2.9 million of higher employee-related costs, driven

by an increase in headcount and the implementation of a company-wide annual bonus program.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Other Income, Net

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Other income, net............................................. | $17185 | $7274 | $(9911) | (58)% |

---

Other income, net decreased by $9.9 million, or 58%, for the three months ended March 31, 2025

compared to the three months ended March 31, 2024. The decrease was primarily due to an $8.6 million

decrease in net unrealized gains related to changes in the fair value of equity securities, which includes

the Company's investment in a Bitcoin exchange traded fund and a $2.3 million decrease in interest

income.

***Provision for Income Taxes***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
|  | **2024** | **2025** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Provision for income taxes.............................. | $16181 | $2141 | $(14040) | (87)% |

---

The provision for income taxes decreased by $14.0 million, or 87%, for the three months ended March 31,

2025 compared to the three months ended March 31, 2024. The decrease was primarily due to the

availability of additional income tax deductions in the United States for the three months ended March 31,

2025, related to NOL carryforwards.

Comparison of the Years Ended December

## 31, 2023 and 2024
Revenue and Cost of Revenue

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Revenue............................................................. | $504874 | $749011 | $244137 | 48% |
| Cost of revenue ............................................... | 44500 | 87514 | 43014 | 97 |
| Gross profit........................................................ | $460374 | $661497 | $201123 | 44 |

---

Revenue increased by $244.1 million, or 48%, for the year ended December 31, 2024 compared to the

year ended December 31, 2023. The increase in revenue was primarily due to expansion within our

existing Paid Customers, as reflected by our Net Dollar Retention Rate of 134% as of December 31,

2024, compared to 122% as of December 31, 2023, and the addition of new Paid Customers, as our

number of Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000

in ARR increased by 45% and 53%, respectively, as of December 31, 2024 compared to the prior year.

Cost of revenue increased by $43.0 million, or 97%, for the year ended December 31, 2024 compared to

the year ended December 31, 2023. The increase was primarily due to $31.5 million of higher employee-

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

related costs driven by a $27.9 million increase in stock-based compensation expense related to the May

2024 RSU Release and 2024 Stock Option Grants. The increase was also due to $6.5 million of higher

technical infrastructure and hosting costs as the usage of our platform increased and $4.8 million in

higher payment processing fees.

Research and Development

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Research and development............................ | $164774 | $751120 | $586346 | 356% |

---

Research and development expenses increased by $586.3 million, or 356%, for the year ended

December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily due to

$578.0 million of higher employee-related costs driven by a $509.4 million increase in stock-based

compensation expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The

increase was also due to $4.6 million of higher software subscription fees and a $2.7 million increase in

technical infrastructure and hosting costs, primarily driven by AI related costs as we improve and extend

our offerings and develop new technologies.

Sales and Marketing

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Sales and marketing........................................ | $201377 | $472076 | $270699 | 134% |

---

Sales and marketing expenses increased by $270.7 million, or 134%, for the year ended December 31,

2024 compared to the year ended December 31, 2023. The increase was due in part to $244.8 million of

higher employee-related costs driven by a $206.5 million increase in stock-based compensation

expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The increase was also

due to $8.5 million of higher spend related to marketing events and advertising expenses as we continued

our focus on expansion and enhancing customer adoption, $8.1 million of higher technical infrastructure

and hosting costs for users of our free version of Figma due to continuing growth in our user base, $5.6

million of higher sales commission expense due to the year-over-year sales growth, and $2.0 million of

higher allocated overhead costs to support the growth of our business.

General and Administrative

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| General and administrative............................. | $167679 | $315734 | $148055 | 88% |

---

General and administrative expenses increased by $148.1 million, or 88%, for the year ended

December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily due to

$223.8 million of higher employee-related costs driven by a $201.0 million increase in stock-based

compensation expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The

increase was also due to $3.8 million of higher allocated overhead costs to support the growth of our

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

business. The increase was partially offset by $80.6 million of lower professional service fees in the year

ended December 31, 2024 as compared to the prior year, related to the Abandoned Merger with Adobe.

Other Income, Net

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Other income, net............................................. | $1019375 | $84362 | $(935013) | (92)% |

---

Other income, net decreased by $935.0 million, or 92%, for the year ended December 31, 2024

compared to the year ended December 31, 2023. The decrease was primarily due to the $1.0 billion

termination fee received from the Abandoned Merger with Adobe during the year ended December 31,

2023 and a $3.3 million increase in net foreign exchange losses in 2024 as compared to 2023. This

decrease was partially offset by an increase of $44.0 million in interest income, driven by additional

investments made in marketable securities due to the cash received from the Abandoned Merger with

Adobe and a $24.0 million increase in net unrealized gains related to changes in the fair value of equity

securities in the year ended December 31, 2024 compared to the prior year.

***Provision for (Benefit from) Income Taxes***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | | |
|  | **2023** | **2024** | <br>**$ Change** | <br>**% Change** |
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |  |
| Provision for (benefit from) income taxes..... | $208078 | $(60951) | $(269029) | (129)% |

---

The provision for (benefit from) income taxes decreased by $269.0 million, or 129%, for the year ended

December 31, 2024 compared to the year ended December 31, 2023. The decrease was primarily due to

the income taxes related to the termination fee received from the Abandoned Merger with Adobe in the

year ended December 31, 2023, offset by the recognition of research and development credits in the

United States in the year ended December 31, 2024.

Quarterly Results of Operations

The following tables set forth our unaudited quarterly statements of operations data for each of the nine

quarters ended March 31, 2025, as well as the percentage of revenue that each line item represents for

each quarter. The information for each of these quarters has been prepared on the same basis as the

audited annual financial statements included elsewhere in this prospectus and, in the opinion of

management, includes all adjustments necessary for the fair statement of the results of operations for

these periods. This data should be read in conjunction with our audited consolidated financial statements

and related notes included elsewhere in this prospectus. These quarterly results of operations are not

necessarily indicative of our future results of operations that may be expected for any future period.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Revenue............................................... | $109544 | $118668 | $132216 | $144446 | $156229 | $177198 | $198639 | $216945 | $228199 |
| Cost of revenue<sup>(1)</sup>....................... | 9125 | 10187 | 11887 | 13301 | 12790 | 39558 | 18703 | 16463 | 19452 |
| Gross profit.......................................... | 100419 | 108481 | 120329 | 131145 | 143439 | 137640 | 179936 | 200482 | 208747 |
| Operating expenses<sup>(1)</sup>: |  |  |  |  |  |  |  |  |  |
| Research and development...... | 35324 | 39050 | 43894 | 46506 | 52711 | 535676 | 104182 | 58551 | 69925 |
| Sales and marketing.................. | 39547 | 66602 | 43240 | 51988 | 55334 | 276246 | 79290 | 61206 | 68840 |
| General and administrative....... | 32301 | 29497 | 33715 | 72166 | 22873 | 220005 | 43800 | 29056 | 30233 |
| Total operating expenses.................. | 107172 | 135149 | 120849 | 170660 | 130918 | 1031927 | 227272 | 148813 | 168998 |
| Income (loss) from operations.......... | (6753) | (26668) | (520) | (39515) | 12521 | (894287) | (47336) | 51669 | 39749 |
| Other income, net............................... | 3980 | 4225 | 4156 | 1007014 | 17185 | 10139 | 17910 | 39128 | 7274 |
| Income (loss) before income taxes. | (2773) | (22443) | 3636 | 967499 | 29706 | (884148) | (29426) | 90797 | 47023 |
| Provision for (benefit from) income <br>taxes...............................................<br>| 2079 | 818 | 2384 | 202797 | 16181 | (56294) | (13828) | (7010) | 2141 |
| Net income (loss)............................... | $(4852) | $(23261) | $1252 | $764702 | $13525 | $(827854) | $(15598) | $97807 | $44882 |

---

__________________

<sup>(1)</sup> Includes stock-based compensation, net of amounts capitalized, as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Cost of revenue............... | $12 | $9 | $9 | $7 | $1 | $24858 | $3034 | $— | $— |
| Research and <br>development...............<br>| 305 | 319 | 665 | 601 | 543 | 463255 | 47308 | 153 | 197 |
| Sales and marketing....... | 86 | 57 | 71 | 39 | 11 | 186659 | 20160 |  |  |
| General and <br>administrative.............<br>| 142 | 137 | 127 | 117 | 52 | 183618 | 17901 |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> | **Three Months Ended**<sup>(1)</sup> |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** | **(As a % of revenue)** |
| Revenue..................................... | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Cost of revenue.................. | 8 | 9 | 9 | 9 | 8 | 22 | 9 | 8 | 9 |
| Gross profit................................. | 92 | 91 | 91 | 91 | 92 | 78 | 91 | 92 | 91 |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| Research and <br>development...................<br>| 32 | 33 | 33 | 32 | 34 | 302 | 52 | 27 | 31 |
| Sales and marketing.......... | 36 | 56 | 33 | 36 | 35 | 156 | 40 | 28 | 30 |
| General and <br>administrative.................<br>| 29 | 25 | 25 | 50 | 15 | 124 | 22 | 13 | 13 |
| Total operating expenses......... | 98 | 114 | 91 | 118 | 84 | 582 | 114 | 69 | 74 |
| Income (loss) from operations. | (6) | (22) |  | (27) | 8 | (505) | (24) | 24 | 17 |
| Other income, net...................... | 4 | 4 | 3 | 697 | 11 | 6 | 9 | 18 | 3 |
| Income (loss) before income <br>taxes.......................................<br>| (3) | (19) | 3 | 670 | 19 | (499) | (15) | 42 | 21 |
| Provision for (benefit from) <br>income taxes.........................<br>| 2 | 1 | 2 | 140 | 10 | (32) | (7) | (3) | 1 |
| Net income (loss)...................... | (4)% | (20)% | 1% | 529% | 9% | (467)% | (8)% | 45% | 20% |

---

__________________

<sup>(1)</sup> Percentages may not foot due to rounding.

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Quarterly Trends

Revenue Trends

Revenue increased sequentially in each of the quarters presented primarily due to the growth from

existing Paid Customers and the addition of new Paid Customers. We recognize revenue ratably over the

terms of our subscription contracts. As a result, a substantial portion of the revenue we report in a period

is attributable to orders we received during prior periods. Therefore, increases or decreases in new sales,

customer expansion, or renewals in a period may not be immediately reflected in revenue for the period.

Cost of Revenue Trends

Our cost of revenue has generally increased in the quarters presented as a result of technical

infrastructure and hosting costs as well as increased headcount, which resulted in increased personnel

expenses. The increase in cost of revenue during the three months ended June 30, 2024 and September

30, 2024 was primarily due to higher employee-related costs driven by stock-based compensation

expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The increase during the

three months ended March 31, 2025 was primarily due to higher employee-related costs driven by the

implementation of a company-wide annual bonus program during the quarter.

Research and Development Trends

Our research and development expenses have generally increased in the quarters presented primarily

due to headcount growth and employee-related costs. The increase in research and development

expenses during the three months ended June 30, 2024 and September 30, 2024 was primarily due to

higher employee-related costs driven by stock-based compensation expenses related to the May 2024

RSU Release and 2024 Stock Option Grants. The increase during the three months ended March 31,

2025 was primarily due to higher employee-related costs driven by the implementation of a company-wide

annual bonus program during the quarter.

Sales and Marketing Trends

Our sales and marketing expenses have generally increased in the quarters presented primarily due to

employee-related expenses and brand advertising campaigns. The timing of brand advertising campaigns

can impact the trends in sales and marketing expenses. The increase in sales and marketing expenses

during the three months ended June 30, 2024 and September 30, 2024 was primarily due to higher

employee-related costs driven by stock-based compensation expenses related to the May 2024 RSU

Release and 2024 Stock Option Grants. Additionally, the increase in sales and marketing expenses

during the three months ended June 30, 2023 and June 30, 2024 was due to increased expenses

incurred in connection with our annual user conferences, including Config, which we typically host in the

second quarter of each year, and other advertising efforts. The increase during the three months ended

March 31, 2025 was primarily due to higher employee-related costs driven by the implementation of a

company-wide annual bonus program during the quarter.

General and Administrative Trends

Our general and administrative expenses have generally increased in the quarters presented primarily

due to employee-related expenses and legal, accounting, and other professional fees. The increase in

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general and administrative expenses during the three months ended December 31, 2023 was primarily

due to consulting and professional service fees related to the Abandoned Merger with Adobe. The

increase in general and administrative expenses during the three months ended June 30, 2024 and

September 30, 2024 was primarily due to higher employee-related costs driven by stock-based

compensation expenses related to the May 2024 RSU Release and 2024 Stock Option Grants. The

increase during three months ended March 31, 2025 was primarily due to higher consulting and

professional service fees related to this offering, and employee-related costs driven by an increase in

headcount and the implementation of a company-wide annual bonus program during the quarter.

Other Income, Net Trends

Changes in other income, net in the quarters presented are primarily driven by fluctuations in interest

rates, investment balances and changes in fair value of equity securities, including our investment in a

Bitcoin ETF. The increase in other income, net during the three months ended December 31, 2023 was

primarily due to the $1.0 billion termination fee received from the Abandoned Merger with Adobe.

Quarterly Key Business Metrics

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
| Paid Customers with <br>more than <br>$10,000 in ARR.....<br>| 5945 | 6365 | 6727 | 7233 | 8007 | 9071 | 9762 | 10517 | 11107 |
| Paid Customers with <br>more than <br>$100,000 in ARR..<br>| 456 | 501 | 558 | 630 | 701 | 787 | 876 | 963 | 1031 |
| Net Dollar Retention <br>Rate........................<br>| 159% | 143% | 131% | 122% | 125% | 130% | 131% | 134% | 132% |

---

Quarterly Key Metric Trends

Our Paid Customers with more than $10,000 in ARR and Paid Customers with more than $100,000 in

ARR increased sequentially for all quarters presented, primarily due to organic growth as a result of

strong performance, as well as increased expansion of users within our existing Paid Customer base.

Our Net Dollar Retention Rate has fluctuated across the eight quarters presented due to the growing level

of our revenue base and expansion of products and features. For example, we experienced a decline in

our Net Dollar Retention Rate throughout 2023 as macroeconomic pressure impacted seat expansion and

our Net Dollar Retention Rate increased throughout 2024 subsequent to our launch of Dev Mode. We

expect our Net Dollar Retention Rate to fluctuate or decline in the future as a result of a number of factors

such as the growing level of our revenue base, the level of penetration within our customer base,

expansion of products and features, our ability to retain our customers, and any changes to the pricing

and packaging of our plans.

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Quarterly Non-GAAP Financial Measures

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December** <br>**31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **Income (loss) from** <br>**operations**.......................<br>| $(6753) | $(26668) | $(520) | $(39515) | $12521 | $(894287) | $(47336) | $51669 | $39749 |
| Plus: Stock-based <br>compensation expense<sup>(1)</sup>.<br>| 545 | 522 | 872 | 764 | 607 | 858390 | 88403 | 153 | 197 |
| Plus: Amortization of <br>stock-based <br>compensation <br>included in <br>capitalized internal <br>use software <br>development costs....<br>| 6 | 7 | 7 | 8 | 7 | 9 | 88 | 82 | 86 |
| Plus: Transaction costs <br>and other related <br>expenses associated <br>with the Abandoned <br>Merger with Adobe<sup>(2)</sup><br>| 15875 | 11539 | 15333 | 55106 | 4781 | 4401 | 4408 | 4474 |  |
| Plus: Employer payroll <br>taxes related to the <br>May 2024 RSU <br>Release and 2024 <br>Tender Offer..............<br>|  |  |  |  |  | 24983 | 1720 |  |  |
| Plus: 2024 Tender Offer <br>transaction costs<sup>(3)</sup>............<br>|  |  |  |  | 151 | 11384 | 577 | 33 |  |
| **Non-GAAP operating** <br>**income (loss)** **...................**<br>| $9673 | $(14600) | $15692 | $16363 | $18067 | $4880 | $47860 | $56411 | $40032 |
| **Operating margin** **..................** | (6)% | (22)% | —% | (27)% | 8% | (505)% | (24)% | 24% | 17% |
| **Non-GAAP operating** <br>**margin** **................................**<br>| 9% | (12)% | 12% | 11% | 12% | 3% | 24% | 26% | 18% |

---

__________________

<sup>(1)</sup> The increase in stock-based compensation expense during the three months ended June 30, 2024 and September 30, 2024

related to the May 2024 RSU Release and 2024 Stock Option Grants. See the section titled "—Factors Impacting our 2023 and

2024 Operating Results—May 2024 Restricted Stock Unit Release and 2024 Stock Option Grants" for more information.

<sup>(2)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(3)</sup> 2024 Tender Offer transaction costs includes legal and professional services fees.

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **March 31,**<br>**2023**<br>| **June 30,**<br>**2023**<br>| **September** <br>**30,**<br>**2023**<br>| **December 31,**<br>**2023**<br>| **March 31,**<br>**2024**<br>| **June 30,**<br>**2024**<br>| **September** <br>**30,**<br>**2024**<br>| **December** <br>**31,**<br>**2024**<br>| **March 31,**<br>**2025**<br>|
|  | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **Net cash provided** <br>**by (used in)** <br>**operating activities** <br>| $9273 | $(5899) | $25774 | $1018186 | $(18139) | $(178243) | $61574 | $73091 | $97177 |
| Less: Capital <br>expenditures...<br>| (257) | (1402) | (1604) | (474) | (503) | (399) | (413) | (662) | (874) |
| Less: Capitalized <br>internal use <br>software <br>development <br>costs................<br>| (648) | (748) | (375) | (859) | (1008) | (1170) | (742) | (1604) | (1721) |
| **Free Cash Flow** **........** | $8368 | $(8049) | $23795 | $1016853 | $(19650) | $(179812) | $60419 | $70825 | $94582 |
| Less: <br>Termination <br>fee received <br>from the <br>Abandoned <br>Merger with <br>Adobe..............<br>|  |  |  | (1000000) |  |  |  |  |  |
| Add: Transaction <br>costs and <br>other related <br>expenses <br>associated <br>with the <br>Abandoned <br>Merger with <br>Adobe<sup>(1)</sup>...........<br>| 6439 | 16073 | 8920 | 19410 | 68122 | 322 | 34 | 14 |  |
| Add: Estimated <br>income taxes <br>related to the <br>Abandoned <br>Merger with <br>Adobe<sup>(2)</sup>...........<br>|  |  |  |  |  | 185617 | 518 | (5148) |  |
| **Adjusted Free Cash** <br>**Flow** **.......................**<br>| $14807 | $8024 | $32715 | $36263 | $48472 | $6127 | $60971 | $65691 | $94582 |
| **Net cash (used in)** <br>**provided by** <br>**investing** <br>**activities** **...............**<br>| $(53706) | $3015 | $(1124) | $(5521) | $(336630) | $(173216) | $(210946) | $(63465) | $41251 |
| **Net cash provided** <br>**by (used in)** <br>**financing** <br>**activities** **...............**<br>| $— | $(2) | $1 | $1 | $40 | $21860 | $(20660) | $61210 | $339 |
| Operating Cash Flow <br>Margin....................<br>| 9% | (5)% | 20% | 705% | (12)% | (101)% | 31% | 34% | 43% |
| Adjusted Free Cash <br>Flow Margin...........<br>| 14% | 7% | 25% | 25% | 31% | 4% | 31% | 30% | 41% |

---

__________________

<sup>(1)</sup> Transaction costs and other related expenses associated with the Abandoned Merger with Adobe include legal, accounting,

professional services fees, local business taxes and non-recurring compensation expenses related to the transaction.

<sup>(2)</sup> The estimated income taxes related to the Abandoned Merger with Adobe represents our assessment of the transaction's

impact on our 2023 federal and state income tax payments, which were included in cash provided by (used in) operating

activities for the year ended December 31, 2024.

Critical Accounting Estimates

Our consolidated financial statements and the related notes thereto included elsewhere in this prospectus

are prepared in accordance with GAAP. The preparation of consolidated financial statements also

requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities,

revenue, costs and expenses, and related disclosures. We base our estimates on historical experience

and on various other assumptions that we believe to be reasonable under the circumstances, and we

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evaluate our estimates and assumptions on an ongoing basis. Actual results could differ significantly from

the estimates made by management. To the extent that there are differences between our estimates and

actual results, our future financial statement presentation, financial condition, results of operations, and

cash flows will be affected.

We believe that the accounting policies described below involve a substantial degree of judgment and

complexity. Accordingly, these are the policies we believe are the most critical to aid in fully

understanding and evaluating our consolidated financial condition and results of operations.

Stock-Based Compensation

We measure stock-based compensation expense related to equity awards, including stock options,

RSUs, and Restricted Stock Awards ("RSAs"), based on the estimated fair value on the date of the grant.

Stock-based compensation expense is recognized on a straight-line basis over the requisite service

period. We account for forfeitures in the period in which they occur.

We have granted certain equity awards to our employees and directors with a service-based and a

performance-based vesting condition. The service-based vesting period for these awards is typically four

years with monthly vesting, subject to a one-year cliff for new hire grants. The performance-based vesting

condition is generally satisfied on the earlier of (i) an acquisition or change in control of us or (ii) the

earlier of (a) six months after our initial public offering or (b) March 15 of the calendar year following our

initial public offering. Our Board of Directors intends to accelerate the performance-based vesting

condition such that it will occur upon the effectiveness of our registration statement related to this offering.

We recognize stock-based compensation expense related to equity awards with a performance-based

vesting condition over the requisite service period using the accelerated attribution method, if it is

probable that the performance-based vesting condition will be satisfied. The performance-based vesting

condition is deemed probable of being satisfied upon either the consummation of an acquisition or

change in control, or the initial public offering of our securities.

We have also granted certain equity awards with market-based vesting conditions in addition to service-

based vesting conditions. The market-based vesting conditions resulted in implied performance-based

vesting conditions satisfied upon the initial public offering or change in control date because no shares

subject to the grant will vest unless one of these two events occurs. We estimated the grant date fair

value of the market-based award using a Monte Carlo simulation, which incorporates into the valuation

the possibility that the public market capitalization targets may not be satisfied. Stock-based

compensation expense associated with market-based awards is recognized over the requisite service

period of each tranche using the accelerated attribution method, regardless of whether the market

conditions are achieved.

The fair value of RSUs and RSAs are determined using the fair value of our stock on the date of grant.

We ceased granting stock options in 2020, except for the 2024 Stock Option Grants in August 2024,

made in connection with our 2024 Tender Offer. The fair value of stock options is estimated using the

Black-Scholes option pricing model.

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The use of the Black-Scholes option pricing model requires the input of certain assumptions. These

assumptions involve inherent uncertainties and the application of management's judgment. These

assumptions are estimated as follows:

• *Fair value of common stock*. Because our common stock is not yet publicly traded, we must

estimate the fair value of our common stock, as discussed below in the section titled "—Common

Stock Valuations."

• *Expected term.* We determine the expected term based on the average period the options are

expected to remain outstanding using the simplified method, calculated as the midpoint of the

options' vesting term and contractual expiration period, until sufficient historical information to

develop reasonable expectations about future exercise patterns and post-vesting employment

termination behavior becomes available.

• *Expected volatility.* Since we do not have a trading history of our common stock, we estimate the

expected volatility based on the historical volatilities of a group of comparable publicly traded

companies.

• *Risk-free interest rate*. We use the U.S. Treasury yield for our risk-free interest rate for a period

that corresponds with the expected term of the award.

• *Dividend yield.* We utilize a dividend yield of zero, as we do not currently issue dividends and do

not expect to issue dividends on our common stock in the foreseeable future.

Common Stock Valuations

The estimated fair value of the common stock underlying our equity awards has historically been

determined by our Board of Directors. We believe that our Board of Directors has the relevant experience

and expertise to determine the fair value of our common stock. Because there has been no public market

for our common stock, our Board of Directors determined the fair value of the common stock at the time of

the grant of the option, RSU, and RSA by considering a number of objective and subjective factors,

including important developments in our operations, valuations performed by an independent third party,

sales of common stock and convertible preferred stock, secondary market transactions, actual operating

results and financial performance, the conditions in the industry and the economy in general, the stock

price performance and volatility of comparable public companies, and the lack of liquidity of our common

stock, among other factors.

In estimating the fair value of our common stock, we considered several methodologies, including the

market approach. The market approach estimates value based on a comparison of our company to a

group of comparable public companies. From the comparable companies, a representative market value

multiple is determined and then applied to our financial results to estimate the fair value of our business.

In addition, we also considered secondary market transactions involving our capital stock. In our

evaluation of those transactions, we considered the facts and circumstances of each transaction to

determine the extent to which they represented a fair value exchange. Factors considered include

transaction volume, the number of participants, timing, whether the transactions occurred between willing

and unrelated parties, and whether the transactions involved parties with access to our financial

information.

Application of these approaches involved the use of estimates, judgment, and assumptions that are

complex and subjective, such as those regarding our expected future revenue, expenses, and future cash

flows, discount rates, market multiples, the selection of comparable companies, and the probability of

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possible future events. Changes in any or all of these estimates and assumptions or the relationships

between those assumptions impact our valuations as of each valuation date and may have a material

impact on the valuation of our common stock.

Upon completion of this offering, our Class A common stock will be publicly traded, and our Board of

Directors will use the closing price of our Class A common stock as reported on the date of grant to

determine the fair value of our Class A common stock.

Subsequent to March 31, 2025, our Board of Directors granted 34.7 million RSUs and 0.7 million RSAs.

These awards will vest upon satisfaction of service-based, performance-based and market-based vesting

conditions.

Liquidity and Capital Resources

As of December 31, 2024 and March 31, 2025, our principal sources of liquidity were cash and cash

equivalents of $487.0 million and $618.6 million, respectively, marketable securities of $970.9 million and

$923.2 million, respectively, and restricted cash of $3.6 million and $9.8 million, respectively. Cash and

cash equivalents are comprised of bank deposits, money market funds, and commercial paper. Restricted

cash consists of unsecured letters of credit outstanding, related to leased office space in San Francisco,

California and New York, New York. Marketable securities are comprised of commercial paper, U.S.

agency securities, U.S. treasury securities, corporate bonds, and a Bitcoin exchange traded fund.

Substantially all cash and cash equivalents are held in the United States. Since our inception, we have

financed our operations primarily through proceeds from the issuance of our convertible preferred stock

and common stock and cash generated from the sale of our products.

We believe that current cash, cash equivalents, and marketable securities will be sufficient to fund our

operations for at least the next twelve months. Our future capital requirements, however, will depend on

many factors, including our subscription growth rate, the timing and extent of spending to support our

research and development efforts, our investments and usage of AI, the expansion of sales and

marketing activities, the introduction of new and enhanced products and features, particularly for large

organizations, and the continuing market adoption of Figma. We may in the future enter into

arrangements to acquire or invest in complementary businesses, services, and technologies, including

intellectual property rights. In the event that additional financing is required from outside sources, we may

seek to raise additional funds at any time through equity, equity-linked arrangements, and debt. If we are

unable to raise additional capital when desired and at reasonable rates, our business, results of

operations, and financial condition would be adversely affected. See the section titled "Risk Factors—

Risks Related to Financial and Accounting Matters—We may require additional capital to fund our

business and support our growth, and any inability to generate or obtain such capital may adversely affect

our operating results and financial condition."

***Revolving Credit Facility***

On June 27, 2025, we entered into a credit agreement (the "Revolving Credit Agreement") with Morgan

Stanley Senior Funding, Inc., as administrative agent and collateral agent, Bank of America, N.A.,

JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Securities, LLC and RBC Capital

Markets, LLC as joint lead arrangers and bookrunners, the letter of credit issuers from time to time party

thereto, and the lenders from time to time party thereto, which provides for a revolving credit facility (the

"Revolving Credit Facility") of up to $500.0 millionand a subfacility of up to $150.0 million for letters of

credit. The Revolving Credit Facility provides us with the right to increase the Revolving Credit Facility

and/or to add one or more tranches of term loans or to increase the amount of any existing term loans in

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an aggregate principal amount not to exceed (a) $2.0 billion, plus (b) the amount of any voluntary

prepayments of term loans and/or the Revolving Credit Facility (to the extent accompanied by a

permanent reduction of commitments under the Revolving Credit Facility), plus (c) an additional amount, if

after giving effect to the incurrence of such additional amount, we do not exceed a maximum debt to

EBITDA ratio in accordance with the Revolving Credit Agreement.

Loans under the Revolving Credit Facility will incur interest, at our option at a rate per annum equal to

either (i) a base rate determined by reference to the highest of (x) the prime rate, (y) the federal funds

effective rate plus 0.50% and (z) the one month term SOFR plus 1.00% or (ii) term SOFR plus 1.00%.

Additionally, we will be required to pay commitment fees of 0.15% per annum on the undrawn portion of

the commitments under the Revolving Credit Facility, which decreases to 0.10% per annum upon

achievement of an enhanced debt to EBITDA ratio.

The Revolving Credit Agreement contains a financial covenant requiring that Liquidity (defined as

unrestricted cash and cash equivalents, plus the undrawn revolver commitments) is not less than $100

million as of the last day of each fiscal quarter. Additionally, the Revolving Credit Agreement contains

customary affirmative and negative covenants (including restrictions on indebtedness, liens, investments,

asset dispositions and affiliate transactions, each subject to customary exceptions and baskets) and

customary events of default (including, among other things, non-payment of principal, interest or fees,

inaccuracy of representations and warranties, violation of certain covenants, cross-default to certain other

indebtedness, bankruptcy and insolvency events, material judgments, change of control and certain

material ERISA events). The obligations under the Revolving Credit Facility are secured by liens on

substantially all of our assets. The Revolving Credit Facility matures on June 27, 2030.

We expect to draw approximately $&nbsp;&nbsp;&nbsp;&nbsp; million on the Revolving Credit Facility in order to pay our

anticipated tax withholding and remittance obligations in connection with the RSU Net Settlement and we

intend to use a portion of the net proceeds from this offering to repay such indebtedness.

The foregoing summary and description of the provisions of the Revolving Credit Agreement do not

purport to be complete and are qualified in their entirety by reference to the full text of the Revolving

Credit Agreement, a copy of which is filed as an exhibit to the registration statement of which this

prospectus forms a part.

Cash Flows

The following table summarizes our cash flows for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Net cash provided by (used in) operating <br>activities..........................................................<br>| $1047334 | $(61717) | $(18139) | $97177 |
| Net cash provided by (used in) investing <br>activities..........................................................<br>| (57336) | (784257) | (336630) | 41251 |
| Net cash provided by financing activities .... |  | 62450 | 40 | 339 |
| Net increase (decrease) in cash, cash <br>equivalents, and restricted cash ................<br>| $989998 | $(783524) | $(354729) | $138767 |

---

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Cash Provided by (Used in) Operating Activities

Our largest source of operating cash is cash collections from organizations on a paid subscription plan,

except for a one-time termination fee of $1.0 billion received from the Abandoned Merger with Adobe on

December 20, 2023. Our primary uses of cash from operating activities are for employee-related

expenditures, sales and marketing expenses, and technical infrastructure and hosting costs. During the

year ended December 31, 2024 we paid income taxes of $181.0 million, related to the Abandoned Merger

with Adobe.

During the three months ended March 31, 2025, operating activities provided $97.2 million in cash. The

primary factors affecting our cash flows during this period were our net income of $44.9 million and net

cash inflows of $38.5 million from changes in our operating assets and liabilities, adjusted for $13.8

million of non-cash charges. The non-cash charges primarily consisted of an $8.3 million unrealized loss

from remeasurement of equity securities, $4.7 million of amortization of deferred commissions, and $4.1

million of non-cash operating lease costs. The cash provided from changes in our operating assets and

liabilities was primarily due to a $25.3 million increase in deferred revenue related to increased billings

and an $18.0 million decrease in accounts receivable, net, reflecting an increase in collections. These

amounts were partially offset by a $9.2 million increase in prepaid expenses and other current assets,

primarily driven by prepaid hosting services.

During the three months ended March 31, 2024, operating activities used $18.1 million in cash. The

primary factors affecting our cash flows during this period were net cash outflows of $37.5 million from

changes in our operating assets and liabilities, partially offset by our net income of $13.5 million, adjusted

for $5.9 million of non-cash charges. The non-cash charges primarily consisted of $3.2 million of non-

cash operating lease costs, $2.9 million of amortization of deferred commissions, and $2.1 million of

depreciation and amortization. The cash used from changes in our operating assets and liabilities was

primarily due to a $42.8 milliondecrease in accrued and other current liabilities, primarily driven by

professional service fees related to the Abandoned Merger with Adobe and a $23.6 million increase in

prepaid expenses and other current assets, primarily driven by prepaid hosting services. These amounts

were partially offset by a $15.8 million increase in deferred revenue due to increased billings and a $14.5

million decrease in accounts receivable, net, reflecting an increase in collections.

During the year ended December 31, 2024, operating activities used $61.7 million in cash. The primary

factors affecting our operating cash flows during this period were our net loss of $732.1 million and net

cash outflows of $270.0 million from changes in our operating assets and liabilities, adjusted for $940.4

million in non-cash charges. The non-cash charges primarily consisted of $947.6 million in stock-based

compensation, $14.8 million of amortization of deferred commissions, and $14.1 million of non-cash

operating lease costs, partially offset by a $24.2 million unrealized gain from the remeasurement of equity

securities and $17.1 million in net accretion of discounts on marketable securities. The cash provided

from changes in our operating assets and liabilities was primarily due to a $252.5 million decrease in

accrued and other current liabilities and $86.6 million increase in other assets largely driven by income

taxes paid related to the termination fee received related to the Abandoned Merger with Adobe in

December 2023. These amounts were partially offset by a $127.7 million increase in deferred revenue

due to increased billings and a $11.4 million increase in accrued compensation and benefits as a result of

our increased headcount associated with the growth of our business.

During the year ended December 31, 2023, operating activities provided $1.0 billion in cash inflows. The

primary factors affecting our operating cash flows during this period were our net income of $737.8

million, which included the impact of the $1.0 billion termination fee received from the Abandoned Merger

with Adobe, and net cash inflows of $281.0 million from changes in our operating assets and liabilities,

adjusted for $28.5 million of non-cash charges. The non-cash charges primarily consisted of $12.4 million

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of non-cash operating lease costs, $8.7 million of amortization of deferred commissions, and $8.5 million

of depreciation and amortization, partially offset by $4.0 million in net accretion of discounts on

marketable securities. The cash provided from changes in our operating assets and liabilities was

primarily due to a $232.5 million increase in accrued and other current liabilities largely driven by income

taxes payable resulting from the termination fee from the Abandoned Merger with Adobe and a $92.1

million increase in deferred revenue due to increased billings. These amounts were partially offset by a

$39.6 million increase in accounts receivable, net, reflecting increased billings.

Cash Provided by (Used in) Investing Activities

Net cash provided by investing activities during the three months ended March 31, 2025 was $41.3

million, which was primarily due to the proceeds from sales and maturities of marketable securities of

$283.3 million, partially offset by the purchase of additional marketable securities of $238.8 million, the

capitalization of internal-use software development costs of $1.7 million, and capital expenditures of $0.9

million.

Net cash used in investing activities during the three months ended March 31, 2024 was $336.6 million,

which was primarily due to the purchase of marketable securities of $377.2 million, primarily due to the

inflow of cash from the termination fee from the Abandoned Merger with Adobe received during the year

ended December 31, 2023, the capitalization of internal-use software development costs of $1.0 million,

and capital expenditures of $0.5 million, partially offset by proceeds from sales and maturities of

marketable securities of $42.3 million.

Net cash used in investing activities during the year ended December 31, 2024 was $784.3 million, which

was primarily due to the purchase of additional marketable securities of $1.3 billion primarily due to the

inflow of cash from the termination fee from the Abandoned Merger with Adobe received during the year

ended December 31, 2023, the capitalization of internal-use software development costs of $4.5 million,

capital expenditures of $2.0 million, and the purchase of intangible assets of $0.9 million, partially offset

by proceeds from sales and maturities of marketable securities of $547.5 million.

Net cash used in investing activities during the year ended December 31, 2023 was $57.3 million, which

was primarily due to the purchase of marketable securities of $223.9 million, capital expenditures of $3.7

million, the capitalization of internal-use software development costs of $2.6 million, partially offset by

proceeds from sales and maturities of marketable securities of $173.2 million.

Cash Provided by Financing Activities

Net cash provided by financing activities during the quarter ended March 31, 2025 was $0.3 million and

was from proceeds from option exercises. Net cash provided by financing activities during the quarter

ended March 31, 2024 was immaterial.

Net cash provided by financing activities during the year ended December 31, 2024 was $62.5 million,

which was primarily due to the proceeds from the sale of common stock in connection with the May 2024

RSU Release of $419.0 million, proceeds from the issuance of common stock of $60.0 million, and

proceeds from options exercised of $2.4 million, partially offset by $418.1 million used to pay taxes

related to the net share settlement of RSUs and $0.9 million used to repurchase common stock.

There was no net cash provided by or used in financing activities during the year ended December 31,

2023. 143

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## Contractual Obligations and Commitments
The following table summarizes our consolidated principal contractual cash obligations, as of March 31,

2025, and is supplemented by the discussion following the table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by Periods** | **Payments due by Periods** | **Payments due by Periods** | **Payments due by Periods** | **Payments due by Periods** |
|  | **Total** | **Less than 1** <br>**Year**<br>| **1- 3 Years** | **3-5 Years** | **More than 5** <br>**Years**<br>|
|  | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Operating lease <br>commitments......................<br>| $92770 | $12862 | $41678 | $16208 | $22022 |
| Cloud hosting commitments | 27911 | 13911 | 14000 |  |  |
| Other commitments<sup>(1)</sup>........... | 4506 | 1911 | 2595 |  |  |
| Total........................................ | $125187 | $28684 | $58273 | $16208 | $22022 |

---

__________________

(1)Consists of future minimum payments under non-cancelable purchase commitments primarily related to our sales and

marketing activities.

In addition to the contractual obligations set forth above, as of March 31, 2025, we had $9.8 million in

unsecured letters of credit outstanding, related to leased office spaces in San Francisco, California and

New York, New York. The letters of credit renew annually and mature in 2026.

The table above does not reflect our renewed cloud hosting agreement with a third-party provider,

entered into on May 31, 2025. Under the terms of the non-cancellable agreement, we committed to

purchase a minimum of $545.0 million in cloud hosting services over the next five years. This renewed

agreement replaces a previous agreement with the provider.

As of July 1, 2025, there were no other material changes to our purchase commitments since March 31,

2025. Off-Balance Sheet Arrangements

We did not have during the periods presented, nor do we currently have, any off-balance sheet financing

arrangements or any relationships with unconsolidated entities or financial partnerships. This includes

entities sometimes referred to as structured finance or special purpose entities, that may be established

for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited

purposes.

Significant Impacts of Stock-Based

Compensation

RSUs

We have granted RSUs with respect to shares of Class A common stock to our employees and directors

under our 2012 Plan. RSUs granted under the 2012 Plan and outstanding as of March 31, 2025 have

both service-based and performance-based vesting conditions. The service-based vesting period for

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these awards is typically four years with monthly vesting, subject to a one-year cliff for new hire grants.

Upon satisfaction of the performance-based vesting condition, RSUs for which the service-based

condition has also been satisfied will vest immediately, and any remaining unvested RSUs will vest

monthly over the remaining service period. The performance-based vesting condition is satisfied on the

earlier of (i) an acquisition or change in control of our company, or (ii) the earlier of (a) six months after

our initial public offering or (b) March 15 of the calendar year following our initial public offering. Our

Board of Directors intends to accelerate the performance-based vesting condition such that the condition

will be satisfied upon the effectiveness of our registration statement related to this offering.

We have also granted RSUs with respect to shares of Class B common stock to Mr. Field, our CEO, in

the form of the 2021 CEO Market Award, the 2021 CEO Service Award, the 2025 CEO Stock Price

Award, and the 2025 CEO Service Award (each as defined and further described in the section titled

"Executive Compensation—CEO Equity Awards") under our 2021 Plan.

The 2021 CEO Market Award has service-based, market-based, and performance-based vesting

conditions. The award is comprised of three tranches that are eligible to vest based on the achievement

of certain public market capitalization targets. The performance period for each tranche ends on the

earliest to occur of (i) the date on which all shares subject to the 2021 CEO Market Award vest upon

achieving certain public market capitalization targets after our initial public offering, (ii) the date Mr. Field

ceases to satisfy the service-based vesting condition, (iii) the seventh anniversary of the grant date, or (iv)

the occurrence of an acquisition of us before our initial public offering. The 2021 CEO Market Award

contains an implied performance-based vesting condition satisfied upon the date of our initial public

offering or a change in control of us because no shares subject to the grant will vest unless one of these

two events occurs. The 2021 CEO Service Award has service-based and performance-based vesting

conditions. The award is comprised of four tranches that vest annually beginning on July 1, 2022, so long

as Mr. Field is in continuous service through each applicable vesting date. The 2021 CEO Service Award

contains a performance-based vesting condition satisfied upon the earliest to occur of (i) the date of our

initial public offering or (ii) the date we experience an applicable change in control. For more information

regarding these awards, see the section titled "Executive Compensation—CEO Equity Awards."

The 2025 CEO Stock Price Award has service-based and stock price-based vesting conditions. The stock

price-based vesting condition is comprised of seven tranches that are eligible to vest based on the

achievement of certain specified stock price targets. The performance period for each tranche ends on

the earlier of (i) the tenth anniversary of our initial public offering, or (ii) the occurrence of a change in

control (as defined in the award agreement governing the 2025 CEO Stock Price Award). As to any

portion of the 2025 CEO Stock Price Award that satisfies the stock price-based vesting condition, the

service based vesting condition will be satisfied in seven substantially equal installments on each of the

first seven anniversaries of the vesting commencement date, so long as Mr. Field is in continuous service

through each applicable vesting date as our chief executive officer, or, solely as reasonably determined

by our Compensation Committee in its good faith discretion, as our chairman, executive chairman, or

another C-suite position (referred to as an "Eligible Position"), which change in position may, but need

not, result in a change to the vesting schedule or in forfeiture of any portion of the award. In the event of

a change in control of our company, subject to Mr. Field's continued service in an Eligible Position

through the closing of such change in control, the degree of achievement of the stock price-based vesting

condition will be based on the per-share deal consideration paid in the transaction. Any portions of the

2025 CEO Stock Price Award for which the stock price-based vesting condition is met in a change in

control will be deemed to have satisfied the service-based vesting condition with respect to a pro rata

portion of such portion of the 2025 CEO Stock Price Award, determined based on the number of days

elapsed since the most recent vesting date, and will vest. Any portions of the 2025 CEO Stock Price

Award that do not vest in accordance with the preceding sentence will remain outstanding and will vest

solely subject to the achievement of the service-based vesting condition on the original schedule following

the closing of the transaction. The 2025 CEO Stock Price Award is also eligible for vesting acceleration

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under certain circumstances, as described below in the section titled "Executive Compensation—CEO

Equity Awards."

The 2025 CEO Service Award has service-based vesting conditions. The award is comprised of five

tranches that vest over five years on the anniversary of the vesting commencement date, of 10%, 20%,

20%, 20%, and 30%, so long as Mr. Field is in continuous service through each applicable vesting date

as our chief executive officer or in an Eligible Position. The 2025 CEO Service Award is also eligible for

vesting acceleration under certain circumstances, as described below in the section titled "Executive

Compensation—CEO Equity Awards."

In May 2024, to permit eligible RSU holders to participate in the 2024 Tender Offer, we modified and

released 34.6 million RSUs held by employees and former employees (including the 2021 CEO Service

Award, with respect to the portion of the award for which the service-based vesting condition had been

met as of the modification date) by removing the performance-based vesting condition, resulting in their

remeasurement as of the modification date. Accordingly, these RSUs were fully vested as of the

modification date, resulting in the recognition of stock-based compensation expense, net of amounts

capitalized, of $801.2 million during the year ended December 31, 2024, and the release of the underlying

shares of Class A common stock and Class B common stock, as applicable. The remaining outstanding

RSU awards were not modified and continue to be subject to both service-based and performance-based

vesting conditions.

As of March 31, 2025, compensation expense related to RSUs remained unrecognized because the

performance vesting condition was not satisfied. At the time the performance vesting condition becomes

probable, which is not until such condition is satisfied, we will recognize the stock-based compensation

expense for the outstanding RSUs using the accelerated attribution method. If the performance vesting

condition had occurred on March 31, 2025, we would have recorded $809.8 million of stock-based

compensation, and we would recognize additional stock-based compensation of $735.9 million over a

weighted-average remaining requisite service period of 1.9 years. The recognition of stock-based

compensation would affect our cost of revenue, research and development, sales and marketing, and

general and administrative operating expense line items.

2024 Stock Option Grants

On August 22, 2024, we granted 10.5 million stock options with a grant date fair value of $8.50 per share.

The options were granted to eligible employees that elected to not sell any or all of their common stock

holdings as part of the 2024 Tender Offer. These stock options were fully vested at grant and therefore

the related stock-based compensation expense, net of amounts capitalized, of $88.1 million was

recognized during the year ended December 31, 2024.

Qualitative and Quantitative Disclosures

about Market Risk

We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of

loss that may impact our financial position due to adverse changes in financial market prices and rates.

Our market risk exposure is primarily the result of fluctuations in interest rates, foreign currency exchange

rates, and equity prices.

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Interest Rate Risk

We had cash and cash equivalents of $618.6 million and marketable securities of $923.2 million as of

March 31, 2025. The cash and cash equivalents are held primarily for working capital purposes. Such

interest-earning instruments carry a degree of interest rate risk. The primary objective of our investment

activities is to preserve principal while maximizing income without significantly increasing risk. We do not

enter into investments for trading or speculative purposes and have not used any derivative financial

instruments to manage our interest rate risk exposure. Due to the short-term nature of our investments,

we have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in

interest rates. A hypothetical 100 basis points change in interest rates would not have had a material

impact on our consolidated financial statements.

Foreign Currency Exchange Risk

Our reporting currency and the functional currency of our wholly owned foreign subsidiaries is the U.S.

dollar. Monetary assets and liabilities are remeasured using foreign currency exchange rates at the end of

the period, and non-monetary assets are remeasured based on historical exchange rates. Gains and

losses due to foreign currency are the result of either the remeasurement of subsidiary balances or

transactions denominated in currencies other than the foreign subsidiaries' functional currency and are

included in other income (expense), net in our statements of operations. We have foreign currency

exchange risks related to our revenue and operating expenses denominated in currencies other than the

U.S. dollar, principally the British pound sterling, Euro, Japanese yen, and the Canadian dollar. The

volatility of exchange rates depends on many factors that we cannot forecast with reliable accuracy.

Volatile market conditions, including those arising from macroeconomic events, such as fluctuating

interest rates, tightening of credit markets, governmental actions such as tariffs, as well as geopolitical

events have and may in the future result in significant changes in exchange rates, and in particular a

weakening of foreign currencies relative to the U.S. dollar has and may in the future negatively affect our

revenue expressed in U.S. dollars. We have experienced and will continue to experience fluctuations in

foreign exchange gains (losses) related to changes in foreign currency exchange rates. In the event our

foreign currency denominated assets, liabilities, sales, or expenses increase, our results of operations

may be more greatly affected by fluctuations in the exchange rates of the currencies in which we do

business. We do not currently engage in any hedging activity to reduce our potential exposure to currency

fluctuations, although we may choose to do so in the future. A hypothetical 10% change in foreign

currency exchange rates during any of the periods presented would not have had a material impact on

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. Nonetheless, if our costs were to become subject to significant inflationary pressures,

we may not be able to fully offset such higher costs. Our inability or failure to do so could harm our

business, results of operations, or financial condition.

Equity Price Risk

We have an investment in a Bitcoin exchange traded fund. The fair value of this investment was$69.5

millionas of March 31, 2025. Changes in the fair value of this exchange traded fund are impacted by the

volatility of Bitcoin and changes in general economic conditions, among other factors. A hypothetical 10%

decrease in the price of the Bitcoin exchange traded fund would decrease the fair value of this investment

as of March 31, 2025 by $7.0 million.

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JOBS Act Accounting Election

We are an emerging growth company, as defined in the JOBS Act. 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 intend to avail ourselves of this exemption from new or revised

accounting standards. Accordingly, 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.

Recent Accounting Pronouncements

See the section titled "Description of the Business and Summary of Significant Accounting Policies" in

Note 1 of the notes to our consolidated financial statements included elsewhere in this prospectus for

more information.

![businesscoverart1b.jpg](businesscoverart1b.jpg)

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Business

Overview

*Figma is where teams come together to turn ideas into the world's best digital products and* 

*experiences.* 

Every day, billions of people around the world use apps, websites, and other digital experiences that are

made in Figma. They're looking up directions on Google Maps; requesting rides with Uber; checking in for

flights on JetBlue; streaming shows on Netflix; learning languages with Duolingo; asking questions of

Claude; connecting on LinkedIn; buying goods on Mercado Libre; or booking stays and experiences with

Airbnb.

Behind each of these products is a cross-functional team responsible for bringing them to life. In Figma,

designers work alongside developers, PMs, researchers, marketers, writers, and other non-designers

who, in the three months ended March 31, 2025, made up two-thirds of our more than 13 million monthly

active users. Together, these teams share and explore ideas, align on a vision, visualize concepts, and

translate them into coded products — all on a single, connected, AI-powered platform that collaborators

around the world can access with a URL.

Our focus on the entire lifecycle of software creation reflects our ability to rapidly bring new products onto

Figma's browser-based platform and our belief that design spans far beyond a single step or role. We

take this expansive view because design is more than how something looks, or even feels; design is also

how something works — and in today's increasingly digital-first world, what sets brands and companies

apart.

As AI makes software much easier to create, and as organizations across industries and geographies

continue to invest heavily in digital transformation, better-designed digital products and experiences have

become even more critical to a company's success. That's why 95% of the Fortune 500 and 78% of the

Forbes Global 2000 used Figma in March 2025. These companies understand deeply that great design is

what attracts and wins user loyalty, especially in a world where a business' interactions with its customers

are increasingly digital.

![a007-numbers.jpg](a007-numbers.jpg)

Figma has been fortunate to play a part in, and benefit from, the growing global movement to elevate

design and the craft of building software. Millions of people use Figma every week, often for hours a day,

and as more users have come to our platform, our business has grown.

• Our revenue was $749.0 million for the year ended December 31, 2024, representing 48% year-

over-year growth as compared to the year ended December 31, 2023, and our revenue was

<sup>(</sup><sup>7)</sup>&nbsp;&nbsp;&nbsp;&nbsp;See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" for information

regarding (i) certain one-time events that impacted our operating results for the years ended December 31, 2023 and 2024,

including the $1.0 billion termination fee we received in 2023 in connection with the Abandoned Merger with Adobe (as defined

below) and $889.3 million of stock-based compensation expense, net of amounts capitalized, we recognized in 2024 in

connection with the May 2024 RSU Release and the 2024 Stock Option Grants (each as defined below), (ii) our use of non-

GAAP operating margin and a reconciliation of operating margin to non-GAAP operating margin, and (iii) our definition of Net

Dollar Retention Rate.

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$228.2 million for the three months ended March 31, 2025, representing 46% year-over-year

growth as compared to the three months ended March 31, 2024. Our four-year compounded

annual revenue growth rate as of December 31, 2024 was 53%.

• For the year ended December 31, 2024 and for the three months ended March 31, 2025, we

delivered an operating margin of (117)% and 17%, respectively, and a non-GAAP operating

margin of 17% and 18%, respectively. Our 2024 operating margin was impacted by our May 2024

RSU Release and 2024 Stock Option Grant, one-time events.

• We had a Net Dollar Retention Rate of 134% and 132% as of December 31, 2024 and as of

March 31, 2025, respectively.

• For the years ended December 31, 2023 and 2024, we had net income of $737.8 million and net

loss of $732.1 million, respectively, and for the three months ended March 31, 2024 and 2025, we

had net income of $13.5 million and $44.9 million, respectively. In addition to our May 2024 RSU

Release and 2024 Stock Options Grant, we also received a $1.0 billion termination fee in 2023 in

connection with the Abandoned Merger with Adobe.<sup>7</sup>

![a008-numbers.jpg](a008-numbers.jpg)

While Figma began as a browser-based tool for designing user interfaces, our platform has expanded to

help teams go from idea to product all in one place. We are quickly becoming the system of record for

design and product development at a time when software is growing exponentially. We believe our pace

of innovation, the breadth and flexibility of our platform, the strength of our team, the community

relationships we have built, and the enduring power of design position us well for future growth.

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From design silos to a new software standard

Dylan Field and Evan Wallace started Figma in 2012, after they met as students at Brown University.

Back then, design looked very different than it does today. Designers worked by themselves in silos

across multiple tools and products. Even if they wanted to design together or with others, technological

constraints and the fragmented nature of the product development toolchain made collaboration a pain.

The most elegant solution to share work? Huge, manually annotated files sent around as email

attachments with indecipherable names like "Draft_Final_V2_FINAL_v13."

![a009-softwarexstandards.jpg](a009-softwarexstandards.jpg)

As part of a generation that found community in multiplayer, virtual worlds and grew up on Google Docs,

Dylan and Evan saw an opportunity to bring design to the browser, and in doing so, make it more open

and collaborative. After experimenting with a powerful technology called WebGL, which harnesses the

power of a computer's GPU to render high-performance graphics in the browser, and spending three

years building, testing, and iterating with users, they launched Figma. It was the first design tool that

combined the accessibility of the web with the functionality and performance of a native desktop app.

Not everyone was as excited as Dylan and Evan were about this new way of working. Despite the product

benefits of a more open design process — seamless version control, real-time collaboration in the file,

and the ability to access designs from any browser or computer anywhere in the world — designers

raised concerns that more transparency and collaborators in the mix would lead to tighter deadlines, more

micro management, and an implicit loss of control over their craft. One person even said that if Figma was

the future of design, they were changing careers.

But as more designers and their teams started using Figma, they began to understand the benefits of

designing together in the browser. It was more fun working collaboratively in the same file; it was also

faster and more efficient to work in a single product that brought storage, asset creation, prototyping, and

other parts of the design toolchain into one place. The ability to easily share work with a URL led people

to bring collaborators into their files earlier, placing more emphasis on co-creation and less on the "big

reveal." It also led Figma to spread quickly within companies and design communities globally, while

giving teams something they'd never had before: a single source of truth to access the most up-to-date

designs.

Today, the openness and accessibility that Figma helped pioneer is no longer a novelty; it's the

expectation, a way of working that has spread across teams, tools, countries, and industries — and

transformed the way products are designed and built.

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From design tool to product development

platform

As Figma's open and collaborative way of working pulled more people into the design process, we

expanded to serve the many roles and steps involved in going from an idea to a product in users' hands.

The early investments we made in our browser-based platform have enabled us to rapidly introduce and

monetize new products.

![a010-figmaxplatform.jpg](a010-figmaxplatform.jpg)

• In 2021, we expanded our platform to serve earlier phases of the product development lifecycle

with the launch of **FigJam**, an online whiteboard for teams to brainstorm and ideate together.

FigJam grew organically out of the unexpected ways our community was using our first product

Figma Design to meet, connect, and brainstorm product ideas. We tailored FigJam to fit this use

case, creating a more welcoming and lightweight space for designers and their collaborators to

meet and brainstorm what to build together — using the core principles and primitives of Figma. A

Forrester study we commissioned found that companies using FigJam and Figma together

experience significant efficiency gains in the ideation phase and a return on investment of 328%.

• In 2023, we released **Dev Mode**, a dedicated space in Figma that helps teams more efficiently

translate design concepts into coded products. While Figma Design is built for more free-form

design exploration, Dev Mode is tailored to the very specific and structured needs of developers,

who, during the three months ended March 31, 2025, made up approximately 30% of our monthly

active users. Dev Mode organizes information and surfaces data like design specifications and

measurements in ways that are both useful and intuitive for developers. Building on years of

updates in Figma Design to bridge the gap between design and code, Dev Mode is designed to

improve cross-team communication and maximize efficiency at this crucial step in the product

development process.

• In 2024, we launched **Figma Slides**, a product for designers and their collaborators to drive

alignment through better-designed and more collaborative presentations. Figma Slides was born

from an organic use case in which our users were creating millions of slide presentations in

Figma Design. Seeing that pattern, a team of our employees drew up Figma Slides during our

annual "Maker Week" hackathon. Figma Slides marries the visual fidelity of Figma Design with

the playful interactivity of FigJam, making it easier for designers and non-designers to create

powerful presentations in the same space.

• In 2025, we doubled our product portfolio with the launch of four new products: **Figma** **Sites**,

**Figma Make**, **Figma Buzz**, and **Figma Draw**. Figma Sites is a product that lets you design a

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website and directly publish it to the web, with a custom URL. Figma Make is an AI-powered

product that turns a prompt into a fully functional prototype. Figma Buzz is a product for easily

creating social media assets, display ads, and other marketing materials at scale that are

consistent with your brand or visual identity. And Figma Draw provides a dedicated space for finer

vector editing required when drawing detailed iconography and product illustrations.

With the additions of these seven products over the last four years, Figma offers an increasingly end-to-

end platform for teams to go from idea to shipped product. Over time, we've seen teams adopt our

platform for more parts of their product development journey, as evidenced by the fact that 76% of Figma

customers were using at least two of our products during the three months ended March 31, 2025.

![a011-numbers.jpg](a011-numbers.jpg)

AI has the power to accelerate the process of going from idea to product even further by helping users of

all skill levels explore and iterate on ideas more quickly, while automating rote, repetitive tasks. Over the

last few years, we've launched AI features that help users generate editable user interfaces with a simple

prompt and rename layers in a design file or instantly summarize sticky notes from team meetings with a

single click.

Figma Make is the most recent launch that shows the potential of AI to accelerate product development,

as it helps users rapidly explore concepts by turning a conversational prompt — optionally augmented

with an existing Figma design — into a working prototype within minutes. This and other Figma AI

features currently rely on off-the-shelf foundational models, though we expect developments of our own

models to accelerate over time as we continue to make significant investments in AI.

Our community has also contributed to the expansion of Figma's platform in ways that increasingly

position us at the center of design and product development workflows. They have created over 250,000

Community resources, including more than 10,000 plugins and widgets that allow users to customize their

workspaces and speed up their workflows using Figma's publicly-accessible APIs. With the help of our

users and trusted partners, we have built a powerful, extensible ecosystem that keeps evolving to meet

the diverse needs of a growing global community and contributes to our growth.

Through close community ties and a relentless focus on innovation and meeting user needs, Figma has

grown to serve more people and parts of the process of helping teams turn ideas into shipped products

and experiences.

The opportunity ahead

In the 13 years since Figma's founding, the amount of software in the world has exploded, and according

to a Gartner® forecast, worldwide software spending is expected to exceed $1.2 trillion in 2025.

Meanwhile, generative AI has made digital products more ubiquitous and much easier to build, with IDC

<sup>(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp; Per IDC, "apps are defined here as logical applications which include solutions that are entirely made up of brand-new software

but also solutions that leverage existing installed applications as providers of data, decision-making logic, and other services."

<sup>(9)</sup> &nbsp;&nbsp;&nbsp;&nbsp;To estimate our market opportunity, we took IDC primary research-informed models of the global workforce population

engaged in software design and then applied our internal pricing data to determine our total addressable market.

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estimating there will be more than 1 billion new apps in the world by 2028.<sup>8</sup> As a platform that's quickly

becoming a system of record for design and product development, Figma is well positioned to benefit

from this growth.

![a014-numbers.jpg](a014-numbers.jpg)

We believe that, in today's world, design and a company's brand matter more than ever. The explosion of

software means that companies must increasingly vie for customer attention, and it is the well-crafted,

thoughtfully-designed brands, products, and user experiences that will stand out from the rest. In addition,

companies are still in the early phases of incorporating AI into their products. We expect to see so much

innovation in the years to come around the design of new interfaces and interaction paradigms that are

truly AI-native. Like the shifts to mobile and the cloud, we believe broader usage and adoption of new

technologies will be fueled by great design.

We estimate that our total addressable market is $33 billion today across the "global workforce engaged

in software design," as identified by IDC. We calculate our total addressable market based on internal

Figma data and the IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in

Software Design Expands to 144 Million by 2029." We commissioned this IDC Executive Spotlight, which

sizes the global number of participants involved in the product development process.<sup>9</sup>

Figma's founding vision was to eliminate the gap between imagination and reality. Thirteen years later,

the shift from a physical economy to a digital economy, huge advances in AI, and our own evolution from

design tool to design and product development platform have combined to make this aspiration feel even

more within reach today than it was when we started. This vision inspires us to think bigger about the role

Figma can play in extending the power of design to more people, so that whoever you are, whatever you

want to design, you'll be able to make it in Figma.

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Deep Dive: The product development

process in Figma

While our community has pushed Figma in all kinds of unexpected ways, our primary focus is to help

teams turn ideas into software. We started out as a relatively small part of this larger job to be done, but

Figma was always meant to be more than a tool for designing user interfaces.

![a015-figmaxplatform.jpg](a015-figmaxplatform.jpg)

We are a platform for design and product development. And while the workflow of creating software and

other digital products and experiences can take many paths and forms, the process has traditionally

involved the following key phases:

1.**Ideate and Align.** The team comes together to brainstorm different solutions to user problems

and align on a path forward.

2.**Visualize.** Designers, PMs, and others bring life to these ideas by visualizing them at different

levels of fidelity, which starts to give a sense of how the overall experience comes together.

3.**Build.** These ideas and visualizations are turned into code (most often by a developer) and made

production-ready.

4.**Ship.** The product is launched, so it can end up in users' hands, and marketed, so more users

adopt it; this kicks off a continuous loop of learning, refinement, and improvement.

These phases have continued to shift as roles have blurred and advances in AI allow more people to

participate in the process of creating digital products and experiences. We see this in our own research,

which found that, as of May 2025, more than half of non-designers reported spending substantial time on

<sup>(10)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Data from a Figma survey of approximately 1,200 professionals working in digital product and marketing in the United States

conducted from March through May 2025.

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design-related work like visual exploration or mapping user flows.<sup>10</sup> Over time, we've launched and

successfully monetized new products that bring more parts of the overall design and product development

process onto our platform.

Ideate and align with FigJam and Figma Slides

![a016-figjamxfigmaxslides1.jpg](a016-figjamxfigmaxslides1.jpg)

In the early phases of product development, teams come together to brainstorm ideas and eventually

align on potential paths forward. FigJam and Figma Slides are products we have built to facilitate these

activities.

FigJam is our product tailored for ideation, brainstorming, and rapid communication of ideas. Designed for

users of all skill levels, FigJam makes everything from personal projects to solo ideation to team meetings

more engaging and fun. This is made possible by facilitation features like timers and voting, but also fun

features that give participants more ways to express themselves, like ephemeral emoji reactions, a photo

booth that lets you take a quick selfie, or the ability to give high-fives. We also offer rich diagramming

capabilities to make it easy to convey more abstract ideas through user journeys or technical diagrams for

engineering. In FigJam, users can also use AI to generate templates for group brainstorms and

summarize meeting notes in seconds.

Figma Slides helps teams collaboratively make compelling, engaging presentations that drive and

maintain alignment. What makes this product especially effective for product teams is the way it marries

Figma's powerful design features — such as the ability to embed prototypes, create high-fidelity

animations, or make detailed edits to mock-ups directly in a slide — with strong real-time collaboration

capabilities like seamless multiplayer editing and audience voting.

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Often, these products are used side-by-side — what starts in a brainstorm in FigJam can lead to a pitch

deck in Figma Slides. We aim to make the transition between these products easy with features like AI

that can turn FigJam stickies into a Figma Slides presentation.

Visualize with Figma Design and Figma Draw

![a017-figmaxdesign.jpg](a017-figmaxdesign.jpg)

As ideas become more concrete and teams align on a path forward, they move toward visualizing these

ideas at a higher fidelity. Often, they draw mock-ups to explore directions more deeply, or build realistic

prototypes to validate designs. Figma Design is where all of this happens.

Designers at this stage want the freedom to rapidly explore concepts and express their ideas fully without

being constrained by the tools they're using. This is why Figma Design offers a wide range of features

that make it possible to visualize ideas with high fidelity, including typography features or vector editing

capabilities that add texture and dimension to designs. In some cases, designers want to make more

detailed, finer edits to key assets in their design, like icons and product illustrations. For these users,

we've created Figma Draw, which is a dedicated space for vector editing within Figma Design.

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![openerfigmadraw.jpg](openerfigmadraw.jpg)

To facilitate rapid exploration and iteration at this stage, these tools have a strong focus on ergonomics

and efficiency. Our AI features are examples of this. By automating tedious, repetitive tasks like removing

backgrounds from images or renaming layers in the design, or filling the mock-ups with realistic content to

more closely resemble the final product that ends up in users' hands (rather than *lorem ipsum*, for

example). First Draft is an AI feature that allows users to go from blank canvas to editable user interfaces

with a simple prompt.

As designs begin to solidify, designers also seek to add more structure to the design that better maps to

the constraints and requirements of a production environment. Figma Design offers a rich set of "design

systems" features in service of this: capabilities that allow teams to define flexible, reusable building

blocks that make it easy for anyone to assemble a design without ever starting from scratch. We've found

that teams are motivated to invest deeply in design systems, as their primary benefit is creating efficiency

and consistency at scale. Teams save time by no longer needing to constantly worry about pixel-level

details, and design systems help remove translation errors between designers and developers by sharing

the same building blocks and language across design and code.

More often than not, though, a static visualization of an idea isn't enough to validate a direction. That's

why users take advantage of Figma's rich prototyping capabilities, which let users string together different

screens into a dynamic, interactive flow. These prototypes are often circulated within an organization to

socialize an idea or put in front of customers in user testing to validate a particular concept in a more

realistic way.

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Build with Dev Mode

![a018-devxmode.jpg](a018-devxmode.jpg)

Once the designs are ready, it's time to translate them into code. Dev Mode is our dedicated space for

developers where this translation occurs, built to streamline the back and forth between design and

engineering and reduce the miscommunication that often happens during this step.

In Dev Mode, developers can inspect the designs to see key details most relevant to them, like special

annotations left by designers, documentation about the components used, or what's changed since they

last saw the design.

Importantly, developers can choose to view these designs in the format they understand most: code. Dev

Mode generates platform-specific, ready-to-use code from the designs that developers can directly copy;

teams can also connect their design systems to their codebase via Code Connect which helps ensure the

code snippets developers see are correct, familiar, and production-ready.

Recently, we've also added our own MCP server to Dev Mode, which allows developers to connect an

agent in their code editor directly to designs in Figma. Developers can ask the agent to inspect the design

and use this context to convert it into working code in their codebase.

A traditional design-to-development handoff process often involves a spec or document that can quickly

get outdated as teams continue to iterate on designs. One of Dev Mode's key value propositions is

allowing designers, developers, and even agents to work in the very same file while giving each a

different view of the work tailored to their respective needs. This helps maintain a single source of truth

that literally keeps everyone on the same page.

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Ship with Figma Sites, promote in Figma Buzz

![a019-figmaxsites.jpg](a019-figmaxsites.jpg)

The last step of any product development process is shipping the code that's been written to production,

to get your product launched. Figma Sites represents our first offering that ships a design directly to

production, by allowing you to publish a design as a working website, with a URL of your choice, that

anyone in the world can access.

Figma Sites includes features that help make designs production-ready for the web, like breakpoints that

make websites responsive across different window sizes and devices. It also supports the ability to

augment designs with code (via a feature called code layers) to help make more powerful, dynamic

experiences, like adding special motion effects or an interactive form, that would otherwise have been

impossible to build with just a design tool. Figma Sites also includes a CMS that makes it easy for anyone

to make changes to the content on a website, like a blog post or the price of an item being sold on the

site, without worrying about breaking the underlying code or design.

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![a021-figmaxbuzz.jpg](a021-figmaxbuzz.jpg)

Once a product has been shipped to production, the last step is to actually promote it, to ensure existing

and prospective users are aware of the value of what's launched. This is where Figma Buzz comes in —

a tool that makes it easy to create on-brand marketing collateral, like social media assets, digital ads, and

more.

Similar to Figma Slides and FigJam, Figma Buzz is designed for users of any skill level. Figma Buzz

makes iteasy to take a template and edit its contents, or create assets in bulk from templates (e.g., for

multiple locales or different social media platforms). The product simplifies the collaboration between a

brand designer and a marketer. Designers are able to access the more sophisticated tools necessary to

set up a beautiful template, while marketers can make edits to the simpler view of the content without

worrying about "messing up" the design. In addition to these template capabilities, Figma Buzz has a slew

of other features that marketers may need, like AI features to edit text and images, or easy ways to

generate hundreds of assets from data in a spreadsheet.

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Ideate, visualize, build, and ship — all at once, with Figma Make

![a020-figmaxmake.jpg](a020-figmaxmake.jpg)

We believe AI is fundamentally transforming the product development process by making it possible for

anyone to quickly turn an idea into a functional prototype, or in some cases, a working product. Figma

Make is our product for this new paradigm.

Instead of going from idea to wireframe to mock-up to prototype iteratively, Figma Make lets users go

directly from prompt to working prototype, at which point they can immediately validate an idea and

choose to iterate on it, or discard it altogether. Like Figma Sites, what's created in Figma Make —

whether it is a dynamic prototype or web app — can be published to a URL for anyone to use.

While it's possible for AI to get to working software with a simple prompt, we believe that the most

important differentiator is craft — ensuring that the product looks, feels, and works "just right." We've

designed Figma Make to offer fast and powerful ways to iterate and refine its output. Users are free to

use the best way to improve the design of their product, whether via further prompting, editing code

directly, or visual manipulation. They are also able to easily reference their designs in Figma Design (via

copy-paste or importing) to ensure the output feels consistent and familiar, taking heavy inspiration from

existing styles and patterns.

With Figma Make, we believe even more people will be able to create functional, dynamic prototypes and

software, as it lowers the floor to let absolutely anyone transform their idea into something that works. At

the same time, it raises the ceiling of what's possible by giving people access to capabilities that weren't

possible in their current tools, whether that's allowing designers to tap into the power and expressiveness

of code, or allowing developers to enjoy the freedom and speed of visual manipulation.

The benefits of combining rapid prototyping with a highly performant and sophisticated design tool give

users the best of both worlds: the ability to move quickly while having access to the tools needed to refine

the design.

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An integrated design and product development platform

These products come together to serve more parts of the software development lifecycle and truly push

something from an idea all the way to a final product. With these products, Figma has become a design

and product development platform that houses everything from the initial brainstorm to the pitch deck to

the design spec to the final implementation.

Underlying each of our products is the same DNA that makes them uniquely Figma. Each of these

products is built from the ground up with multiplayer in mind — built for the browser with the power of

WebGL to allow our users to engage in real-time collaboration and seamless sharing as team members

work simultaneously in the same document. Each of these products is supercharged with AI capabilities

— ranging from automating rote tasks (like summarizing brainstorms, wiring up prototypes, enhancing

images, or filling mock content) to unlocking new superpowers (like dreaming up brand new designs from

a singular prompt). Each of these products allows for seamless interoperability — making it possible to

allow content to move fluidly between products and modes, or for different personas to have views of the

same content that are tailored to their needs and roles. And all of them are built with extensibility in mind

— allowing our users to leverage our APIs and plugin architecture to customize their experience to their

specific needs, like connecting designs to their own tools, databases, and codebases.

As we've built out these new tools, we've simultaneously invested in our platform infrastructure, giving us

the ability to incubate, test, and launch new products more easily. While our primary focus will remain on

product teams building software, we believe we have the ingredients needed to explore adjacencies over

time.

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## Our Community
We exist to serve anyone designing and building products and digital experiences. Customers of all sizes,

spanning industries and geographies, bring their work to life in Figma.

We have focused on creating deep ties with our users and customers since day one. In Figma's early

days, this meant our founders making house-calls to customers' offices to troubleshoot a product issue; or

traveling to Nigeria to visit a growing group of Figma users. Our deep community focus has helped fuel

the creation of more than 200 Friends of Figma chapters across the world — from Lagos to Los Angeles

— that organized over 650 events in 2024. Together, they share and collaborate on work, either in person

or virtually on Figma's Community resources platform. Many spend hours a day in our products as part of

their day jobs and side hustles. Some even get Figma tattoos.

![a00_our-community.jpg](a00_our-community.jpg)

We engage with our community through in-person and virtual touchpoints. Config — our annual

conference that started in 2020 — brings thousands of designers, developers, and product teams to San

Francisco to meet, learn, and get inspired. Our always-on programming, like product livestreams,

community meetups, and our leadership collective events, engage a broad range of customers from

students to executive leaders. And our lively product forums, social channels, and hundreds of Friends of

Figma chapters around the world create active dialogue around our products and provide a peer network

for support.

We know how unique it is for a software company to have such a strong and passionate community

championing its products. This vast, growing, and global community has a deep shared identity as

designers and product builders. Their voices are essential to our own product development process,

pushing the bounds of our existing products and inspiring us to make new ones.

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We believe building for and with our users drives revenue and long-term loyalty. The close ties we have

developed with our community since day one have opened lines of communication ingrained in how we

work, helping us respond quickly to customer feedback and innovate for customer needs.

Our Culture

The Figma team (we call ourselves Figmates) is a group of builders, makers, and tinkerers with deep

connections to our users and a passion for building and shipping. We are able to attract incredible talent

because we have the opportunity to shape how teams around the world design and build products.

We feed this maker spirit in many ways including an annual company-wide Maker Week — a full week we

set aside for Figmates to pitch, develop, and execute on new ideas or projects with one another. The only

requirement is that the ideas benefit Figma in some way. A number of products, features, and projects

were born during Maker Week such as Figma Slides, multi-edit, several FigJam features, and our

extensibility API. As these examples show, great ideas can come from anywhere, and any Figmate can

drive impact, regardless of their level or tenure. We find this way of working makes our culture unique and

helps us attract and retain employees with builder DNA.

![a00_our-culture.jpg](a00_our-culture.jpg)

We drive Figma's culture by embedding our five cultural values into how we work day to day. These

values serve as an operating system for decision-making and organizational behavior. We chose them to

be in tension with one another and their relative importance varies at different times. Taken together, they

paint a clear picture of what we value and why.

1.**Build Community:** We're multiplayer people, and we love the weird, wonderful magic that

happens when humans connect. We bring people together so they can bring new ideas to life.

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2.**Love Your Craft:** We build for builders, and try to make complex things feel simple. In our

products and process, we invest in the details few people see, but everyone feels.

3.**Run With It:** When you see something that needs doing, do it. When you have a great idea, run

with it. Tackle big, scary, exciting challenges like Figma's future depends on it. Because it does.

4.**Grow As You Go:** Everyone's a work-in-progress, and we're here to help each other grow. So

along with ❤ and , we share the direct feedback we all need to become great at what we do.

![prosum3b.jpg](prosum3b.jpg)

5.**Play:** Playing is learning. We embrace spontaneous, unstructured exploration — because that's

where we find our best ideas.

Lastly, in line with our Grow As You Go value, listening to feedback across every touchpoint with users

and customers is deeply embedded in our culture and how we work.

## Our Business Model
Our subscription model is designed to meet the diverse and evolving needs of our growing community

and customer base. Access to Figma is sold as an annual or monthly subscription, per seat. Everyone

from independent freelancers to entire product teams at Fortune 500 companies design and build

products and digital experiences in Figma. We offer different seats and plans tailored to the specific

security, product, and administrative needs of different users, organizations, and industries.

To meet our users where they are, we offer a variety of ways to try, use, and purchase Figma.

• We have an automated and highly efficient self-service option, available through Figma.com. To

support our self-serve offering, our marketing team utilizes organic and paid channels to drive

awareness and usage of all of our products.

• We have a direct sales process through which we partner with customers to set up new accounts,

upgrade customers across plans, and expand existing accounts.

Plans

Our plans range from a more limited free offering to more advanced plans built in partnership with our

customers that meet the specific needs of the larger organizations using our platform.

• Our **Starter plan** is free and is designed for working on personal projects. It provides an easy

way for new users to try our design and collaboration tools.

• Our **Professional plan** is designed for individuals and small teams. It provides access to

unlimited files and projects, as well as design libraries for a single team.

• Our **Organization plan** is designed for businesses with multiple teams. The functionality on this

plan allows everyone to collaborate in one Figma workspace while keeping everything safe and

secure with centralized admin and security features.

• Our **Enterprise plan** is designed for businesses managing multiple products or brands. This plan

provides custom team workspaces, automated design system management, and enterprise-level

controls and compliance.

<sup>(11)</sup> The Content seat was announced in May 2025 and is not yet available. Figma Sites CMS is currently in beta and seat access

may change once it becomes generally available.

<sup>(12)</sup> Figma Make, Figma Buzz, Figma Draw, and Figma Sites are currently in beta. Seat access with respect to these products may

change once they become generally available.

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Seats

Rather than a one-size-fits all approach, we offer different seats tailored to specific user needs and

workflows. At the same time, we also see roles continuing to blur as the product-development process

keeps evolving.

• The **Viewer seat** allows users to view files and leave comments for free.

• The **Collab seat** gives access to FigJam and Figma Slides.

• The **Content seat** gives access to Figma Buzz, Figma Sites CMS, FigJam, and Figma Slides.<sup>11</sup>

• The **Dev seat** gives access to Dev Mode, in addition to Figma Buzz, Figma Sites CMS, FigJam,

and Figma Slides.

• The **Full seat** gives access to all of Figma Design, Figma Draw, Figma Make, Dev Mode, Figma

Buzz, Figma Sites, FigJam, and Figma Slides.<sup>12</sup>

![a012-seats.jpg](a012-seats.jpg)

Over time, we expect to introduce products and services that may be billed differently than on a per seat

basis, such as an add-on or pricing with limits on feature usage. We believe these additional options can

provide users with flexibility in how they use and pay for products and features. We also expect that this

type of billing may be less predictable than subscription-based revenue.

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![pricing.jpg](pricing.jpg)

Our Go-To-Market Motion

The combination of Figma's reputation as a product design leader, the product virality inherent to Figma's

collaborative and browser-based platform, and our integrated marketing efforts have successfully driven

awareness and adoption. Over time, many of our users grow with us into larger, managed accounts that

often include more seats and more products for users within their organizations. During each of the year

ended December 31, 2024 and the three months ended March 31, 2025, approximately 70% of new

Organization and Enterprise plan customers included at least one user who was previously a member of

a Professional plan.

The value Figma's products have created for our community has helped us earn their trust and support.

It's not uncommon for Figma users, particularly those who are active members of our community, to

champion the collaborative, design-led way of working that Figma offers to their teams.

While our product-led, bottoms-up adoption contributes to our growth, our direct sales motion helps us

serve larger customers. Our global sales and marketing teams work hand-in-hand with Figma's

expanding network of customer champions to scale our products within organizations and increase

adoption across plans. In addition to word-of-mouth, our marketing efforts include a variety of digital and

in-person channels that bring new users to our platform. We support new users in the discovery phase by

sharing content across channels like livestreams, YouTube, social media, in-product, and by email. These

resources help new users explore and understand the capabilities of our products.

Our integrated sales motion is collaborative by design, bringing both customer champions and Figmates

with deep product expertise into the conversation. Our sales team works closely with solutions

consultants, who understand how Figma's products map to specific customer needs, and designer and

developer advocates with deep technical understanding of our products and close ties to the communities

we serve. While approximately 70% of our revenue for each of the year ended December 31, 2024 and

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the three months ended March 31, 2025, came from customers on Organization and Enterprise plans, we

continue to build features and products designed to create value for all of our customers.

We believe exceptional customer support is core to a great product experience. This is why we have built

a global support function that provides customer assistance in multiple languages for all paid users. We

encourage all Figmates, including our executive team, to speak with customers and understand their

feedback, whether it's in person or online. You'll often see leaders across the company dive into and work

to actively resolve customer issues raised in support forums or on social platforms. Our customer support

associates also use the latest in AI to solve customer needs quickly and efficiently.

Figma's partner ecosystem, which includes product integrations and distribution partnerships, drives

further retention and adoption of our platform. Through collaborations with companies like Microsoft,

Atlassian, Zoom, Notion, and Linear, and integrations with tools like GitHub, Visual Studio Code, and

Storybook, users are connected to Figma from within their existing workflows. These partnerships

generate awareness and cultivate lasting engagement. Certified service partners around the globe also

provide training, enablement, and specific project support for customers. Additionally, Apple, Google

Material Design and other organizations make their design resources available natively through Figma's

user interfaces to facilitate users designing and developing for their respective platforms.

From the beginning, Figma's Professional plan has been free for educators and students through our

Figma for Education program. This includes higher education institutions, bootcamps, and workshops. We

also make Figma's Organization plan available for free for K-12 students and educators to help develop

the next generation of product builders.

![a024-goxtoxmarket.jpg](a024-goxtoxmarket.jpg)

![customercasestudies1d.jpg](customercasestudies1d.jpg)

![customercasestudies2d.jpg](customercasestudies2d.jpg)

![customercasestudies3f.jpg](customercasestudies3f.jpg)

![customercasestudies4e.jpg](customercasestudies4e.jpg)

![customercasestudies5e.jpg](customercasestudies5e.jpg)

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Growth Strategy

We have focused on building a company for the long-term since day one. We will keep investing in our

platform across our key growth levers.

• **Maintaining our rapid and proven pace of product innovation:** Since launching our core

product Figma Design in 2015, we have expanded our platform to serve more parts of the product

development process with FigJam, Figma Slides, Figma Draw, Figma Make, Dev Mode, Figma

Sites, and Figma Buzz. We've also integrated AI functionality extensively across our platform—

from standalone products like Figma Make to native AI features that automate rote, repetitive

tasks in FigJam and Figma Design, to our Dev Mode MCP server, which allows developers to

bring context from Figma into agentic coding tools, resulting in a more efficient and accurate

design-to-code workflow.

We have also added powerful features and functionality within existing products like widgets and

improved diagramming in FigJam; auto layout, grids, multi-edit, variables, and interactive

components in Figma Design; Code Connect, annotations, and status updates in Dev Mode; as

well as object animations and video capabilities, and code layers to bring AI into Figma Sites. In

2024 alone, we shipped 180 new features and updates. At the same time, we have worked to

improve the speed, reliability, and overall performance of our underlying infrastructure.For

example, we improved the median load time for the largest files on our platform by approximately

45% between the quarters ended March 31, 2023 and March 31, 2025. Our proven pace of

innovation and commitment to continuous improvement help our customers do even more, faster

in Figma.

Approximately 46% of employees were in research and development as of March 31, 2025. We

will continue investing significantly in our platform and team so that we can continue to deliver

new products and capabilities to customers.

• **Converting new and existing users into Paid Customers:** We believe companies of all sizes

need to interact with their customers through software and other digital products to stay

competitive. Customers are building apps and websites, and in many cases their entire digital

relationship with their customers in Figma. Companies have also used Figma to design and build

internal software applications and tools for frontline employees, in-office knowledge workers, and

everyone in between.

Our range of plans offer options for all types of users, including a free Starter plan. We also have

a free offering for students and educators. Our Starter plan makes it easy for anyone to quickly

get started with Figma and experience the benefits of our platform. More advanced functionality is

available on our paid plans, including features like shared libraries and custom workspaces.

These features are designed to meet the specific and complex needs of teams, creating a

compelling reason for our free users to convert into paying customers.

• **Growing within current customers:** Figma's user base grew organically as more people began

to participate in the design and broader product development process. We have also been able to

grow and expand within our existing customer base by introducing new products that meet

specific user needs and serve different parts of the product development process. For example,

while developers made up a large portion of Figma's user base since the beginning, we knew that

Figma was not fully meeting their needs. In response, we built Dev Mode, which is tailor-made for

developer audiences and built with their specific ways of working in mind. Marketers have long

used Figma, and we introduced Figma Buzz to allow them to create on-brand assets at scale.

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Our Net Dollar Retention Rate of 132% as of March 31, 2025 shows the natural expansion of our

platform and the adoption of new products by our customers. While 78% of the Forbes Global

2000 used Figma in March 2025, only 24% spend more than $100,000 in ARR on Figma as of

March 31, 2025. This represents a significant opportunity for growth moving forward.

• **Extending our platform:** We continue to invest in the extensibility of Figma's platform as a way

to create more value for our users. In 2019, we introduced the ability to build plugins in Figma

Design that help teams fully connect their workflows, bring in real data, and accelerate their

design process. In 2021, we expanded this plugin capability to FigJam, along with the ability to

build custom interactive widgets that enable collaborative and interactive experiences, like voting,

polls, and on-canvas games. In 2025, we made plugins available for Figma Slides. Our

Community platform invites Figma users to share and use widgets and plugins that help extend

the power and functionality of Figma. And we have a number of product integrations that make

users' workflows more seamless and in line with their needs.

• **Expanding our international footprint:** Our business has been global from the start. During the

three months ended March 31, 2025, approximately 85% of our monthly active users were based

outside of the United States but only 53% of our revenue came from non-U.S. markets during the

same period, which we believe represents an opportunity for us to continue to drive growth and

expansion. As of March 31, 2025, our product is currently available in English, Japanese,

Spanish, Korean, and Portuguese; we accept five currencies; our marketing and support

channels are available in six languages; and we had nine offices in seven countries, with local

staff spread across 13 countries and five continents. We will continue to invest in localizing our

products and in our international operations to meet our customers where they are.

• **Making strategic acquisitions and investments:** We have made more than ten acquisitions

since Figma's founding. Our corporate development framework evaluates opportunities from

small acqui-hires to scaled product acquisitions. We have a history of integrating our acquisitions

to accelerate growth. For example, an acquisition we made in 2021 seeded the team that built

Dev Mode. We will build on our track record of integrating teams to accelerate our roadmap and

to expand our platform.

We also created Figma Ventures as a way to invest in teams building incredible products. In

addition to supporting great companies, we believe that Figma Ventures can help grow the

broader ecosystem and allows us to learn about new tools and ways of working, continuing to

push how we can partner with these companies. As of March 31, 2025, Figma Ventures had

invested in 18 companies.

Security, Privacy, and Data Protection

We have worked hard to build deep ties and trust with our users, and we invest significant time and

resources to protect the privacy and security of our customers' data.

Security

We devote considerable resources to our security program so that organizations on our platform have

confidence in our custodianship of their data. Our security program is regularly audited by qualified

independent external auditors against recognized audit standards such as ISO 27001 and SOC 2 Type II

(each defined below), as well as by the organizations on our platform.

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Our security program consists of the following:

• organizational security including personnel security, security and privacy training, a team of

dedicated security professionals, policies and standards, separation of duties, regular audits,

compliance activities, and third-party assessments;

• secure-by-design principles by which we assess the security risk of each software development

project according to our secure development lifecycle and create a set of requirements that must

be met before the resulting change may be released to production; and

• a public bug bounty program to facilitate responsible disclosure of potential security vulnerabilities

identified by external researchers and reward them for their verified findings.

The focus of our security program is to prevent unauthorized access to the data of organizations on our

platform. Our team of security practitioners, working in partnership with peers across Figma, work to

identify and mitigate risks, implement best practices, and continue to evaluate ways to improve. These

steps include data encryption in transit and storage, network security, classifying and inventorying data,

limiting and authorizing access controls, and multi-factor authentication for access to systems used to

provide our platform to customers. We also employ regular system monitoring, logging, and alerting to

retain and analyze the security state of our technology infrastructure.

In addition, our security program has achieved several internationally-recognized certifications and

industry standard audited attestations of our security controls and maintains a number of compliance

programs.

The International Organization for Standardization ("ISO") has developed a series of standards for

information security and related areas, and we have received the following ISO certifications:

• ISO/IEC 27001 (Information Security Management);

• ISO/IEC 27701 (Privacy Information Management);

• ISO/IEC 27017 (Security Controls for the Provisions and Use of Cloud Services); and

• ISO/IEC 27018 (Protection of Personally Identifiable Information).

Service Organization Controls ("SOC") are standards established by the American Institute of Certified

Public Accountants for reporting on internal control environments implemented within an organization. We

have completed SOC 2 and SOC 3 examinations.

We are a member of the Cloud Security Alliance (the "CSA"). The CSA Security, Trust, Assurance, and

Risk Registry (the "STAR") is a publicly-accessible registry that offers a security assurance program for

cloud services, helping organizations assess the security posture of cloud providers they currently use or

are considering using. We meet the requirements of the STAR Level 1 Self-Assessment.

FedRAMP is a U.S. government program that provides a standardized approach to security assessment,

authorization, and continuous monitoring for cloud products and services and allows federal agencies to

accelerate cloud adoption initiatives. We have achieved a FedRAMP Authority to Operate at the

moderate impact level, issued by the General Services Administration, for our Figma for Government

offering.

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Privacy and Data Protection

The privacy and protection of customer and employee data is important to our platform's continued

growth and success. Privacy is a shared responsibility among all our employees, but we also have a

dedicated privacy team that builds and executes on our privacy program, including the management of

data protection impact assessments, and periodic privacy and security training for our employees. Our

privacy, security, and legal teams work together to conduct product and feature reviews, data inventory,

and support for data protection and privacy-related requests.

We receive, store, process, share, and transfer personal data from individuals including our employees,

customers, and the employees of our customers and third-party vendors including payment card

information. We are therefore subject to U.S. (federal, state, local) and international laws and regulations,

including in the EEA and the UK, regarding data privacy, security, and our use of such data.

In relation to Figma Design and FigJam, we certify ourselves against Level 2 of the EU Cloud Code of

Conduct, and our assessment report is available for download on both the EU Cloud Code of Conduct

Registry and CSA STAR Registry. The EU Cloud Code of Conduct translates GDPR requirements into

practical guidelines for Cloud Service Providers, offering cloud-specific approaches, recommendations,

and a roadmap that aligns with GDPR and international standards like ISO 27001 and ISO 27018. We

also maintain a self-certification under the EU-US DPF, the UK Extension to the EU-US DPF, and Swiss-

US Data Privacy Framework and also put in place the SCCs and/or the UK Information Commissioner's

Officer's Addendum to the SCCs as required for the transfer of personal data.

Our Employees

As of March 31, 2025, we had a total of 1,646 Figmates, a substantial majority of whom work in the

United States, in addition to employees working in Australia, Canada, Japan, Singapore, the UK, France,

Germany, and other locations across Europe. To our knowledge, none of our employees are currently

represented by a labor union. In certain countries in which we operate, we are subject to, and comply

with, local labor law requirements which may automatically make our employees subject to industry-wide

collective bargaining agreements. We supplement our workforce with contractors and consultants. We

have not experienced any work stoppages.

Figma has invested substantial time and resources into building a highly-talented team. Our success is

highly dependent on our management and employees, and it is crucial that we continue to attract and

retain top talent. To facilitate the attraction and retention of top talent, we strive to make Figma a place

where everyone can do their best work, with opportunities for our employees to grow and develop in their

careers.

Competition

Our industry is growing, highly competitive, and rapidly evolving. Our platform addresses a broad range of

needs for designing and building software. We face competition from a number of companies. This

ranges from companies that cater to multiple stages of the design and development process to point tools

that address specific parts of the process but can expand to cover more. Our competitive set also

includes design-to-code and AI-driven companies and tools that compress or accelerate steps in the

workflow or take a different approach to building digital experiences, as well as customized or internal

solutions used by our customers or potential customers.

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We believe that the principal competitive factors in our industry include:

• breadth of platform and product offerings;

• ease of deployment and use of applications;

• ability to collaborate with other users;

• product features, quality, and functionality;

• ability to automate processes;

• ability to integrate with other applications and systems;

• capability for customization, configurability, integration, security, compliance, scalability, and

reliability of applications and solutions;

• vision for the market;

• speed and consistency of product innovation;

• size of customer base and level of user adoption;

• pricing and total cost of ownership;

• strength of sales and marketing efforts;

• brand awareness and reputation;

• an engaged global community of users; and

• customer experience, including support.

We believe we compete favorably with our competitors on the basis of the factors described above.

Intellectual Property

Our intellectual property is an important aspect of our business and helps us to maintain our competitive

position. To establish and protect our rights in our proprietary technology, we rely on a combination of

patent, copyright, trade secret, and trademark laws, and contractual restrictions such as confidentiality

agreements, licenses, and intellectual property assignment agreements.

As of March 31, 2025, we owned the following issued patents and patent applications related to the

business: 15 issued U.S. patents, 64U.S. patent applications, and 62 non-U.S. pending patent

applications. Our issued U.S. patents, and any patents that may issue from our pending U.S. patent

applications, are scheduled or likely to expire at dates ranging between 2034 and 2044, which may

exclude any additional term for patent term adjustments or extensions. To protect our brand, as of March

31, 2025, we owned a trademark portfolio comprised of 89 registered trademarks and 16 trademark

applications pending with filings in 27 countries, Hong Kong, and the EU. Finally, we have registered

domain names for websites that we use or hold for use in our business, including our primary website

www.figma.com.

Figma controls access to our intellectual property and confidential information through internal and

external controls. We maintain a policy requiring our employees, contractors, consultants, and other third

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parties to enter into confidentiality and proprietary rights agreements. These agreements control access

to, use of, and non-disclosure of, our proprietary information. No assurance can be given that these

agreements will be effective in controlling access to, and non-disclosure and use of, our proprietary

information. We intend to pursue additional intellectual property protection to the extent we believe it

would be beneficial and cost effective. Despite our efforts to protect our intellectual property rights, they

may not be sufficient, effective, or respected in the future, or may be circumvented or challenged, which

could result in such rights being narrowed in scope or declared invalid or unenforceable. In addition, the

laws of various foreign countries where our products are distributed may not protect our intellectual

property rights to the same extent as laws in the United States.

Regulatory Matters

We are subject to the laws and regulations of various jurisdictions and governmental agencies affecting

our operations and the sale of our platform in areas including, but not limited to: intellectual property; data

privacy and security requirements; AI; tax; import and export controls; anti-bribery and corruption;

economic and trade sanctions; national security and foreign investment; competition; advertising;

employment; product regulations; and consumer laws.

See the section titled "Risk Factors" for additional information regarding risks we face related to regulatory

matters.

Facilities

We are headquartered in San Francisco, California, where we occupy approximately 98,000 square feet

of office space pursuant to a lease that is expected to expire in 2028, subject to the terms thereof. We

also lease or purchase service memberships to additional facilities in New York, New York; London, U.K.;

Berlin, Germany; Tokyo, Japan; Paris, France; Singapore; Seattle, Washington; and Sydney, Australia.

These offices are leased and we do not own any real property.

We believe that our current facilities are adequate to meet our current needs and that, should it be

needed, suitable additional or alternative space will be available to accommodate our operations.

Legal Proceedings

We are not currently a party to any material pending legal proceedings, including unresolved regulatory

investigations and inquiries. From time to time, we may be subject to legal proceedings and claims arising

in the ordinary course of business. The results of any current or future litigation cannot be predicted with

certainty, and regardless of the outcome, litigation can have an adverse impact on us because of defense

and settlement costs, diversion of management resources, and other factors.

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Management

## Executive Officers and Non-Employee
Directors

The following table provides information regarding our executive officers and non-employee directors as

of July 1, 2025:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| ***Executive Officers:*** |  |  |
| Dylan Field......................................... | 33 | Chair of our Board of Directors, Chief Executive Officer, <br>and President<br>|
| Praveer Melwani................................ | 35 | Chief Financial Officer and Treasurer |
| Brendan Mulligan.............................. | 42 | General Counsel and Secretary |
| Kris Rasmussen................................ | 42 | Chief Technology Officer |
| Shaunt Voskanian............................. | 42 | Chief Revenue Officer |
| ***Non-Employee Directors:*** |  |  |
| Mamoon Hamid<sup>(1)(2)</sup>........................... | 47 | Director |
| Kelly A. Kramer<sup>(1)(2)</sup>........................... | 57 | Director |
| John Lilly<sup>(1)(3)(4)</sup>................................... | 54 | Director |
| William R. McDermott ...................... | 63 | Director |
| Andrew Reed<sup>(3)</sup>.................................. | 35 | Director |
| Danny Rimer<sup>(2)(3)</sup>................................ | 54 | Director |
| Lynn Vojvodich Radakovich<sup>(1)(2)</sup>...... | 57 | Director |

---

__________________

(1)Member of the audit committee.

(2)Member of the compensation committee.

(3)Member of the nominating and corporate governance committee.

(4)Lead independent director.

Executive Officers

***Dylan Field*** is our Co-Founder and has served as our Chief Executive Officer, President, and a member

of our Board of Directors since October 2012, and Chair of our Board of Directors since April 2025. Mr.

Field attended Brown University for two and a half years before accepting a Thiel Fellowship to pursue

entrepreneurial projects. We believe Mr. Field is qualified to serve as a member of our Board of Directors

because of his operational expertise, industry knowledge, leadership, and the continuity that he brings to

our Board of Directors as our Co-Founder, Chief Executive Officer, and President.

***Praveer Melwani*** has served as our Chief Financial Officer since March 2022 and Treasurer since

February 2024. Mr. Melwani previously served as our Head of Business Operations and Finance from

July 2017 to March 2022. Mr. Melwani previously held positions in Business Operations at NerdWallet,

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Inc., a financial technology company, from September 2016 to June 2017, in Strategic Finance at

Dropbox, Inc., a cloud-based data technology platform, from February 2014 to September 2016, and in

investment banking at Union Square Advisors, an investment bank, from July 2012 to January 2014. Mr.

Melwani holds a B.A. in Business Administration from Ivey Business School at Western University.

***Brendan Mulligan*** has served as our General Counsel and Secretary since February 2024. Mr. Mulligan

previously served as our VP of Legal from April 2022 to January 2024 and as our Director of Legal from

July 2019 to March 2022. Prior to that, Mr. Mulligan held legal positions of increasing responsibility at

Uber Technologies, Inc., a technology platform company, from September 2014 to July 2019. From

November 2010 to September 2014, Mr. Mulligan served as an Associate at Morrison & Foerster LLP, a

global law firm. Mr. Mulligan holds a J.D. from Columbia Law School and a B.S. in Animal Physiology and

Neuroscience from the University of California, San Diego.

***Kris Rasmussen*** has served as our Chief Technology Officer since March 2022. Mr. Rasmussen

previously served as our Vice President of Engineering from April 2017 to March 2022. Prior to that, Mr.

Rasmussen served as an Engineering Lead at Asana, Inc., a software development company, from April

2010 to June 2013, as Co-Founder of RivalSoft Inc., a business-to-business mobile application company,

from February 2007 to June 2010 and as Chief Architect at Aptana, Inc., a web application company,

from August 2008 to April 2010. Mr. Rasmussen holds a B.A. in Computer Science from the University of

California, Los Angeles.

***Shaunt Voskanian*** has served as our Chief Revenue Officer since October 2021. From January 2018 to

October 2021, Mr. Voskanian served in various sales leadership roles at Datadog, Inc., a cloud

technology company, including as Senior Vice President of Global Sales from January 2021 to October

2021, Vice President of Sales, America and EMEA, from January 2020 to January 2021, and as Vice

President of Sales, Americas, from January 2018 to January 2020. From August 2014 to January 2018,

Mr. Voskanian served in various sales roles at Oracle Corporation, a computer technology company. His

prior experience also includes sales roles at Google Inc., a technology company, Citrix Systems, Inc., a

computer technology company, and Experian plc, a data analytics and consumer credit reporting

company. Mr. Voskanian holds a B.S. in Communications from Boston University.

Non-Employee Directors

***Mamoon Hamid*** has served as a member of our Board of Directors since December 2017. Mr. Hamid

has served as a Managing Member at Kleiner Perkins, a venture capital firm, since August 2017. Prior to

joining Kleiner Perkins, Mr. Hamid was Co-Founder and General Partner at Social Capital LP, a venture

capital fund, from October 2011 to August 2017. He currently serves on the boards of directors of several

privately held companies. Mr. Hamid holds a B.Sc. in Electrical and Computer Engineering from Purdue

University, an M.Sc. in Management Science & Engineering from Stanford University, and an M.B.A. from

Harvard Business School. We believe Mr. Hamid is qualified to serve as a member of our Board of

Directors because of his extensive experience in the technology and venture capital fields, including his

experience as a director of several privately held companies in the technology industry.

***Kelly A. Kramer*** has served as a member of our Board of Directors since December 2021. From January

2015 to December 2020, Ms. Kramer served as Executive Vice President & Chief Financial Officer of

Cisco Systems, Inc. ("Cisco"), a technology company, where she previously served in finance roles of

increasing responsibility from January 2012 to January 2015. From February 2002 to February 2012, Ms.

Kramer served in various finance roles at GE Healthcare Systems, including as Vice President & Chief

Financial Officer, as well as in various finance roles at GE Healthcare Diagnostic Imaging and GE

Healthcare Biosciences, all divisions of General Electric Company, a multinational conglomerate focusing

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on aviation, power, renewable energy, and digital industry. Ms. Kramer also has served on the boards of

directors of Coinbase Global, Inc., a technology company, since December 2020, Snowflake, Inc., a

cloud-data platform company, since January 2020, and Gilead Sciences, Inc., a biopharmaceutical

company, since August 2016. Ms. Kramer holds a B.S. in Mathematics from Purdue University. We

believe Ms. Kramer is qualified to serve as a member of our Board of Directors because of her extensive

financial and management experience.

***John Lilly*** has served as a member of our Board of Directors since December 2014. Mr. Lilly has served

as a General Partner and Venture Partner at Greylock Partners, a venture capital firm, since January

2011. Prior to joining Greylock Partners, Mr. Lilly held roles of increasing seniority at the Mozilla

Corporation, a technology company, from 2005 to 2010, including as Chief Executive Officer from

January 2008 to December 2010. Prior to joining Mozilla Corporation, he co-founded and held executive

leadership positions at Reactivity, a software company acquired by Cisco in August 2007. Previously, he

held staff positions at Apple, Sun Microsystems, and Trilogy Software. He currently serves on the board

of directors of Duolingo, Inc., an education technology company. Mr. Lilly is also a Lecturer at Stanford's

Graduate School of Business. Mr. Lilly holds a B.Sc. in Computer Systems Engineering and an M.Sc. in

Computer Science, both from Stanford University. We believe Mr. Lilly is qualified to serve as a member

of our Board of Directors because of his executive leadership experience and extensive experience with

the venture capital and technology industries.

***William R. McDermott*** has served as a member of our Board of Directors since July 2025. Mr.

McDermott has served as Chief Executive Officer and President at ServiceNow, Inc., a public digital

workflow company ("ServiceNow"), since November 2019. Prior to joining ServiceNow, Mr. McDermott

served as Co-Chief Executive Officer from 2010 to 2014, and as sole Chief Executive Officer from May

2014 until October 2019 of SAP SE ("SAP"), a multinational software company that provides enterprise

software. Mr. McDermott joined SAP in 2002 as Chief Executive Officer of SAP America, Inc., and served

on the SAP Executive Board from 2010 until October 2019. Prior to joining SAP, Mr. McDermott served

as Executive Vice President of Worldwide Sales and Operations at Siebel CRM Systems, Inc. from 2001

to 2002 and served as President of Gartner, Inc. from 2000 to 2001. Mr. McDermott has also served on

the boards of directors of ServiceNow since November 2019, including as Chairman since October 2022,

and Zoom Communications, Inc., a cloud video communications company, since March 2022. Mr.

McDermott previously served on the boards of directors of Fisker Inc., an automotive technology

company, Under Armour, Inc., a sporting goods company, ANSYS, Inc., a provider of engineering and

simulation software and technologies, and SecureWorks Corp., a provider of intelligence-driven

information security solutions. Mr. McDermott holds a B.A. in business management from Dowling

College and an M.B.A from Northwestern University's Kellogg School of Management, and has completed

the Executive Development Program at the Wharton School of Business. We believe Mr. McDermott is

qualified to serve as a member of our Board of Directors because of his executive leadership experience,

extensive experience with publicly traded technology companies as well as his service on the boards of

directors of other publicly held companies.

***Andrew Reed*** has served as a member of our Board of Directors since February 2024. Mr. Reed has

served as a Partner at Sequoia Capital, a venture capital firm, since February 2014. Prior to joining

Sequoia, he served as an Analyst at Goldman Sachs, an investment bank, from July 2012 to February

2014. Mr. Reed also currently serves on the board of directors of several privately held companies

including Klarna Group plc, Vanta Inc., Bolt Technology OU, Strava, Inc., and others. Mr. Reed was

previously involved in Sequoia's investments in Robinhood Markets, Inc., Loom, Inc., and GitHub, Inc. Mr.

Reed holds a B.A. in Economics and Classics from Amherst College. We believe Mr. Reed is qualified to

serve as a member of our Board of Directors because of his extensive experience in the technology and

venture capital fields, including his experience as a director of several privately held companies in the

technology industry.

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***Danny Rimer*** has served as a member of our Board of Directors since December 2014. Mr. Rimer is a

Partner at Index Ventures, a venture capital firm, where he has been a Partner since March 2002. Prior to

joining Index Ventures, Mr. Rimer served as General Partner at Barksdale Group, an investment firm,

from 2000 to 2002. Mr. Rimer currently serves on the boards of directors of several privately held

companies. He previously served on the board of directors of Farfetch Limited, a publicly traded e-

commerce company, from February 2015 to August 2020, in addition to several other privately held

companies. Mr. Rimer holds a B.A. in History and Literature from Harvard University. We believe Mr.

Rimer is qualified to serve as a member of our Board of Directors because of his extensive leadership

and business experience within the venture capital and technology industries, as well as his service on

the boards of directors of other privately and publicly held companies.

***Lynn Vojvodich Radakovich*** has served as a member of our Board of Directors since December 2019.

From September 2013 to February 2017, Ms. Vojvodich Radakovich served as Executive Vice President

and Chief Marketing Officer for Salesforce, Inc., a cloud-based software company. Prior to that, from 2006

to 2016, she founded and served as Chief Executive Officer and Chair of Take3 LLC, a marketing

strategy company. From 2012 to August 2013, Ms. Vojvodich Radakovich served as a Partner at

Andreessen Horowitz, a venture capital firm. Ms. Vojvodich Radakovich has also served on the board of

directors of Dell Technologies Inc., a technology company, since April 2019, Ford Motor Company, an

automobile company, since April 2017, and Booking Holdings Inc., a travel company, since January 2016.

Ms. Vojvodich Radakovich holds a B.S in Product Design from Stanford University and an M.B.A. from

Harvard Business School. We believe Ms. Vojvodich Radakovich is qualified to serve as a member of our

Board of Directors because of her business expertise in marketing and sales, and her extensive

experience as a director of public companies.

Family Relationships

There are no family relationships among any of our executive officers or directors.

Code of Business Conduct and Ethics

Our Board of Directors has adopted a code of conduct that applies to all of our employees, officers, and

directors, including our Chief Executive Officer, Chief Financial Officer, and other executive and senior

financial officers. The full text of our code of conduct will be posted on the investor relations page on our

website. We intend to disclose any amendments to our code of conduct, or waivers of its requirements,

on our website or in filings under the Exchange Act.

Board of Directors

Our business and affairs are managed under the direction of our Board of Directors. Our Board of

Directors currently consists of eight directors. Pursuant to our restated certificate of incorporation, as

amended and currently in effect, and the amended and restated voting agreement by and among us and

other parties, dated May 15, 2024 (the "Voting Agreement"), our current directors were elected as follows:

• Mr. Field and Mr. Reed were elected by holders of our Class B common stock as the designees

nominated by certain holders of Class A common stock, Class B common stock, and options,

warrants, or other rights to acquire common stock identified as Key Holders in the Voting

Agreement;

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• Mr. Rimer was elected by holders of our Series Seed convertible preferred stock as the designee

nominated by Index Ventures;

• Mr. Lilly was elected by holders of Series A convertible preferred stock as the designee

nominated by Greylock Partners;

• Mr. Hamid was elected by holders of Series B convertible preferred stock as the designee

nominated by Kleiner Perkins; and

• Ms. Vojvodich Radakovich, Ms. Kramer and Mr. McDermott were elected as independent

directors nominated by unanimous approval of each other member of our Board of Directors.

Our Voting Agreement will terminate and the provisions of our current restated certificate of incorporation

by which our directors were elected will be amended and restated in connection with this offering and,

following this offering, these contractual obligations regarding the election of our directors will no longer

be effective. After this offering, the number of directors will be fixed by our Board of Directors, subject to

the terms of our restated certificate of incorporation and restated bylaws that will become effective

immediately prior to the completion of this offering. Each of our current directors will continue to serve as

a director until the election and qualification of their successor, or until their earlier death, resignation, or

removal.

Classified Board of Directors

Upon the completion of this offering, our Board of Directors will consist of eight members who each shall

serve for a term expiring at the next annual meeting of stockholders following their election, subject to the

rights of the holders of any preferred stock then-outstanding to elect directors. Each director's term

continues until the election and qualification of his or her successor, or his or her earlier death,

resignation, or removal.

On the date on which the voting power of all of the then-outstanding shares of our Class B common stock

represents less than a majority of the total voting power of all of the then-outstanding shares of our capital

stock (such date, the "Trigger Date"), our Board of Directors shall be divided into three classes of

directors that will serve staggered three-year terms. At each annual meeting of stockholders following the

Trigger Date, a class of directors will be elected for a three-year term to succeed the same class whose

term is then expiring. As a result, following the Trigger Date, 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. Upon the Trigger Date, the Board of Directors will be authorized to assign

directors already in office to among three classes as follows:

• Class I directors will serve terms that expire at the first annual meeting of stockholders to be held

after the Trigger Date;

• the Class II directors will serve terms that expire at the second annual meeting of stockholders to

be held after the Trigger Date; and

• the Class III directors (who will include Dylan Field pursuant to the terms of the Nominating

Agreement described below) will serve terms that expire at the third annual meeting of

stockholders to be held after the Trigger Date.

Once in effect, the classification of our Board of Directors may have the effect of delaying or preventing

changes in control of our company. See the section titled "Description of Capital Stock—Anti-Takeover

Provisions."

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Pursuant to our restated certificate of incorporation and restated bylaws that will become effective

immediately prior to the completion of this offering, upon the Trigger Date, subject to the special rights of

the holders of any preferred stock then-outstanding, only our Board of Directors may fill vacancies on our

Board of Directors. Prior to the Trigger Date, vacancies or newly created directorships may also be filled

by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares

of our capital stock.

Nominating Agreement

On , 2025, we entered into a nominating agreement (the "Nominating Agreement") with Dylan

Field, our Chair of our Board of Directors, Chief Executive Officer, and President. Pursuant to the

Nominating Agreement, we have agreed to include Mr. Field in the slate of nominees recommended by

our Board of Directors for election or re-election at each stockholder meeting following this offering, and to

include Mr. Field in the proxy statement for each such stockholder meeting. If our Board of Directors is

classified at the time of such stockholder meeting, Mr. Field is to be nominated as a Class III director. The

Nominating Agreement also provides that, subject to any limitations imposed by applicable law and our

Board of Directors' fiduciary duties to our stockholders, our Board of Directors and the Nominating and

Corporate Governance Committee of our Board of Directors will take all necessary action to recommend

in favor of Mr. Field's election or re-election as a director and to solicit proxies or consents in favor

thereof. The Nominating Agreement shall automatically terminate upon the earliest of (a) Mr. Field's

resignation as a director, (b) Mr. Field's death, (c) Mr. Field's removal from the Board of Directors for

cause by our stockholders, (d) the expiration of Mr. Field's term as director if he has given notice of his

intention not to stand for re-election, (e) the date upon which Mr. Field fails to satisfy his Minimum Class B

Share Ownership Condition (as defined below), (f) the Final Conversion Date (as defined below) and (g)

immediately prior to the sale of all or substantially all of our assets, our liquidation or dissolution, or a

merger or consolidation where our stockholders cease to hold a majority of the voting power of the

surviving entity or its parent.

Director Independence

In connection with this offering, we have applied to list our Class A common stock on the NYSE. Under

the rules of the NYSE, independent directors must comprise a majority of a listed company's board of

directors within a specified period after the completion of this offering. In addition, the rules of the NYSE

require that, subject to specified exceptions, each member of a listed company's audit, compensation,

and nominating and corporate governance committees be independent. Under the rules of the NYSE, a

director will only qualify as an "independent director" if, in the opinion of that company's board of directors,

that person does not have a relationship that would interfere with the exercise of independent judgment in

carrying out the responsibilities of a director.

Additionally, compensation committee members must not have a relationship with us that is material to

the director's ability to be independent from management in connection with the duties of a compensation

committee member.

Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the

Exchange Act. In order to be considered independent for purposes of Rule 10A-3, a member of an audit

committee of a listed company may not, other than in his or her capacity as a member of the audit

committee, the board of directors, or any other board committee: accept, directly or indirectly, any

consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or be

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an affiliated person of the listed company or any of its subsidiaries. We intend to satisfy the audit

committee independence requirements of Rule 10A-3 as of the completion of this offering.

Our Board of Directors has undertaken a review of the independence of each director and considered

whether each director has a material relationship with us that could compromise his or her ability to

exercise independent judgment in carrying out his or her responsibilities. As a result of this review, our

Board of Directors determined that each director other than Dylan Field is an "independent director" as

defined under the applicable rules and regulations of the SEC and the listing requirements and rules of

the NYSE. In making these determinations, our Board of Directors reviewed and discussed information

provided by the directors and by us with regard to each director's business and personal activities and

relationships as they may relate to us and our management, including the beneficial ownership of our

common stock by each non-employee director and the transactions involving them described in the

section titled "Certain Relationships and Related Party Transactions."

Lead Independent Director

Our Board of Directors has adopted corporate governance guidelines which will become effective upon

the effectiveness of this registration statement that provide that one of our independent directors will

serve as our lead independent director. Our Board of Directors has appointed John Lilly to serve as our

lead independent director. As lead independent director, Mr. Lilly will provide leadership to our Board of

Directors if circumstances arise in which the role of Chief Executive Officer and chair of our Board of

Directors may be, or may be perceived to be, in conflict, and perform such additional duties as our Board

of Directors may otherwise determine and delegate.

Role of Board in Risk Oversight

Risk assessment and oversight are an integral part of our governance and management processes. Our

Board of Directors encourages management to promote a culture that incorporates risk management into

our corporate strategy and day-to-day business operations. Management discusses strategic and

operational risks at regular management meetings and conducts specific strategic planning and review

sessions during the year that include a focused discussion and analysis of the risks we face. Throughout

the year, senior management reviews these risks with our Board of Directors at regular board meetings

as part of management presentations that focus on particular business functions, operations, or

strategies, and presents the steps taken by management to mitigate or eliminate such risks.

Our Board of Directors does not have a standing risk management committee. Our Board of Directors

administers this oversight function directly and through various standing committees that address risks in

their respective areas of oversight. While our Board of Directors is responsible for monitoring and

assessing strategic risk exposure, our audit committee is responsible for overseeing our major financial

risk exposures and the steps our management has taken to monitor and control these exposures. The

audit committee also reviews any related person transactions. Our nominating and corporate governance

committee monitors the effectiveness of our corporate governance guidelines. Our compensation

committee assesses and monitors whether any of our compensation policies and programs has the

potential to encourage excessive risk-taking.

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Committees of the Board of Directors

Our Board of Directors has an audit committee, a compensation committee, and a nominating and

corporate governance committee, each of which, pursuant to its respective charter, will have the

composition and responsibilities described below upon the completion of this offering. Following the

completion of this offering, copies of the charters for each committee will be available on the investor

relations portion of our website. Members serve on these committees until their resignation or until

otherwise determined by our Board of Directors.

Audit Committee

Our audit committee is composed of Kelly Kramer, John Lilly, Mamoon Hamid, and Lynn Vojvodich

Radakovich. Ms. Kramer is the chair of our audit committee. The members of our audit committee meet

the independence requirements under NYSE and SEC rules. Each member of our audit committee is

financially literate. In addition, our Board of Directors has determined that Ms. Kramer is an "audit

committee financial expert" as that term is defined in Item 407(d)(5)(ii) of Regulation S-K promulgated

under the Securities Act, and that simultaneous service by Ms. Kramer on the audit committees of more

than three public companies does not impair her ability to effectively serve on our audit committee. The

designation as an "audit committee financial expert" does not, however, impose on her any supplemental

duties, obligations, or liabilities beyond those that are generally applicable to the other members of our

audit committee and Board of Directors. Our audit committee's principal functions are to assist our Board

of Directors in its oversight of:

• selecting a firm to serve as our independent registered public accounting firm to audit our

consolidated financial statements;

• ensuring the independence of the independent registered public accounting firm;

• discussing the scope and results of the audit with the independent registered public accounting

firm, and reviewing, with management and that firm, our interim and year-end operating results;

• establishing procedures for employees to anonymously submit concerns about questionable

accounting or audit matters;

• considering the adequacy of our internal controls and internal audit function;

• reviewing related party transactions that are material or otherwise implicate disclosure

requirements;

• approving, or as permitted, pre-approving all audit and non-audit services to be performed by the

independent registered public accounting firm; and

• overseeing any program relating to corporate responsibility and sustainability, including

environmental, social, and governance matters.

Compensation Committee

Our compensation committee is composed of Kelly Kramer, Mamoon Hamid, Danny Rimer, and Lynn

Vojvodich Radakovich. Ms. Vojvodich Radakovich is the chair of our compensation committee. The

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members of our compensation committee meet the independence requirements under NYSE and SEC

rules. Our compensation committee is responsible for, among other things:

• reviewing and approving, or recommending that our Board of Directors approve, the

compensation of our executive officers;

• reviewing and recommending to our Board of Directors to approve the compensation of our non-

employee directors;

• reviewing and approving, or recommending that our Board of Directors approve, the terms of any

compensatory agreements with our executive officers;

• administering our stock and equity incentive plans;

• reviewing and approving, or making recommendations to our Board of Directors with respect to,

incentive compensation and equity plans; and

• reviewing our overall compensation philosophy.

Nominating and Corporate Governance Committee

Our nominating and corporate governance committee is composed of John Lilly, Andrew Reed, and

Danny Rimer. Mr. Lilly is the chair of our nominating and corporate governance committee. The members

of our nominating and corporate governance committee meet the independence requirements under

NYSE and SEC rules. Our nominating and corporate governance committee's principal functions include:

• identifying and recommending candidates for membership on our Board of Directors;

• recommending directors to serve on board committees;

• reviewing and recommending to our Board of Directors any changes to our corporate governance

guidelines;

• reviewing proposed waivers of the code of conduct for directors and executive officers;

• overseeing the process of evaluating the performance of our Board of Directors; and

• advising our Board of Directors on corporate governance matters.

Compensation Committee Interlocks and

Insider Participation

None of the members of the compensation committee is currently, or has been at any time, one of our

officers or employees. None of our executive officers has served as a member of the board of directors,

or as a member of the compensation or similar committee, of any entity that has one or more executive

officers who served on our Board of Directors or compensation committee during the year ended

December 31, 2024.

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Director Compensation

The table below provides information regarding the total compensation of the non-employee directors who

served on our Board of Directors during the year ended December 31, 2024. All compensation paid to

Dylan Field, our only employee director, is set forth below in the section titled "Executive Compensation—

2024 and 2023 Summary Compensation Table."

During the year ended December 31, 2024, we did not pay any fees or provide any other compensation

to the non-employee members of our Board of Directors, other than certain equity awards as described in

the footnotes to table below.

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| | | |
|:---|:---|:---|
| **Name** | **Stock Awards** <br>**($)** | **Total** |
| Mamoon Hamid...................................................................................................... |  |  |
| Kelly A. Kramer...................................................................................................... | —<br><sup>(1)</sup> |  |
| John Lilly................................................................................................................. |  |  |
| Andrew Reed.......................................................................................................... |  |  |
| Danny Rimer........................................................................................................... |  |  |
| Lynn Vojvodich Radakovich................................................................................. | —<br><sup>(1)</sup> |  |

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__________________

(1)In December 2024, Msses. Kramer and Vojvodich Radakovich were each granted 13,292 RSUs that are subject to (i) a

service-based vesting condition which will be satisfied as to 100% of the shares subject to the award so long as Ms. Kramer or

Ms. Vojvodich Radakovich, as applicable, remains in continuous service to us through December 1, 2025 and (ii) a

performance-based vesting condition, which we expect will be satisfied upon the completion of this offering. Additionally, the

RSUs, granted to Msses. Kramer and Vojvodich Radakovich will fully vest upon a change of control of our company. As of the

applicable grant date, we had not recognized stock-based compensation expense for these RSUs because achievement of the

performance-based vesting condition was not deemed probable. As a result, no value is included in the table for these awards.

Assuming achievement of the performance-based vesting condition, which we expect will occur in connection with this offering,

the aggregate grant-date fair values of the RSUs for each of Msses. Kramer and Vojvodich Radakovich would have been

$372,176, computed in accordance with ASC Topic 718 ("ASC 718"). See Note 1 to our consolidated financial statements

included elsewhere in this prospectus for the assumptions used in calculating the fair value of these awards.

The table below shows the aggregate numbers of shares of Class A common stock underlying

outstanding RSUs and options held by each of our non-employee directors as of December 31, 2024.

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| | | |
|:---|:---|:---|
| **Name** | **Number of** <br>**Shares**<br>**Underlying** <br>**RSUs** | **Number of** <br>**Shares** <br>**Underlying** <br>**Options** |
| Mamoon Hamid...................................................................................................... |  |  |
| Kelly A. Kramer...................................................................................................... | 69638<br><sup>(1)</sup> |  |
| John Lilly................................................................................................................. |  |  |
| Andrew Reed.......................................................................................................... |  |  |
| Danny Rimer........................................................................................................... |  |  |
| Lynn Vojvodich Radakovich................................................................................. | 69638<br><sup>(1)</sup> | 572001<br><sup>(2)</sup> |

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__________________

(1)Consists of (i) an RSU for 13,292 shares of Class A common stock, which vests subject to (a) a service-based vesting

condition which will be satisfied as to 100% of the shares subject to the award so long as Ms. Kramer or Ms. Vojvodich

Radakovich, as applicable, remains in continuous service to us between December 1, 2024 and December 1, 2025 and (b) a

performance-based vesting condition, which we expect will be satisfied upon the completion of this offering, and (ii) an RSU for

56,346 shares of Class A common stock, which vests subject to (a) a service-based vesting condition which has been satisfied

as to 100% of the shares subject to the award and (b) a performance-based vesting condition, which we expect will be satisfied

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upon the completion of this offering. Each of the RSUs reflected in the table above will fully vest upon a change of control of our

company.

(2)Consists of a stock option for 572,001 shares of Class A common stock, which was fully vested as of December 31, 2024.

William R. McDermott was appointed to our Board of Directors in July 2025. In addition to any awards that

he will be granted as described below under "—Outside Director Compensation Policy," Mr. McDermott

will be granted an RSU award for 48,179 shares of Class A common stock as compensation for Mr.

McDermott's service as a member of our Board of Directors. This RSU will vest in accordance with the

vesting schedule applicable to initial awards, as described below under "—Outside Director

Compensation Policy—Equity Compensation—Initial Award."

Outside Director Compensation Policy

Before this offering, we did not have a formal policy to provide any cash or equity compensation to our

non-employee directors for their service on our Board of Directors or committees of our Board of

Directors. Employee directors will receive no additional compensation for their service as a director. See

the section titled "Director Compensation" above for a description of compensation paid to our non-

employee directors during the year ended December 31, 2024.

In connection with this offering, our Board of Directors approved a non-employee director compensation

policy, pursuant to which our non-employee directors will be eligible to receive the fees and equity awards

described below. Compensation payable to non-employee directors under the non-employee director

compensation policy will also be subject to the annual limitations set forth in the 2025 Plan.

*Cash Compensation*

Following the completion of this offering, each non-employee director will be entitled to receive the annual

cash compensation set forth below, payable quarterly in arrears and prorated for partial quarters of

service, provided the non-employee director provides services for at least one month of such quarter.

*General Board Service Fee*: $40,000

*Lead Independent Director Fee (in addition to the General Board Service Fee)*: $20,000

*Committee Chair Service Fee (in addition to the General Board Service Fee)*:

• Audit Committee Chair: $25,000

• Compensation Committee Chair: $20,000

• Nominating and Corporate Governance Committee Chair: $12,000

Committee Member Service Fee (in addition to the General Board Service Fee, not in addition to the

Committee Chair Service Fee)

• Audit Committee Member: $12,500

• Compensation Committee Member: $10,000

• Nominating and Corporate Governance Committee Member: $6,000

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*Equity Compensation*

Following the completion of this offering, each non-employee director will be entitled to receive certain

equity awards as set forth below. All such equity awards will be granted under the 2025 Plan and subject

to the terms of the 2025 Plan.

*Initial Award.* Each non-employee director who initially joins our Board of Directors following the

completion of this offering (other than any person who transitions from an employee role to a non-

employee director role) will be granted, upon the date of his or her initial election or appointment to be a

non-employee director (or, if such date is not a trading day, the first trading day thereafter), an initial

award of a number of restricted stock units determined by dividing (i) $530,000 by (ii) by the average

closing price of our Class A common stock for the last completed full calendar month occurring

immediately prior to the calendar month in which the initial award is granted, rounded down to the nearest

whole share. The initial award will vest as to 1/3rd of the RSUs subject to the initial award on each of the

first, second and third annual anniversaries of the date of grant, so long as the non-employee director

provides continuous service to us through each vesting date.

*Annual Award*. On the date of each annual meeting of our stockholders that occurs following the

completion of this offering, each non-employee director who has provided at least six (6) months of

service as a non-employee director as of such date, and will continue to serve on our Board of Directors,

will be granted an annual award of a number of RSUs determined by dividing (i) $265,000 by (ii) by the

average closing price of our Class A common stock for the last completed full calendar month occurring

immediately prior to the calendar month in which the annual award is granted, rounded down to the

nearest whole share. The annual award shall vest in full on the earlier of (i) the one-year anniversary of

the grant date and (ii) the date of the next annual meeting of our stockholders, in each case subject to the

non-employee director's continuous service through such date.

*Bridge Awards*. Outside of the non-employee director compensation policy, on December 1, 2025,

subject to the effectiveness of this offering, each of Lynn Vojvodich Radakovich and Kelly Kramer will be

granted an award of a number of RSUs determined by dividing (i) $110,417 by (ii) by the average closing

price of our Class A common stock for the full month of November 2025, rounded down to the nearest

whole share. The bridge award shall vest in full on May 1, 2026, in each case subject to the non-

employee director's continuous service through such date.

*Change in Control*. Each non-employee director's then-outstanding equity awards granted under the non-

employee director compensation policy, and the bridge awards granted to each of Lynn Vojvodich

Radakovich and Kelly Kramer, will become fully vested upon a corporate transaction (as defined in the

2025 Plan), subject to the non-employee director remaining in continuous service until immediately prior

to the closing of the corporate transaction.

*Reimbursements*. We will reimburse non-employee directors for reasonable out-of-pocket expenses

incurred to travel to and from and participate in meetings of our Board of Directors and committees, in

accordance with our applicable travel and expense policy, as in effect from time to time.

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Executive Compensation

Our named executive officers, consisting of our principal executive officer and the next two most highly

compensated executive officers, as of December 31, 2024, were:

• Dylan Field, Chair of our Board of Directors, Chief Executive Officer, and President;

• Praveer Melwani, Chief Financial Officer and Treasurer; and

• Shaunt Voskanian, Chief Revenue Officer.

2024 and 2023 Summary Compensation

Table

The following table presents summary information regarding the total compensation for services rendered

in all capacities that was awarded to, earned by, or paid to our named executive officers in 2024 and

2023. The compensation data for 2023 is provided for informational purposes only.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Stock Awards**<sup>(1)</sup> | **Stock Awards**<sup>(1)</sup> | | | | | |
| <br>**Name and** <br>**Principal** <br>**Position**<br>| <br>**Fiscal** <br>**Year**<br>| <br>**Salary**<br>**($)**<br>| <br>**Bonus** <br>**($)**<sup>(2)</sup><br>| **New Stock**<br>**Awards ($)** | **Modification** <br>**of Previously** <br>**Granted** <br>**Stock** <br>**Awards in** <br>**Connection** <br>**with May** <br>**2024 RSU** <br>**Release ($)**<br>| <br>**Option** <br>**Awards**<br>**($)**<sup>(3)</sup><br>| <br>**Non-Equity**<br>**Incentive Plan**<br>**Compensation** <br>**($)** | <br>**All Other** <br>**Compensation** <br>**($)**<sup>(4)</sup><br>| <br>**Total per** <br>**SEC Rules** <br>**($)**<br>| <br>**Total** <br>**Excluding** <br>**Amounts** <br>**Relating to** <br>**May 2024** <br>**RSU** <br>**Release** <br>**($)**<sup>(5)</sup><br>|
| Dylan Field<br>*Chief Executive* <br>*Officer and* <br>*President*........<br>| 2024 | 495833 | 5000000 |  | 78276375 | 6901116 |  | 10350 | 90683674 | 5506183 |
|  | 2023 | 450000 |  |  | N/A |  |  | 9900 | 459900 | 459900 |
| Praveer Melwani <br>*Chief Financial* <br>*Officer and* <br>*Treasurer*........<br>| 2024 | 470833 | 1000000 | —<br><sup>(6)</sup> | 17064690 | 3361563 |  | 10350 | 21907436 | 1481183 |
|  | 2023 | 425000 |  |  | N/A |  |  | 9900 | 434900 | 434900 |
| Shaunt <br>Voskanian <br>*Chief Revenue* <br>*Officer*.............<br>| 2024 | 393750 | 150000 | —<br><sup>(6)</sup> | 28630251 | 3551258 | 478382<br><sup>(7)</sup> | 10350 | 33213991 | 1032482 |
|  | 2023 | 325000 |  |  | N/A |  | 295550<br><sup>(7)</sup> | 9900 | 630450 | 630450 |

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(1)Our named executive officers did not receive stock awards or RSU awards in 2023. For 2024, the amounts reflected in the

Modification of Previously Granted Stock Awards In Connection with May 2024 RSU Release column represent the fair value

of RSU awards that were released to our named executive officers in May 2024, which was determined based on the fair value

of the RSUs as of the date of the modification in accordance with ASC 718 (given the original award fair value was no longer

relevant as of the date of modification in accordance with ASC 718). In order to allow holders of RSUs, including our named

executive officers, to participate in the 2024 Tender Offer we modified all RSUs held by employees and former employees for

which the service-based condition was satisfied, to remove the performance-based vesting condition as further described

below under the section titled "—RSU Modifications In Connection With 2024 Tender Offer." These amounts reflect the

accounting cost for these RSU awards and do not necessarily represent the actual economic value that may be realized by the

named executive officer from the RSU awards. For information on the assumptions used to calculate the grant date fair value of

the RSU awards, refer to Note 10 to our consolidated financial statements included elsewhere in this prospectus. For Mr. Field,

the RSU awards that were released in May 2024 and reflected in this column are a part of Mr. Field's 2021 CEO Service Award

that was granted by our Board of Directors, including all of the disinterested directors, in October 2021, as described in further

detail below. See the section titled "—CEO Equity Awards—2021 CEO Service Award." For Mr. Melwani, the RSU awards that

were released in May 2024 and reflected in this column relate to RSUs that were granted to Mr. Melwani by our Board of

Directors in January 2021, April 2021, March 2022, May 2022, and February 2024. For Mr. Voskanian, the RSU awards that

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were released in May 2024 and reflected in this column relate to RSUs that were granted to Mr. Voskanian by our Board of

Directors in October 2021 and February 2024.

(2)The amounts presented represent discretionary bonuses that were recommended by the disinterested members of our Board

of Directors, and paid for the named executive officers' efforts in connection with the Abandoned Merger with Adobe. For more

information regarding these bonuses see the section titled "—Narrative to 2024 and 2023 Summary Compensation Table—

Special Bonuses."

(3)Our named executive officers did not receive stock option grants in 2023. For 2024, the amounts in this column represent the

grant date fair value of the stock options granted to our named executive officers in August 2024. The stock options granted in

2024 to eligible employees, including our named executive officers, were granted to compensate them for the shares that were

withheld by us to satisfy tax withholding liabilities in connection with the May 2024 RSU Release. The stock options granted to

our named executive officers were granted on the same terms, using the same formula to calculate the size of the option grant,

as those granted to all eligible employees. For additional information on the stock option granted to Mr. Field, see the section

titled "—CEO Equity Awards—2024 CEO Option Award." These amounts reflect the accounting cost for these option awards

and do not necessarily represent the actual economic value that may be realized by the named executive officer from the

option awards. For information on the assumptions used to calculate the grant date fair value of the option awards, refer to

Note 10 to our consolidated financial statements included elsewhere in this prospectus.

(4)Amounts reported in this column for each of Messrs. Field, Melwani, and Voskanian represent our contributions to each named

executive officer's 401(k) plan.

(5)The amounts in this column exclude payments made to our named executive officers related to the impacts of the RSU

modifications and the stock options granted in connection with the May 2024 RSU Release. The amounts in this column are

calculated by subtracting the 2024 values reported in the Modifications of Previously Granted Stock Awards In Connection with

May 2024 RSU Release and the Option Awards columns, from the Total per SEC Rules column. The amounts reported in this

column differ substantially from, and are not a substitute for, the amounts reported in the Total per SEC Rules column.

(6)In 2024, Mr. Melwani and Mr. Voskanian were each granted RSUs that were subject to service-based vesting conditions and

performance-based vesting conditions. As of the applicable grant date, we had not recognized stock-based compensation

expense for these awards because achievement of the performance-based vesting component was not deemed probable. As a

result, no value is included in the table for these awards other than with respect to any such awards that were granted in 2024

and which were modified in connection with the May 2024 RSU Release as described in footnote (1) above. Assuming

achievement of the performance-based vesting condition, the aggregate grant-date fair values of the RSU awards for each of

Mr. Melwani and Mr. Voskanian for 2024 would have been $15,207,438 and $25,383,926, respectively, computed in

accordance with ASC 718. For information on the assumptions used to calculate the grant date fair value of the equity awards,

refer to Note 1 to our consolidated financial statements included elsewhere in this prospectus.

(7)Amounts reported in this column for Mr. Voskanian represent commissions earned pursuant to an incentive sales commission

program. For additional information, see the section titled "—Narrative to 2024 and 2023 Summary Compensation Table—Non-

Equity Incentive Plan Compensation."

Narrative to Summary Compensation Table

Base Salaries

Our named executive officers receive a base salary to provide a fixed component of compensation

reflecting the executive's skill set, experience, role, and responsibilities. In February 2024, our Board of

Directors, including all of the disinterested directors, approved an increase in Mr. Field's annual base

salary from $450,000 to $500,000, an increase in Mr. Melwani's annual base salary from $425,000 to

$475,000, and an increase in Mr. Voskanian's annual base salary from $325,000 to $400,000, in each

case effective February 1, 2024.

Special Bonuses

In 2024, following the recommendation and approval by our Board of Directors, including all of the

disinterested directors, we awarded each of our named executive officers a one-time cash bonus in

recognition of their efforts with respect to the Abandoned Merger with Adobe. Messrs. Field, Melwani, and

Voskanian received special bonuses of $5.0 million, $1.0 million, and $150,000, respectively.

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Equity Compensation

From time to time, we have granted equity awards in the form of RSUs to our named executive officers.

The RSUs which are subject to vesting based on service-based and performance-based vesting

conditions. In addition, Mr. Field has been granted RSUs with market-based vesting conditions in addition

to service-based and performance-based vesting conditions.

In August 2024, we granted stock options to all of our employees, including our named executive officers,

who had shares withheld in connection with the May 2024 RSU Release to compensate them for the

shares that were withheld by us to satisfy tax withholding liabilities. These stock options granted to our

named executive officers were granted on the same terms, using the same formula to calculate the size

of the option grant, as those granted to all eligible employees, and they were fully vested at grant. For

additional information regarding the stock options granted to Mr. Field, see the section below titled "—

CEO Equity Awards—2024 CEO Option Award."

For additional information regarding equity compensation to our named executive officers, see the

sections below titled "—Outstanding Equity Awards at Fiscal 2024 Year-End" and, with respect to Mr.

Field, "—CEO Equity Awards."

Non-Equity Incentive Plan Compensation

In 2024, Mr. Voskanian participated in an incentive sales commission program based on the achievement

of certain sales targets. The amount earned by Mr. Voskanian for 2024 under the incentive sales

commission program is set forth in the 2024 and 2023 Summary Compensation Table above in the Non-

Equity Incentive Plan Compensation column.

Other Elements of Compensation

Welfare and Other Benefits

We provide health, dental, vision, life, and disability insurance benefits to our named executive officers,

on the same terms and conditions as provided to all other eligible U.S. employees.

We also sponsor a broad-based 401(k) plan intended to provide eligible U.S. employees with an

opportunity to defer eligible compensation up to certain annual limits. As a tax-qualified retirement plan,

contributions (if any) made by us are deductible by us when made, and contributions and earnings on

those amounts are generally not taxable to the employees until withdrawn or distributed from the 401(k)

plan, unless contributions are made to a Roth 401(k). Our named executive officers are eligible to

participate in our employee benefit plans, including our 401(k) plan, on the same basis as our other

eligible employees. We currently automatically contribute 3% of each employee's eligible compensation,

not to exceed $10,500 per plan year and with such amount not counting against an employee's annual

limit. Participants vest 50% of the employer contributions following one year of service and the remaining

50% after two years of service. Contributions to our named executive officers' 401(k) plans in 2024 are

disclosed in the section titled "—2024 and 2023 Summary Compensation Table."

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Outstanding Equity Awards at Fiscal 2024

Year-End

The following table presents, for each of our named executive officers, information regarding outstanding

equity awards held as of December 31, 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Option Awards**<sup>(1)</sup> | **Option Awards**<sup>(1)</sup> | **Stock Awards**<sup>(1)</sup> | **Stock Awards**<sup>(1)</sup> |
| <br>**Name** | <br>**Vesting** <br>**Commencement** <br>**Date** | <br>**Grant Date** | <br>**Number of** <br>**Securities** <br>**Underlying** <br>**Unexercised** <br>**Options (#)** <br>**Exercisable**<br>| **Option** <br>**Exercise** <br>**Price($)**<br>| **Option** <br>**Expiration** <br>**Date**<br>| **Equity** <br>**Incentive** <br>**Plan Awards:** <br>**Number of** <br>**Unearned** <br>**Shares, Units** <br>**or Other** <br>**Rights That** <br>**Have Not** <br>**Vested**<br>**(#)**<br>| **Equity** <br>**Incentive** <br>**Plan Awards:** <br>**Market or** <br>**Payout Value** <br>**of Unearned** <br>**Shares, Units** <br>**or Other** <br>**Rights That** <br>**Have Not** <br>**Vested**<br>**($)**<sup>(2)</sup><br>|
| Dylan Field<sup>(3)</sup>............. | 6/23/2021<br><sup>(4)</sup> | 10/27/2021 |  |  |  | 11250000 |  |
|  | 7/1/2021<br><sup>(5)</sup> | 10/27/2021 |  |  |  | 7875000 |  |
|  | 8/22/2024<br><sup>(6)</sup> | 8/22/2024 | 811896 | $23.19 | 08/21/2029 |  |  |
| Praveer Melwani...... | 2/1/2021<br><sup>(7)</sup> | 1/20/2021 |  |  |  | 5391 |  |
|  | 3/1/2021<br><sup>(7)</sup> | 4/12/2021 |  |  |  | 41667 |  |
|  | 3/1/2022<br><sup>(7)</sup> | 3/2/2022 |  |  |  | 430427 |  |
|  | 12/1/2022<br><sup>(8)</sup> | 5/27/2022 |  |  |  | 191736 |  |
|  | 2/1/2024<br><sup>(8)</sup> | 2/5/2024 |  |  |  | 91563 |  |
|  | 8/22/2024<br><sup>(6)</sup> | 8/22/2024 | 395478 | $23.19 | 08/21/2029 |  |  |
|  | 2/1/2025<br><sup>(7)</sup> | 12/29/2024 |  |  |  | 134995 |  |
|  | 2/1/2025<br><sup>(8)</sup> | 12/29/2024 |  |  |  | 332294 |  |
| Shaunt Voskanian... | 11/1/2021<br><sup>(9)</sup> | 10/27/2021 |  |  |  | 739253 |  |
|  | 2/1/2024<br><sup>(8)</sup> | 2/5/2024 |  |  |  | 91563 |  |
|  | 8/22/2024<br><sup>(6)</sup> | 8/22/2024 | 417795 | $23.19 | 08/21/2029 |  |  |
|  | 2/1/2025<br><sup>(8)</sup> | 12/29/2024 |  |  |  | 519209 |  |
|  | 2/1/2025<br><sup>(7)</sup> | 12/29/2024 |  |  |  | 311526 |  |

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__________________

(1)All of the outstanding stock options and stock awards held by Mr. Field were granted under the 2021 Plan and are for shares of

Class B common stock. All of the outstanding stock options and stock awards held by Mr. Melwani and Mr. Voskanian were

granted under the 2012 Plan and are for shares of Class A common stock.

(2)There was no public market for our Class A common stock or Class B common stock as of December 31, 2024. As there was

no public market for our common stock on December 31, 2024, we have assumed that the fair market value on such date was

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , which represents the midpoint of the estimated price range set forth on the cover page of this prospectus.

(3)For additional detail on each of the awards granted to Mr. Field by our Board of Directors, including all of the disinterested

directors, see the section below titled "—CEO Equity Awards."

(4)Comprised of three tranches that vest on satisfaction of a service-based, a market-based, and a performance-based vesting

condition as described further under the section titled "—CEO Equity Awards—2021 CEO Market Award."

(5)Comprised of four tranches that vest on satisfaction of (i) a service-based vesting condition and (ii) a performance-based

vesting condition. The service-based vesting condition is satisfied as to 10%, 20%, 30%, and 40% of the shares subject to the

award on each of July 1, 2022, July 1, 2023, July 1, 2024, and July 1, 2025, respectively, subject to Mr. Field's continued

service to us through each applicable vesting date. The performance-based vesting condition is expected to be satisfied upon

the completion of this offering.

(6)The stock option was fully vested at grant. The stock option expires on the earlier of (i) August 21, 2029 and (ii) the date that is

one year after the completion of this offering.

(7)Vests on satisfaction of a service-based vesting condition and a performance-based vesting condition. The service-based

vesting condition is satisfied as follows: vests as to 1/48<sup>th</sup>of the total award on each monthly anniversary of the vesting

commencement date, subject to the executive's continued service on each such vesting date. We expect the performance-

based vesting condition will be satisfied in connection with this offering.

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(8)Vests on satisfaction of a service-based vesting condition and a performance-based vesting condition. The service-based

vesting condition is satisfied as follows: (i) 10% of the total award in the first year following the vesting commencement date in

equal monthly installments, (ii) 20% of the total award in the second year following the vesting commencement date in equal

monthly installments, (iii) 20% of the total award in the third year following the vesting commencement date in equal monthly

installments, (iv) 20% of the total award in the fourth year following the vesting commencement date in equal monthly

installments, and (v) 30% of the total award in the fifth year following the vesting commencement date in equal monthly

installments, in each case subject to the executive's continued service on each such vesting date, such that on the five-year

anniversary of the vesting commencement date the award will be fully vested. We expect the performance-based vesting

condition will be satisfied in connection with this offering.

(9)Vests on satisfaction of a service-based vesting condition and a performance-based vesting condition. The service-based

vesting condition is satisfied as follows: vested as to 25% of the shares subject to the award on November 1, 2022 and vests

as to 1/48thof the total remaining award on each monthly anniversary of the vesting commencement date thereafter, subject to

the executive's continued service on each such vesting date. We expect the performance-based vesting condition will be

satisfied in connection with this offering.

RSU Modifications In Connection With 2024

Tender Offer

In May 2024, to permit eligible RSU holders to participate in the 2024 Tender Offer, we modified and

released 34.6 million RSUs held by employees and former employees, including our named executive

officers, by removing the performance-based vesting condition, resulting in their remeasurement as of the

modification date. The service-based vesting condition related to these RSUs had been met as of the

modification date. Accordingly, these RSUs were fully vested as of the modification date, resulting in the

recognition of stock-based compensation expense, net of amounts capitalized, of $801.2 million during

the year ended December 31, 2024, and the release of the underlying shares of Class A common stock

and Class B common stock, as applicable. In connection with the foregoing, the performance-based

vesting condition was removed from 3,375,000 RSUs held by Mr. Field, 735,769 RSUs held by Mr.

Melwani, and 1,234,435 RSUs held by Mr. Voskanian, resulting in the recognition of $78,276,375,

$17,064,690, and $28,630,251 in stock-based compensation expense, respectively.

CEO Equity Awards

2021 CEO Market Award

In October 2021, our Board of Directors, including all of the disinterested directors, approved the grant to

Mr. Field, our Chair of our Board of Directors, Chief Executive Officer, and President, of RSUs with

respect to 11,250,000 shares of Class B common stock (the "2021 CEO Market Award") under our 2021

Plan. We believe the 2021 CEO Market Award serves to align Mr. Field's interests with those of our

stockholders by creating a strong and visible link between Mr. Field's incentives and our performance.

The term of the 2021 CEO Market Award is seven years. The vesting of the 2021 CEO Market Award is

conditioned on satisfaction of (i) a service-based vesting condition, (ii) a market-based vesting condition,

and (iii) a performance-based vesting condition. For so long as Mr. Field remains in continuous service on

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the date we exceed the public market capitalization targets set forth in the table below, the service-based

and market-based vesting conditions will be satisfied as to the number of RSUs allocable to such tranche:

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| | | |
|:---|:---|:---|
| **Tranche** | **Public market capitalization targets**<sup>(1)</sup> | **Shares of Class B common stock vested** |
| 1 | $15 billion | 1875000 |
| 2 | $20 billion | 3750000 |
| 3 | $25 billion | 5625000 |
|  |  | 11250000 |

---

__________________

(1)Calculated on a fully-diluted basis implied by the volume weighted-average price for any 30-day trading period after the

completion of this offering. In the case of an acquisition of our company, the public market capitalization will be the aggregate

amount actually distributed to holders of our capital stock; provided that (i) to the extent that any consideration is subjected to

an escrow or holdback as security for indemnification obligations or purchase price obligations, the total proceeds of an

acquisition will be valued as though such consideration were paid at closing; and (ii) any non-cash transaction proceeds or

other contingent proceeds will be valued reasonably and in good faith by our Board of Directors, and without discounts for lack

of marketability or liquidity in the case of consideration that consists of securities of a class that is publicly traded,

notwithstanding that the securities received as consideration may not be freely traded as of the closing of the acquisition.

Achievement will be determined as a step function, meaning that there will be no interpolated or additional vesting to the extent

our company achieves a public market capitalization hurdle that is in between the hurdle valuations specified in the tranches

above. However, solely with respect to an acquisition, vesting will be determined based on the public market capitalization

hurdle achieved in such acquisition and if the public market capitalization achieved in the acquisition falls between two hurdles,

a pro rata portion of the shares associated with the next tranche to vest will be deemed to satisfy the service-based vesting

requirement based on linear interpolation.

The performance period for each tranche begins on the first trading day following the later of (a) the date

of this offering, or (b) October 27, 2021 and ends on the earliest to occur of (i) the date on which all

shares subject to the 2021 CEO Market Award vests, (ii) the date Mr. Field ceases to satisfy the service-

based vesting condition, (iii) the seventh anniversary of the grant date, or (iv) the occurrence of an

acquisition of our company prior to the date of this offering.

The performance-based vesting condition will be satisfied upon the completion of this offering.

2021 CEO Service Award

In October 2021, our Board of Directors, including all of the disinterested directors, approved a second

grant to Mr. Field of RSUs with respect to 11,250,000 shares of Class B common stock (the "2021 CEO

Service Award") under our 2021 Plan. We believe the 2021 CEO Service Award serves to further align

Mr. Field's interests with those of our stockholders.

The term of the 2021 CEO Service Award is seven years. The vesting of the 2021 CEO Service Award is

conditioned on satisfaction of (i) a service-based vesting condition and (ii) a performance-based vesting

condition. The 2021 CEO Service Award is comprised of four tranches, equaling 10%, 20%, 30%, and

40% of the award, respectively, that vest annually beginning on July 1, 2022, so long as Mr. Field is in

continuous service to us through each applicable vesting date.

As of December 31, 2024, RSUs with respect to 7,875,000 shares of Class B common stock remained

outstanding under the 2021 CEO Service Award. The performance-based vesting condition in respect of

these RSUs will be satisfied upon the completion of this offering.

In May 2024, we modified all outstanding RSU awards held by our current and former employees,

including the 2021 CEO Service Award, to remove the performance-based vesting condition satisfied

upon the completion of our initial public offering or change in control date for RSUs for which the service-

based vesting condition had been met as of the modification date. Accordingly, the RSUs subject to the

2021 CEO Service Award that were modified were re-measured and fully vested as of the modification

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date, resulting in the recognition of stock-based compensation expense of $78.3 million, and the release

of 3,375,000 shares of Class B common stock. The remaining outstanding RSU awards were not

modified and continue to be subject to both a service-based vesting condition and a performance-based

vesting condition. We had $84.1 million of total remaining unrecognized stock-based compensation

related to the 2021 CEO Service Award as of December 31, 2024 that will continue to be deferred until

the performance-based vesting condition is deemed probable of being achieved.

2024 CEO Option Award

In connection with the May 2024 RSU Release, we determined to grant stock options to eligible

employees, including our named executive officers, who had shares withheld for tax purposes in

connection with the May 2024 RSU Release to compensate them for the shares that were withheld by us

to satisfy tax withholding liabilities. These stock options granted to our named executive officers were

granted on the same terms, using the same formula to calculate the size of the option grant, as those

granted to all eligible employees. In August 2024, our Board of Directors, including all of the disinterested

directors, approved the stock option grants to eligible employees, including Mr. Field. Mr. Field was

granted an option to purchase 811,896 shares of Class B common stock (the "2024 CEO Option Award").

As with other employees, 100% of the shares subject to the 2024 CEO Option Award were vested and

exercisable as of the grant date of the 2024 CEO Option Award. The award expires on the earlier of (i)

August 21, 2029 and (ii) the date that is one year after the completion of this offering. The 2024 CEO

Option Award was fully exercised in June 2025.

2025 CEO Stock Price Award

In June 2025, our Compensation Committee approved a grant to Mr. Field of RSUs with respect to

14,480,169 shares of Class B common stock (the "2025 CEO Stock Price Award") under our 2021 Plan.

We believe the 2025 CEO Stock Price Award serves to align Mr. Field's interests with those of our

stockholders by creating a strong, direct and visible link between Mr. Field's incentives and our

performance.

The performance period of the 2025 CEO Stock Price Award is ten years. The vesting of the 2025 CEO

Stock Price Award is conditioned on satisfaction of certain service-based and stock price-based vesting

conditions.

The stock price-based vesting conditions are comprised of seven tranches that are eligible to vest based

on the achievement of certain specified stock price targets, set forth in the table below:

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| | | |
|:---|:---|:---|
| **Tranche** | **Stock Price Target** <sup>(1)</sup> | **Percentage of 2025**<br>**CEO Stock Price Award That Will Vest on** <br>**Satisfaction of Stock Price Condition**<br>|
| 1 | $60 per share | 15% |
| 2 | $70 per share | 15% |
| 3 | $80 per share | 15% |
| 4 | $90 per share | 15% |
| 5 | $100 per share | 14.5% |
| 6 | $110 per share | 13.5% |
| 7 | $130 per share | 12% |

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__________________

(1)Calculated based on the volume-weighted average trading price of our Class A common stock over any consecutive 60-day

period during the term of the 2025 CEO Stock Price Award. In the case of a change in control of our company, the stock price

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will be the price per share of our Class A common stock paid in accordance with the definitive agreement providing for the

change in control. Achievement will be determined as a step function, meaning that there will be no interpolated or additional

vesting to the extent our stock price is in between the values set forth above. However, solely with respect to a change in

control, vesting will be determined based on the price per share payable in such change in control and if the price per share

falls between two values, a pro rata portion of the shares associated with the next tranche to vest will be eligible to vest based

on linear interpolation.

The performance period for each tranche ends on the earlier of (i) the tenth anniversary of our initial

public offering or (ii) the occurrence of a change in control (as defined in the award agreement governing

the 2025 CEO Stock Price Award).

As to any portion of the 2025 CEO Stock Price Award that satisfies the stock price-based vesting

condition, the service based vesting condition will be satisfied in seven substantially equal installments on

each of the first seven anniversaries of the vesting commencement date, so long as Mr. Field is in

continuous service through each applicable vesting date as our chief executive officer or in an Eligible

Position.

In the event of a change in control of our company, subject to Mr. Field's continued service in an Eligible

Position through the closing of such change in control, the degree of achievement of the stock price-

based vesting condition will be based on the per-share deal consideration paid in the transaction. Any

portions of the 2025 CEO Stock Price Award for which the stock price-based vesting condition is met in a

change in control will be deemed to have satisfied the service-based vesting condition with respect to a

pro rata portion of such portion of the 2025 CEO Stock Price Award, determined based on the number of

days elapsed since the most recent vesting date, and will vest. Any portions of the 2025 CEO Stock Price

Award that do not vest in accordance with the preceding sentence will remain outstanding and will vest

subject to the achievement of the service-based vesting on the original schedule following the closing of

the transaction (referred to as "converted RSUs").

In the event that Mr. Field's employment is terminated without cause or Mr. Field resigns employment for

good reason not in connection with a change in control, as described below (in each case, as defined in

the award agreement governing the 2025 CEO Stock Price Award), then subject to Mr. Field's timely

execution and non-revocation of a release of claims, the service-based vesting condition for the 2025

CEO Stock Price Award will be deemed satisfied as to all portions of the 2025 CEO Stock Price Award

that have satisfied the stock price-based vesting condition as of the date of Mr. Field's cessation of

employment.

In the event that Mr. Field's employment is terminated without cause or Mr. Field resigns employment for

good reason, in either case within the three month period prior to, or the twenty-four month period

following, a change in control (in each case, as defined in the applicable award agreement), then, subject

to Mr. Field's timely execution and non-revocation of a release of claims, the vesting of the converted

RSUs, as described above, will accelerate in full.

In the event that Mr. Field's employment ends due to his death or disability (as defined in our 2021 Plan)

then the service-based vesting condition for the 2025 CEO Stock Price Award will be deemed satisfied in

full and the 2025 CEO Stock Price Award will remain outstanding and eligible to satisfy the stock price-

based vesting condition for twelve months following the date of such death or disability.

In the event that an acquiror in a change in control refuses to assume, convert, continue, replace, or

substitute the 2025 CEO Stock Price Award, then the vesting of the 2025 CEO Stock Price Award will

accelerate in full.

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2025 CEO Service Award

In June 2025, our Compensation Committee approved the grant to Mr. Field of RSUs with respect to

14,480,169 shares of Class B common stock (the "2025 CEO Service Award") under our 2021 Plan. We

believe the 2025 CEO Service Award serves to further align Mr. Field's interests with those of our

stockholders.

The 2025 CEO Service Award is conditioned on satisfaction of a service-based vesting condition over a

five year period and is comprised of five tranches, equaling 10%, 20%, 20%, 20%, and 30% of the award,

respectively, that vest annually beginning on the first anniversary of the vesting commencement date, so

long as Mr. Field is in continuous service through each applicable vesting date as our chief executive

officer or in an Eligible Position.

In the event that Mr. Field's employment is terminated without cause or Mr. Field resigns employment for

good reason, in either case within the three month period prior to, or the twenty-four month period

following, a change in control (in each case, as defined in the applicable award agreement), then, subject

to Mr. Field's timely execution and non-revocation of a release of claims, the vesting of the 2025 CEO

Service Award will accelerate in full.

In the event that Mr. Field's employment ends due to his death or disability (as defined in our 2021 Plan)

then the then-ongoing tranche of the 2025 CEO Service Award will be subject to prorated vesting based

on Mr. Field's actual period of employment.

In the event that an acquiror in a change in control refuses to assume, convert, continue, replace, or

substitute the 2025 CEO Service Award, then the vesting of the 2025 CEO Service Award will accelerate

in full.

Executive Compensation Arrangements

Executive Offer Letters

In connection with this offering, we will enter into amended and restated executive offer letters with our

officers, including our named executive officers. Each of these agreements will provide for at-will

employment, continued payment of his or her annual base salary and standard employee benefit plan

participation on the same terms and conditions as provided to all other eligible U.S. employees. Mr.

Voskanian will also be eligible to receive additional variable cash compensation in accordance with our

sales compensation plans then in effect.

Change of Control and Severance Agreements

In connection with this offering, we will enter into change in control and severance agreements ("CIC

Severance Agreements"), with our officers, including our named executive officers. The CIC Severance

Agreements will become effective upon the completion of this offering.

*Mr. Field*. Under his CIC Severance Agreement with us, if Mr. Field is terminated by us without

"cause" (as defined in his CIC Severance Agreement) or he resigns for "good reason" (as defined in his

CIC Severance Agreement), he will receive (i) a lump sum payment equal to 18 months of his base salary

and (ii) continued payment of Consolidated Omnibus Budget Reconciliation Act ("COBRA") premiums for

18 months (or, if earlier, until the date that he is eligible for substantially equivalent coverage under a

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subsequent employer's plan). If Mr. Field is terminated by us without "cause" or he resigns for "good

reason," in each case within three months prior to, or 12 months following, a "change in control" (as

defined in his CIC Severance Agreement), he will instead receive (i) a lump sum payment equal to 18

months of base salary, (ii) 150% of his target bonus opportunity, (iii) continued payment of COBRA

premiums for 18 months (or, if earlier, when he is eligible for substantially equivalent coverage under a

subsequent employer's plan), and (iv) full accelerated vesting of all outstanding and unvested equity

awards held by him, provided that any outstanding and unvested equity awards subject to the 2021 CEO

Market Award, 2021 CEO Service Award, 2025 CEO Stock Price Award, and 2025 CEO Service Award

will instead be subject to the terms set forth in the applicable award agreements. In addition, in the event

of a change in control in which the successor or acquiring corporation does not assume, convert,

continue, replace or substitute unvested equity awards then, such equity awards accelerate vesting in full

immediately prior to such change in control, with any performance-based equity awards to be subject to

the treatment set forth in the grant agreement.

In addition, as discussed above in the section titled "CEO Equity Awards," the 2025 CEO Service Award

and the 2025 CEO Stock Price Award may be subject to vesting acceleration in connection with certain

events relating to Mr. Field's termination of service with us without cause or due to a resignation for good

reason, a change in control of our company, and/or a combination thereof.

*Mr. Melwani and Mr. Voskanian*. Under their respective CIC Severance Agreements with us, if Mr.

Melwani or Mr. Voskanian is terminated by us without "cause" (as defined in the applicable CIC

Severance Agreement), he will receive (i) a lump sum payment equal to 12 months of his base salary and

(ii) continued payment of COBRA premiums for 12 months (or, if earlier, until the date that he is eligible

for substantially equivalent coverage under a subsequent employer's plan). If Mr. Melwani or Mr.

Voskanian is terminated by us without "cause" or he resigns for "good reason" (as defined in the

applicable CIC Severance Agreement), in each case within three months prior to, or 12 months following,

a "change in control" (as defined in the applicable CIC Severance Agreement), he will instead receive (i) a

lump sum payment equal to 12 months of base salary, (ii) 100% of his target bonus opportunity, (iii)

continued payment of COBRA premiums for 12 months (or, if earlier, when he is eligible for substantially

equivalent coverage under a subsequent employer's plan), and (iv) full accelerated vesting of all

outstanding and unvested equity awards held by him, provided that any outstanding and unvested equity

awards subject to performance conditions will instead be subject to the terms set forth in the applicable

award agreements. In addition, in the event of a change in control in which the successor or acquiring

corporation does not assume, convert, continue, replace or substitute unvested equity awards then, such

equity awards accelerate vesting in full immediately prior to such change in control, with any

performance-based equity awards to be subject to the treatment set forth in the grant agreement.

The benefits provided under the CIC Severance Agreements will supersede and replace any benefits to

which our named executive officers are entitled to under other arrangements or agreements with us,

except for equity vesting acceleration provisions applicable to performance based awards, as described

above. All such severance payments and benefits under the CIC Severance Agreements will be subject

to each executive's execution of a general release of claims against us.

Stock Plans

We believe that our ability to grant equity-based awards is a valuable compensation tool that enables us

to attract, retain, and motivate our employees, consultants, and members of our Board of Directors by

aligning their financial interests with those of our stockholders. The principal features of our equity

incentive plans are summarized below. These summaries are qualified in their entirety by reference to the

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actual text of the plans, which are filed as exhibits to the registration statement of which this prospectus is

a part.

Amended & Restated 2012 Equity Incentive Plan

In October 2012, we adopted our 2012 Plan, which was amended and restated in December 2022, and

most recently amended in February 2025. The purpose of the 2012 Plan is to attract, retain, and motivate

eligible employees, directors, and consultants whose contributions are important to the success of our

business.

*Share Reserve.* As of March 31, 2025, we had 196,359,256 shares of our Class A common stock

reserved for issuance pursuant to grants under our 2012 Plan of which 14,451,482 shares remained

available for grant. As of March 31, 2025, options to purchase 85,979,097 shares had been exercised

and options to purchase 23,057,048 shares remained outstanding, with a weighted-average exercise

price of $9.77 per share. As of March 31, 2025, awards of RSUs covering 103,703,536 shares of our

Class A common stock had been granted under the 2012 Plan and awards of RSUs covering 58,739,038

shares of our Class A common stock remained outstanding. As of March 31, 2025, no shares of restricted

stock or stock appreciation rights ("SARs") were granted under the 2012 Plan, and no such awards are

expected to be granted prior to this offering. No new awards will be granted under the 2012 Plan after this

offering.

*Administration.* Our 2012 Plan is administered by our Board of Directors or a committee appointed by our

Board of Directors, referred to herein as the "administrator." Subject to the terms of the 2012 Plan, the

administrator has the authority to, among other things, select the persons to whom awards will be

granted, construe and interpret our 2012 Plan as well as to prescribe, amend, and rescind the 2012 Plan

and awards granted thereunder. The administrator may modify awards subject to the terms of the 2012

Plan.

*Eligibility.* Pursuant to the 2012 Plan, we may grant incentive stock options ("ISOs") only to our

employees or the employees of our parent or subsidiaries, as applicable (including officers and directors

who are also employees). We may grant non-statutory stock options ("NSOs"), RSUs, SARs, and shares

of restricted stock to our employees (including officers and directors who are also employees), non-

employee directors, and consultants, or the employees, directors, and consultants of our parent and

subsidiaries, as applicable.

*Stock Options.* The 2012 Plan provides for the grant of both (i) ISOs, which are intended to qualify for tax

treatment as set forth under Section 422 of the Code and (ii) NSOs to purchase shares of our Class A

common stock. The exercise price of each option is determined by the administrator and must equal at

least the fair market value of our Class A common stock on the date of grant, unless otherwise

determined by the administrator. However, the exercise price of ISOs granted to an individual who owns

more than ten percent of the total combined voting power of all classes of our capital stock must be at

least equal to 110% of the fair market value of our common stock on the date of grant. The administrator

will determine the vesting schedule applicable to each option. The maximum term of options granted

under our 2012 Plan is ten years from the date of grant, except that the maximum permitted term of ISOs

granted to an individual who owns more than ten percent of the total combined voting power of all classes

of our capital stock is five years from the date of grant.

*Restricted Stock Units.* The 2012 Plan also allows for the grant of RSUs with terms as generally

determined by the administrator in accordance with the 2012 Plan and set forth in an award agreement.

RSUs granted under the 2012 Plan represent the right to receive shares of our Class A common stock at

a specified date in the future, subject to satisfaction of certain vesting conditions.

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*Restricted Stock Awards.* Awards of restricted stock represent an offer by us to sell shares of our

common stock subject to restrictions which may lapse based on terms and conditions determined by our

Board of Directors or applicable committee. Holders of restricted stock are entitled to vote and, unless

otherwise determined by our Board of Directors, are entitled to receive all dividends and distributions with

respect to such shares. Any dividends or stock distributions paid pursuant to any unvested shares of

restricted stock will be subject to the same restrictions on transferability and forfeiture as the restricted

stock.

*Other Awards.* The 2012 Plan also provides for the grant of SARs, which may be settled in cash, shares

of common Class A common stock, RSUs, or a combination thereof. SARs must be granted with an

exercise price not lower than fair market value at the grant date, as determined by the administrator, and

for a term no longer than ten years from the grant date. We have not granted SARs as of March 31, 2025.

*Limited Transferability*. Unless otherwise determined by the administrator, awards granted under the 2012

Plan generally may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any

manner other than by will, the laws of descent and distribution and, with respect to NSOs, by instrument

to an inter vivos or testamentary trust in which the NSOs are to be passed to beneficiaries upon the death

of the trustor, or by gift to a qualified family member.

*Acquisition or Other Combination.* In the event of an acquisition or other combination (each as defined in

the 2012 Plan), the 2012 Plan provides that outstanding awards will be treated in the manner provided in

the acquisition agreement, and may (i) be continued, assumed, or substituted with substantially

equivalent awards of any successor corporation or affiliate, with appropriate adjustments as to the

number of shares and exercise or purchase prices; (ii) become vested or exercisable, in full or in part; (iii)

be terminated for no consideration or in exchange for an amount of cash or securities followed by the

cancellation of such awards; or (iv) any combination of the foregoing. After giving effect to the foregoing,

any awards outstanding under the 2012 Plan that are not assumed or substituted will terminate if not

exercised, as applicable, immediately following the consummation of the acquisition or other combination.

*Adjustments*. In the event that the number of outstanding shares of our Class A common stock is

changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination,

reclassification, or other change in our capital structure affecting our shares without consideration, then in

order to prevent diminution or enlargement of the benefits or potential benefits intended to be made

available under the 2012 Plan (i) the number and class of shares reserved for issuance under the 2012

Plan, (ii) the exercise prices of and number and class of shares subject to outstanding options and SARs,

and (iii) the purchase prices of and/or number and class of shares subject to other outstanding awards will

(to the extent appropriate) be proportionately adjusted (subject to any required action by our Board of

Directors or stockholders).

*Exchange, repricing and buyout of awards*. The administrator may modify, extend, or renew awards or

issue new awards in exchange for the surrender and cancellation of any or all outstanding awards,

provided that any such action will require the consent of the respective participants to the extent that any

such action would impair any of the participants' existing rights. The administrator may, without prior

stockholder approval, reduce the exercise price of options or SARs or buy an award previously granted

with payment in cash, shares, or other consideration, in each case, subject to the terms of the 2012 Plan.

*Amendment; Termination.* Our Board of Directors may amend or terminate the 2012 Plan at any time and

may terminate any and all outstanding options, RSUs, or SARs upon a dissolution or liquidation of us,

provided that certain amendments will require stockholder approval or participant consent. We expect to

terminate the 2012 Plan and will cease issuing awards thereunder upon the effectiveness of our 2025

Plan (described below), which will occur on the date immediately prior to the date of the effectiveness of

the registration statement of which this prospectus forms a part. Any outstanding awards granted under

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the 2012 Plan will remain outstanding following this offering, subject to the terms of our 2012 Plan and

applicable award agreements, until such awards are exercised, terminate, or expire by their terms.

2021 Executive Equity Incentive Plan

In June 2021, we adopted our 2021 Plan. The purpose of the 2021 Plan is to attract, retain, and motivate

eligible executives whose contributions are important to the success of our business.

*Share Reserve.*As of March 31, 2025, we had 22,500,000 shares of our Class B common stock reserved

for issuance pursuant to grants under our 2021 Plan of which 1,002,167 shares remained available for

grant. As of March 31, 2025 and before giving effect to the Option Exercise, no options to purchase

shares had been exercised and options to purchase 811,896 shares remained outstanding, with an

exercise price of $23.19 per share. As of March 31, 2025, awards of RSUs covering 22,500,000 shares of

our Class B common stock had been granted under the 2021 Plan and awards of RSUs covering

19,125,000 shares of our Class B common stock remained outstanding. As of March 31, 2025, no RSAs

or SARs were granted under the 2021 Plan, and no such awards are expected to be granted prior to this

offering. No new awards will be granted under the 2021 Plan after this offering. On June 30, 2025, our

Compensation Committee approved an increase in the share reserve under our 2021 Plan by 28,960,338

additional shares of our Class B common stock. Following this increase, our Compensation Committee

approved the grant of the 2025 CEO Service Award and the 2025 CEO Stock Price Award to Mr. Field,

covering an aggregate of 28,960,338 shares of our Class B common stock, each as defined and further

described in the section titled "Executive Compensation—CEO Equity Awards."

*Administration.* Our 2021 Plan is administered by our Board of Directors or a committee appointed by our

Board of Directors, referred to herein as the "administrator." Subject to the terms of the 2021 Plan, the

administrator has the authority to, among other things, select the persons to whom awards will be

granted, construe and interpret our 2021 Plan as well as to prescribe, amend, and rescind rules and

regulations relating to the 2021 Plan and awards granted thereunder. The administrator may modify

awards, including amending the vesting schedules of awards, subject to the terms of the 2021 Plan.

*Eligibility.* Pursuant to the 2021 Plan, we may grant ISOs only to our employees or the employees of our

parent or subsidiaries, as applicable (including officers and directors who are also employees). We may

grant NSOs, RSUs, SARs, and shares of restricted stock to our employees (including officers and

directors who are also employees), non-employee directors, and consultants, or the employees, directors,

and consultants of our parent and subsidiaries, as applicable.

*Stock Options.* The 2021 Plan provides for the grant of both (i) ISOs, which are intended to qualify for tax

treatment as set forth under Section 422 of the Code and (ii) NSOs to purchase shares of our Class B

common stock. The exercise price of each option is determined by the administrator and must equal at

least the fair market value of our Class B common stock on the date of grant (unless otherwise

determined by the administrator). However, the exercise price of ISOs granted to an individual who owns

more than ten percent of the total combined voting power of all classes of our capital stock must be at

least equal to 110% of the fair market value of our common stock on the date of grant. The administrator

will determine the vesting schedule applicable to each option. The maximum term of options granted

under our 2021 Plan is ten years from the date of grant, except that the maximum term of ISOs granted to

an individual who owns more than ten percent of the total combined voting power of all classes of our

capital stock is five years from the date of grant.

*Restricted Stock Units.* The 2021 Plan also allows for the grant of RSUs with terms as generally

determined by the administrator in accordance with the 2021 Plan and set forth in an award agreement.

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RSUs granted under the 2021 Plan represent the right to receive shares of our Class B common stock at

a specified date in the future, subject to satisfaction of certain vesting conditions.

*Other Awards.* The 2021 Plan also provides for the grant of RSAs and SARs, with terms as generally

determined by the administrator (in accordance with the 2021 Plan) and to be set forth in an award

agreement. SARs granted under the 2021 Plan may be settled in cash, shares of common Class B

common stock, restricted stock, RSUs, or a combination thereof. SARs must be granted with an exercise

price not lower than fair market value at the grant date, as determined by the administrator, and for a term

no longer than ten years from the grant date. We have not granted any shares of restricted stock or any

SARs under the 2021 Plan and no such awards are expected to be granted prior to this offering.

*Limited Transferability.* Unless otherwise determined by the administrator, awards granted under the 2021

Plan generally may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any

manner other than by will, the laws of descent and distribution, and, with respect to NSOs, by instrument

to an inter vivos or testamentary trust in which the NSOs are to be passed to beneficiaries upon the death

of the trustor, or by gift to a qualified family member.

*Acquisition or Other Combination.* In the event of an acquisition or other combination (each as defined in

the 2021 Plan), the 2021 Plan provides that outstanding awards will be treated in the manner determined

by our Board of Directors, and may (i) be continued, assumed, or substituted with substantially equivalent

awards of any successor corporation or affiliate, with appropriate adjustments as to the number of shares

and exercise or purchase prices; (ii) become vested or exercisable, in full or in part; (iii) be terminated for

no consideration or in exchange for an amount of cash or securities followed by the cancellation of such

awards; or (iv) any combination of the foregoing. After giving effect to the foregoing, any awards

outstanding under the 2021 Plan that are not assumed or substituted will terminate if not exercised, as

applicable, immediately following the consummation of the acquisition or other combination.

*Adjustments*. In the event that the number of outstanding shares of our Class B common stock is

changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination,

reclassification, or other change in our capital structure affecting our shares without consideration, then in

order to prevent diminution or enlargement of the benefits or potential benefits intended to be made

available under the 2021 Plan (i) the number and class of shares reserved for issuance under the 2021

Plan, (ii) the exercise prices of and number and class of shares subject to outstanding options and SARs,

and (iii) the purchase prices of and/or number and class of shares subject to other outstanding awards will

(to the extent appropriate) be proportionately adjusted(subject to any required action by our Board of

Directors or stockholders).

*Exchange, repricing, and buyout of awards*. The administrator may modify, extend, or renew awards or

issue new awards in exchange for the surrender and cancellation of any or all outstanding awards,

provided that any such action will require the consent of the respective participants to the extent that any

such action would impair any of the participants' existing rights. The administrator may, without prior

stockholder approval, reduce the exercise price of options or SARs or buy an award previously granted

with payment in cash, shares, or other consideration, in each case, subject to the terms of the 2021 Plan.

*Amendment; Termination*. Our Board of Directors may amend or terminate the 2021 Plan at any time and

may terminate any and all outstanding options, RSUs, or SARs upon a dissolution or liquidation of us,

provided that certain amendments will require stockholder approval or participant consent. We expect to

terminate the 2021 Plan and will cease issuing awards thereunder upon the effectiveness of our 2025

Plan (described below), which will occur on the date immediately prior to the date of the effectiveness of

the registration statement of which this prospectus forms a part. Any outstanding awards granted under

the 2021 Plan will remain outstanding following this offering, subject to the terms of our 2021 Plan and

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applicable award agreements, until such awards are exercised or until they terminate or expire by their

terms.

2025 Equity Incentive Plan

In June 2025, our Board of Directors and our stockholders approved our 2025 Plan as a successor to our

2012 Plan and 2021 Plan, which will become effective on the date immediately prior to the effectiveness

of the registration statement of which this prospectus forms a part. The 2025 Plan authorizes the award of

both ISOs, which are intended to qualify for tax treatment under Section 422 of the Code, and NSOs, as

well for the award of RSAs, SARs, RSUs, and performance and stock bonus awards. Pursuant to the

2025 Plan, ISOs may be granted only to our employees. We may grant all other types of awards to our

employees, directors, and consultants.

*Share Reserve*. We have initially reserved 58,000,000 shares of our Class A common stock, plus (i) any

reserved shares of Class A common stock not issued or subject to outstanding grants under the 2012

Plan on the effective date of the 2025 Plan and (ii) any reserved shares of Class B common stock not

issued or subject to outstanding grants under the 2021 Plan on the effective date of the 2025 Plan, for

issuance as Class A common stock pursuant to awards granted under our 2025 Plan. The number of

shares reserved for issuance under our 2025 Plan will increase automatically on January 1 of each of

2026 through 2035 by the number of shares equal to the lesser of (A) 5% of the aggregate number of

outstanding shares of all classes of our common stock as of the immediately preceding December 31 or

(B) a number as may be determined by our Board of Directors (the "2025 Plan Evergreen Provision").

The 2025 Plan Evergreen Provision is calculated using the number of legally outstanding shares of

common stock and includes shares, such as unvested shares pursuant to early exercised stock options,

that are not considered outstanding for accounting purposes.

In addition, the shares set forth below will again be available for issuance pursuant to awards granted

under our 2025 Plan:

• shares subject to options or SARs granted under our 2025 Plan that cease to be subject to the

option or SAR for any reason other than exercise of the option or SAR;

• shares subject to awards granted under our 2025 Plan that are subsequently forfeited or

repurchased by us at the original issue price;

• shares subject to awards granted under our 2025 Plan that otherwise terminate without such

shares being issued;

• shares subject to awards granted under our 2025 Plan that are surrendered, canceled, or

exchanged for cash or a different award (or combination thereof);

• shares issuable upon the exercise of options granted under our 2012 Plan and 2021 Plan that,

after the effective date of the 2025 Plan, are forfeited;

• shares subject to awards granted under our 2012 Plan and 2021 Plan that are forfeited or

repurchased by us at the original price after the effective date of the 2025 Plan; and

• shares subject to awards under our 2012 Plan, 2021 Plan, or our 2025 Plan that are used to pay

the exercise price of an option or withheld to satisfy the tax withholding obligations related to any

award.

Shares of our common stock that were either reserved, but not issued under the 2012 Plan and 2021

Plan as of the date of this prospectus, or issued under the 2012 Plan and 2021 Plan and later become

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available for grant under our 2025 Plan, either as set forth above, shall be issued under the 2025 Plan

only as shares of Class A common stock.

*Administration.* Our 2025 Plan will be administered by our compensation committee or by our Board of

Directors acting in place of our compensation committee. Subject to the terms and conditions of the 2025

Plan, the administrator will have the authority, among other things, to select the persons to whom awards

may be granted, construe and interpret our 2025 Plan as well as to determine the terms of such awards

and prescribe, amend, and rescind the rules and regulations relating to the plan or any award granted

thereunder. The 2025 Plan provides that the administrator may delegate its authority, including the

authority to grant awards, to one or more executive officers to the extent permitted by applicable law,

provided that awards granted to non-employee directors may only be determined by our Board of

Directors.

*Options.* The 2025 Plan provides for the grant of both ISOs intended to qualify under Section 422 of the

Code, and NSOs to purchase shares of our Class A common stock at a stated exercise price. ISOs may

only be granted to employees, including officers and directors who are also employees. The exercise

price of stock options granted under the 2025 Plan must be at least equal to the fair market value of our

Class A common stock on the date of grant. ISOs granted to an individual who holds, directly or by

attribution, more than ten percent of the total combined voting power of all classes of our capital stock

must have an exercise price of at least 110% the fair market value of our Class A common stock on the

date of grant.

Options may vest based on service and/or achievement of performance conditions, as determined by the

administrator. The administrator may provide for options to be exercised only as they vest or to be

immediately exercisable, with any shares issued on exercise being subject to our right of repurchase that

lapses as the shares vest. No more than 58,000,000 shares may be issued pursuant to ISOs. The

maximum term of options granted under our 2025 Plan is ten years from the date of grant, except that the

maximum permitted term of ISOs granted to an individual who holds, directly or by attribution, more than

ten percent of the total combined voting power of all classes of our capital stock is five years from the

date of grant.

*Restricted Stock Awards.* An RSA is an offer by us to grant or sell shares of our Class A common stock

subject to restrictions, which may lapse based on the satisfaction of service and/or achievement of

performance conditions. The price, if any, of an RSA will be determined by the administrator. Holders of

RSAs, unlike holders of options, will have the right to vote and any dividends or distributions paid with

respect to such shares will be subject to the same vesting terms and other restrictions as the RSA and

will be accrued and paid when the vesting terms on such shares lapse. Unless otherwise determined by

the administrator, vesting will cease on the date the participant no longer provides services to us and

unvested shares may be forfeited to or repurchased by us.

*Stock Appreciation Rights.* A SAR provides for a payment, in cash or shares of our Class A common

stock up to a specified maximum of shares, if determined by the administrator, to the participant based

upon the difference between the fair market value of our Class A common stock on the date of exercise

and a predetermined exercise price, multiplied by the number of shares. SARs may vest based on service

and/or achievement of performance conditions. No SAR may have a term that is longer than ten years

from the date of grant.

*Restricted Stock Units.* RSUs represent the right to receive shares of our Class A common stock at a

specified date in the future and may be subject to vesting based on service and/or achievement of

performance conditions. RSUs may be settled in cash, shares of our Class A common stock, or a

combination of both as soon as practicable following vesting or on a later date subject to the terms of the

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2025 Plan and any applicable award agreement, which may provide for settlement only in shares. No

RSU may have a term that is longer than ten years from the date of grant.

*Performance Awards.* Performance awards granted pursuant to the 2025 Plan may be in the form of a

cash bonus, or an award of performance shares or performance units denominated in shares of our Class

A common stock that may be settled in cash, property, or by issuance of those shares, subject to the

satisfaction or achievement of specified performance conditions.

*Stock Bonus Awards.* A stock bonus award provides for payment in the form of cash, shares of our Class

A common stock or a combination thereof, based on the fair market value of shares subject to such award

as determined by the administrator. The awards may be granted as consideration for services already

rendered, or at the discretion of the administrator, may be subject to vesting restrictions based on

continued service and/or performance conditions.

*Dividend Equivalent Rights.* Dividend equivalent rights may be granted at the discretion of the

administrator and represent the right to receive the value of dividends, if any, paid by us in respect of the

number of shares of our Class A common stock underlying an award. Dividend equivalent rights will be

subject to the same vesting or performance conditions as the underlying award and will be paid only when

the underlying award becomes vested or may be deemed to have been reinvested by us.

*Change of Control.* Our 2025 Plan provides that, in the event of a corporate transaction that constitutes a

change of control of our company under the terms of the plan, outstanding awards will be subject to the

agreement evidencing the change of control, which need not treat all outstanding awards in an identical

manner, and may include one or more of the following: (1) the continuation of the outstanding awards,

(2) the assumption of the outstanding awards by the surviving corporation or its parent, (3) the

substitution by the surviving corporation or its parent of new options or equity awards for the outstanding

awards, (4) the full or partial acceleration of exercisability or vesting or lapse of our right to repurchase or

other terms of forfeiture and accelerated expiration of the award, (5) the settlement of the full value of the

outstanding awards, whether or not then vested or exercisable, in cash, cash equivalents, or securities of

the successor entity with a fair market value equal to the required amount, as determined in accordance

with the 2025 Plan, which payments may be deferred until the date or dates the award would have

become exercisable or vested, or (6) the cancellation of outstanding awards for no consideration.

Notwithstanding the foregoing, upon a change of control the vesting of all awards granted to our non-

employee directors will accelerate and such awards will become exercisable, to the extent applicable, and

vested in full immediately prior to the consummation of the change of control. In the event the successor

refuses to assume, convert, replace, or substitute awards as provided above pursuant to a corporate

transaction, our compensation committee will notify each participant that such award will, if exercisable,

be exercisable or vested for a period of time determined by the committee and expire after such period.

*Adjustment.* In the event of a change in the number or class of outstanding shares of our Class A

common stock by reason of a stock dividend, extraordinary dividend or distribution (other than a regular

cash dividend), recapitalization, stock split, reverse stock split, subdivision, combination, consolidation

reclassification, spin-off, or similar change in our capital structure, proportional adjustments will be made

to (1) the number and class of shares reserved for issuance under our 2025 Plan, (2) the exercise prices,

number, and class of shares subject to outstanding options or SARs, (3) the number and class of shares

subject to other outstanding awards, and (4) the maximum number of shares that may be issued as ISOs

under the 2025 Plan, subject to any required action by the board or our stockholders and compliance with

applicable laws.

*Exchange, Repricing, and Buyout of Awards*. The administrator may, without prior stockholder approval,

(1) reduce the exercise price of outstanding options or SARs without the consent of any participant and

(2) pay cash or issue new awards in exchange for the surrender and cancellation of any, or all,

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outstanding awards, subject to the consent of any affected participant to the extent required by the terms

of the 2025 Plan.

*Director Compensation Limits*. No non-employee director may receive awards under our 2025 Plan with a

grant date value that when combined with cash compensation received for his or her service as a director,

exceed $875,000 in a calendar year or $1,750,000 in the calendar year of his or her initial service as a

non-employee director on our Board of Directors.

*Clawback; Transferability*. All awards will be subject to clawback or recoupment pursuant to any

compensation clawback or recoupment policy adopted by our Board of Directors or required by law, to the

extent set forth in such policy or applicable agreement. Except in limited circumstances, awards granted

under our 2025 Plan may generally not be transferred in any manner other than by will or by the laws of

descent and distribution.

*Sub-plans*. Subject to the terms of the 2025 Plan, the plan administrator may establish a sub-plan under

the 2025 Plan and/or modify the terms of awards granted to participants outside of the United States to

comply with any laws or regulations applicable to any such jurisdiction.

*Amendment; Termination.* Our Board of Directors or compensation committee may amend our 2025 Plan

at any time, subject to stockholder approval as may be required. Our 2025 Plan will terminate ten years

from the date our Board of Directors adopts the plan, unless it is terminated earlier by our Board of

Directors. No termination or amendment of the 2025 Plan may adversely affect any then-outstanding

award without the consent of the affected participant, except as is necessary to comply with applicable

laws or as otherwise provided by the terms of the 2025 Plan.

***2025 Employee Stock Purchase Plan***

In June 2025, our Board of Directors and our stockholders approved our 2025 ESPP, which will become

effective upon the date the registration statement of which this prospectus forms a part becomes effective

to enable eligible employees to purchase shares of our Class A common stock with accumulated payroll

deductions.

The 2025 ESPP includes two components: a "423 Component" and a "Non-423 Component." We intend

the 423 Component to qualify as options issued under an "employee stock purchase plan" as that term is

defined in Section 423(b) of the Code. Except as otherwise provided in the 2025 ESPP or determined by

our Board of Directors or the compensation committee, the Non-423 Component (if any) will operate and

be administered in the same manner as the 423 Component.

*Share Reserve*. We have initially reserved 11,600,000 shares of our Class A common stock for issuance

and sale under our 2025 ESPP. The number of shares reserved for issuance and sale under our 2025

ESPP will increase automatically on January 1 of each of 2026 through 2035 by the number of shares

equal to 1% of the aggregate number of outstanding shares of all classes of our common stock as of the

immediately preceding December 31, or a lesser number as may be determined by our Board of Directors

(the "2025 ESPP Evergreen Provision"). The 2025 ESPP Evergreen Provision is calculated using the

number of legally outstanding shares of common stock and includes shares, such as unvested shares

pursuant to early exercised stock options, that are not considered outstanding for accounting purposes.

Subject to stock splits, recapitalizations, or similar events, no more than 100,000,000 shares of our Class

A common stock may be issued over the term of our 2025 ESPP.

*Administration*. Our 2025 ESPP will be administered by our compensation committee or by our Board of

Directors acting in place of our compensation committee, subject to the terms andconditions of our 2025

ESPP. Among other things, the administrator will have the authority to determine eligibility for participation

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in our 2025 ESPP (to the extent permitted by applicable law), designate separate offerings under the

plan, determine the length of such offerings, and construe, interpret, and apply the terms of the plan.

*Eligibility.* Employees eligible to participate in any offering pursuant to our 2025 ESPP generally include

any employee that is employed by us or certain of our designated subsidiaries at the beginning of the

offering period. However, the administrator may exclude employees who have been employed for less

than two years, are customarily employed for 20 hours or less per week, are customarily employed for

five months or less in a calendar year, certain highly compensated employees as determined in

accordance with applicable tax laws, and certain employees who are citizens or residents of a foreign

jurisdiction if such participation is prohibited under applicable local laws or would violate the requirements

of Section 423 of the Code (with respect to an offering under a 423 Component). In addition, any

employee who owns, or is deemed to own because of attribution rules, 5% or more of the total combined

voting power or value of all classes of our capital stock, or the capital stock of one of our qualifying

subsidiaries, or who will own such amount because of participation in our 2025 ESPP, will not be eligible

to participate in our 2025 ESPP. The administrator may impose additional restrictions on eligibility from

time to time.

*Offerings.* Under our 2025 ESPP, eligible employees will be offered the option to purchase shares of our

Class A common stock at a discount over a series of offering periods through accumulated payroll

deductionsover the period. Each offering period may itself consist of one or more purchase periods. No

offering period may be longer than 27 months. The purchase price for shares purchased under our 2025

ESPP during any given purchase period will be 85% of the lesser of the fair market value of our Class A

common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the

applicable purchase period.

No participant may purchase more than 2,500 shares of our Class A common stock during any one

purchase period and may not subscribe for more than $25,000 in fair market value of shares of our Class

A common stock, determined as of the date the offering period commences, in any calendar year in which

the offering is in effect. The administrator in its discretion may set a lower maximum number of shares

which may be purchased.

*Adjustments Upon Recapitalization.* If the number or class of outstanding shares of our Class A common

stock is changed by stock dividend, recapitalization, stock split, reverse stock split, subdivision,

combination,reclassification or similar change in our capital structure without consideration, then the

administrator will proportionately adjust the number or class of shares of our Class A common stock that

are available under our 2025 ESPP, the purchase price and number or class of shares any participant

has elected to purchase as well as the maximum number of shares which may be purchased by

participants.

*Change of Control.* If we experience a change of control transaction as determined under the terms of our

2025 ESPP, any offering period then in effect will be shortened and terminated on a final purchase date

established by the administrator. The final purchase date will occur on or prior to the effective date of the

change of control transaction, and our 2025 ESPP will terminate on the closing of the change of control.

*Transferability.* Participants may generally not assign, transfer, pledge, or otherwise dispose of payroll

deductions credited to their account or any rights regarding an election to purchase sharespursuant to

our 2025 ESPP other than by will or the laws of descent or distribution.

*Amendment; Termination.* Our Board of Directors or compensation committee may amend, suspend, or

terminate our 2025 ESPP at any time without stockholder consent, except as required by law. Unless

earlier terminated, our 2025 ESPP will terminate upon the earlier to occur of the issuance of all shares of

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Class A common stock reserved for issuance under our 2025 ESPP, or the tenth anniversary of the

effective date.

Compensation Recovery Policy

In June 2025, we adopted a Compensation Recovery Policy (the "Compensation Recovery Policy") which

will become effective upon the effectiveness of this registration statement. The Compensation Recovery

Policy is in accordance with the final rules regarding recovery of erroneously awarded executive officer

compensation in connection with an accounting restatement, as adopted by the SEC in October 2022,

and consistent with the corresponding listing standards (together, the "Clawback Rules").Pursuant to the

Compensation Recovery Policy, and subject to certain limited exceptions in the Clawback Rules, in the

event we are required to restate our financial statements, we are required to recoup erroneously awarded

incentive-based compensation (as described in the Clawback Rules), including both cash and equity

compensation paid to any current or former executive officer (as described in the Clawback Rules) during

the three completed fiscal years immediately prior to the date the accounting restatement was required.

The amount recoverable is the amount of any incentive-based compensation received by the executive

officer based on the financial statements prior to the restatement that exceeds the amount that such

executive officer would have received had the incentive-based compensation been determined based on

the financial restatement.

Limitations on Liability and Indemnification

Matters

Our restated certificate of incorporation that will become effective immediately prior to the completion of

this offering contains provisions that will limit the liability of our directors and officers for monetary

damages to the fullest extent permitted by the DGCL. Consequently, our directors and officers will not be

personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as

directors or officers, except liability for:

• any breach of the director's or officer's duty of loyalty to us or our stockholders;

• any act or omission not in good faith or that involves intentional misconduct or a knowing violation

of law;

• unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in

Section 174 of the DGCL;

• any transaction from which the director or officer derived an improper personal benefit; and

• with respect to officers, any action by or in the right of the corporation.

Our restated certificate of incorporation and our restated bylaws that will become effective immediately

prior to the completion of this offering will require us to indemnify our directors and officers to the

maximum extent not prohibited by the DGCL and allow us to indemnify other employees and agents as

set forth in the DGCL. Subject to certain limitations, our restated bylaws will also require us to advance

expenses incurred by our directors and officers for the defense of any action for which indemnification is

required or permitted, subject to very limited exceptions.

We have entered, and intend to continue to enter, into separate indemnification agreements with our

directors, officers, and certain of our other employees. These agreements, among other things, require us

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to indemnify our directors, officers, and key employees for certain expenses, including attorneys' fees,

judgments, fines, and settlement amounts actually and reasonably incurred by such director, officer, or

key employee in any action or proceeding arising out of their service to us or any of our subsidiaries or

any other company or enterprise to which the person provides services at our request. Subject to certain

limitations, our indemnification agreements also require us to advance expenses incurred by our

directors, officers, and key employees for the defense of any action for which indemnification is required

or permitted.

We believe that these provisions in our restated certificate of incorporation and indemnification

agreements are necessary to attract and retain qualified persons such as directors, officers, and key

employees. We also maintain directors' and officers' liability insurance.

The limitation of liability and indemnification provisions in our restated certificate of incorporation and

restated bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for

breaches of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our

directors and officers, even though an action, if successful, might benefit us and other stockholders.

Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of

settlement and damage awards against directors and officers as required by these indemnification

provisions.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,

executive officers, or persons controlling us, we have been informed that in the opinion of the SEC such

indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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Certain Relationships And Related

Party Transactions

In addition to the compensation arrangements discussed in the sections titled "Management" and

"Executive Compensation," the following is a description of each transaction since January 1, 2022 and

each currently proposed transaction in which:

• we have been or are to be a participant;

• the amount involved exceeded or will exceed $120,000; and

• any of our directors, executive officers, or holders of more than 5% of our outstanding capital

stock, or any immediate family member of, or person sharing the household with, any of these

individuals, had or will have a direct or indirect material interest.

2024 Class A Common Stock Financing

In May and June 2024 in connection with the RSU Release, we sold an aggregate of 18,064,377 shares

of our Class A common stock at a purchase price of $23.19 per share for an aggregate purchase price of

approximately $419.0 million.

The following table summarizes the Class A common stock purchased by entities affiliated with certain of

our directors and holders of more than 5% of our outstanding capital stock:

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| | | |
|:---|:---|:---|
| **Stockholder** | **Shares of Class** <br>**A Common** <br>**Stock**<br>| **Total Purchase** <br>**Price**<br>|
| Entities Affiliated with Kleiner Perkins<sup>(1)</sup>............................................................. | 172465 | $3999981 |
| Entities Affiliated with Sequoia<sup>(2)</sup>......................................................................... | 269477 | $6249980 |

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__________________

(1)Consists of shares held by affiliates of Kleiner Perkins. Kleiner Perkins and certain of its affiliates beneficially own more than

5% of our capital stock. Mamoon Hamid, a member of our Board of Directors, is a Partner at Kleiner Perkins, and as such may

be deemed to have voting and dispositive power with respect to shares held by Kleiner Perkins and its affiliates.

(2)Consists of shares held by certain affiliates of Sequoia. Certain entities affiliated with Sequoia beneficially own more than 5% of

our outstanding capital stock. Andrew Reed, a member of our Board of Directors, is a General Partner of Sequoia, and as such

may be deemed to have voting and dispositive power with respect to shares held by such entities.

2024 Tender Offer

In June 2024, following the May 2024 RSU Release, we facilitated the 2024 Tender Offer whereby certain

existing stockholders and new stockholders commenced a tender offer to purchase shares of our Class A

common stock, including certain shares of common stock issued upon exercise of vested options to

purchase common stock and certain shares of common stock issued upon conversion of shares of our

convertible preferred stock from certain of our security holders for $23.19 per share in cash. An aggregate

of 24,435,280 shares of our Class A common stock were tendered pursuant to the 2024 Tender Offer for

an aggregate purchase price of approximately $566.7 million. Included in the shares of Class A common

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stock sold were 1.8 million shares of convertible preferred stock, which were converted to Class A

common stock at a 1:1 ratio immediately prior to closing of the 2024 Tender Offer.

We did not receive any consideration from the sale proceeds of the 2024 Tender Offer, except for

amounts received upon the net exercise of employee stock options by certain of our employees who

concurrently exercised vested options to sell in the 2024 Tender Offer.

Certain entities affiliated with certain of our directors and holders of more than 5% of our outstanding

capital stock participated in the 2024 Tender Offer as purchasers of our Class A common stock. The

following table summarizes the shares of Class A common stock purchased by holders of more than 5%

of our outstanding capital stock:

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| | | |
|:---|:---|:---|
| **Stockholder** | **Shares of Class** <br>**A Common** <br>**Stock**<br>| **Total Purchase** <br>**Price**<br>|
| Entities Affiliated with Kleiner Perkins<sup>(1)</sup>............................................................................ | 1121028 | $26000002 |
| Entities Affiliated with Sequoia<sup>(2)</sup>........................................................................................ | 2779449 | $64463761 |

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(1)Consists of shares held by affiliates of Kleiner Perkins. Kleiner Perkins and certain of its affiliates beneficially own more than

5% of our capital stock. Mamoon Hamid, a member of our Board of Directors, is a Partner at Kleiner Perkins, and as such may

be deemed to have voting and dispositive power with respect to shares held by Kleiner Perkins and its affiliates.

(2)Consists of shares held by certain affiliates of Sequoia. Certain entities affiliated with Sequoia beneficially own more than 5% of

our outstanding capital stock. Andrew Reed, a member of our Board of Directors, is a General Partner of Sequoia, and as such

may be deemed to have voting and dispositive power with respect to shares held by such entities.

Certain of our directors and executive officers and their affiliates participated as sellers in the 2024

Tender Offer.

The following table summarizes the shares of common stock sold by our directors and executive officers

and their affiliated parties in the 2024 Tender Offer. The amounts set forth in the column titled "Total

Sales Price" represent the gross sales proceeds realized by the seller, before any reduction for

transaction costs, tax withholding, or amounts remitted to us in respect of the net exercise of employee

stock options:

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| | | |
|:---|:---|:---|
| **Stockholder** | **Shares of** <br>**Common Stock**<br>| **Total Sales** <br>**Price**<br>|
| Dylan Field<sup>(1)</sup>......................................................................................................................... | 862329 | $19999997 |
| Praveer Melwani<sup>(2)</sup>................................................................................................................ | 310570 | $7203050 |
| Brendan Mulligan<sup>(3)</sup>.............................................................................................................. | 220675 | $5118115 |
| Kris Rasmussen<sup>(4)</sup>................................................................................................................ | 862329 | $19999997 |
| Shaunt Voskanian<sup>(5)</sup>............................................................................................................. | 191275 | $4436241 |

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(1)Consists of shares of Class B common stock directly held of record and sold by Dylan Field, which were converted into 862,329

shares of Class A common stock in connection with the transfer. Mr. Field is our Chair of our Board of Directors, Chief

Executive Officer, and President, and he and certain entities and individuals affiliated with him beneficially own more than 5%

of our issued and outstanding equity securities.

(2)Consists of shares of Class A common stock directly held of record and sold by Praveer Melwani. Mr. Melwani is our Chief

Financial Officer and Treasurer.

(3)Consists of shares of Class A common stock directly held of record and sold by Brendan Mulligan. Mr. Mulligan is our General

Counsel and Secretary.

(4)Consists of shares of Class A common stock directly held of record and sold by Kris Rasmussen. Mr. Rasmussen is our Chief

Technology Officer.

(5)Consists of shares of Class A common stock directly held of record and sold by Shaunt Voskanian. Mr. Voskanian is our Chief

Revenue Officer.

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Commercial Arrangements

We have a commercial relationship with Modern Life, Inc. ("Modern Health"). Kleiner Perkins, a beneficial

owner of greater than 5% of our Class A common stock, holds a greater than 10% equity interest in

Modern Health. Mamoon Hamid, a member of our Board of Directors, is a Partner at Kleiner Perkins, and

as such may be deemed to have voting and dispositive power with respect to shares held by Kleiner

Perkins and its affiliates. Mr. Hamid's wife also holds an equity interest in Modern Health through an

investment that pre-dated Kleiner Perkins' investment. Mr. Hamid has not been involved in any

discussions regarding the commercial relationship between us and Modern Health. During the years

ended December 31, 2023 and 2024 and the three months ended March 31, 2025, we made payments to

Modern Health of approximately $165,000, $245,000, and $270,000, respectively.

We have a commercial relationship with Common Room, Inc. ("Common Room"). Index Ventures, a

beneficial owner of greater than 5% of our Class A common stock, holds a greater than 10% equity

interest in Common Room. Danny Rimer, a member of our Board of Directors, is a member of the

Common Room Board of Directors and a Partner within the Index Ventures Group but does not hold

voting or dispositive power over the shares held by the Index Ventures funds. Mr. Rimer has not been

involved in any discussions regarding the commercial relationship between us and Common Room.

During the years ended December 31, 2023 and 2024, we made payments to Common Room of

approximately $135,000 and $150,000, respectively. We made no payments to Common Room during

the three months ended March 31, 2025.

We have a commercial relationship with Loom, Inc. ("Loom"). Sequoia, which, together with its affiliates, is

a beneficial owner of greater than 5% of our Class A common stock, held a greater than 10% equity

interest in Loom prior to Loom's acquisition in December 2024. Andrew Reed, a member of our Board of

Directors, is a Partner at Sequoia, and as such may be deemed to have voting and dispositive power with

respect to shares held by Sequoia and its affiliates. Mr. Reed has not been involved in any discussions

regarding the commercial relationship between us and Loom. During the years ended December 31, 2023

and 2024 and the three months ended March 31, 2025, we made payments to Loom of approximately

$155,000, $198,000, and $203,000, respectively.

We have a commercial relationship with Klarna Group plc ("Klarna"). Sequoia, which, together with its

affiliates, is a beneficial owner of greater than 5% of our Class A common stock, holds a greater than 10%

equity interest in Klarna. Andrew Reed, a member of our Board of Directors, is a Partner at Sequoia, and

as such may be deemed to have voting and dispositive power with respect to shares held by Sequoia and

its affiliates. Mr. Reed has not been involved in any discussions regarding the commercial relationship

between us and Klarna. During the years ended December 31, 2023 and 2024 and the three months

ended March 31, 2025, Klarna made payments to us of approximately $246,000, $218,000, and $84,000,

respectively.

Stock Transfers

In April 2022, entities affiliated with Greylock Partners, a holder of more than 5% of our outstanding

capital stock and where John Lilly, a member of our Board of Directors, serves as a Venture Partner,

purchased an aggregate of 78,125 shares of our outstanding Series C preferred stock from an existing

stockholder, at a purchase price of $32.00 per share, for an aggregate purchase price of $2.5 million.

In April 2022, entities affiliated with Kleiner Perkins, a holder of more than 5% of our outstanding capital

stock and where Mamoon Hamid, a member of our Board of Directors, is a Partner, purchased an

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aggregate of 78,125 shares of our outstanding Series C preferred stock from an existing stockholder, at a

purchase price of $32.00 per share, for an aggregate purchase price of $2.5 million.

In April 2022, entities affiliated with Sequoia, a holder of more than 5% of our outstanding capital stock

and where Andrew Reed, a member of our Board of Directors, is a General Partner, purchased an

aggregate of 78,125 shares of our outstanding Series C preferred stock from an existing stockholder, at a

purchase price of $32.00 per share, for an aggregate purchase price of $2.5 million.

Figma Ventures

From time to time, through Figma Ventures, we invest in companies identified by Figma Ventures. Certain

of those investments are into companies in which entities affiliated with our directors, executive officers or

holders of more than 5% of our capital stock have also invested or otherwise have a material interest.

Below is a list of our investments with an amount involved that exceeded $120,000 in companies in which

entities affiliated with our directors, executive officers, or holders of more than 5% of our capital stock

hold, in the aggregate, a 10% or greater equity interest.

In April 2022, we entered into a Series A Preferred Stock Purchase Agreement with Stackblitz, Inc.

("Stackblitz"), pursuant to which we invested an aggregate of approximately $200,000 in Stackblitz.

Greylock Partners, a holder of more than 5% of our outstanding capital stock and where John Lilly, a

member of our Board of Directors, serves as a Venture Partner, is an investor in Stackblitz.

Investors' Rights Agreement

We are party to an amended and restated investors' rights agreement, dated May 15, 2024 (the "Rights

Agreement"), which provides, among other things, that certain holders of our capital stock, including

entities affiliated with Sequoia Capital, Index Ventures, Greylock Partners, and Kleiner Perkins, which

each hold more than 5% of our outstanding capital stock, have the right to demand that we file a

registration statement or request that their shares of our capital stock be included on a registration

statement that we are otherwise filing. See the section titled "Description of Capital Stock—Registration

Rights" for more information regarding these registration rights.

Voting Agreement

Pursuant to the Voting Agreement, certain holders of our capital stock have agreed to vote their shares

on certain matters, including with respect to the election of members of our Board of Directors. See the

section titled "Management—Board of Directors" for more information regarding the election of members

of our Board of Directors pursuant to our Voting Agreement. Holders of our capital stock, including entities

affiliated with Sequoia, Index Ventures, Greylock Partners, and Kleiner Perkins, which each hold more

than 5% of our outstanding capital stock, as well as Dylan Field and certain other stockholders of which

Dylan Field is an affiliate, are parties to our Voting Agreement. The Voting Agreement will terminate upon

the completion of this offering.

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Nominating Agreement

On&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025, we entered into the Nominating Agreement with Dylan Field, our Chair of our

Board of Directors, Chief Executive Officer, and President. Pursuant to the Nominating Agreement, we

have agreed to include Mr. Field in the slate of nominees recommended by our Board of Directors for

election or re-election at each stockholder meeting following this offering, and to include Mr. Field in the

proxy statement for each such stockholder meeting. The Nominating Agreement also provides that,

subject to any limitations imposed by applicable law and our Board of Directors' fiduciary duties to our

stockholders, we will take all necessary action to support Mr. Field's election or re-election as a director,

including by soliciting proxies or consents in his favor. The Nominating Agreement and Mr. Field's right to

be nominated to serve on our Board of Directors shall automatically terminate upon the earliest of (a) Mr.

Field's resignation as a director, (b) Mr. Field's death, (c) Mr. Field's removal from the Board of Directors

for cause by our stockholders, (d) the expiration of Mr. Field's term as director if he has given notice of his

intention not to stand for re-election, (e) the date upon which Mr. Field fails to satisfy his Minimum Class B

Share Ownership Condition, (f) the Final Conversion Date and (g) immediately prior to the sale of all or

substantially all of our assets, our liquidation or dissolution, or a merger or consolidation where our

stockholders cease to hold a majority of the voting power of the surviving entity or its parent.

Indemnification Agreements

We have entered into, and intend to continue to enter into, separate indemnification agreements with

each of our executive officers and directors, including those affiliated with certain of our 5% stockholders.

The indemnification agreements and our restated bylaws will require us to indemnify our directors to the

fullest extent not prohibited by DGCL. Subject to very limited exceptions, our restated bylaws will also

require us to advance expenses incurred by our directors and officers. For more information regarding

these agreements, see the section titled "Executive Compensation—Limitations on Liability and

Indemnification Matters."

Policies and Procedures for Related Party

Transactions

Following the completion of this offering, our audit committee will have the primary responsibility for

reviewing and approving or disapproving "related party transactions," which are transactions between us

and related persons in which the aggregate amount involved exceeds or may be expected to exceed

$120,000 and in which a related person has or will have a direct or indirect material interest.

Upon completion of this offering, our policy regarding transactions between us and related persons will

provide that a related person is defined as a director, executive officer, nominee for director, or greater

than 5% beneficial owner of our securities, in each case since the beginning of the most recently

completed year, and any of their immediate family members. Our audit committee charter that will be in

effect upon completion of this offering will provide that our audit committee shall review and approve or

disapprove any related party transactions.

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## Principal and Selling Stockholders
The following table sets forth certain information with respect to the beneficial ownership of our common

stock as of June 15, 2025 and as adjusted to reflect the sale of our Class A common stock in this offering

assuming no exercise of the underwriters' option to purchase additional shares, for:

• each of our named executive officers;

• each of our directors;

• all of our current directors and executive officers as a group;

• each of the selling stockholders; and

• each person known by us to be the beneficial owner of more than 5% of the outstanding shares

of our Class A common stock or Class B common stock.

We have determined beneficial ownership in accordance with the rules of the SEC, and the information is

not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the

footnotes below, we believe, based on information furnished to us, that the persons and entities named in

the table below have sole voting and sole investment power with respect to all shares of common stock

that they beneficially owned, subject to applicable community property laws.

Applicable percentage ownership of our common stock before this offering is based on 392,790,668

shares of our Class A common stock, 79,897,343 shares of our Class B common stock, and no shares of

our Class C common stock outstanding as of June 15, 2025. For purposes of the table below, we have

assumed (i) the occurrence of the Capital Stock Conversion, the Class B Conversion, the Option

Exercise, and the RSU Net Settlement, and (ii) that&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of Class A common stock will be

issued in this offering. The exact number of shares of our Class A common stock that will be withheld

from a stockholder in connection with the RSU Net Settlement may differ based on the stockholder's

personal tax rates. In computing the number of shares of common stock beneficially owned by a person

and the percentage ownership of that person, we deemed to be outstanding all shares of common stock

subject to options held by that person or entity that are currently exercisable or that will become

exercisable within 60 days of June 15, 2025 and RSUs that are expected to vest and settle within 60 days

of June 15, 2025 (without giving effect to any expected net share settlement). Unless otherwise indicated,

the address of each beneficial owner in the table below is c/o Figma, Inc., 760 Market Street, Floor 10,

San Francisco, California 94102.

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Shares Beneficially Owned** <br>**Before this Offering Class A** | **Shares Beneficially Owned** <br>**Before this Offering Class A** | **Shares Beneficially Owned** <br>**Before this Offering Class B** | **Shares Beneficially Owned** <br>**Before this Offering Class B** | **% Total** <br>**Voting** <br>**Power** <br>**before** <br>**this** <br>**Offering** | **Number** <br>**of Shares** <br>**Being** <br>**Offered** | **Shares** <br>**Beneficially** <br>**Owned After** <br>**this Offering** <br>**Class A** | **Shares** <br>**Beneficially** <br>**Owned After** <br>**this Offering** <br>**Class A** | **Shares** <br>**Beneficially** <br>**Owned After** <br>**this Offering** <br>**Class B** | **Shares** <br>**Beneficially** <br>**Owned After** <br>**this Offering** <br>**Class B** | **% Total** <br>**Voting** <br>**Power** <br>**after this** <br>**Offering** |
| <br>**Name of Beneficial Owner** | **Shares** | **%** | **Shares** | **%** | **% Total** <br>**Voting** <br>**Power** <br>**before** <br>**this** <br>**Offering** | **Number** <br>**of Shares** <br>**Being** <br>**Offered** | **Shares** | **%** | **Shares** | **%** | **% Total** <br>**Voting** <br>**Power** <br>**after this** <br>**Offering** |
| Named Executive Officers and <br>Directors:<br>|  |  |  |  |  |  |  |  |  |  |  |
| Dylan Field<sup>(1)</sup>........................................ |  |  | 56553591 | 67.0% | 51.1% |  |  |  |  |  |  |
| Shares subject to voting <br>proxy<sup>(2)</sup>......................................<br>| 10306 | \* | 26730324 | 33.5% | 25.2% |  |  |  |  |  |  |
| Total............................................... | 10306 | \* | 83283915 | 98.7% | 75.3% |  |  |  |  |  |  |
| Praveer Melwani<sup>(3)</sup>.............................. | 1527125 | \* |  |  | \* |  |  |  |  |  |  |
| Shaunt Voskanian<sup>(4)</sup>........................... | 1268960 | \* |  |  | \* |  |  |  |  |  |  |
| Mamoon Hamid<sup>(5)</sup>................................ | 55120394 | 14.0% |  |  | 3.5% |  |  |  |  |  |  |
| Kelly A. Kramer<sup>(6)</sup>................................ | 56346 | \* |  |  | \* |  |  |  |  |  |  |
| John Lilly<sup>(7)</sup>........................................... |  |  |  |  |  |  |  |  |  |  |  |
| William R. McDermott........................ |  |  |  |  |  |  |  |  |  |  |  |
| Andrew Reed<sup>(8)</sup>.................................... | 34186651 | 8.7% |  |  | 2.1% |  |  |  |  |  |  |
| Danny Rimer<sup>(9)</sup>.................................... |  |  |  |  |  |  |  |  |  |  |  |
| Lynn Vojvodich Radakovich<sup>(10)</sup>......... | 628347 | \* |  |  | \* |  |  |  |  |  |  |
| All executive officers and directors <br>as a group (12 persons)<sup>(11)</sup>...........<br>| 98625022 | 25.0% | 83283915 | 98.7% | 81.2% |  |  |  |  |  |  |
| **Other 5% or Greater** <br>**Stockholders:**<br>|  |  |  |  |  |  |  |  |  |  |  |
| Entities affiliated with Index <br>Ventures<sup>(12)</sup>.....................................<br>| 65865525 | 16.8% |  |  | 4.1% |  |  |  |  |  |  |
| Entities affiliated with Greylock <br>Partners<sup>(13)</sup>......................................<br>| 61495120 | 15.7% |  |  | 3.9% |  |  |  |  |  |  |
| KPCB Holdings, Inc., as <br>nominee<sup>(14)</sup>......................................<br>| 55120394 | 14.0% |  |  | 3.5% |  |  |  |  |  |  |
| Entities affiliated with Sequoia <br>Capital<sup>(15)</sup>.........................................<br>| 34186651 | 8.7% |  |  | 2.1% |  |  |  |  |  |  |
| Wu-Wallace Family Trust<sup>(16)</sup>.............. |  |  | 26730324 | 33.5% | 25.2% |  |  |  |  |  |  |
| **Other Selling Stockholders** |  |  |  |  |  |  |  |  |  |  |  |
| All selling stockholders who <br>beneficially own, in the <br>aggregate, less than 1% of our <br>common stock................................<br>|  |  |  |  |  |  |  |  |  |  |  |

---

__________________

\*Represents beneficial ownership of less than one percent of the shares of our common stock.

(1)Consists of (i) 32,337,816 shares of Class B Common Stock held directly by Mr. Field; (ii) 1,703,025 shares of Class B

Common Stock issuable upon net settlement of RSUs for which the service-based condition has been satisfied and for which

the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 1,135,325 shares of

Class B Common Stock held by the Dylan Field 2024 Annuity Trust, of which Mr. Field is the trustee; (iv) 1,122,908 shares of

Class B Common Stock held by Field 2021 Descendants Trust, of which Bryn Mawr Trust Company of Delaware is the trustee

and may be replaced as trustee at Mr. Field's discretion; (v) 15,754,517 shares of Class B Common Stock held of record by

LLL Investments LLC which is associated with Mr. Field; and (vi) 4,500,000 shares of Class B Common Stock that may be

acquired upon the settlement of vested RSUs within 60 days of June 15, 2025. Any potential shares that may vest after this

offering pursuant to Mr. Field's 2021 CEO Market Award based on market capitalization are not included in this table.

(2)Consists of shares of our Class B Common Stock held by the Wu-Wallace Family Trust and Class A Common Stock held by

Mr. Wallace over which Mr. Field holds an irrevocable proxy pursuant to the Wallace Proxy. See "Description of Capital Stock—

Wallace Proxy" for more information. We do not believe that the parties to the Irrevocable Proxy Agreements constitute a

"group" under Section 13 of the Exchange Act, as Mr. Field exercises voting control over these shares.

(3)Consists of (i) 724,663 shares of Class A Common Stock held directly by Mr. Melwani; (ii) 195,734 shares of Class A Common

Stock issuable upon net settlement of RSUs for which the service-based condition has been satisfied and for which the

performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 150,000 shares of Class

A Common Stock held by APM33, LLC of which Mr. Melwani is a manager; (iv) 395,478 shares underlying stock options to

purchase Class A Common Stock that are exercisable within 60 days of June 15, 2025; and (v) 61,250 shares of Class A

Common Stock that may be acquired upon the settlement of vested RSUs within 60 days of June 15, 2025.

(4)Consists of (i) 446,309 shares of Class A Common Stock held directly by Mr. Voskanian; (ii) 297,954 shares of Class A

Common Stock issuable upon net settlement of RSUs for which the service-based condition has been satisfied and for which

the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iii) 417,795 shares

underlying stock options to purchase Class A Common Stock that are exercisable within 60 days of June 15, 2025; and (iv)

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106,902 shares of Class A Common Stock that may be acquired upon the settlement of vested RSUs within 60 days of June

15, 2025.

(5)Consists of the shares described in footnote 14 below. Mamoon Hamid, who is a member of our Board of Directors, is a

managing member of KPCB XVII Associates and KP Select Associates, and as such may be deemed to have voting and

dispositive power with respect to such shares.

(6)Consists of 56,346 shares of Class A Common Stock issuable upon settlement of RSUs for which the time-based vesting

condition will be satisfied in connection with this offering as of June 15, 2025.

(7)Mr. Lilly, who is a member of our Board of Directors, is an affiliate of Greylock Partners, but does not have voting or dispositive

power with respect to any of the shares described in footnote 13 below.

(8)Mr. Reed, who is a member of our Board of Directors, shares voting and dispositive power with respect to the shares held by

entities affiliated with Sequoia Capital, as described in footnote 15 below. Mr. Reed expressly disclaims beneficial ownership of

the shares held by these entities, except to the extent of his pecuniary interest in such shares.

(9)Mr. Rimer, who is a member of our Board of Directors, is a partner within the Index Ventures Group, but does not hold voting or

dispositive power over the shares held by the Index funds. The address for each of these entities is 44 Esplanade, St. Helier,

Jersey, Channel Islands JE4 9WG.

(10)Consists of (i) 56,346 shares of Class A Common Stock issuable upon settlement of RSUs for which the time-based vesting

condition will be satisfied in connection with this offering as of June 15, 2025; and (ii) 572,001 shares underlying stock options

to purchase Class A Common Stock that are exercisable within 60 days of June 15, 2025.

(11)The reported amounts represent the total of all securities beneficially owned by our directors and officers, consisting of (i)

95,595,595 shares of our Class A common stock, (ii) 77,080,890 shares of our Class B common stock; (iii) 858,392 shares of

Class A Common Stock issuable upon net settlement of RSUs for which the service-based condition has been satisfied and for

which the performance-based condition will be satisfied in connection with this offering as of June 15, 2025; (iv) 112,692 shares

of Class A Common Stock issuable upon settlement of RSUs for which the time-based vesting condition is expected to be

satisfied within 60 days of June 15, 2025; (v) 1,703,025 shares of Class B Common Stock issuable upon net settlement of

RSUs for which the service-based condition has been satisfied and for which the performance-based condition will be satisfied

in connection with this offering as of June 15, 2025; (vi) 1,761,958 shares of our Class A common stock issuable upon the

exercise of stock options that are exercisable within 60 days of June 15, 2025; (vii) 296,385 shares of Class A Common Stock

that may be acquired upon the settlement of vested RSUs within 60 days of June 15, 2025; and (ix) 4,500,000 shares of Class

B Common Stock that may be acquired upon the settlement of vested RSUs within 60 days of June 15, 2025.

(12)Consists of (i) 58,998,575 shares of Class A Common Stock held by Index Ventures VI (Jersey), L.P.("Index VI"); (ii) 2,521,618

shares of Class A Common Stock held by Index Ventures Growth IV (Jersey), L.P. ("Index Growth IV"); (iii) 2,278,486 shares of

Class A Common Stock held by Index Ventures Growth V (Jersey), L.P. ("Index Growth V"); (iv) 1,190,880 shares of Class A

Common Stock held by Index Ventures VI Parallel Entrepreneur Fund (Jersey), L.P. ("Index VI Parallel"); (v) 761,890 shares of

Class A Common Stock held by Yucca (Jersey) SLP on behalf of the Index Co-Investment Scheme ("Yucca IV VI"); (vi) 70,469

shares of Class A Common Stock held by Yucca (Jersey) SLP on behalf of Index Growth V Coinvestment Scheme ("Yucca IG

V"); and (vii) 43,607 shares of Class A Common Stock held by Yucca (Jersey) SLP on behalf of Index Growth IV Coinvestment

Scheme ("Yucca IG IV"). Index Venture Associates VI Limited ("IVA VI") is the managing general partner of Index VI and Index

VI Parallel and may be deemed to have voting and dispositive power over the shares held by those funds. Yucca IV VI is the

administrator of the Index co-investment vehicles that are contractually required to mirror the relevant Index funds' investment,

and IVA VI may be deemed to have voting and dispositive power over their respective allocation of shares held by Yucca IV VI.

Index Venture Growth Associates IV Limited ("IGA IV") is the managing general partner of Index Growth IV and may be

deemed to have voting and dispositive power over the shares held by such fund. Yucca IG IV is the administrator of the Index

co-investment vehicles that are contractually required to mirror the relevant Index funds' investment, and IGA IV may be

deemed to have voting and dispositive power over their respective allocation of shares held by Yucca IG IV. Index Ventures

Growth Associates V Limited ("IGA V") is the managing general partner of Index Growth V and may be deemed to have voting

and dispositive power over the shares held by those funds. Yucca IG V is the administrator of the Index co-investment vehicles

that are contractually required to mirror the relevant Index funds' investment, and IGA V may be deemed to have voting and

dispositive power over their respective allocation of shares held by Yucca IG V. David Hall, Phil Balderson, Brendan Boyle and

Nigel Greenwood are the members of the board of directors of IVA VI, IGA IV and IGA V, and investment and voting decisions

with respect to the shares over which IVA VI, IGA IV and IGA V may be deemed to have voting and dispositive power are made

by such directors collectively. Danny Rimer, a member of the Company's Board of Directors, is a partner within the Index

Ventures Group but does not hold voting or dispositive power over the shares held by the Index Ventures funds. The address

for each of these entities is 44 Esplanade, St. Helier, Jersey, Channel Islands JE4 9WG.

(13)Consists of (i) 55,345,586 shares of Class A Common Stock held by Greylock XIV Limited Partnership ("Greylock XIV"); (ii)

3,074,767 shares of Class A Common Stock held by Greylock XIV-A Limited Partnership ("Greylock XIV-A"); and (iii) 3,074,767

shares of Class A Common Stock held by Greylock XIV Principals LLC ("Greylock XIV Principals"). Greylock XIV GP LLC

("Greylock XIV GP") is the general partner of Greylock XIV and Greylock XIV-A, and the manager of Greylock XIV Principals.

Greylock XIV GP may be deemed to share voting and dispositive power with regard to the shares held directly by Greylock

XIV, Greylock XIV-A, and Greylock XIV Principals and may be deemed to have indirect beneficial ownership of an

indeterminate number of such shares. William W. Helman, Reid Hoffman, Donald A. Sullivan, and David Sze, share voting and

investment power over the shares held by Greylock XIV, Greylock XIV-A and Greylock XIV Principals. The address for the

Greylock entities is 2550 Sand Hill Road, Menlo Park, CA 94025.

(14)Consists of (i) 50,308,466 shares of Class A Common Stock held by Kleiner Perkins Caufield & Byers XVII, LLC ("KPCB XVII");

(ii) 1,646,988 shares of Class A Common Stock held by KPCB XVII Founders Fund, LLC ("KPCB XVII Founders"); (iii)

3,086,524 shares of Class A Common Stock held by Kleiner Perkins Select Fund, LLC ("KP Select"); and (iv) 78,416 shares of

Class A Common Stock held by Kleiner Perkins Select Founders, LLC ("KP Select Founders"). All shares are held for

convenience in the name of "KPCB Holdings, Inc., as nominee" for the accounts of such individuals and entities. The Managing

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Member of KPCB XVII and KPCB XVII Founders is KPCB XVII Associates, LLC ("KPCB XVII Associates"). Theodore E.

Schlein, Beth Seidenberg, Mamoon Hamid, and Ilya Fushman, the Managing Members of KPCB XVII Associates, exercise

shared voting and dispositive control over the shares held by KPCB XVII and KPCB XVII Founders. Such Managing Members

disclaim beneficial ownership of all the shares held by KPCB XVII and KPCB XVII Founders except to the extent of their

pecuniary interest therein. The Managing Member of KP Select and KP Select Founders is Kleiner Perkins Select Associates,

LLC ("KP Select Associates"). Ilya Fushman and Mamoon Hamid, the Managing Members of KP Select Associates, exercise

shared voting and dispositive control over the shares held by KP Select and KP Select Founders. Such Managing Members

disclaim beneficial ownership of all shares held by KP Select and KP Select Founders except to the extent of their pecuniary

interest therein. The principal business address for all entities and individuals affiliated with Kleiner Perkins Caufield & Byers is

2750 Sand Hill Road, Menlo Park, CA 94025.

(15)Consists of (i) 23,439,105 shares of Class A Common Stock held by Sequoia Capital U.S. Growth Fund VIII, L.P. ("GFVIII"); (ii)

1,971,015 shares of Class A Common Stock held by SC US/E GROWTH FUND X MANAGEMENT, L.P.; (iii) 1,077,911 shares

of Class A Common Stock held by GROWTH IX MANAGEMENT, L.P. (iv) 7,544,850 shares of Class A Common Stock held by

Sequoia Grove II, LLC ("Grove II"); and (v) 153,770 shares of Class A Common Stock held by Sequoia Grove UK, L.P. ("Grove

UK"). SC US (TTGP), Ltd. is (i) the general partner of SC U.S Growth VIII Management, L.P. which is the general partner of

GFVIII, (ii) the general partner of GFX MGMT, and (iii) the general partner of GFIX MGMT. As a result, SC US (TTGP), Ltd.

may be deemed to share voting and dispositive power with respect to the shares held by GFVIII, GFX MGMT, and GFIX

MGMT. Sequoia Grove Manager, LLC is the manager of Grove II and the general partner of Grove UK. As a result, Sequoia

Grove Manager, LLC may be deemed to share voting and beneficial ownership with respect to the shares held by Grove II and

Grove UK. The address for each of the Sequoia entities is 2800 Sand Hill Road, Suite 101 Menlo Park, CA 94025.

(16)Consists of 26,730,324 shares of Class B Common Stock over which Mr. Field holds an irrevocable proxy, pursuant to an

irrevocable proxy and power of attorney between Mr. Field, Evan Wallace, and the Wu-Wallace Family Trust, referred to in

footnote 2 above.

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## Description of Capital Stock
General

The following description summarizes the most important terms of our capital stock, as they will be in

effect following this offering. Because it is only a summary, it does not contain all the information that may

be important to you. We expect to adopt a restated certificate of incorporation and restated bylaws that

will become effective immediately prior to the completion of this offering, and this description summarizes

provisions that are expected to be included in these documents. For a complete description, you should

refer to our restated certificate of incorporation, restated bylaws, our Rights Agreement, and Nominating

Agreement, which are included as exhibits to the registration statement of which this prospectus forms a

part, and to the applicable provisions of Delaware law.

Upon the completion of this offering, our authorized capital stock will consist of (a) 11,350,000,000 shares

of common stock, $0.00001 par value per share, (i) of which 10,000,000,000 shares will be designated as

Class A common stock, $0.00001 par value per share, (ii) of which 350,000,000 shares will be designated

as Class B common stock, $0.00001 par value per share, and (iii) of which 1,000,000,000 shares will be

designated as Class C common stock, $0.00001 par value per share, and (b) 200,000,000 shares of

undesignated preferred stock, $0.00001 par value per share. We have no current plans to issue shares of

our Class C common stock or shares of preferred stock.

Assuming the occurrence of the Capital Stock Conversion, the Class B Conversion, the Option Exercise,

and the RSU Net Settlement, as of March 31, 2025, there were outstanding:

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock, held by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; stockholders of record;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock, held by&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; stockholders of record;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the exercise of stock options, with a

weighted-average exercise price of $&nbsp;&nbsp;&nbsp;&nbsp; per share;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the vesting and settlement of RSUs

outstanding;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock issuable upon the exercise of stock options, with an

exercise price of $&nbsp;&nbsp;&nbsp;&nbsp; per share;

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B common stock issuable upon the vesting and settlement of RSUs

outstanding; and

• &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock issuable upon the exercise of a warrant to purchase

shares of our Class A common stock, with an exercise price of $&nbsp;&nbsp;&nbsp;&nbsp; per share.

Common Stock

We have three series of authorized common stock, Class A common stock, Class B common stock, and

Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and

Class C common stock are identical, except with respect to voting and conversion.

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Dividend Rights

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the

holders of shares of our Class A common stock, Class B common stock, and Class C common stock are

entitled to receive dividends out of funds legally available if our Board of Directors, in its discretion,

determines to issue dividends and then only at the times and in the amounts that our Board of Directors

may determine. See the section titled "Dividend Policy."

Voting Rights

Holders of shares of our Class A common stock are entitled to one vote for each share of Class A

common stock held on all matters submitted to a vote of stockholders, holders of our Class B common

stock are entitled to 15 votes for each share of Class B common stock held on all matters submitted to a

vote of stockholders, and holders of our Class C common stock are not entitled to vote on all matters

submitted to a vote of stockholders, unless otherwise required by law.

Following this offering, Dylan Field, our Chair of our Board of Directors, Chief Executive Officer, and

President, will hold or have the ability to control approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power of our

outstanding capital stock, including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of the voting power pursuant to the Wallace Proxy.

Holders of shares of our Class A common stock and Class B common stock vote together as a single

class on all matters (including the election of directors) submitted to a vote of stockholders, unless

otherwise required by Delaware law. Delaware law could require either holders of our Class A common

stock, our Class B common stock, or our Class C common stock to vote separately as a single class if we

were to seek to amend our restated certificate of incorporation in a manner that alters or changes the

powers, preferences, or special rights of a series of our capital stock in a manner that affected its holders

adversely.

In addition, our restated certificate of incorporation will provide that a separate vote of the holders of our

Class B common stock will be required in connection with any amendment to the Certificate of

Incorporation that would alter the rights of the Class B common stock, reclassify any shares of Class A

common stock into shares senior to the Class B common stock, or authorize the issuance of any shares

of capital stock with voting rights greater than one vote per share (other than the Class B common stock).

We have not provided for cumulative voting for the election of directors in our restated certificate of

incorporation that will become effective immediately prior to the completion of this offering.

Wallace Proxy

In March 2022, Evan Wallace and the Wu-Wallace Family Trust (each a "Grantor" and together, the

"Grantors") and Dylan Field entered into the Wallace Proxy pursuant to which each Grantor irrevocably

appointed Mr. Field, with full power of substitution, as their proxy, agent, and attorney-in-fact, with

complete and unlimited authority to act, in his sole discretion, on their behalf, to vote any number of

Wallace Proxy Shares at any time and from time to time on all matters submitted to a vote of stockholders

at a meeting of stockholders or through the solicitation of a written consent of stockholders and for any

contractual voting rights that may be applicable to the Wallace Proxy Shares. Prior to any transfer, sale,

pledge, encumbrance, assignment, option, distribution, or disposition, or any agreement or commitment

providing therefor, of Wallace Proxy Shares or any interest in Wallace Proxy Shares, as a condition to

such transfer, the transferees shall execute an irrevocable proxy in the form and on the terms of the

Wallace Proxy. The Wallace Proxy shall not apply to any Wallace Proxy Shares transferred by a Grantor

if, at the time of the transfer, the Grantor is transferring (i) shares of Class B common stock that, upon

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completion of such transfer, automatically convert into shares of Class A common stock, or (ii) shares of

Class A common stock. The Wallace Proxy shall terminate upon the earlier of: (a) the liquidation,

dissolution, or winding up of the business operations of our company; (b) the explicit written consent of

Mr. Field; or (c) such time as no Wallace Proxy Shares are held by (x) the Grantors, (y) Mr. Wallace's

Family Members (as defined in our restated certificate of incorporation), or (z) the Grantors' Permitted

Entities (as defined in our restated certificate of incorporation).

No Preemptive or Similar Rights

Our Class A common stock, Class B common stock, and Class C common stock are not entitled to

preemptive rights and are not subject to redemption or sinking fund provisions.

Right to Receive Liquidation Distributions

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 Class A common stock, Class B

common stock, and Class C common stock and any participating preferred stock outstanding at that time,

subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the

payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

Conversion

Each outstanding share of Class B common stock is convertible at any time at the option of the holder

into one share of Class A common stock. In addition, each share of Class B common stock will convert

automatically into one share of Class A common stock (i) upon any transfer by the holder, whether or not

for value, which occurs after the closing of this offering, except for certain permitted transfers described in

our restated certificate of incorporation, including transfers to family members, certain trusts, estate

planning vehicles or similar entities over which a Qualified Stockholder (as defined in our restated

certificate of incorporation) holds dispositive power and voting control with respect to the shares of Class

B common stock held thereby, certain Individual Retirement Accounts as defined in Section 408(a) of the

Code, and certain partnerships, corporations, and other entities over which a Qualified Stockholder holds

dispositive power and voting control with respect to the shares of Class B common stock held thereby and

(ii) upon the Final Conversion Date (the "Class B Automatic Conversion"). The Final Conversion Date is

(a) the date fixed by our Board of Directors, which date will be no less than 61 days and no more than

180 days following the first date on which the Co-Founders each fail to satisfy the requirement that the

applicable Founder, such Founder's family members, and certain of such Founder's permitted entities and

transferees hold at least 30% of the issued and outstanding shares of Class B common stock (excluding

any shares of Class B common stock that remain subject to vesting requirements at such time) owned of

record thereby on the date on which this registration statement is declared effective by the SEC (the

"Minimum Class B Share Ownership Condition"), it being understood that this clause (a) shall not be met

if only one Founder fails to satisfy his Minimum Class B Share Ownership Condition; (b) the date that is

twenty-four months after the death or Disability (as defined in our restated certificate of incorporation) of

Dylan Field, provided, that such date may be extended but not for a total period of longer than twelve

months, to a date approved by a majority of the independent directors then in office; (c) the date specified

by the holders of at least eighty percent (80%) of the then outstanding shares of Class B Common Stock,

voting as a separate class (the "Requisite Class B Holders"), or in the affirmative written election executed

by the Requisite Class B Holders; or (d) the date that is 24 months following the date on which the Co-

Founders each have ceased providing services to the corporation as a director, officer, employee, and/or

consultant on a continuous basis for period of more than three consecutive years; it being understood that

this clause (d) shall not be met if only one Founder has ceased providing services to the corporation as a

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director, officer, employee, and/or consultant on a continuous basis for a period of more than three

consecutive years.

Any and all outstanding shares of Class C common stock will convert automatically into Class A common

stock, on a share-for-share basis, following both (a) the earliest to occur of (i) the conversion or exchange

of all outstanding shares of our Class B common stock into shares of Class A common stock, (ii) the

Class B Automatic Conversion, and (iii) the affirmative vote of the holders of a majority of the outstanding

shares of Class B common stock, voting separately as a single class and (b) the date and time, or

occurrence of an event, specified by the holders of a majority of the outstanding shares of Class A

common stock, voting as a separate class.

Following such conversions, each share of Class A common stock will have one vote per share and the

rights of the holders of all outstanding common stock will be identical. Once converted into Class A

common stock, the Class B common stock, and Class C common stock may not be reissued.

Preferred Stock

Pursuant to the provisions of our currently in effect restated certificate of incorporation, each currently

outstanding share of convertible preferred stock will automatically be converted into one share of Class A

common stock in connection with the closing of this offering. Following this offering, no shares of

convertible preferred stock will be outstanding.

Following this offering, our Board of Directors will be authorized, subject to limitations prescribed by

Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of

shares to be included in each series, and to fix the designation, powers, preferences, and rights of the

shares of each series and any of its qualifications, limitations, or restrictions, in each case without further

vote or action by our stockholders. Our Board of Directors can also 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, without any further vote or action by our stockholders. The number of authorized shares of

our preferred stock may be increased or decreased (but not below the number of shares thereof then

outstanding) by a vote of the holders of stock entitled to vote thereon, without a separate vote of the

holders of the preferred stock, irrespective of the provisions of Section 242(b)(2) of the DGCL, unless a

separate vote of the holders of one or more series is required pursuant to the terms of any applicable

certificate of designation. Our Board of Directors may authorize the issuance of preferred stock with

voting or conversion 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 might adversely affect the market price of our Class A

common stock and the voting and other rights of the holders of our common stock. We have no current

plan to issue any shares of preferred stock.

Options

As of March 31, 2025, we had outstanding stock options to purchase an aggregate of 23,057,048 shares

of our Class A common stock under our 2012 Plan, with a weighted-average exercise price of $9.77 per

share.

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As of March 31, 2025 (before giving effect to the Option Exercise), we had outstanding stock options to

purchase an aggregate of 811,896 shares of our Class B common stock under our 2021 Plan, with an

exercise price of $23.19 per share.

Warrants

As of March 31, 2025, we had an outstanding warrant to purchase 260,580 shares of our Class A

common stock, with a weighted-average exercise price of $0.08 per share.

RSUs

As of March 31, 2025, we had outstanding RSUs that may be settled for an aggregate of 58,739,038

shares of our Class A common stock under our 2012 Plan. After March 31, 2025 (without giving effect to

the RSU Net Settlement), we granted RSUs that may be settled for an aggregate of 5,638,759 shares of

our Class A common stock under our 2012 Plan.

As of March 31, 2025, we had outstanding RSUs that may be settled for an aggregate of 19,125,000

shares of our Class B common stock under our 2021 Plan. After March 31, 2025 (without giving effect to

the RSU Net Settlement), we granted RSUs that may be settled for an aggregate of28,960,338 shares of

our Class B common stock under our 2021 Plan.

In connection with the RSU Net Settlement, we will issue&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of our Class A common stock,

after withholding an aggregate of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock, to satisfy associated

estimated tax withholding and remittance obligations.

Registration Rights

Following the completion of this offering, certain holders of shares of our Class A common stock and

Class B common stock or their permitted transferees will be entitled to rights with respect to the

registration of their shares under the Securities Act. These rights are provided under the terms of our

Rights Agreement, which was entered into in connection with our convertible preferred stock financings,

and include demand registration rights, Form S-3 registration rights, and piggyback registration rights. In

any registration made pursuant to our Rights Agreement, all fees, costs, and expenses of underwritten

registrations will be borne by us and all selling expenses, including estimated underwriting discounts,

selling commissions, stock transfer taxes, and fees and disbursements of counsel for any holder will be

borne by the holders of the shares being registered, provided, however, that we will pay the reasonable

fees and disbursements of one counsel to any selling holders not to exceed $50,000.

The registration rights terminate (i) five years following the completion of this offering, (ii) upon a

Liquidation Event (as defined in our current restated certificate of incorporation), or (iii) with respect to any

particular stockholder, at the time that such stockholder (a) can sell all of its registrable securities (as

defined in our Rights Agreement) under Rule 144(b)(1)(i) of the Securities Act or any successor rule

thereto, or (b) owns less than 1% of our securities and can sell all of its registrable securities without any

restriction on volume or manner of sale in any three-month period pursuant to Rule 144 of the Securities

Act or any successor rule thereto.

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Demand Registration Rights

Following the completion of this offering, holders of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock will be

entitled to demand registration rights at any time after 180 days after the effective date of the registration

statement of which this prospectus forms a part. Under the terms of our Rights Agreement, we will be

required, upon the request of holders representing a majority of the then-outstanding shares that are

entitled to registration rights under our Rights Agreement, to file a registration statement on Form S-1 to

register, as soon as practicable and in any event within 40 days of the date of the request, all or a portion

of these shares for public resale, if the aggregate price to the public of the shares offered is at least $25.0

million, net of selling expenses. We are required to effect only two registrations pursuant to this provision

of the Rights Agreement. We may postpone the filing of a registration statement no more than once

during any twelve-month period for a period of not more than 90 days if our Board of Directors determines

that the filing would be seriously detrimental to us. We are not required to effect a demand registration

under certain additional circumstances specified in our Rights Agreement.

Form S-3 Registration Rights

Following the completion of this offering, holders of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock will be

entitled to Form S-3 registration rights. The holders representing at least 25% of the then-outstanding

shares having registration rights can request that we register all or part of their shares on Form S-3 if we

are eligible to file a registration statement on Form S-3 and if the aggregate price to the public of the

shares offered is at least $5.0 million. The holders may only require us to effect at most two registration

statements on Form S-3 in any twelve-month period. We may postpone the filing of a registration

statement on Form S-3 no more than once during any twelve-month period for a period of not more than

90 days if our Board of Directors determines that the filing would be seriously detrimental to us.

Piggyback Registration Rights

If we register any of our securities for public sale, holders of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock

having registration rights will have the right to include their shares in the registration statement. However,

this right does not apply to a registration relating to employee benefit plans, a registration relating to an

SEC Rule 145 transaction, a registration on any form that does not include substantially the same

information as would be required to be included in a registration statement covering the sale of our

common stock, or a registration in which the only common stock being registered is common stock

issuable upon conversion of debt securities that are also being registered. The underwriters of any

underwritten offering will have the right to limit the number of shares registered by these holders if they

determine that marketing factors require limitation, in which case the number of shares to be registered

will be apportioned pro rata among these holders, according to the total amount of securities entitled to be

included by each holder. However, the number of shares to be registered by these holders cannot be

reduced (i) unless all other securities (other than securities to be sold by us) are first excluded from the

offering or (ii) below 30% of the total shares covered by the registration statement, other than in the initial

public offering.

Anti-Takeover Provisions

The provisions of the DGCL, our restated certificate of incorporation, and our restated bylaws that will

become effective immediately prior to the completion of this offering could have the effect of delaying,

deferring or discouraging another person from acquiring control of our company. These provisions, which

are summarized below, are expected to discourage certain types of coercive takeover practices and

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inadequate takeover bids and encourage persons seeking to acquire control of our company to first

negotiate with our Board of Directors. We believe that the benefits of increased protection of our potential

ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a

proposal to acquire us because negotiation of these proposals could result in an improvement of their

terms.

Delaware Law

We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general,

Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination"

with an "interested stockholder" for a three-year period following the time that this stockholder becomes

an interested stockholder, unless the business combination is approved in a prescribed manner. Under

Section 203, a business combination between a corporation and an interested stockholder is prohibited

unless it satisfies one of the following conditions:

• before the stockholder became interested, our Board of Directors approved either the business

combination or the transaction, which resulted in the stockholder becoming an interested

stockholder;

• upon consummation of the transaction, which resulted in the stockholder becoming an interested

stockholder, the interested 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, shares owned by persons who are directors and also officers, and

employee stock plans in some instances, but not the outstanding voting stock owned by the

interested stockholder; or

• at or after the time the stockholder became interested, the business combination was approved

by our Board of Directors and authorized at an annual or special meeting of the stockholders by

the affirmative vote of at least two-thirds of the outstanding voting stock, which is not owned by

the interested stockholder.

Section 203 defines a business combination to include:

• any merger or consolidation involving the corporation and the interested stockholder;

• any sale, transfer, lease, pledge, or other disposition involving the interested stockholder of 10%

or more of the assets of the corporation;

• subject to exceptions, any transaction that results in the issuance of transfer by the corporation of

any stock of the corporation to the interested stockholder;

• subject to exceptions, any transaction involving the corporation that has the effect of increasing

the proportionate share of the stock of any class or series of the corporation beneficially owned

by the interested stockholder; and

• the receipt by the interested stockholder of the benefit of any loans, advances, guarantees,

pledges, or other financial benefits provided by or through the corporation.

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15%

or more of the outstanding voting stock of the corporation and any entity or person affiliated with or

controlling or controlled by the entity or person.

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Restated Certificate of Incorporation and Restated Bylaw Provisions

Our restated certificate of incorporation and our restated bylaws that will become effective immediately

prior to the completion of this offering will include a number of provisions that may have the effect of

deterring hostile takeovers, or delaying or preventing changes in control of our management team or

changes in our Board of Directors or our governance or policy, including the following:

• *Multi-Class Common Stock*. As described above in the section titled "—Common Stock—Voting

Rights," our restated certificate of incorporation will provide for a multi-class common stock

structure pursuant to which holders of our Class B common stock will have the ability to control

the outcome of matters requiring stockholder approval, even if they own significantly less than a

majority of the shares of our outstanding common stock, including the election of directors and

significant corporate transactions, such as a merger or other sale of our company or its assets or

a redomestication. As a result, Mr. Field will have the ability to exercise control over those

matters.

• *Board of Directors Vacancies*. Our restated certificate of incorporation and our restated bylaws

will authorize generally only our Board of Directors to fill vacant directorships resulting from any

Date, vacancies and newly created directorships may also be filled by our stockholders with the

approval of a majority of the voting power of all of the then-outstanding shares of our capital

stock. In addition, the number of directors constituting our Board of Directors may be set only by

resolution adopted by a majority vote of our entire Board of Directors. These provisions prevent a

stockholder from increasing the size of our Board of Directors and, following the Trigger Date, will

prevent a stockholder from gaining control of our Board of Directors by filling the resulting

vacancies with its own nominees.

• *Classified Board*. Our restated certificate of incorporation and our restated bylaws will provide

that, prior to the Trigger Date, each director shall serve for a term expiring at the next annual

meeting of stockholders following such director's election. From and after the Trigger Date,

subject to the special rights of the holders of any preferred stock then-outstanding, our Board of

Directors will be divided into three classes of directors that will serve staggered three-year terms.

The existence of a classified Board of Directors could delay a successful tender offeror from

obtaining majority control of our Board of Directors, and the prospect of that delay might deter a

potential offeror. For additional information, see the section titled "Management—Classified Board

of Directors."

• *Directors Removed Only for Cause.* Our restated certificate of incorporation will provide that, prior

to the Trigger Date, stockholders may remove directors with or without cause by the affirmative

vote of the holders of a majority of the voting power of the then-outstanding shares of our capital

stock. From and after the Trigger Date, subject to the special rights of the holders of any

preferred stock then-outstanding, stockholders may remove directors only "for cause" and only by

the affirmative vote of the holders of at least two-thirds of the voting power of all of the then-

outstanding shares of our capital stock.

• *Supermajority Requirements for Amendments of Our Restated Certificate of Incorporation and* 

*Restated Bylaws.* Our restated certificate of incorporation will further provide that, from and after

the Trigger Date, the affirmative vote of holders of at least two-thirds of the voting power of all of

the then outstanding shares of capital stock will be required to amend certain provisions of our

restated certificate of incorporation, including provisions relating to the classified board, the size

of our Board of Directors, removal of directors, special meetings, actions by written consent, and

designation of our preferred stock. The affirmative vote of holders of at least two-thirds of the

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voting power of all of the then outstanding shares of capital stock will be required to amend or

repeal our restated bylaws, although our restated bylaws may be adopted, amended or repealed

by a simple majority vote of our Board of Directors. Additionally, in the case of any proposed

adoption, amendment, or repeal of any provisions of the restated bylaws or restated certificate of

incorporation that is approved by our Board of Directors and submitted to the stockholders for

adoption, if two-thirds of our Board of Directors has approved such adoption, amendment, or

repeal of any provisions of our restated bylaws or restated certificate of incorporation, then only

the affirmative vote of a majority of the voting power of all of the then outstanding shares of

capital stock shall be required to adopt, amend, or repeal any provision of our restated bylaws or

restated certificate of incorporation. Prior to the Trigger Date, our restated certificate of

incorporation and restated bylaws may be amended by the affirmative vote of the holders of a

majority of the voting power of the then-outstanding shares of our capital stock.

• *Stockholder Action; Special Meetings of Stockholders.* Our restated certificate of incorporation

will provide that, from and after the Trigger Date, subject to the rights of the holders of any

preferred stock then-outstanding, our stockholders may not take action by written consent but

may only take action at annual or special meetings of our stockholders. As a result, holders of our

capital stock would not be able to amend our restated bylaws or remove directors without holding

a meeting of our stockholders called in accordance with our restated bylaws. Our restated

certificate of incorporation and our restated bylaws will provide that, from and after the Trigger

Date, special meetings of our stockholders may be called only by a majority of our Board of

Directors, the chairperson of our Board of Directors, our chief executive officer or the lead

independent director thus prohibiting a stockholder from calling a special meeting. These

provisions might delay the ability of our stockholders to force consideration of a proposal or for

stockholders to take any action, including the removal of directors. Prior to the Trigger Date,

stockholders will be permitted to take action without a meeting if a majority of the voting power of

the then-outstanding shares of our capital stock consent thereto in writing or by electronic

transmission. In addition, prior the Trigger Date, special meetings of our stockholders may be

called by a majority of the voting power of the then-outstanding shares of our capital stock.

• *Advance Notice Requirements for Stockholder Proposals and Director Nominations.* Our

restated bylaws will provide advance notice procedures for stockholders seeking to bring

business before our annual meeting of stockholders or to nominate candidates for election as

directors at our annual meeting of stockholders. Our restated bylaws also will specify certain

requirements regarding the form and content of a stockholder's notice. These provisions may

preclude our stockholders from bringing matters before our annual meeting of stockholders or

from making nominations for directors at our annual meeting of stockholders. We expect that

these provisions might 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

our company.

• *No Cumulative Voting.* The DGCL provides that stockholders are not entitled to the right to

cumulate votes in the election of directors unless a corporation's certificate of incorporation

provides otherwise. Our restated certificate of incorporation and restated bylaws will not provide

for cumulative voting.

• *Issuance of Undesignated Preferred Stock.* We anticipate that after the filing of our restated

certificate of incorporation, our Board of Directors will have the authority, without further action by

the stockholders, to issue up to 200,000,000 shares of undesignated preferred stock with rights

and preferences, including voting rights, designated from time to time by our Board of Directors.

The existence of authorized but unissued shares of preferred stock enables our Board of

Directors to render more difficult or to discourage an attempt to obtain control of us by means of a

merger, tender offer, proxy contest, or otherwise.

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• *Choice of Forum.* In addition, our restated bylaws will provide that, to the fullest extent permitted

by law, the Court of Chancery of the State of Delaware will be the exclusive forum for any

derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary

duty; any action asserting a claim against us arising pursuant to the DGCL, our restated

certificate of incorporation, or our restated bylaws; any action asserting a claim against us that is

governed by the internal affairs doctrine; any action to interpret, apply, enforce, or determine the

validity of the restated certificate of incorporation or restated bylaws or any action asserting an

internal corporate claim (as defined in the DGCL). The enforceability of similar choice of forum

provisions in other companies' certificates of incorporation has been challenged in legal

proceedings, and it is possible that a court could find these types of provisions to be inapplicable

or unenforceable. Our restated bylaws will also contain a Federal Forum Provision. While there

can be no assurance that federal or state courts will follow the holding of the Supreme Court of

the State of Delaware which recently found that such provisions are facially valid under Delaware

law or determine that the Federal Forum Provision should be enforced in a particular case,

application of the Federal Forum Provision means that suits brought by our stockholders to

cannot be brought in state court. As Section 22 of the Securities Act creates concurrent

jurisdiction for U.S. federal and state courts over all suits brought to enforce any duty or liability

whether a court would enforce such provision. Further, Section 27 of the Exchange Act creates

Exchange Act or the rules and regulations thereunder. Accordingly, actions by our stockholders to

must be brought in federal court. Our stockholders will not be deemed to have waived our

compliance with the federal securities laws and the regulations promulgated thereunder. Any

person or entity purchasing or otherwise acquiring or holding any interest in any of our securities

shall be deemed to have notice of and consented to our exclusive forum provisions, including the

Federal Forum Provision. These provisions may limit a stockholder's ability to bring a claim in a

judicial forum of their choosing for disputes with us or our directors, officers, or other employees,

which may discourage lawsuits against us and our directors, officers, and other employees. If a

court were to find the Federal Forum Provision in our restated bylaws to be inapplicable or

unenforceable in an action, we may incur further significant additional costs associated with

resolving the dispute in other jurisdictions, all of which could harm our business.

Transfer Agent and Registrar

Upon the completion of this offering, the transfer agent and registrar for our Class A common stock, Class

B common stock, and Class C common stock will be Computershare Trust Company, N.A. The transfer

agent's address is 250 Royall Street, Canton, Massachusetts 02021.

Exchange Listing

We have applied to list our Class A common stock on the NYSE under the symbol "FIG."

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## Shares Eligible for Future Sale
Before this offering, there has been no public market for our Class A common stock, and we cannot

predict the effect, if any, that market sales of shares of our Class A common stock or the availability of

shares of our Class A common stock for sale will have on the market price of our Class A common stock

prevailing from time to time.

Nevertheless, sales of substantial amounts of our Class A common stock, including shares issued upon

exercise of outstanding stock options or settlement of RSUs, in the public market following this offering, or

the possibility of these sales or issuances occurring, could adversely affect market prices prevailing from

time to time and could impair our ability to raise equity capital.

Upon the completion of this offering, based on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our capital stock outstanding as of

March 31, 2025, and after giving effect to (i) the filing and effectiveness of our restated certificate of

incorporation, which will occur immediately prior to the completion of this offering, (ii) the Capital Stock

Conversion, (iii) the Class B Conversion, (iv) the Option Exercise, and (v) the RSU Net Settlement, we will

have a total of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class A common stock outstanding, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our Class B

common stock outstanding, and no shares of our Class C common stock outstanding. Of these

outstanding shares, all of the shares of the Class A common stock sold in this offering will be freely

tradable, except that any shares purchased in this offering by our affiliates, as that term is defined in Rule

144 under the Securities Act, only would be able to be sold in compliance with the Rule 144 limitations

described below.

The remaining outstanding shares of our Class A and Class B common stock will be deemed "restricted

securities" as defined in Rule 144. Restricted securities may be sold in the public market only if they are

registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or

Rule 701 promulgated under the Securities Act, which rules are summarized below.

As a result of the lock-up and market standoff agreements described herein and the provisions of our

Rights Agreement described in the section titled "Description of Capital Stock—Registration Rights," and

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subject to the provisions of Rule 144 or Rule 701, shares of our common stock will be available for sale in

the public market as follows:

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| | |
|:---|:---|
| **Earliest Date Available for Sale in the Public** <br>**Market**<br>| **Number of Shares of Common Stock** |
| The commencement of trading on the second <br>trading day immediately following our public release <br>of earnings for the first quarter following the most <br>recent period for which financial statements are <br>included in this prospectus; provided that the closing <br>price of our Class A common stock on NYSE for at <br>least five trading days in any ten consecutive trading <br>day period, with at least one of such five trading <br>days occurring after the Initial Post-Offering <br>Earnings Release Date, is at least 25% greater than <br>the initial public offering price per share set forth on <br>the cover page of this prospectus.<br>| Approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares. Includes shares <br>held by our current employees and other service <br>providers (excluding our directors and any officer <br>within the meaning of Section 16 of the Exchange <br>Act). Includes all available for sale shares <br>described above.<br>|
| The earlier of (i) the commencement of trading on <br>the second trading day immediately following our <br>public release of earnings for the second quarter <br>following the most recent period for which financial <br>statements are included in this prospectus and (ii) <br>the 180th day after the date of this prospectus.<br>| All remaining shares held by our stockholders not <br>previously eligible for sale, subject to volume <br>limitations applicable to "affiliates" under Rule 144 <br>as described below.<br>|

---

Lock-Up and Market Standoff Agreements

**Lock-Up and Market Standoff Agreements** 

In connection with this offering, all of our directors and executive officers, the selling stockholders, and

certain other holders that together represent approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock

and securities directly or indirectly convertible into or exchangeable or exercisable for our common stock

are subject to lock-up agreements with the underwriters pursuant to which they have agreed, subject to

certain exceptions, that without the prior written consent of Morgan Stanley and Goldman Sachs, on

behalf of the underwriters, they will not, in accordance with the terms of such agreements during the

period ending on the earlier of (i) the commencement of trading on the second trading day after the date

that we publicly announce earnings for the second quarter following the most recent period for which

financial statements are included in this prospectus, and (ii) 180 days after the date of this prospectus:

(a)offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or

contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock or any securities directly or

indirectly convertible into or exercisable or exchangeable for our common stock;

(b)enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole

or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise;

(c)publicly disclose the intention to take any of the actions restricted by clause (a) or (b) above; or

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(d)make any demand for, or exercise any right with respect to, the registration of any shares of our

common stock or any securities convertible into or exercisable or exchangeable for our common

stock.

Furthermore, (i) an additional approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock and securities

directly or indirectly convertible into or exchangeable or exercisable for our common stock are subject to

the market standoff provisions in our Rights Agreement, pursuant to which such holders agreed to not

offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract

to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or

indirectly, any shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock held immediately prior to the effectiveness of this registration

statement, or enter into any swap, hedging transaction, or other arrangement that transfers to another, in

whole or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or otherwise, or

publicly disclose the intention to take any of the foregoing actions, during the lock-up period and (ii) an

additional approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock and securities directly or indirectly

convertible into or exchangeable or exercisable for our common stock are subject to the market standoff

agreements with us, pursuant to which such holders agreed to not sell or otherwise dispose of any shares

of our common stock or any securities convertible into or exercisable or exchangeable for our common

stock held immediately prior to the effectiveness of this registration statement during the lock-up period.

The forms and specific restrictive provisions within these market standoff provisions vary among security

holders. For example, although some of these market standoff agreements do not specifically restrict

hedging transactions and others may be subject to different interpretations between us and security

holders as to whether they restrict hedging, our insider trading policy prohibits hedging, short sales, and

certain other transactions involving derivative securities by all of our current directors, officers,

employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity

securities, whether before or after this offering and whether or not we believe them to be prohibited, could

adversely affect the price of our Class A common stock.

As a result of the foregoing, substantially all of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to a lock-up

agreement or market standoff provisions during the lock-up period. We have agreed to enforce all such

market standoff restrictions on behalf of the underwriters and not to amend or waive any such market

standoff provisions during the lock-up period without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, provided that we may release shares from such

restrictions to the extent such shares would be entitled to release under the form of lock-up agreement

with the underwriters entered into by our directors and executive officers, the selling stockholders, and

certain other holders of our securities as described herein.

We anticipate that we will net settle the IPO Vesting RSUs in the RSU Net Settlement. For RSUs that will

vest after the effectiveness of the registration statement of which this prospectus forms a part and prior to

the expiration of the lock-up period, we anticipate that we will continue to net settle the shares underlying

these RSUs. However, we will continue to have discretion to sell-to-cover rather than net settle shares

underlying these RSUs in order to satisfy tax withholding obligations. The lock-up agreements and market

standoff agreements permit sell-to-cover transactions to cover tax withholding obligations in connection

with the vesting and/or settlement of RSUs and stock options during the lock-up period. If we decide to

sell-to-cover rather than net settle shares underlying these RSUs and stock options, up to approximately

shares of our Class A common stock will be eligible for sale in the open market during the lock-up period

in connection with such sell-to-cover transactions.

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Furthermore, approximately&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares of our outstanding Class A common stock and securities directly

or indirectly convertible into or exchangeable or exercisable for our Class A common stock held by our

current employees and service providers (excluding our directors and any officer within the meaning of

Section 16 of the Exchange Act) may be sold at the commencement of trading of the second trading day

after the date that we publicly announce earnings for the first quarter following the most recent period for

which financial statements are included in this prospectus, if the closing price per share of our Class A

common stock on NYSE for at least five trading days in any ten consecutive trading day period, with at

least one of such five trading days occurring after the Initial Post-Offering Earnings Release Date, is at

least 25% greater than the initial public offering price of our Class A common stock set forth on the cover

of this prospectus.

The restrictions imposed by the lock-up agreements and market standoff provisions are subject to certain

exceptions, including with respect to:

(a)transactions relating to shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock acquired in this offering or in open market

transactions after the completion of this offering, provided that no public announcement or filing

under Section 16(a) of the Exchange Act shall be required or shall be voluntarily made during the

lock-up period in connection with subsequent sales of our Class A common stock or other

securities convertible into or exercisable or exchangeable for our common stock acquired either

in this offering or in such open market or other transactions after the completion of this offering;

(b)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for shares of our common stock (i) as a bona fide gift or to a charitable

organization or educational institution or (ii) for bona fide estate planning purposes, in each case,

in a transfer not involving a disposition for value;

(c)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock, if the lock-up party is a natural person, to any

member of the immediate family of the lock-up party or any trust 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, trustee or any beneficiary (including such trustor, trustee or beneficiary's estate) in a

transaction not involving a disposition for value;

(d)distributions, transfers or dispositions of shares of our common stock or other securities

convertible into or exercisable or exchangeable for our common stock to any corporation,

partnership, limited liability company, or other entity that is an affiliate of the lock-up party, or of

which all of the beneficial ownership interests are held by the lock-up party or the immediate

family of the lock-up party in a transaction not involving a disposition for value;

(e)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock (i) by will, other testamentary document or

intestate succession and (ii) by operation of law including, without limitation, pursuant to orders of

a court or regulatory agency, in connection with a negotiated divorce settlement, pursuant to a

qualified domestic relations order or by other court order;

(f)to a nominee or custodian of a person or entity to whom a disposition or transfer would be

permissible under clauses (b) through (e) above;

(g)if the lock-up party is a corporation, partnership, limited liability company, trust or other entity, (x)

transfers or dispositions of shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock to another corporation, member, managers,

partnership, limited liability company, trust or other entity (or in each case its nominee or

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custodian) that is a direct or indirect affiliate (as defined under Rule 12b-2 of the Exchange Act) of

the lock-up party, or to an investment fund or other entity that controls or is controlled by,

manages or is managed by, or is under common control with, the lock-up party or affiliates of the

lock-up party, or (y) distributions of shares of our common stock or any securities convertible into

or exercisable or exchangeable for our common stock to current or former partners (general or

limited), members, managers, stockholders, beneficiaries or other equity holders of the lock-up

party (or in each case its nominee or custodian) or to the estate of any such partners, members,

managers, stockholders, beneficiaries or other equity holders;

(h)the receipt by the lock-up party from us of shares of our common stock or any securities

convertible into or exercisable or exchangeable for common stock upon the exercise of options,

settlement of RSUs or other equity awards or the exercise of warrants which are outstanding as

of the date of this prospectus and are disclosed in this prospectus, or (ii) transfers or dispositions

to us in connection with the vesting, settlement or exercise of RSUs, options, warrants or other

rights to purchase shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock (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 RSUs, 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 herein; provided that (1) any such shares of

our common stock or any securities convertible into or exercisable or exchangeable for our

common stock received by the lock-up party shall be subject to the terms of the lock-up

agreement, (2) except as set forth in (3), no public announcement or filing under Section 16(a) of

the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be voluntarily made during the lock-up period

and (3) to the extent a filing under Section 16(a) of the Exchange Act is required during the lock-

up period as a result of such transfers or dispositions pursuant to clause (h)(2), it shall clearly

indicate that the filing relates to the circumstances described in this clause (h)(2);

(i)sales in open market transactions during the lock-up period to generate such amount of net

proceeds to the lock-up party from such sales (after deducting commissions) in an aggregate

amount up to the total amount of taxes or estimated taxes (as applicable) that become due as a

result of the vesting and/or settlement of equity awards held by the lock-up party and issued

pursuant to a plan or arrangement described herein that vest and/or settle during the lock-up

period, provided that, for the avoidance of doubt, any shares of our common stock or other

securities convertible into or exercisable or exchangeable for our common stock retained by the

lock-up party after giving effect to this provision shall be subject to the terms of the lockup

agreement; provided that in the case of any sale pursuant to this clause (i), filings under Section

16(a) of the Exchange Act shall only be permissible during the lock-up period if such filing clearly

indicates in the footnotes thereto that the filing relates to securities being sold to generate net

proceeds solely to cover taxes or estimated taxes (as applicable) that became due as a result of

the vesting and/or settlement of an equity award;

(j)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock to us pursuant to arrangements under which we have the

option to repurchase such shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock or a right of first refusal with respect to such

securities; provided to the extent a public announcement or filing under the Exchange Act, if any,

is required of or voluntarily made by or on behalf of the lock-up party or by us regarding such

transfer, such announcement or filing shall include a statement to the effect such transfer was to

us in connection with the repurchase of shares of our common stock;

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(k)the conversion of the outstanding preferred stock or warrants to acquire preferred stock into

shares of our common stock or the exercise of warrants to acquire shares of our common stock

prior to or in connection with the consummation of this offering, or the conversion exchange,

retirement or reclassification of the outstanding shares of preferred stock or other classes of

capital stock into shares of our common stock, provided that any such shares of our common

stock received upon such conversion, exchange, retirement or reclassification shall be subject to

the terms of the lock-up agreement, provided further that for the avoidance of doubt, no transfers

are permitted under this clause (k) except for transfers to and from us;

(l)(i) transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pursuant to a bona fide third-party tender offer, merger,

consolidation or other similar transaction, that is approved by the Board of Directors, made to all

holders of our capital stock involving a Change of Control (as defined below) and (ii) entry into

any lock-up, voting or similar agreement pursuant to which the lock-up party may agree to

transfer, sell, tender or otherwise dispose of shares of our common stock or such other securities

convertible into or exercisable or exchangeable for our common stock in connection with a

transaction described in (i) above; provided, that, in the event that such tender offer, merger,

consolidation or other similar transaction is not completed, the shares of our common stock or

any securities convertible into or exercisable or exchangeable for our common stock beneficially

owned by the lock-up party shall remain subject to the restrictions contained in the lock-up

agreement. For purposes of this clause (l), "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, the result of which is that any "person" (as defined in Section 13(d)(3) of

the Exchange Act), or group of persons, other than us or an underwriter pursuant to this offering,

becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more

than 50% of the total voting power of our voting stock (or the surviving entity);

(m)to the underwriters pursuant to the underwriting agreement;

(n)any transfer of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pledged in a bona fide transaction to third parties as

collateral to secure obligations pursuant to lending or other arrangements in effect as of the date

the lock-up agreement is signed by the lock-up party between such third parties (or their affiliates

or designees) and the lock-up party and/or its affiliates or any existing or future similar

arrangement relating to a financing arrangement for the benefit of the lock-up party and/or its

affiliates, provided that in the case of pledges or similar arrangements under this clause (n), any

such pledgee or other party shall, upon foreclosure on the pledged securities, sign and deliver a

lock-up agreement substantially in the form of the lock-up agreement, and provided further that

no filing under the Exchange Act, or any other public filing or disclosure, of such transfer by or on

behalf of the lock-up party, shall be voluntarily made during the lock-up period and to the extent a

filing under Section 16(a) of the Exchange Act is required during the lock-up period as a result of

such transfers or dispositions pursuant to clause (n), it shall clearly indicate that the filing relates

to the circumstances described in this clause (n); or

(o)facilitating the establishment of a trading plan on behalf of a stockholder, officer or director

pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock,

provided that (i) such plan does not provide for the transfer of our common stock during the lock-

up period (except as otherwise allowed pursuant to clause (i) above) and (ii) to the extent a public

announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on

behalf of the lock-up party or us regarding the establishment of such plan, such announcement or

filing shall include a statement to the effect that no transfer of our common stock may be made

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under such plan during the lock-up period (except as otherwise allowed pursuant to clause (i)

above);

*provided*, in the case of any transfer, disposition or distribution pursuant to clauses (b) through (g), that (i)

each transferee, donee or distributee, as the case may be, shall sign and deliver a lock-up agreement

substantially in the form of the lock-up agreement and (ii) no public announcement or filing under Section

16(a) of the Exchange Act or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be required or shall be voluntarily made during the lock-

up period other than any Schedule 13G, 13D or Form 13F (or any amendments to such schedules or

forms) with respect to such transfer, disposition or distribution (other than, in the case of a transfer or

other disposition pursuant to clause (b), (e), (f), to the extent such transfer or other disposition is to a

nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under

clause (b) or (e), and (g), above, if the lock-up party is subject to Section 16 reporting with us under the

Exchange Act and any Form 4 or Form 5 is required to be filed under the Exchange Act, any such filing

will indicate by footnote disclosure or otherwise the nature of the transfer, disposition, or distribution).

Upon the expiration of the lock-up period, substantially all of the shares subject to such lock-up

restrictions will become eligible for sale, subject to the limitations discussed above. For a further

description of these lock-up agreements, please see "Underwriters (Conflicts of Interest)."

In connection with this offering, and during the period ending on the earlier of (i) the commencement of

trading on the second trading day immediately following our release of earnings for the second quarter

following the most recent period for which financial statements are included in this prospectus and (ii) 180

days after the lock-up period, we will be subject to certain restrictions on our ability to: (1) offer, pledge,

sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant

any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any

shares of our common stock or any securities convertible into or exercisable or exchangeable for

common stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in

part, any of the economic consequences of ownership of our common stock, whether any such

transaction described in clause (1) or (2) above is to be settled by delivery of common stock or such other

securities convertible into or exercisable or exchangeable for our common stock, in cash or otherwise or

(3) file any registration statement with the SEC relating to the offering of any shares of our common stock

or any securities convertible into or exercisable or exchangeable for common stock, subject to certain

exceptions as described in "Underwriters (Conflicts of Interest)."

The remaining holders of our outstanding common stock and securities directly or indirectly convertible

into or exchangeable or exercisable for our common stock, have not entered into lock-up agreements with

the underwriters and, therefore, are not subject to the restrictions described above. These holders are

subject to market standoff agreements with us that restrict their ability to transfer shares of our

outstanding common stock and securities directly or indirectly convertible into or exchangeable or

exercisable for our common stock, and we will not waive any of the restrictions of such market standoff

agreements with respect to our employees prior to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; .

Rule 144

In general, under Rule 144 as currently in effect, once we have been subject to public company reporting

requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, a person who is not

deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90

days preceding a sale and who has beneficially owned the shares proposed to be sold for at least six

months, including the holding period of any prior owner other than our affiliates, is entitled to sell those

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shares without complying with the manner of sale, volume limitation or notice provisions of Rule 144,

subject to compliance with the public information requirements of Rule 144. If such a person has

beneficially owned the shares proposed to be sold for at least one year, including the holding period of

any prior owner other than our affiliates, then that person would be entitled to sell those shares without

complying with any of the requirements of Rule 144.

In general, under Rule 144, as currently in effect, our affiliates or persons selling shares on behalf of our

affiliates are entitled to sell upon expiration of the lock-up and market standoff agreements described

above, within any three-month period, a number of shares that does not exceed the greater of:

• 1% of the number of shares of our Class A common stock then outstanding, which will equal

approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares immediately after this offering; or

• the average weekly trading volume of our Class A common stock during the four calendar weeks

preceding the filing of a notice on Form 144 with respect to that sale.

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject

to certain manner of sale provisions and notice requirements and to the availability of current public

information about us.

Rule 701

Rule 701 generally allows a stockholder who purchased shares of our capital stock pursuant to a written

compensatory plan or contract and who is not deemed to have been an affiliate of our company during

the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being

required to comply with the public information, holding period, volume limitation, or notice provisions of

Rule 144. Rule 701 also permits affiliates of our company 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 by that rule to wait until 90 days after the date of this prospectus before selling

those shares pursuant to Rule 701, subject to the expiration of the lock-up and market standoff

agreements described herein.

Registration Statements

As soon as practicable after the completion of this offering, we intend to file one or more registration

statements on Form S-8 under the Securities Act covering all of the shares of our Class A common stock

subject to outstanding options and RSUs and the shares of our Class A common stock reserved for

issuance under our equity incentive plans. We expect to file this registration statement as soon as

permitted under the Securities Act. However, the shares registered on Form S-8 may be subject to the

volume limitations and the manner of sale, notice, and public information requirements of Rule 144 and

will not be eligible for resale until expiration of the lock-up and market standoff agreements to which they

are subject.

Registration Rights

We have granted demand, piggyback, and Form S-3 registration rights to certain of our stockholders to

sell our common stock. Registration of the sale of these shares under the Securities Act would result in

these shares becoming freely tradable without restriction under the Securities Act immediately upon the

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effectiveness of the registration, except for shares purchased by affiliates. For a further description of

these rights, see the section titled "Description of Capital Stock—Registration Rights."

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## Material U. S. Federal Income Tax

## Consequences for Non- U.S.

## Holders of Our Class A Common
Stock

The following summary describes the material U.S. federal income tax consequences of the acquisition,

ownership and disposition of our Class A common stock acquired in this offering by Non-U.S. Holders (as

defined below). This discussion does not address all aspects of U.S. federal income taxes, does not

discuss the potential application of the alternative minimum tax, the Medicare contribution tax on net

investment income, or the special tax accounting rules under Section 451(b) of the Code, and does not

deal with any state or local taxes, U.S. federal gift or estate tax laws (except to the limited extent provided

below), or any non-U.S. tax consequences that may be relevant to Non-U.S. Holders in light of their

particular circumstances.

Special rules different from those described below may apply to certain Non-U.S. Holders that are subject

to special treatment under the Code, such as:

• insurance companies, banks, and other financial institutions;

• tax-exempt organizations, including private foundations, and tax-qualified retirement plans;

• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the

interests of which are held by qualified foreign pension funds;

• non-U.S. governments and international organizations;

• dealers and traders in securities;

• U.S. expatriates and certain former citizens or long-term residents of the United States;

• persons that own, or are deemed to own, more than 5% of our Class A common stock;

• "controlled foreign corporations," "passive foreign investment companies," and corporations that

accumulate earnings to avoid U.S. federal income tax;

• persons that hold our Class A common stock as part of a "straddle," "hedge," "conversion

transaction," "synthetic security," or integrated investment or other risk reduction strategy;

• persons who do not hold our Class A common stock as a capital asset within the meaning of

Section 1221 of the Code (generally, for investment purposes); and

• partnerships and other pass-through entities and arrangements, and investors in such pass-

through entities and arrangements, regardless of their places of organization or formation.

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Such Non-U.S. Holders are urged to consult their tax advisors to determine the U.S. federal, state, local,

and other tax consequences that may be relevant to them of the acquisition, ownership, and disposition of

our Class A common stock.

Furthermore, the discussion below is based upon the provisions of the Code, Treasury Regulations

promulgated thereunder, judicial decisions thereunder, and rulings and administrative pronouncements of

the Internal Revenue Service (the "IRS") all as of the date hereof, and such authorities may be repealed,

revoked, or modified, possibly retroactively, and are subject to differing interpretations which could result

in U.S. federal income tax consequences different from those discussed below. We have not requested a

ruling from the IRS with respect to the statements made and the conclusions reached in the following

summary, and there can be no assurance that the IRS will not take a contrary position regarding the tax

consequences described herein or that any such contrary position would not be sustained by a court.

PERSONS CONSIDERING THE PURCHASE OF OUR CLASS A COMMON STOCK PURSUANT TO

THIS OFFERING SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL

INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR CLASS A

COMMON STOCK IN LIGHT OF THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX

CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER TAXING JURISDICTION,

INCLUDING ANY STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES OR ANY U.S. FEDERAL

NON-INCOME TAX CONSEQUENCES, AND THE POSSIBLE APPLICATION OF TAX TREATIES.

For purposes of this discussion, a Non-U.S. Holder is a beneficial owner of our Class A common stock

that is not a U.S. Holder or a partnership or other pass-through entity or arrangement for U.S. federal

income tax purposes. A U.S. Holder means a beneficial owner of our Class A common stock that is, for

U.S. federal income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a

corporation or other entity taxable as a corporation for U.S. federal income tax purposes created or

organized in or under the laws of the United States, any state thereof, or the District of Columbia, (3) an

estate the income of which is subject to U.S. federal income taxation regardless of its source, or (4) a

trust if it (i) is subject to the primary supervision of a court within the United States and one or more U.S.

persons (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all

substantial decisions of the trust or (ii) has a valid election in effect under applicable U.S. Treasury

Regulations to be treated as a U.S. person.

If you are an individual non-U.S. citizen, you may be deemed to be a resident alien (as opposed to a

nonresident alien) by virtue of being present in the United States for at least 31 days in the calendar year

and for an aggregate of at least 183 days during a three-year period ending in the current calendar year.

Generally, for this purpose, all the days present in the current year, one-third of the days present in the

immediately preceding year, and one-sixth of the days present in the second preceding year are counted.

Resident aliens are generally subject to U.S. federal income tax as if they were U.S. citizens. Individuals

who are uncertain of their status as resident or nonresident aliens for U.S. federal income tax purposes

are urged to consult their tax advisors regarding the U.S. federal income tax consequences of the

acquisition, ownership, and disposition of our Class A common stock.

Distributions

We do not have current plans to pay any dividends on our capital stock in the foreseeable future (see the

section titled "Dividend Policy" above). If we do make distributions on our Class A common stock,

however, such distributions made to a Non-U.S. Holder will constitute dividends for U.S. tax purposes to

the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal

income tax principles). Distributions in excess of our current and accumulated earnings and profits will

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constitute a return of capital that is applied against and reduces, but not below zero, a Non-U.S. Holder's

adjusted tax basis in our Class A common stock. Any remaining excess will be treated as gain realized on

the sale or exchange of our Class A common stock as described below under the section titled "—Gain

on Disposition of Our Class A Common Stock."

Any distribution on our Class A common stock that is treated as a dividend paid to a Non-U.S. Holder that

is not effectively connected with the holder's conduct of a trade or business in the United States will

generally be subject to withholding tax at a 30% rate or such lower rate as may be specified by an

applicable income tax treaty. To obtain a reduced rate of withholding tax under an applicable income tax

treaty, a Non-U.S. Holder generally will be required to provide the applicable withholding agent with a

properly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or other appropriate form, certifying the

Non-U.S. Holder's entitlement to benefits under that income tax treaty. Such form must be provided prior

to the payment of dividends and must be updated periodically. If a Non-U.S. Holder holds stock through a

financial institution or other agent acting on the holder's behalf, the holder will be required to provide

appropriate documentation to such agent. The holder's agent will then be required to provide certification

to the applicable withholding agent, either directly or through other intermediaries. 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. If

you are eligible for a reduced rate of U.S. withholding tax under an income tax treaty, you should consult

with your tax advisor to determine if you are able to obtain a refund or credit of any excess amounts

withheld by timely filing an appropriate claim for a refund with the IRS.

We generally are not required to withhold tax on dividends paid to a Non-U.S. Holder that are effectively

connected with the holder's conduct of a trade or business within the United States (and, if required by an

applicable income tax treaty, are attributable to a permanent establishment that the holder maintains in

the United States) if a properly executed IRS Form W-8ECI, stating that the dividends are so connected,

is furnished to the applicable withholding agent. In general, such effectively connected dividends will be

subject to U.S. federal income tax on a net income basis at the regular rates applicable to U.S. persons.

A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an

additional "branch profits tax," which is imposed, under certain circumstances, at a rate of 30%, or such

lower rate as may be specified by an applicable income tax treaty, on the corporate Non-U.S. Holder's

effectively connected earnings and profits, subject to certain adjustments. Non-U.S. Holders should

consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

See also the section titled "—Foreign Accounts" for additional withholding rules that may apply to

dividends paid to certain foreign financial institutions or non-financial foreign entities.

Gain on Disposition of Our Class A Common

Stock

Subject to the discussions below under the sections titled "—Backup Withholding and Information

Reporting" and "—Foreign Accounts," a Non-U.S. Holder generally will not be subject to U.S. federal

income or withholding tax with respect to gain realized on a sale or other disposition of our Class A

common stock unless (1) the gain is effectively connected with a trade or business of the Non-U.S. Holder

in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent

establishment that the Non-U.S. Holder maintains in the U.S.), (2) the Non-U.S. Holder is a nonresident

alien individual and is present in the United States for 183 or more days in the taxable year of the

disposition and certain other conditions are met, or (3) we are or have been a "United States real property

holding corporation" within the meaning of Section 897(c)(2) of the Code at any time within the shorter of

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the five-year period preceding such disposition or the Non-U.S. Holder's holding period in the Class A

common stock.

If you are a Non-U.S. Holder, gain described in (1) above will be subject to tax on the net gain derived

from the sale at the regular U.S. federal income tax rates applicable to U.S. persons. If you are a

corporate Non-U.S. Holder, gain described in (1) above may also be subject to the additional branch

profits tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. If you

are an individual Non-U.S. Holder described in (2) above, you will be required to pay a flat 30% income

tax on the gain derived from the sale, which gain may be offset by certain U.S. source capital losses

(even though you are not considered a resident of the United States), provided you have timely filed U.S.

federal income tax returns with respect to such losses. With respect to (3) above, in general, we would be

a United States real property holding corporation if United States real property interests (as defined in the

Code and the Treasury Regulations) comprised (by fair market value) at least half of our worldwide real

property and our other assets which are used or held for use in a trade or business. We believe that we

are not, and do not anticipate becoming, a U.S. real property holding corporation. However, there can be

no assurance that we will not become a U.S. real property holding corporation in the future. Even if we

are treated as a U.S. real property holding corporation, gain realized by a Non-U.S. Holder on a

disposition of our Class A common stock will not be subject to U.S. federal income tax so long as (1) the

Non-U.S. Holder owned, directly, indirectly, and constructively, no more than five percent of our Class A

common stock at all times within the shorter of (i) the five-year period preceding the disposition or (ii) the

Non-U.S. Holder's holding period and (2) our Class A common stock is regularly traded on an established

securities market for purposes of the relevant rules. There can be no assurance that our Class A common

stock will qualify as regularly traded on an established securities market for this purpose.

U.S. Federal Estate Tax

The estates of nonresident alien individuals generally are subject to U.S. federal estate tax on property

with a U.S. situs. Because we are a U.S. corporation, our Class A common stock will be U.S. situs

property and, therefore, will be included in the taxable estate of a nonresident alien decedent, unless an

applicable estate tax treaty between the United States and the decedent's country of residence provides

otherwise. The terms "resident" and "nonresident" are defined differently for U.S. federal estate tax

purposes than for U.S. federal income tax purposes. Investors are urged to consult their tax advisors

regarding the U.S. federal estate tax consequences of the acquisition, ownership, or disposition of our

Class A common stock.

Backup Withholding and Information

Reporting

Generally, we or an applicable withholding agent must report information to the IRS with respect to any

distributions we pay on our Class A common stock, including the amount of any such distributions, the

name and address of the recipient, and the amount, if any, of tax withheld. A similar report is sent to the

holder to whom any such distributions are paid. Pursuant to tax treaties or certain other agreements, the

IRS may make its reports available to tax authorities in the recipient's country of residence.

Dividends paid by us or our paying agents to a Non-U.S. Holder may also be subject to U.S. backup

withholding. U.S. backup withholding generally will not apply to a Non-U.S. Holder who provides a

properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise establishes an

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exemption, provided that the applicable withholding agent does not have actual knowledge or reason to

know the holder is a U.S. person.

Under current U.S. federal income tax law, U.S. information reporting and backup withholding

requirements generally will apply to the proceeds of a disposition of our Class A common stock effected

by or through a U.S. office of any broker, U.S. or non-U.S., unless the Non-U.S. Holder provides a

properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise meets

documentary evidence requirements for establishing non-U.S. person status or otherwise establishes an

exemption. Generally, U.S. information reporting and backup withholding requirements will not apply to a

payment of disposition proceeds to a Non-U.S. Holder where the transaction is effected outside the U.S.

through a non-U.S. office of a non-U.S. broker. Information reporting and backup withholding

requirements may, however, apply to a payment of disposition proceeds if the broker has actual

knowledge, or reason to know, that the holder is, in fact, a U.S. person. For information reporting

purposes only, certain brokers with substantial U.S. ownership or operations will generally be treated in a

manner similar to U.S. brokers.

Backup withholding is not an additional tax. If backup withholding is applied to you, you should consult

with your tax advisor to determine whether you are able to obtain a tax refund or credit of the overpaid

amount.

Foreign Accounts

In addition, U.S. federal withholding taxes may apply under the Foreign Account Tax Compliance Act

("FATCA") on certain types of payments, including dividends on our Class A common stock, 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 our Class A common stock paid to a "foreign financial institution" or a "non-

financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution agrees to

undertake certain diligence and reporting obligations, (2) 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 substantial U.S. owner, or (3) the foreign financial institution or non-financial

foreign entity otherwise 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% tax on certain payments to non-compliant foreign financial institutions and certain other

account holders. The 30% federal withholding tax described in this paragraph is not generally subject to

reduction under income tax treaties with the United States. However, foreign financial institutions located

in jurisdictions that have an intergovernmental agreement with the U.S. governing FATCA may be subject

to different rules. While under the applicable Treasury Regulations and administrative guidance,

withholding taxes under FATCA generally also would have applied to payments of gross proceeds from

the sale or other disposition of Class A common stock, proposed Treasury Regulations eliminate FATCA

withholding on payments of gross proceeds entirely. The preamble to the proposed regulations specifies

that taxpayers are permitted to rely on such proposed regulations pending finalization.

Prospective investors should consult their tax advisors regarding the potential application of withholding

taxes under FATCA to their investment in our Class A common stock.

EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISOR REGARDING THE TAX

CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR CLASS A COMMON

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STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAW,

AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, NON-U.S. OR U.S.

FEDERAL NON-INCOME TAX LAWS SUCH AS ESTATE AND GIFT TAX, AND THE POSSIBLE

APPLICATION OF TAX TREATIES.

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Underwriters (Conflicts of Interest)

Under the terms and subject to the conditions in an underwriting agreement to be dated the date of this

prospectus, the underwriters named below, for whom Morgan Stanley & Co. LLC, Goldman Sachs & Co.

LLC, and Allen & Company LLC are acting as representatives, will severally agree to purchase, and we

and the selling stockholders will agree to sell to them, severally, the number of shares of Class A common

stock indicated below:

---

| | |
|:---|:---|
| **Name** | **Number of**<br>**Shares**<br>|
| Morgan Stanley & Co. LLC.............................................................................................................. |  |
| Goldman Sachs & Co. LLC............................................................................................................. |  |
| Allen & Company LLC...................................................................................................................... |  |
| J.P. Morgan Securities LLC............................................................................................................. |  |
| BofA Securities, Inc.......................................................................................................................... |  |
| Wells Fargo Securities, LLC............................................................................................................ |  |
| RBC Capital Markets, LLC.............................................................................................................. |  |
| William Blair & Company, L.L.C..................................................................................................... |  |
| Nomura Securities International, Inc.............................................................................................. |  |
| WR Securities, LLC.......................................................................................................................... |  |
| Total............................................................................................................................................. |  |

---

"Wolfe \| Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura

Securities International, Inc. in connection with certain equity capital markets activities conducted jointly

by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as

underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates

may provide sales support services, investor feedback, investor education, and/or other independent

equity research services in connection with this offering.

The underwriters and the representatives are collectively referred to as the "underwriters" and the

"representatives," respectively. The underwriters will offer the shares of Class A common stock subject to

their acceptance of the shares from us and the selling stockholders and subject to prior sale. The

underwriting agreement will provide that the obligations of the several underwriters to pay for and accept

delivery of the shares of Class A common stock offered by this prospectus are subject to the approval of

certain legal matters by their counsel and to certain other conditions. The underwriters will be obligated to

take and pay for all of the shares of Class A common stock offered by this prospectus if any such shares

are taken. However, the underwriters will not be required to take or pay for the shares covered by the

underwriters' over-allotment option described below.

The underwriters initially propose to offer part of the shares of Class A common stock directly to the public

at the offering price listed on the cover page of this prospectus and part to certain dealers. After the initial

offering of the shares of Class A common stock, the offering price and other selling terms may from time

to time be varied by the representatives.

We will grant to the underwriters an option, exercisable for 30 days from the date of this prospectus, to

purchase up to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; additional shares of Class A common stock at the public offering price listed on

the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may

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exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the

offering of the shares of Class A common stock offered by this prospectus. To the extent the option is

exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the

same percentage of the additional shares of Class A common stock as the number listed next to the

underwriter's name in the preceding table bears to the total number of shares of Class A common stock

listed next to the names of all underwriters in the preceding table.

The following table shows the per share and total public offering price, underwriting discounts and

commissions, and proceeds before expenses to us and the selling stockholders. These amounts are

shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an

additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Class A common stock.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  | <br>**Per Share** | **No Exercise** | **Full Exercise**  |
| Public offering price..................................................................... | $ | $ | $ |
| Underwriting discounts and commissions to be paid by us.. | $ | $ | $ |
| Underwriting discounts and commissions to be paid by the <br>selling stockholders.................................................................<br>| $ | $ | $ |
| Proceeds, before expenses, to us............................................ | $ | $ | $ |
| Proceeds, before expenses, to the selling stockholders....... | $ | $ | $ |

---

The estimated offering expenses payable by us, exclusive of the underwriting discounts and

commissions, are approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . We will agree to reimburse the underwriters for certain of their

expenses up to $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . In addition, the underwriters are expected to reimburse us for approximately

$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million of our expenses in connection with this offering.

The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5%

of the total number of shares of Class A common stock offered by them.

We have applied to list our Class A common stock on the NYSE under the trading symbol "FIG." This

offering is contingent upon final approval of our listing of our Class A common stock on the NYSE.

In connection with this offering, all of our directors and executive officers, the selling stockholders, and

certain other holders that together represent approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding Class A common

stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A

common stock are subject to lock-up agreements with the underwriters pursuant to which they have

agreed, subject to certain exceptions, that without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, they will not, in accordance with the terms of such

agreements during the period ending on the earlier of (i) the commencement of trading on the second

trading day after the date that we publicly announce earnings for the second quarter following the most

recent period for which financial statements are included in this prospectus, and (ii) 180 days after the

date of this prospectus:

(a)offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or

contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or

dispose of, directly or indirectly, any shares of our common stock and securities directly or

indirectly convertible into or exercisable or exchangeable for our common stock;

(b)enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole

or in part, any of the economic consequences of ownership of our common stock, whether any

such transaction described above is to be settled by delivery of our common stock or such other

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securities convertible into or exercisable or exchangeable for our common stock, in cash or

otherwise;

(c)publicly disclose the intention to take any of the actions restricted by clause (1) or (2) above; or

(d)make any demand for, or exercise any right with respect to, the registration of any shares of our

common stock or any securities convertible into or exercisable or exchangeable for our common

stock.

Furthermore, an additional approximately &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of our outstanding common stock and securities

directly or indirectly convertible into or exchangeable or exercisable for our common stock are subject to

market standoff provisions, pursuant to which such holders agreed to not lend, offer, pledge, sell,

contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any

option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any

shares of our common stock or any securities convertible into or exercisable or exchangeable for our

common stock held immediately prior to the effectiveness of this registration statement, or enter into any

swap or other arrangement that transfers to another, in whole or in part, any of the economic

consequences of ownership of such common stock during the lock-up period. The forms and specific

restrictive provisions within these market standoff provisions vary among security holders. For example,

although some of these market standoff agreements do not specifically restrict hedging transactions and

others may be subject to different interpretations between us and security holders as to whether they

restrict hedging, our insider trading policy prohibits hedging by all of our current directors, officers,

employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity

securities, whether before or after this offering and whether or not we believe them to be prohibited, could

adversely affect the price of our Class A common stock.

As a result of the foregoing, substantially all of our outstanding common stock and securities directly or

indirectly convertible into or exchangeable or exercisable for our common stock are subject to a lock-up

agreement or market standoff provisions during the lock-up period. We have agreed to enforce all such

market standoff restrictions on behalf of the underwriters and not to amend or waive any such market

standoff provisions during the lock-up period without the prior written consent of Morgan Stanley and

Goldman Sachs, on behalf of the underwriters, provided that we may release shares from such

restrictions to the extent such shares would be entitled to release under the form of lock-up agreement

with the underwriters entered into by our directors and executive officers, the selling stockholders, and

certain other record holders of our securities as described herein.

The restrictions imposed by the lock-up agreements and market standoff provisions are subject to certain

exceptions, including with respect to:

(a)transactions relating to shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock acquired in this offering or in open market

transactions after the completion of this offering, provided that no public announcement or filing

under Section 16(a) of the Exchange Act, or any other public filing or disclosure reporting a

reduction in beneficial ownership of shares of our common stock, shall be required or shall be

voluntarily made during the lock-up period in connection with subsequent sales of our Class A

common stock or other securities convertible into or exercisable or exchangeable for our common

stock acquired either in this offering or in such open market transactions after the completion of

this offering;

(b)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for shares of our common stock (i) as a bona fide gift or to a charitable

organization or educational institution or (ii) for bona fide estate planning purposes, in each case,

in a transfer not involving a disposition for value;

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(c)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock, if the lock-up party is a natural person, to any

member of the immediate family of the lock-up party or any trust 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, trustee or any beneficiary (including such trustor, trustee or beneficiary's estate), in a

transaction not involving a disposition for value;

(d)distributions, transfers or dispositions of shares of our common stock or other securities

convertible into or exercisable or exchangeable for our common stock to any corporation,

partnership, limited liability company, or other entity that is an affiliate of the lock-up party, or of

which all of the beneficial ownership interests are held by the lock-up party or the immediate

family of the lock-up party in a transaction not involving a disposition for value;

(e)transfers or dispositions of shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock (i) by will, other testamentary document or

intestate succession and (ii) by operation of law including, without limitation, pursuant to orders of

a court or regulatory agency, in connection with a negotiated divorce settlement, pursuant to a

qualified domestic relations order or by other court order;

(f)to a nominee or custodian of a person or entity to whom a disposition or transfer would be

permissible under clauses (b) through (e) above;

(g)if the lock-up party is a corporation, partnership, limited liability company, trust or other entity, (x)

transfers or dispositions of shares of our common stock or other securities convertible into or

exercisable or exchangeable for our common stock to another corporation, member, managers,

partnership, limited liability company, trust or other entity (or in each case its nominee or

custodian) that is a direct or indirect affiliate (as defined under Rule 12b-2 of the Exchange Act) of

the lock-up party, or to an investment fund or other entity that controls or is controlled by,

manages or is managed by, or is under common control with, the lock-up party or affiliates of the

lock-up party, or (y) distributions of shares of our common stock or any securities convertible into

or exercisable or exchangeable for our common stock to current or former partners (general or

limited), members, managers, stockholders, beneficiaries or other equity holders of the lock-up

party (or in each case its nominee or custodian) or to the estate of any such partners, members,

managers, stockholders, beneficiaries or other equity holders;

(h)(i) the receipt by the lock-up party from us of shares of our common stock or any securities

convertible into or exercisable or exchangeable for common stock upon the exercise of options,

settlement of RSUs or other equity awards or the exercise of warrants which are outstanding as

of the date of this prospectus and are disclosed in this prospectus, or (ii) transfers or dispositions

to us in connection with the vesting, settlement or exercise of RSUs, options, warrants or other

rights to purchase shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock (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 RSUs, 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 herein; provided that (1) any such shares of

our common stock or any securities convertible into or exercisable or exchangeable for our

common stock received by the lock-up party shall be subject to the terms of the lock-up

agreement, (2) except as set forth in (3), no public announcement or filing under Section 16(a) of

the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be voluntarily made during the lock-up period

and (3) to the extent a filing under Section 16(a) of the Exchange Act is required during the lock-

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up period as a result of such transfers or dispositions pursuant to clause (h)(2), it shall clearly

indicate that the filing relates to the circumstances described in this clause (h)(2);

(i)sales in open market transactions during the lock-up period to generate such amount of net

proceeds to the lock-up party from such sales (after deducting commissions) in an aggregate

amount up to the total amount of taxes or estimated taxes (as applicable) that become due as a

result of the vesting and/or settlement of equity awards held by the lock-up party and issued

pursuant to a plan or arrangement described herein that vest and/or settle during the lock-up

period, provided that, for the avoidance of doubt, any shares of our common stock or other

securities convertible into or exercisable or exchangeable for our common stock retained by the

lock-up party after giving effect to this provision shall be subject to the terms of the lockup

agreement; provided that in the case of any sale pursuant to this clause (i), filings under Section

16(a) of the Exchange Act shall only be permissible during the lock-up period if such filing clearly

indicates in the footnotes thereto that the filing relates to securities being sold to generate net

proceeds solely to cover taxes or estimated taxes (as applicable) that became due as a result of

the vesting and/or settlement of an equity award;

(j)transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock to us pursuant to arrangements under which we have the

option to repurchase such shares of our common stock or any securities convertible into or

exercisable or exchangeable for our common stock or a right of first refusal with respect to such

securities; provided to the extent a public announcement or filing under the Exchange Act, if any,

is required of or voluntarily made by or on behalf of the lock-up party or by us regarding such

transfer, such announcement or filing shall include a statement to the effect such transfer was to

us in connection with the repurchase of shares of our common stock;

(k)the conversion of the outstanding preferred stock or warrants to acquire preferred stock into

shares of our common stock or the exercise of warrants to acquire shares of our common stock

prior to or in connection with the consummation of this offering, or the conversion exchange,

retirement or reclassification of the outstanding shares of preferred stock or other classes of

capital stock into shares of our common stock, provided that any such shares of our common

stock received upon such conversion, exchange, retirement or reclassification shall be subject to

the terms of the lock-up agreement, provided further that for the avoidance of doubt, no transfers

are permitted under this clause (k) except for transfers to and from us;

(l)(i) transfers of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pursuant to a bona fide third-party tender offer, merger,

consolidation or other similar transaction, that is approved by the Board of Directors, made to all

holders of our capital stock involving a Change of Control (as defined below) and (ii) entry into

any lock-up, voting or similar agreement pursuant to which the lock-up party may agree to

transfer, sell, tender or otherwise dispose of shares of our common stock or such other securities

convertible into or exercisable or exchangeable for our common stock in connection with a

transaction described in (i) above; provided, that, in the event that such tender offer, merger,

consolidation or other similar transaction is not completed, the shares of our common stock or

any securities convertible into or exercisable or exchangeable for our common stock beneficially

owned by the lock-up party shall remain subject to the restrictions contained in the lock-up

agreement. For purposes of this clause (l), "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, the result of which is that any "person" (as defined in Section 13(d)(3) of

the Exchange Act), or group of persons, other than us or an underwriter pursuant to this offering,

becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more

than 50% of the total voting power of our voting stock (or the surviving entity);

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(m)to the underwriters pursuant to the underwriting agreement;

(n)any transfer of shares of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock pledged in a bona fide transaction to third parties as

collateral to secure obligations pursuant to lending or other arrangements in effect as of the date

the lock-up agreement is signed by the lock-up party between such third parties (or their affiliates

or designees) and the lock-up party and/or its affiliates or any existing or future similar

arrangement relating to a financing arrangement for the benefit of the lock-up party and/or its

affiliates, provided that in the case of pledges or similar arrangements under this clause (n), any

such pledgee or other party shall, upon foreclosure on the pledged securities, sign and deliver a

lock-up agreement substantially in the form of the lock-up agreement, and provided further that

no filing under the Exchange Act, or any other public filing or disclosure, of such transfer by or on

behalf of the lock-up party, shall be voluntarily made during the lock-up period and to the extent a

filing under Section 16(a) of the Exchange Act is required during the lock-up period as a result of

such transfers or dispositions pursuant to clause (n), it shall clearly indicate that the filing relates

to the circumstances described in this clause (n); or

(o)facilitating the establishment of a trading plan on behalf of a stockholder, officer or director

pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock,

provided that (i) such plan does not provide for the transfer of our common stock during the lock-

up period (except as otherwise allowed pursuant to clause (i) above) and (ii) to the extent a public

announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on

behalf of the lock-up party or us regarding the establishment of such plan, such announcement or

filing shall include a statement to the effect that no transfer of our common stock may be made

under such plan during the lock-up period (except as otherwise allowed pursuant to clause (i)

above);

*provided*, in the case of any transfer, disposition or distribution pursuant to clauses (b) through (g), that (i)

each transferee, donee or distributee, as the case may be, shall sign and deliver a lock-up agreement

substantially in the form of the lock-up agreement and (ii) no public announcement or filing under Section

16(a) of the Exchange Act or any other public filing or disclosure reporting a reduction in beneficial

ownership of shares of our common stock, shall be required or shall be voluntarily made during the lock-

up period other than any Schedule 13G, 13D or Form 13F (or any amendments to such schedules or

forms) with respect to such transfer, disposition or distribution (other than, in the case of a transfer or

other disposition pursuant to clause (b), (e), (f), to the extent such transfer or other disposition is to a

nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under

clause (b) or (e), and (g), above, if the lock-up party is subject to Section 16 reporting with us under the

Exchange Act and any Form 4 or Form 5 is required to be filed under the Exchange Act, any such filing

will indicate by footnote disclosure or otherwise the nature of the transfer, disposition, or distribution).

In connection with this offering, and during the period ending on the earlier of (i) the commencement of

trading on the second trading day immediately following our release of earnings for the second quarter

following the most recent period for which financial statements are included in this prospectus and (ii) 180

days after the lock-up period (such period, the "Restricted Period"), we will be subject to certain

restrictions on our ability to: (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase,

purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise

transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible

into or exercisable or exchangeable for common stock or (2) enter into any swap or other arrangement

that transfers to another, in whole or in part, any of the economic consequences of ownership of our

common stock, whether any such transaction described in clause (1) or (2) above is to be settled by

delivery of common stock or such other securities, in cash or otherwise or (3) file any registration

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statement with the SEC relating to the offering of any shares of our common stock or any securities

convertible into or exercisable or exchangeable for common stock.

The foregoing restrictions on issuances by us during the Restricted Period are subject to certain

exceptions, including with respect to: (a) shares to be sold pursuant to the underwriting agreement, (b)

the issuance of shares upon the exercise of an option or warrant or the conversion of a security

outstanding as of the date of this prospectus or the settlement of RSUs (including net settlement) as

described herein, (c) grants of stock options, stock awards, restricted stock, restricted stock units or other

equity awards, and the issuance of our common stock or securities convertible into or exercisable for our

common stock (whether upon the exercise of stock options or otherwise) to our employees, officers,

directors, advisors, or consultants pursuant to the terms of a plan in effect on the date of this prospectus

and described herein, (d) the filing of a registration statement on Form S-8 relating to the issuance,

vesting, exercise, settlement, or resale of equity awards granted or to be granted pursuant to any

employee benefit plan in effect on the date of this prospectus and described herein, (e) the sale or

issuance of or entry into an agreement to sell or issue our common stock or any securities convertible into

or exercisable or exchangeable for our common stock in connection with one or more mergers;

acquisitions of securities, businesses, property or other assets, products, or technologies; joint ventures;

commercial relationships, or other strategic corporate transactions or alliances; provided that the

aggregate amounts of our common stock or any securities convertible into or exercisable or

exchangeable for our common stock (on an as-converted, as-exercised, or as-exchanged basis) that we

may sell or issue or agree to sell or issue shall not exceed 10% of the total number of shares of our

common stock issued and outstanding immediately following the completion of this offering determined on

a fully-diluted basis, (f) facilitating the establishment of a trading plan on behalf of a stockholder, officer, or

director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock,

provided that (A) such plan does not provide for the transfer of our common stock during the Restricted

Period (except as otherwise permitted under the form of lock-up agreement) and (B) to the extent a public

announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding

the establishment of such plan, such announcement or filing shall include a statement to the effect that no

transfer of our common stock may be made under such plan during the Restricted Period; provided that,

with respect to clauses (b) and (e) above, the recipients thereof provide to the underwriters a signed lock-

up agreement.

In order to facilitate the offering of the Class A common stock, the underwriters may engage in

transactions that stabilize, maintain, or otherwise affect the price of the Class A common stock.

Specifically, the underwriters may sell more shares than they are obligated to purchase under the

underwriting agreement, creating a short position. A short sale is covered if the short position is no

greater than the number of shares available for purchase by the underwriters under the over-allotment

option. The underwriters can close out a covered short sale by exercising the over-allotment option or

purchasing shares in the open market. In determining the source of shares to close out a covered short

sale, the underwriters will consider, among other things, the open market price of shares compared to the

price available under the over-allotment option. The underwriters may also sell shares in excess of the

over-allotment option, creating a naked short position. The underwriters must close out any naked short

position by purchasing shares in the open market. A naked short position is more likely to be created if

the underwriters are concerned that there may be downward pressure on the price of the Class A

common stock in the open market after pricing that could adversely affect investors who purchase in this

offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase,

shares of Class A common stock in the open market to stabilize the price of the Class A common stock.

These activities may raise or maintain the market price of the Class A common stock above independent

market levels or prevent or slow a decline in the market price of the Class A common stock. The

underwriters are not required to engage in these activities and may end any of these activities at any

time.

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We, the selling stockholders, and the underwriters will agree to indemnify each other against certain

liabilities, including liabilities under the Securities Act.

A prospectus in electronic format may be made available on websites maintained by one or more

underwriters, or selling group members, if any, participating in this offering. The representatives may

agree to allocate a number of shares of Class A common stock to underwriters for sale to their online

brokerage account holders. Internet distributions will be allocated by the representatives to underwriters

that may make Internet distributions on the same basis as other allocations.

Conflicts of Interest

An affiliate of each of Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Wells Fargo

Securities, and RBC Capital Markets is a lender under the Revolving Credit Facility. As described in "Use

of Proceeds," net proceeds from this offering will be used to repay outstanding borrowings under the

Revolving Credit Facility, and an affiliate of each of Morgan Stanley, Goldman Sachs, JPMorgan Chase,

Wells Fargo Securities, BofA Securities, and RBC Capital Markets will receive 5% or more of the net

proceeds of this offering due to the repayment of borrowings under the Revolving Credit Facility.

Therefore, each of Morgan Stanley, Goldman Sachs, J.P. Morgan, BofA Securities, Wells Fargo

Securities, and RBC Capital Markets is deemed to have a "conflict of interest" under FINRA Rule 5121.

Accordingly, this offering is being conducted in compliance with the requirements of Rule 5121, which

requires, among other things, that a "qualified independent underwriter" participate in the preparation of,

and exercise the usual standards of "due diligence" with respect to, the registration statement and this

prospectus. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; has agreed to act as a qualified independent underwriter for this offering and to

undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically

including those inherent in Section 11 thereof. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; will not receive any additional fees for serving as a

qualified independent underwriter in connection with this offering. We have agreed to indemnify &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

against liabilities incurred in connection with acting as a qualified independent underwriter, including

liabilities under the Securities Act. Each of Morgan Stanley, Goldman Sachs, JPMorgan Chase, Wells

Fargo Securities, BofA Securities, and RBC Capital Markets will not confirm any sales to any account

over which it exercises discretionary authority without the specific written approval of the account holder.

See "Use of Proceeds" for additional information.

Other Relationships

The underwriters and their respective affiliates are full service financial institutions engaged in various

activities, which may include securities trading, commercial and investment banking, financial advisory,

investment management, investment research, principal investment, hedging, financing, and brokerage

activities. Certain of the underwriters and their respective affiliates have, from time to time, performed,

and may in the future perform, various financial advisory and investment banking services for us, for

which they received or will receive customary fees and expenses. An affiliate of Morgan Stanley is the

administrative agent under our Revolving Credit Facility.

In addition, in the ordinary course of their various business activities, the underwriters and their respective

affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or

related derivative securities) and financial instruments (including bank loans) for their own account and for

the accounts of their customers and may at any time hold long and short positions in such securities and

instruments. Such investment and securities activities may involve our securities and instruments. The

underwriters and their respective affiliates may also make investment recommendations or publish or

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express independent research views in respect of such securities or instruments and may at any time

hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

Pricing of the Offering

Prior to this offering, there has been no public market for our Class A common stock. The initial public

offering price will be determined by negotiations between us and the representatives. Among the factors

to be considered in determining the initial public offering price will be our future prospects and those of

our industry in general, our sales, earnings, and certain other financial and operating information in recent

periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial

and operating information of companies engaged in activities similar to ours.

Selling Restrictions

Other than in the United States, no action has been taken by us or the underwriters that would permit a

public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose

is required. The shares of Class A common stock offered by this prospectus may not be offered or sold,

directly or indirectly, nor may this prospectus or any other offering material or advertisements in

connection with the offer and sale of Class A common stock be distributed or published in any jurisdiction,

except under circumstances that will result in compliance with the applicable rules and regulations of that

jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves

about and to observe any restrictions relating to this offering and the distribution of this prospectus. This

prospectus does not constitute an offer to sell or a solicitation of an offer to buy Class A common stock

offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

Notice to prospective investors in the European Economic Area

In relation to each Member State of the EEA (each a "Relevant State"), no shares of Class A common

stock have been offered or will be offered pursuant to this offering to the public in that Relevant State

prior to the publication of a prospectus in relation to the shares of Class A common stock which has been

approved by the competent authority in that Relevant State or, where appropriate, approved in another

Relevant State and notified to the competent authority in that Relevant State, all in accordance with the

Prospectus Regulation, except that offers of shares of Class A common stock may be made to the public

in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

1. to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus

Regulation;

2. to fewer than 150 natural or legal persons (other than qualified investors as defined under Article

2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters; or

3. in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

*provided* that no such offer of shares of Class A common stock shall require us 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, and each person who initially acquires any shares of

Class A common stock or to whom any offer is made will be deemed to have represented, acknowledged,

and agreed to and with each of the underwriters and to us that it is a "qualified investor" within the

meaning of Article 2(e) of the Prospectus Regulation. In the case of any shares of Class A common stock

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being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such

financial intermediary will be deemed to have represented, acknowledged, and agreed that the shares of

Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on

behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances

which may give rise to an offer of any shares of Class A common stock to the public other than their offer

or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior

consent of the underwriters have been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to shares of Class A

common stock in any Relevant State means the communication in any form and by any means of

sufficient information on the terms of the offer and any shares of Class A common stock to be offered so

as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, and

the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

Notice to prospective investors in the UK

No shares of Class A common stock 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 of Class A common stock

which (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 provisions in Article 74

(transitional provisions) of the Prospectus Amendment etc (EU Exit) Regulations 2019/1234, except that

the shares of Class A common stock may be offered to the public in the UK at any time:

1. to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus

Regulation;

2. to fewer than 150 natural or legal persons (other than qualified investors as defined under Article

2 of the UK Prospectus Regulation), subject to obtaining the prior consent of underwriters for any

such offer; or

3. in any other circumstances falling within Section 86 of the FSMA;

*provided* that no such offer of the shares of Class A common stock shall require the Issuer or any

Manager 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 the shares of Class A common stock in the UK 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 of

Class A common stock 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.

In addition, in the UK, this document is being distributed only to, and is directed only at, and any offer

subsequently made may only be directed at persons who are "qualified investors" (as defined in the

Prospectus Regulation) (i) who have professional experience in matters relating to investments falling

within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as

amended (the "Order") and/or (ii) who are high net worth companies (or persons to whom it may

otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons

together being referred to as "relevant persons") or otherwise in circumstances which have not resulted

and will not result in an offer to the public of the shares of Class A common stock in the UK within the

meaning of the Financial Services and Markets Act 2000.

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Any person in the UK that is not a relevant person should not act or rely on the information included in

this document or use it as basis for taking any action. In the UK, any investment or investment activity that

this document relates to may be made or taken exclusively by relevant persons.

Notice to prospective investors in Canada

The shares of Class A common stock may be sold 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 shares of Class A common stock must be made in accordance with an

exemption from, 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 thereto) 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 for particulars 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.

Notice to prospective investors in Switzerland

This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any

shares of Class A common stock. No shares of Class A common stock have been offered or will be

offered to the public in Switzerland, except that offers of shares of Class A common stock may be made

to the public in Switzerland at any time under the following exemptions under the Swiss Financial

Services Act ("FinSA"):

1. to any person which is a professional client as defined under the FinSA;

2. to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to

obtaining the prior consent of the representatives of the underwriters for any such offer; or

3. in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the

Swiss Financial Services Ordinance, *provided* that no such offer of shares shall require us or any

investment bank to publish a prospectus pursuant to Article 35 FinSA.

The shares of Class A common stock have not been and will not be listed or admitted to trading on a

trading venue in Switzerland.

Neither this document nor any other offering or marketing material relating to the shares of Class A

common stock constitutes a prospectus as such term is understood pursuant to the FinSA and neither

this document nor any other offering or marketing material relating to the shares of Class A common

stock may be publicly distributed or otherwise made publicly available in Switzerland.

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Notice to prospective investors in the Dubai International Financial

Centre

This document relates to an Exempt Offer in accordance with the Markets Law, DIFC Law No. 1 of 2012,

as amended. This document is intended for distribution only to persons of a type specified in the Markets

Law, DIFC Law No. 1 of 2012, as amended. It must not be delivered to, or relied on by, any other person.

The Dubai Financial Services Authority ("DFSA") has no responsibility for reviewing or verifying any

documents in connection with Exempt Offers. The DFSA has not approved this prospectus supplement

nor taken steps to verify the information set forth herein and has no responsibility for this document. The

shares of Class A common stock to which this document relates may be illiquid and/or subject to

restrictions on their resale. Prospective purchasers of the shares of Class A common stock offered should

conduct their own due diligence on such shares. If you do not understand the contents of this document,

you should consult an authorized financial advisor.

In relation to its use in the Dubai International Financial Centre (the "DIFC"), this document is strictly

private and confidential and is being distributed to a limited number of investors and must not be provided

to any person other than the original recipient, and it may not be reproduced or used for any other

purpose. The interests in the shares of Class A common stock may not be offered or sold directly or

indirectly to the public in the DIFC.

Notice to prospective investors in the United Arab Emirates

The shares of Class A common stock have not been, and are not being, publicly offered, sold, promoted,

or advertised in the United Arab Emirates (including the DIFC) other than in compliance with the laws of

the United Arab Emirates (and the DIFC) governing the issue, offering, and sale of securities. Further, this

prospectus does not constitute a public offer of securities in the United Arab Emirates (including the

DIFC) and is not intended to be a public offer. This prospectus has not been approved by or filed with the

Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services

Regulatory Authority, or the DFSA.

Notice to prospective investors in Australia

This prospectus:

1. does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the

Corporations Act 2001 (Cth) (the "Corporations Act");

2. has not been, and will not be, lodged with the Australian Securities and Investments Commission

("ASIC"), as a disclosure document for the purposes of the Corporations Act and does not purport

to include the information required of a disclosure document for the purposes of the Corporations

Act; and

3. may only be provided in Australia to select investors who are able to demonstrate that they fall

within one or more of the categories of investors, available under section 708 of the Corporations

Act ("Exempt Investors").

The shares of Class A common stock may not be directly or indirectly offered for subscription or

purchased or sold, and no invitations to subscribe for or buy the shares of Class A common stock may be

issued, and no draft or definitive offering memorandum, advertisement, or other offering material relating

to any shares of Class A common stock may be distributed in Australia, except where disclosure to

investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all

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applicable Australian laws and regulations. By submitting an application for the shares of Class A

common stock, you represent and warrant to us that you are an Exempt Investor.

As any offer of shares of Class A common stock under this prospectus will be made without disclosure in

Australia under Chapter 6D.2 of the Corporations Act, the offer of those shares for resale in Australia

within twelve months may, under section 707 of the Corporations Act, require disclosure to investors

under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the

shares of Class A common stock you undertake to us that you will not, for a period of twelve months from

the date of issue of such shares, offer, transfer, assign, or otherwise alienate those shares of Class A

common stock to investors in Australia except in circumstances where disclosure to investors is not

required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is

prepared and lodged with ASIC.

Notice to prospective investors in Japan

The shares of Class A common stock have not been and will not be registered pursuant to Article 4,

Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares of Class A

common stock nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for

the benefit of, any "resident" of Japan (which term as used herein means any person resident in Japan,

including any corporation or other entity organized under the laws of Japan), or to others for re-offering or

resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an

exemption from the registration requirements of, and otherwise in compliance with, the Financial

Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of

Japan in effect at the relevant time.

Notice to prospective investors in Hong Kong

The shares of Class A common stock have not been offered or sold and will not be offered or sold in

Hong Kong, by means of any document, other than (i) to "professional investors" as defined in the

Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") of Hong Kong and

any rules made thereunder; or (ii) in other circumstances which do not result in the document being a

"prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.

32) of Hong Kong (the "CO") or which do not constitute an offer to the public within the meaning of the

CO. No advertisement, invitation, or document relating to the shares of Class A common stock has been

or may be issued or has been or may be in the possession of any person for the purposes of issue,

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 of Hong Kong (except if permitted to do so under the securities laws of

Hong Kong) other than with respect to shares of our Class A common stock which are or are intended to

be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the

SFO and any rules made thereunder.

Notice to prospective investors in Singapore

Each underwriter has acknowledged that this prospectus has not been registered as a prospectus with

the Monetary Authority of Singapore. Accordingly, each underwriter has represented and agreed that it

has not offered or sold any shares of Class A common stock or caused such shares to be made the

subject of an invitation for subscription or purchase and will not offer or sell any shares of Class A

common stock or cause such shares to be made the subject of an invitation for subscription or purchase,

and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other

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document or material in connection with the offer or sale, or invitation for subscription or purchase, of the

shares of Class A common stock, whether directly or indirectly, to any person in Singapore other than:

1. to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter

289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to

Section 274 of the SFA;

2. to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the

SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the

conditions specified in Section 275 of the SFA; or

3. otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of

the SFA.

Where the shares of Class A common stock are subscribed or purchased under Section 275 of the SFA

by a relevant person which is:

1. a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole

business of which is to hold investments and the entire share capital of which is owned by one or

more individuals, each of whom is an accredited investor; or

2. a trust (where the trustee is not an accredited investor) whose sole purpose is to hold

investments and each beneficiary of the trust is an individual who is an accredited investor,

securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of

that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be

transferred within six months after that corporation or that trust has acquired the shares pursuant to an

offer made under Section 275 of the SFA except:

1. to an institutional investor or to a relevant person, or to any person arising from an offer referred

to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

2. where no consideration is or will be given for the transfer;

3. where the transfer is by operation of law;

4. as specified in Section 276(7) of the SFA; or

5. as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities

and Securities-based Derivatives Contracts) Regulations 2018.

*Singapore SFA Product Classification*—In connection with Section 309B of the SFA and the CMP

Regulations 2018, unless otherwise specified before an offer of shares of Class A common stock, we

have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that

the shares of Class A common stock are "prescribed capital markets products" (as defined in the CMP

Regulations 2018) 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).

Notice to prospective investors in Bermuda

Shares of Class A common stock may be offered or sold in Bermuda only in compliance with the

provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in

Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any

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trade or business in Bermuda unless such persons are permitted to do so under applicable Bermuda

legislation.

Notice to prospective investors in Saudi Arabia

This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are

permitted under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by

the board of the Saudi Arabian Capital Market Authority ("CMA") pursuant to resolution number

3-123-2017 dated 27 December 2017, as amended. The CMA does not make any representation as to

the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any

loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the

shares of Class A common stock offered hereby should conduct their own due diligence on the accuracy

of the information relating to the shares of Class A common stock. If you do not understand the contents

of this document, you should consult an authorised financial adviser.

Notice to prospective investors in the British Virgin Islands

The shares of Class A common stock are not being, and may not be, offered to the public or to any

person in the British Virgin Islands for purchase or subscription by or on behalf of us. The shares of

Class A common stock may be offered to companies incorporated under the BVI Business Companies

Act, 2004 (British Virgin Islands) ("BVI Companies"), but only where the offer will be made to, and

received by, the relevant BVI Company entirely outside of the British Virgin Islands.

Notice to prospective investors in China

This prospectus will not be circulated or distributed in the PRC and the shares of Class A common stock

will not be offered or sold, and will not be offered or sold to any person for re-offering or resale directly or

indirectly, to any residents of the PRC (for such purposes, not including the Hong Kong and Macau

Special Administrative Regions or Taiwan), except pursuant to any applicable laws and regulations of the

PRC. Neither this prospectus nor any advertisement or other offering material may be distributed or

published in the PRC, except under circumstances that will result in compliance with applicable laws and

regulations.

Notice to prospective investors in Korea

The shares of Class A common stock have not been and will not be registered under the Financial

Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the

"FSCMA"), and the shares of Class A common stock have been and will be offered in Korea as a private

placement under the FSCMA. None of the shares of Class A common stock may be offered, sold or

delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or

indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of

Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and

regulations thereunder (the "FETL"). Furthermore, the purchaser of the shares of Class A common stock

shall comply with all applicable regulatory requirements (including but not limited to requirements under

the FETL) in connection with the purchase of the shares of Class A common stock. By the purchase of

the shares of Class A common stock, the relevant holder thereof will be deemed to represent and warrant

that if it is in Korea or is a resident of Korea, it purchased the shares of Class A common stock pursuant

to the applicable laws and regulations of Korea.

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Notice to prospective investors in Malaysia

No prospectus or other offering material or document in connection with the offer and sale of the shares

of Class A common stock has been or will be registered with the Securities Commission of Malaysia (the

"Commission") for the Commission's approval pursuant to the Capital Markets and Services Act 2007.

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 of Class A common stock may not be circulated or

distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an

invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a

closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services Licence; (iii) a

person who acquires the shares, as principal, if the offer is on terms that the shares may only be acquired

at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each

transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her

spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary

residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its

equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly

with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies),

per annum in the preceding twelve months; (vii) a corporation with total net assets exceeding

RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a

partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a

bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010;

(x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and

Securities Act 2010; and (xi) any other person as may be specified by the Commission; *provided* that, in

the each of the preceding categories (i) to (xi), the distribution of the shares is made by a holder of a

Capital Markets Services License who carries on the business of dealing in securities. The distribution in

Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not

be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to

subscribe for, or purchase any securities requiring the registration of a prospectus with the Commission

under the Capital Markets and Services Act 2007.

Notice to prospective investors in Taiwan

The shares of Class A common stock have not been and will not be registered with the Financial

Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be

sold, issued, or offered within Taiwan through a public offering or in circumstances which constitutes an

offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or

approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been

authorised to offer, sell, give advice regarding, or otherwise intermediate the offering and sale of the

shares of Class A common stock in Taiwan.

Notice to prospective investors in South Africa

Due to restrictions under the securities laws of South Africa, no "offer to the public" (as such term is

defined in the South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the "South

African Companies Act")) is being made in connection with the issue of the shares of Class A common

stock in South Africa. Accordingly, this document does not, nor is it intended to, constitute a "registered

prospectus" (as that term is defined in the South African Companies Act) prepared and registered under

the South African Companies Act and has not been approved by, and/or filed with, the South African

Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The

shares of Class A common stock are not offered, and the offer shall not be transferred, sold, renounced,

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or delivered, in South Africa or to a person with an address in South Africa, unless one or other of the

following exemptions stipulated in section 96 (1) applies:

*Section 96 (1) (a)*. The offer, transfer, sale, renunciation or delivery is to:

(i).persons whose ordinary business, or part of whose ordinary business, is to deal in securities,

as principal or agent;

(ii).the South African Public Investment Corporation;

(iii).persons or entities regulated by the Reserve Bank of South Africa;

(iv).authorised financial service providers under South African law;

(v).financial institutions recognized as such under South African law;

(vi).a wholly-owned subsidiary of any person or entity contemplated in (iii), (iv) or (v), acting as

agent in the capacity of an authorised portfolio manager for a pension fund, or as manager for a

collective investment scheme (in each case duly registered as such under South African law);

or

(vii).any combination of the person in (i) to (vi); or

*Section 96 (1) (b)*. The total contemplated acquisition cost of the securities, for any single addressee

acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may be

promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the

South African Companies Act.

Information made available in this prospectus should not be considered as "advice" as defined in the

South African Financial Advisory and Intermediary Services Act, 2002.

Notice to prospective investors in Israel

This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968 (the "Israeli

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 (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), or, 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 the same and agree to it.

Notice to prospective investors in 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 only be offered to Brazilian professional investors (as defined by applicable CVM

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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.

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Legal Matters

Fenwick & West LLP, Mountain View, California, which has acted as our counsel in connection with this

offering, will pass upon the validity of the issuance of the shares of our Class A common stock offered by

this prospectus. As of the date of this prospectus, individuals and entities associated with Fenwick & West

LLP beneficially own an aggregate of 866,138 shares of our Class A common stock. Latham & Watkins

LLP, Menlo Park, California, is acting as counsel to the underwriters. Whalen LLP, Newport Beach,

California, has acted as counsel for the selling stockholders in connection with certain legal matters

related to this offering.

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Experts

Ernst & Young LLP, independent registered public accounting firm, has audited our consolidated financial

statements at December 31, 2023 and 2024, and for each of the two years in the period ended December

31, 2024, as set forth in their report. We have included our financial statements in the prospectus and

elsewhere in the registration statement in reliance on Ernst & Young LLP's report, given on their authority

as experts in accounting and auditing.

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 Class A common stock offered hereby. This prospectus, which constitutes a part of the

registration statement, does not contain all of the information set forth in the registration statement or the

exhibits filed therewith. For further information about us and our Class A common stock offered hereby,

reference is made to the registration statement and the exhibits filed therewith. Statements contained in

this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to

the registration statement are not necessarily complete, and in each instance, we refer you to the copy of

such contract or other document filed as an exhibit to the registration statement. We currently do not file

periodic reports with the SEC.

Upon completion of this offering, we will be required to file periodic reports, proxy statements and other

information with the SEC pursuant to the Exchange Act. The SEC maintains a website that contains

reports, proxy and information statements, and other information regarding registrants that file

electronically with the SEC. The address of the website is www.sec.gov.

We also maintain a website at www.figma.com. Upon the completion of this offering, you may access

these materials at our website free of charge as soon as reasonably practicable after they are

electronically filed with, or furnished to, the SEC. Information contained in, or that can be accessed

through, our website is not a part of, and is not incorporated into, this prospectus.

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## Index to the Consolidated
Financial Statements

---

| | |
|:---|:---|
|  | **Page** |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i8dccdb6f4d824d4aba81e7c665eaa62d_178)</u>.................................... | <u>[F-2](#i8dccdb6f4d824d4aba81e7c665eaa62d_178)</u> |
| <u>[CONSOLIDATED BALANCE SHEETS](#i8dccdb6f4d824d4aba81e7c665eaa62d_181)</u>...................................................................................................... | <u>[F-3](#i8dccdb6f4d824d4aba81e7c665eaa62d_181)</u> |
| <u>[CONSOLIDATED STATEMENT OF OPERATIONS](#i8dccdb6f4d824d4aba81e7c665eaa62d_184)</u>................................................................................ | <u>[F-4](#i8dccdb6f4d824d4aba81e7c665eaa62d_184)</u> |
| <u>[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)](#i8dccdb6f4d824d4aba81e7c665eaa62d_187)</u>.................................... | <u>[F-5](#i8dccdb6f4d824d4aba81e7c665eaa62d_187)</u> |
| <u>[CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY](#i8dccdb6f4d824d4aba81e7c665eaa62d_190)</u>..................................................... | <u>[F-6](#i8dccdb6f4d824d4aba81e7c665eaa62d_190)</u> |
| <u>[CONSOLIDATED STATEMENTS OF CASH FLOWS](#i8dccdb6f4d824d4aba81e7c665eaa62d_193)</u>............................................................................. | <u>[F-8](#i8dccdb6f4d824d4aba81e7c665eaa62d_193)</u> |
| <u>[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#i8dccdb6f4d824d4aba81e7c665eaa62d_196)</u>.......................................................... | <u>[F-10](#i8dccdb6f4d824d4aba81e7c665eaa62d_196)</u> |

---

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**Report Of Independent Registered Public Accounting Firm**

To the Stockholders and the Board of Directors of Figma, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Figma, Inc. (the Company) as of

December 31, 2023 and 2024, the related consolidated statements of operations, comprehensive income

(loss), stockholders' equity 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 at December 31, 2023 and 2024, 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 U.S. generally accepted

accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to

express an opinion on the Company's 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 the 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. 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/ Ernst & Young LLP

We have served as the Company's auditor since 2019.

San Jose, California

April 15, 2025

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**Figma, Inc.**

**Consolidated Balance Sheets**

*(In thousands, except for par value)*

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| **Assets** |  |  |  |
| Current assets |  |  |  |
| Cash and cash equivalents............................................................................ | $1270178 | $486954 | $618581 |
| Marketable securities...................................................................................... | 148973 | 970883 | 923224 |
| Accounts receivable, net................................................................................ | 90092 | 131315 | 113133 |
| Prepaid expenses and other current assets................................................ | 28364 | 48873 | 59596 |
| Total current assets............................................................................................... | 1537607 | 1638025 | 1714534 |
| Property and equipment, net................................................................................ | 11632 | 15017 | 16994 |
| Intangible assets, net............................................................................................ | 3116 | 2511 | 2264 |
| Goodwill................................................................................................................... | 11398 | 11398 | 11398 |
| Operating lease right-of-use assets.................................................................... | 13674 | 28806 | 66687 |
| Restricted cash...................................................................................................... | 3931 | 3631 | 9799 |
| Other assets........................................................................................................... | 20555 | 93760 | 93079 |
| Total assets............................................................................................................ | $1601913 | $1793148 | $1914755 |
| **Liabilities and stockholders' equity** |  |  |  |
| Accounts payable............................................................................................ | $3687 | $4163 | $3936 |
| Accrued and other current liabilities.............................................................. | 268329 | 31119 | 39780 |
| Accrued compensation and benefits............................................................. | 6948 | 19377 | 22880 |
| Operating lease liabilities, current................................................................. | 12455 | 10937 | 11210 |
| Deferred revenue............................................................................................. | 253635 | 381363 | 406636 |
| Total current liabilities........................................................................................... | 545054 | 446959 | 484442 |
| Operating lease liabilities, non-current............................................................... | 2141 | 17833 | 55572 |
| Other non-current liabilities.................................................................................. | 11572 | 4303 | 4377 |
| Total liabilities......................................................................................................... | 558767 | 469095 | 544391 |
| Commitments and contingencies (Note 8) |  |  |  |
| Stockholders' equity: |  |  |  |
| Convertible preferred stock, $0.00001 par value per share; 247,861<br>shares authorized; 247,819, 245,999, and 245,999 shares issued <br>and outstanding as of December 31, 2023 and 2024, and March 31, <br>2025 (unaudited), respectively..................................................................<br>| 332185 | 329441 | 329441 |
| Class A common stock, $0.00001 par value per share; 567,000, <br>571,000, and 586,500 shares authorized; 80,087, 124,159, and <br>124,313 shares issued and outstanding as of December 31, 2023 <br>and 2024, and March 31, 2025 (unaudited), respectively....................<br>|  | 1 | 1 |
| Class B common stock, $0.00001 par value per share; 118,956 <br>shares authorized; 90,911, 90,747, and 90,747 shares issued and <br>outstanding as of December 31, 2023 and 2024, and March 31, <br>2025 (unaudited), respectively..................................................................<br>|  |  |  |
| Additional paid-in capital................................................................................. | 170628 | 1186207 | 1186815 |
| Accumulated other comprehensive income ............................................... | 265 | 1314 | 2135 |
| Retained earnings (accumulated deficit)...................................................... | 540068 | (192910) | (148028) |
| **Total stockholders' equity**.............................................................................. | 1043146 | 1324053 | 1370364 |
| **Total liabilities and stockholders' equity**................................................... | $1601913 | $1793148 | $1914755 |

---

***See accompanying notes to the consolidated financial statements.***

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**Figma, Inc.**

**Consolidated Statements ofOperations**

*(In thousands, except per share amounts)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Revenue............................................................. | $504874 | $749011 | $156229 | $228199 |
| Cost of revenue<sup>(1)</sup>........................................ | 44500 | 87514 | 12790 | 19452 |
| Gross profit........................................................ | 460374 | 661497 | 143439 | 208747 |
| Operating expenses<sup>(1)</sup>: |  |  |  |  |
| Research and development....................... | 164774 | 751120 | 52711 | 69925 |
| Sales and marketing................................... | 201377 | 472076 | 55334 | 68840 |
| General and administrative........................ | 167679 | 315734 | 22873 | 30233 |
| Total operating expenses................................ | 533830 | 1538930 | 130918 | 168998 |
| Income (loss) from operations........................ | (73456) | (877433) | 12521 | 39749 |
| Other income, net............................................. | 1019375 | 84362 | 17185 | 7274 |
| Income (loss) before income taxes............... | 945919 | (793071) | 29706 | 47023 |
| Provision for (benefit from) income taxes..... | 208078 | (60951) | 16181 | 2141 |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |
| Less: net income attributable to <br>participating securities.................................<br>| (451982) |  | (13525) | (36271) |
| Net income (loss) attributable to common <br>stockholders...................................................<br>| $285859 | $(732120) | $— | $8611 |
| Net income (loss) per share, basic and <br>diluted:<br>|  |  |  |  |
| Net income (loss) per share, basic................ | $1.70 | $(3.74) | $— | $0.04 |
| Net income (loss) per share, diluted............. | $1.62 | $(3.74) | $— | $0.04 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, basic.......................................<br>| 168399 | 195612 | 170625 | 214883 |
| Weighted-average shares outstanding <br>used in computing net income (loss) per <br>share attributable to common <br>stockholders, diluted.....................................<br>| 187207 | 195612 | 170625 | 231076 |

---

__________________

(1)Includes stock-based compensation, net of amounts capitalized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Cost of revenue................................................ | $37 | $27893 | $1 | $— |
| Research and development............................ | 1890 | 511259 | 543 | 197 |
| Sales and marketing........................................ | 253 | 206830 | 11 |  |
| General and administrative.............................. | 523 | 201571 | 52 |  |

---

***See accompanying notes to the consolidated financial statements.***

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**Figma, Inc.**

**Consolidated Statements of Comprehensive Income (Loss)**

*(In thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Net income (loss)............................................. | $737841 | $(732120) | $13525 | $44882 |
| Other comprehensive income, net of tax: ... |  |  |  |  |
| Change in unrealized gain on available-<br>for-sale securities.....................................<br>| 706 | 1049 | (624) | 821 |
| Comprehensive income (loss)........................ | $738547 | $(731071) | $12901 | $45703 |

---

***See accompanying notes to the consolidated financial statements.***

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**Figma, Inc.**

**Consolidated Statements of Stockholders' Equity**

*(In thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible preferred stock** | **Convertible preferred stock** | **Class A and Class B** <br>**Common stock** | **Class A and Class B** <br>**Common stock** | **Additional** <br>**paid-in capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
|  | **Shares**  | **Amount** | **Shares** | **Amount** | **Additional** <br>**paid-in capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
| **Balance at December 31, 2022**.............................. | 247819 | $332185 | 170377 | $— | $151809 | $(441) | $(197421) | $286132 |
| Cumulative effect of adoption of ASC 326.................. |  |  |  |  |  |  | (352) | (352) |
| Exercise of stock options............................................... |  |  | 7 |  | 2 |  |  | 2 |
| Vesting of early exercised stock options..................... |  |  |  |  | 1131 |  |  | 1131 |
| Repurchases of common stock.................................... |  |  | (9) |  |  |  |  |  |
| Stock issued in connection with acquisitions.............. |  |  | 623 |  | 14887 |  |  | 14887 |
| Stock-based compensation........................................... |  |  |  |  | 2799 |  |  | 2799 |
| Other comprehensive income....................................... |  |  |  |  |  | 706 |  | 706 |
| Net income....................................................................... |  |  |  |  |  |  | 737841 | 737841 |
| **Balance at December 31, 2023**.............................. | 247819 | $332185 | 170998 | $— | $170628 | $265 | $540068 | $1043146 |
| Exercise of stock options............................................... |  |  | 5116 |  | 2394 |  |  | 2394 |
| Vesting of early exercised stock options..................... |  |  |  |  | 139 |  |  | 139 |
| Repurchases of common stock.................................... |  |  | (131) |  | (3) |  | (858) | (861) |
| Stock-based compensation........................................... |  |  |  |  | 950427 |  |  | 950427 |
| Issuance of common stock upon the vesting of <br>restricted stock units..................................................<br>|  |  | 34614 |  |  |  |  |  |
| Shares withheld for taxes upon the vesting of <br>restricted stock units .................................................<br>|  |  | (18067) |  | (419032) |  |  | (419032) |
| Issuance of common stock to investors upon <br>closing of RSU release primary financing..............<br>|  |  | 18064 | 1 | 418967 |  |  | 418968 |
| Conversion of convertible preferred stock to Class <br>A common stock in connection with tender offer...<br>| (1820) | (2744) | 1820 |  | 2744 |  |  |  |
| Proceeds from issuance of common stock, net of <br>issuance costs............................................................<br>|  |  | 2492 |  | 59943 |  |  | 59943 |
| Other comprehensive income ...................................... |  |  |  |  |  | 1049 |  | 1049 |
| Net loss............................................................................. |  |  |  |  |  |  | (732120) | (732120) |
| **Balance at December 31, 2024**.............................. | 245999 | $329441 | 214906 | $1 | $1186207 | $1314 | $(192910) | $1324053 |

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---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible preferred** <br>**stock** | **Convertible preferred** <br>**stock** | **Class A and Class B** <br>**Common stock** | **Class A and Class B** <br>**Common stock** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
|  | **Shares**  | **Amount** | **Shares** | **Amount** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
| **Balance at December 31, 2023**....................................... | 247819 | $332185 | 170998 | $— | $170628 | $265 | $540068 | $1043146 |
| Exercise of stock options (unaudited) .............................. |  |  | 137 |  | 40 |  |  | 40 |
| Vesting of early exercised stock options (unaudited)...... |  |  |  |  | 139 |  |  | 139 |
| Stock-based compensation (unaudited)............................ |  |  |  |  | 694 |  |  | 694 |
| Other comprehensive loss (unaudited) ............................ |  |  |  |  |  | (624) |  | (624) |
| Net income (unaudited)....................................................... |  |  |  |  |  |  | 13525 | 13525 |
| **Balance at March 31, 2024 (unaudited)**........................ | 247819 | $332185 | 171135 | $— | $171501 | $(359) | $553593 | $1056920 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible preferred** <br>**stock** | **Convertible preferred** <br>**stock** | **Class A and Class B** <br>**Common stock** | **Class A and Class B** <br>**Common stock** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
|  | **Shares**  | **Amount** | **Shares** | **Amount** | **Additional** <br>**paid-in** <br>**capital** | **Accumulated** <br>**other** <br>**comprehensive** <br>**(loss) income** | **Retained** <br>**earnings** <br>**(accumulated** <br>**deficit)** | **Total** <br>**stockholders'** <br>**equity** |
| **Balance at December 31, 2024**....................................... | 245999 | $329441 | 214906 | $1 | $1186207 | $1314 | $(192910) | $1324053 |
| Exercise of stock options (unaudited) .............................. |  |  | 154 |  | 339 |  |  | 339 |
| Stock-based compensation (unaudited)............................ |  |  |  |  | 281 |  |  | 281 |
| Other (unaudited).................................................................. |  |  |  |  | (12) |  |  | (12) |
| Other comprehensive income (unaudited)........................ |  |  |  |  |  | 821 |  | 821 |
| Net income (unaudited)....................................................... |  |  |  |  |  |  | 44882 | 44882 |
| **Balance at March 31, 2025 (unaudited)**........................ | 245999 | $329441 | 215060 | $1 | $1186815 | $2135 | $(148028) | $1370364 |

---

***See accompanying notes to the consolidated financial statements.***

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

**Figma, Inc.**

**Consolidated Statements Of Cash Flows**

*(In thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| **Cash flows from operating activities:** |  |  |  |  |
| Net income (loss)...................................................... | $737841 | $(732120) | $13525 | $44882 |
| Adjustments to reconcile net income (loss) to <br>net cash provided by operating activities:<br>|  |  |  |  |
| Depreciation and amortization........................... | 8497 | 7691 | 2119 | 1521 |
| Non-cash operating lease costs........................ | 12432 | 14130 | 3235 | 4105 |
| Stock-based compensation, net of amounts <br>capitalized.........................................................<br>| 2703 | 947553 | 607 | 197 |
| Amortization of deferred commissions............. | 8666 | 14820 | 2921 | 4706 |
| Net accretion of discounts on available-for-<br>sale securities...................................................<br>| (3957) | (17059) | (1704) | (4846) |
| Unrealized (gains) losses on equity <br>investments, net...............................................<br>|  | (24177) | (312) | 8266 |
| Other non-cash adjustments.............................. | 148 | (2590) | (1000) | (186) |
| Changes in assets and liabilities: |  |  |  |  |
| Accounts receivable, net............................... | (39578) | (42668) | 14458 | 17991 |
| Prepaid expenses and other current <br>assets...........................................................<br>| 450 | (20567) | (23592) | (9164) |
| Other assets.................................................... | (14036) | (86632) | (5518) | (2434) |
| Accounts payable........................................... | (2673) | 525 | (2203) | (883) |
| Accrued and other current liabilities............ | 232489 | (252530) | (42802) | 4386 |
| Accrued compensation and benefits........... | 695 | 11447 | 4577 | 3289 |
| Deferred revenue........................................... | 92086 | 127728 | 15764 | 25273 |
| Other non-current liabilities........................... | 11571 | (7268) | 1786 | 74 |
| **Net cash provided by (used in) operating** <br>**activities**...................................................................<br>| 1047334 | (61717) | (18139) | 97177 |
| **Cash flows from investing activities:** |  |  |  |  |
| Purchase of intangible assets............................ | (88) | (920) | (72) |  |
| Capital expenditures........................................... | (3737) | (1977) | (503) | (874) |
| Capitalized internal-use software <br>development costs...........................................<br>| (2630) | (4524) | (1008) | (1721) |
| Purchases of marketable securities.................. | (223869) | (1323305) | (377212) | (238805) |
| Proceeds from maturities of marketable <br>securities...........................................................<br>| 156374 | 447562 | 41624 | 255111 |
| Proceeds from sale of marketable securities.. | 16810 | 99889 | 700 | 28201 |
| Other cash flows from investing activities........ | (196) | (982) | (159) | (661) |
| **Net cash provided by (used in) investing** <br>**activities**...............................................................<br>| (57336) | (784257) | (336630) | 41251 |

---

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
| **Cash flows from financing activities:** |  |  |  |  |
| Repurchase of common stock........................... | (2) | (861) |  |  |
| Proceeds from options exercised...................... | 2 | 2394 | 40 | 339 |
| Proceeds from issuance of common stock...... |  | 60000 |  |  |
| Taxes paid related to net share settlement of <br>restricted stock units...........................................<br>|  | (418051) |  |  |
| Proceeds from sale of common stock in <br>connection with RSU release primary <br>financing............................................................<br>|  | 418968 |  |  |
| **Net cash provided by financing activities**....... |  | 62450 | 40 | 339 |
| Change in cash, cash equivalents, and <br>restricted cash.......................................................<br>| 989998 | (783524) | (354729) | 138767 |
| Cash, cash equivalents, and restricted cash—<br>beginning of year...................................................<br>| 284111 | 1274109 | 1274109 | 490585 |
| **Cash, cash equivalents, and restricted cash**<br>**—end of year**.......................................................<br>| $1274109 | $490585 | $919380 | $629352 |
| **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** | **Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets:** |
| Cash and cash equivalents..................................... | $1270178 | $486954 | $915749 | $618581 |
| Restricted cash.......................................................... | 3931 | 3631 | 3631 | 10771 |
| **Total cash, cash equivalents and restricted** <br>**cash**........................................................................<br>| $1274109 | $490585 | $919380 | $629352 |
| **Supplemental cash flow data:**  |  |  |  |  |
| Cash paid during the period for: |  |  |  |  |
| Cash paid for income taxes.......................... | $7041 | $195757 | $317 | $1491 |
| Non-cash investing and financing activities: |  |  |  |  |
| Stock-based compensation included in <br>capitalized internal-use software <br>development costs....................................<br>| $96 | $2874 | $86 | $85 |
| Fair value of shares issued in connection <br>with business combinations.....................<br>| $12847 | $— | $— | $— |
| Right-of-use assets obtained in exchange <br>for lease liabilities......................................<br>| $9653 | $27727 | $21933 | $41100 |
| Unpaid deferred offering costs..................... | $— | $— | $— | $587 |

---

***See accompanying notes to the consolidated financial statements.***

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Note 1. Description of the Business and Summary of

Significant Accounting Policies

Business

Figma, Inc. and its subsidiaries (together, the "Company" or "Figma") is where teams come together to

design and build the world's best digital products and experiences. Figma was incorporated in October of

2012 as a Delaware corporation. The Company is headquartered in San Francisco, California.

Abandoned merger with Adobe, Inc.

On September 15, 2022, Figma, Inc. entered into an Agreement and Plan of Merger (the "Merger

Agreement") with Adobe, Inc. ("Adobe") and certain of Adobe's wholly-owned subsidiaries.

On December 17, 2023, Figma mutually agreed with Adobe to terminate the Merger Agreement based on

the joint assessment that there was no clear path to obtain the required regulatory approvals for the

transaction to close ("Abandoned Merger with Adobe"). On December 20, 2023, Figma received $1.0

billion in termination fees per the terms of the Merger Agreement from Adobe which was recorded within

other income, net on the Company's consolidated statement of operations.

For the year ended December 31, 2023, the Company incurred $97.9 million in transaction costs related

to the Abandoned Merger with Adobe, of which $95.8 million is recorded in general and administrative

expense, with the remainder recorded in sales and marketing expense and research and development

expense in the accompanying consolidated statements of operations. The Company incurred immaterial

expense related to the Abandoned Merger with Adobe for the year ended December 31, 2024.

Basis of presentation and consolidation

The accompanying consolidated financial statements have been prepared in accordance with the U.S.

generally accepted accounting principles ("GAAP"). The accompanying consolidated financial statements

include the accounts of Figma and its wholly owned subsidiaries. All intercompany balances and

transactions have been eliminated in consolidation.

Unaudited Interim Consolidated Financial Information

The accompanying interim consolidated balance sheet as of March 31, 2025, the consolidated

statements of operations, comprehensive income (loss), stockholders' equity, and cash flows for the three

months ended March 31, 2024 and 2025, and the related footnote disclosures are unaudited. These

unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP.

In management's opinion, the unaudited interim consolidated financial statements have been prepared on

the same basis as the audited consolidated financial statements for the years ended December 31, 2023

and 2024, and include all adjustments necessary to state fairly the financial position as of March 31,

2025; the results of operations and cash flows for the three months ended March 31, 2024 and 2025; and

the statement of stockholders' equity for the three months ended March 31, 2024 and 2025. The financial

data and the other information disclosed in these notes to the unaudited interim consolidated financial

statements related to these three-month periods are unaudited. The results for the three months ended

March 31, 2024 and 2025 are not necessarily indicative of the operating results to be expected for the full

fiscal year or any future period.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Use of estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management

to make estimates and assumptions that affect the amounts reported and disclosed in the Company's

consolidated financial statements and accompanying notes. These estimates are based on information

available as of the date of the consolidated financial statements. Management evaluates these estimates

and assumptions on a regular basis. Actual results may differ materially from these estimates.

The Company's most significant estimates and judgments involved the measurement of the Company's

stock-based compensation, including the estimation of the fair value of the underlying common stock and

the estimation of the fair value of market-based awards, reserves for uncertain tax positions, and the

realizability of deferred tax assets.

Foreign currency transactions

The functional currency of each of the Company's foreign subsidiaries is the U.S. dollar. Monetary assets

and liabilities denominated in a foreign currency are remeasured into U.S. dollars at the exchange rate on

the balance sheet date. Non-monetary assets and liabilities are remeasured at the historical rate.

Revenue and expenses are remeasured at the average exchange rate for the period. Remeasurement

adjustments are recognized in the accompanying consolidated statements of operations as transaction

gains or losses in the year of occurrence as part of other income, net. Foreign currency transaction gains

or losses were immaterial for all periods presented.

Financial information about segments and geographic areas

The Company manages its operations and allocated resources as a single operating segment. Further,

the Company manages, monitors, and reports its financial information as a single reportable segment.

See Note 15 "Segment and Geographic Information" for additional information.

Revenue recognition

The Company derives its revenue from sales of subscriptions for access to its platform. The Company's

policy is to exclude sales and other indirect taxes when measuring the transaction price of its subscription

agreements. The Company accounts for revenue contracts with customers by applying the requirements

of Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers.*

The Company's subscription agreements generally have monthly or annual contractual terms. The

Company typically bills in advance for contracts and payment terms and conditions vary by contract type,

although terms generally include a requirement of payment within 30 to 60 days of the invoice date.

Access to the platform represents a series of distinct services as the Company continually provides

access to and fulfills its obligation to the customer over the subscription term. The series of distinct

services represent a single performance obligation that is satisfied over time. The Company recognizes

revenue ratably over the contract term because the customer receives and consumes the benefits of the

platform throughout the contract period. Deferred revenue consists of customer billings in advance of

revenue being recognized from the Company's contracts. The price of subscriptions is dependent on the

number of users and the subscription plan those users have. The Company's contracts typically do not

contain variable consideration given the price is fixed at contract inception.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Stock-based compensation

The Company measures compensation for stock options based on the estimated fair value of the awards

on the date of grant. The fair value of each stock option is estimated using the Black-Scholes option

pricing model. The Company grants stock options to its employees with a service-based vesting

condition. The service-based vesting period for these awards is typically four years with monthly vesting,

subject to a one-year cliff for new hire grants. Stock-based compensation for stock options is recognized

on a straight-line basis over the requisite service period of each award and the Company accounts for

forfeitures in the period in which they occur.

The Company measures compensation for restricted stock units ("RSUs") based on the estimated fair

value of the Company's common stock on the date of grant. The Company grants RSUs to its employees

and directors with a service-based and a performance-based vesting condition. The service-based

vesting period for these awards is typically four years with monthly vesting, subject to a one-year cliff for

new hire grants. The performance-based vesting condition is typically satisfied on the earlier of (i) an

acquisition or change in control of the Company or (ii) the earlier of (A) six months following the effective

date of the Company's initial public offering and (B) March 15 of the calendar year following the effective

date of the initial public offering. Compensation cost related to these RSUs must be recognized over the

requisite service period using the accelerated attribution method, if it is probable that the performance-

based vesting condition will be satisfied. The performance-based vesting condition will be deemed

probable of being satisfied upon either the consummation of an acquisition or change in control or the

Company's initial public offering.

The Company also has granted certain RSUs with market-based vesting conditions in addition to a

service-based vesting conditions. The market-based vesting conditions result in implied performance-

based vesting conditions satisfied upon an initial public offering or change in control date because no

shares subject to the grant will vest unless one of these two events occurs. The Company estimated the

grant date fair value of the market-based awards using a Monte Carlo simulation that incorporates into the

valuation the possibility that the market conditions may not be satisfied. The Company will recognize

stock-based compensation expense regardless of whether the market conditions are achieved, when the

implied performance-based vesting condition is deemed probable of being satisfied.

Cost of revenue

Cost of revenue consists primarily of expenses related to third-party hosting and infrastructure-related

costs, providing ongoing customer experience support for paid customers, including employee

compensation and other employee-related expenses for technical operations staff, payment processing

fees, allocated overhead, amortization of capitalized internal-use software development costs and

amortization of acquired intangible assets.

Research and development

Research and development costs are expensed as incurred, unless they qualify as capitalizable internal-

use software development costs. Research and development expense consists primarily of employee

compensation, allocated overhead, infrastructure-related costs for internal development, third-party

services and consulting expenses.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Advertising costs

Advertising costs are expensed as incurred and were $15.8 million and $19.9 million for the years ended

December 31, 2023 and 2024, respectively, and $4.9 million (unaudited) and $3.6 million (unaudited) for

the three months ended March 31, 2024 and 2025, respectively. Advertising costs are included in sales

and marketing expense in the accompanying consolidated statements of operations.

Income taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, the

Company recognizes deferred tax assets and liabilities for the expected future tax consequences of

temporary differences between the carrying amounts and the tax bases of assets and liabilities using

enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on

deferred tax assets and liabilities of a change in tax laws is recognized in the consolidated statements of

operations in the period that includes the enactment date.

A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will

be realized based on all available positive and negative evidence. Such evidence includes, but is not

limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing

jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets.

The Company uses a two-step approach to recognizing and measuring uncertain income tax positions.

The first step is to evaluate the tax position for recognition by determining if the weight of available

evidence indicates it is more likely than not that the position will be sustained on audit. The second step is

to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon

ultimate settlement. The Company recognizes interest and penalties related to unrecognized tax benefits

as income tax expense.

Although the Company believes that it has adequately reserved for its uncertain tax positions, it can

provide no assurance that the final tax outcome of these matters will not be materially different. The

Company evaluates its uncertain tax positions on a regular basis and evaluations are based on a number

of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax

authorities during the course of an audit, and effective settlement of audit issues.

To the extent that the final tax outcome of these matters is different than the amounts recorded, such

differences will affect the provision for income taxes in the period in which such determination is made

and could have a material impact on the Company's financial condition and results of operations.

The Tax Cuts and Jobs Act of 2017 subjects a U.S. shareholder to current tax on global intangible low-

taxed income ("GILTI") earned by foreign subsidiaries. The Company accounts for GILTI as a period cost

as incurred.

Cash, cash equivalents, and restricted cash

Cash consists of cash on deposit with banks and amounts in transit from payment processors. The

Company considers all highly liquid investments with an original maturity of three months or less when

purchased to be cash equivalents. Cash equivalents consist of funds deposited into money market funds,

commercial paper and corporate bonds. Amounts in transit from payment processors were $4.2 million,

$9.4 million and $9.2 million (unaudited) as of December 31, 2023, December 31, 2024, and March 31,

2025, respectively. Restricted cash balances consist of cash deposited with financial institutions as

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

collateral for the Company's obligations under its facility leases and cash deposited with financial

institutions as collateral for the Company's credit card limit.

The Company monitors its credit risk by considering factors such as historical experience, credit ratings,

current economic conditions, and reasonable and supportable forecasts.

Marketable securities

The Company's marketable securities are comprised of debt and equity securities.

The Company's debt securities are primarily comprised of commercial paper, corporate bonds, U.S.

treasury securities, and U.S. agency securities. The Company has classified and accounted for its debt

securities as available-for-sale securities as the Company may sell these securities at any time for use in

its current operations or for other purposes, even prior to maturity. The Company determines the

appropriate classification of its debt securities at the time of purchase and reevaluates such designation

at each balance sheet date.

The Company carries its available-for-sale debt securities at fair value and reports the unrealized gains

and losses as a component of stockholders' equity through accumulated other comprehensive income

(loss) each reporting period. Realized gains and losses related to sales of available-for-sale debt

securities are recorded as part of other income, net. Unrealized losses for any debt securities that

management intends to sell or it is more likely than not that management will be required to sell prior to

their anticipated recovery are recorded in other income, net. The Company regularly reviews the

securities in an unrealized loss position and evaluates whether a portion of the unrealized loss is a result

of a credit loss by considering factors such as credit ratings, issuer-specific factors, current economic

conditions, and reasonable and supportable forecasts.

On March 3, 2024, the Board of Directors approved an investment of $55.0 million into a Bitcoin

exchange-traded fund ("ETF") investment fund operated by Bitwise, Inc. The investment is classified as

an equity security within marketable securities for the periods presented. The Company's equity securities

are initially measured at the transaction price plus transaction costs. The Company carries its equity

securities at fair value because they have readily determinable fair values and reports the unrealized

gains and losses as part of other income, net.

The Company classifies its marketable securities, including securities with stated maturities beyond

twelve months, within current assets in the consolidated balance sheets.

Concentrations of risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk

consist primarily of cash, cash equivalents, restricted cash, marketable securities, and accounts

receivable. The Company places its cash, cash equivalents, marketable securities, and restricted cash

with financial institutions that management believes are of high credit quality, although such deposits may

at times exceed federally insured limits. The Company has not experienced any losses on its deposits of

cash and restricted cash to date. Cash equivalents and marketable debt securities are invested in highly

rated investments.

No customer accounted for 10% or greater of total accounts receivable as of December 31, 2023 and

December 31, 2024, and March 31, 2025 (unaudited). There were no customers representing 10% or

greater of revenue for the years ended December 31, 2023 and 2024, or the three months ended

March 31, 2024 (unaudited) and 2025 (unaudited).

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The Company relies upon a third-party hosted infrastructure partner globally to serve customers and

operate certain aspects of its services, such as environments for development testing, training, sales

demonstrations, and production usage. Accordingly, any disruption of or interference at its hosted

infrastructure partner would impact its operations and its business could be adversely impacted.

Fair value of financial instruments

The Company records its financial 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 (an exit price) in an orderly transaction

between market participants at the measurement date. When determining fair value measurements for

assets and liabilities, the Company considers the principal or most advantageous market in which it would

transact and the market-based risk measurements or assumptions that market participants would use in

pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit

risk. Valuation techniques used to measure fair value must maximize the use of observable inputs and

minimize the use of unobservable inputs. Measurements are classified in the following three-tiered

hierarchy based on the lowest level input that is available and significant to the fair value measurement:

• Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities

accessible to the reporting entity at the measurement date.

• Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the

asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

• Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value and

typically reflect management's estimate of assumptions that market participants would use in

pricing the asset or liability.

Accounts receivable, net

Accounts receivable, net are recorded at invoiced amounts, net of an allowance for expected credit

losses, and do not bear interest.

The Company regularly monitors collections and payments from customers and maintains an allowance

for expected credit losses for estimated losses resulting from the inability of customers to make required

payments. The allowance for expected credit losses reflects the Company's consideration of current

market conditions which may affect customer financial condition, and reasonable and supportable

forecasts of future credit losses. Additionally, management considered factors such as historical credit

loss experience and current conditions, such as the length of time accounts receivable were past due,

customer payment histories, and any specific customer collection issues identified. The Company writes

off accounts receivable that have become uncollectible. To date, the allowance for credit losses and

related activity was not material to the consolidated financial statements.

Property and equipment, net

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed

using the straight-line method over the estimated useful life of the related asset, which is generally three

to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their

estimated useful lives or the term of the related lease. Expenditures for repairs and maintenance are

charged to expense as incurred.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The following table presents the estimated useful lives of property and equipment:

---

| | |
|:---|:---|
| **Property and equipment** | **Useful life** |
| Computer equipment | 3 years |
| Furniture and fixtures | 5 years |
| Leasehold improvements | Lesser of estimated useful life or remaining lease <br>term<br>|

---

Internal-use software development costs

The Company capitalizes qualifying internal and external software development costs that are incurred

during and directly related to the application development stage. Capitalization of costs begins when two

criteria are met: (i) the preliminary project stage is completed and (ii) it is probable that the software will

be completed and used for its intended function. Capitalization ceases when the software is substantially

complete and ready for its intended use, including the completion of all significant testing. Costs related to

preliminary project activities and post-implementation operating activities are expensed as incurred.

Capitalized internal-use software costs are included in property and equipment, net. These costs are

amortized over the estimated useful life of the internal-use software (generally three years) on a straight-

line basis. The amortization of internal-use software development costs related to capitalized projects is

included in cost of revenue.

Business combinations

The Company uses best estimates and assumptions, including but not limited to, future expected cash

flows, expected asset lives, and discount rates, to assign fair value to tangible and intangible assets

acquired and liabilities assumed in business combinations as of the acquisition date. These estimates are

inherently uncertain and subject to refinement. During the measurement period, which may be up to one

year from the acquisition date, adjustments to the fair value of these tangible and intangible assets

acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the

conclusion of the measurement period or final determination of the fair value of assets acquired or

liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company's

consolidated statements of operations.

Impairment of long-lived assets, including other acquired intangible

assets, net

The Company evaluates long-lived assets, such as property and equipment and finite-lived intangible

assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of

an asset may not be recoverable. The evaluation is performed at the lowest level for which identifiable

cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these

assets is measured by comparing the carrying amount of an asset or an asset group to estimated

undiscounted future net cash flows expected to be generated by the asset or asset group. If such review

determines that the carrying amount of specific property and equipment or intangible assets is not

recoverable, the carrying amount of such assets is reduced to its fair value. The Company did not record

any impairment charges of its long-lived assets for the years ended December 31, 2023 and 2024 or for

the three months ended March 31, 2025 (unaudited).

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Goodwill

Goodwill is not amortized, but rather is tested for impairment at least annually in the fourth quarter or

more frequently if events or changes in circumstances would more likely than not reduce the fair value of

its single reporting unit below its carrying value. The Company did not recognize any impairment of

goodwill during the years ended December 31, 2023 and 2024 or for the three months ended March 31,

2025 (unaudited).

Lease obligations

The Company's lease obligations relate to operating leases pertaining to the Company's corporate office

space. Certain of these leases include options to extend the lease term.

Right-of-use assets and lease liabilities are recognized based on the present value of the future minimum

lease payments over the lease term at the commencement date. The right-of-use assets include minimum

lease payments and are reduced by lease incentives. The incremental borrowing rate is used in

determining the present value of future payments. The Company utilizes its incremental borrowing rate,

which is the rate incurred to borrow on a collateralized basis over a similar term of an amount equal to the

lease payments in a similar economic environment, as the interest rate implicit in the lease is typically not

readily determinable. The estimated incremental borrowing rate is derived from information available at

the lease commencement date. The Company factors in publicly available data for instruments with

similar characteristics when calculating its incremental borrowing rates. Lease terms may include options

to extend or terminate the lease. The Company generally uses the non-cancelable lease term when

determining its lease liabilities, unless it is reasonably certain that the option will be exercised. The

Company reassesses the lease term if and when a significant event or change in circumstances occurs

within the control of the Company.

Lease incentives, rent concession, and rent escalation provisions are considered in determining the single

lease cost to be recorded on a straight-line basis over the non-cancellable lease term, commencing on

the date the Company has the right to use the leased property.

The Company's operating leases have typically not included material non-lease components. The

Company elected the practical expedient to combine lease and non-lease components for purposes of

calculating the corresponding lease right-of-use assets and liabilities.

The Company applies the practical expedient to not recognize a right-of-use asset and lease liability for

short-term leases. A short-term lease is a lease with an expected lease term of twelve months or less and

which does not include an option to purchase the underlying asset that the lessee is reasonably certain to

exercise.

Deferred commissions, net

Deferred commissions, net is stated as gross deferred commissions less accumulated amortization. Sales

commissions earned by the Company's sales force and related expenses, including associated payroll

taxes and 401(k) contributions attributable to earned sales commissions are deferred when they are

considered to be incremental and recoverable costs of obtaining customer contracts. Deferred

commissions, net of accumulated amortization, and are included within prepaid expenses and other

current assets and other assets on the consolidated balance sheets.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The Company capitalized incremental costs of obtaining a contract of $17.2 million and $34.1 million

during the years ended December 31, 2023 and 2024, respectively, and $7.0 million (unaudited) and $5.1

million (unaudited) during the three months ended March 31, 2024 and 2025, respectively.

Deferred commissions, net included in prepaid and other current assets were $10.9 million, $17.9 million

and $18.6 million (unaudited) as of December 31, 2023, December 31, 2024, and March 31, 2025,

respectively. Deferred commissions, net included in other assets were $18.7 million, $31.0 million and

$30.7 million (unaudited) as of December 31, 2023, December 31, 2024, and March 31, 2025,

respectively.

Deferred commissions, net are amortized over a period of benefit of four years. The period of benefit is

estimated by considering factors such as the length of the Company's customer contracts, the impact of

competition in the Company's industry, historical attrition rates, and the useful life of the Company's

technology among other factors. Amortization of deferred commissions totaled $8.7 million and $14.8

million for the years ended December 31, 2023 and 2024, respectively, and $2.9 million (unaudited) and

$4.7 million (unaudited) for the three months ended March 31, 2024 and 2025, respectively, which is

included in sales and marketing expense in the accompanying consolidated statement of operations.

There was no impairment loss in relation to deferred commissions, net for the years ended December 31,

2023 and 2024 or for the three months ended March 31, 2024 (unaudited) and 2025 (unaudited).

Deferred Offering Costs

Deferred offering costs, which consist of direct incremental legal, accounting, consulting and other fees

relating to the initial public offering are capitalized. The deferred offering costs will be offset against initial

public offering proceeds upon the consummation of the initial public offering. In the event the planned

initial public offering is terminated, the deferred offering costs will be expensed. There were no deferred

offering costs incurred as of December 31, 2023 and 2024. As of March 31, 2025, there were $0.6 million

(unaudited) of deferred offering costs recorded within prepaid and expenses and other current assets on

the Company's interim unaudited consolidated Balance Sheet.

Recently adopted accounting standards

In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, "Segment

Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires disclosure of

incremental segment information on an annual and interim basis. The guidance is to be applied

retrospectively to all prior periods presented in the financial statements. The Company adopted ASU

2023-07 for the year ended December 31, 2024. The adoption of the standard did not result in significant

change to the Company's consolidated financial statement disclosures. See Note 15 "Segment and

Geographic Information."

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326):

Measurement of Credit Losses on Financial Instruments," including subsequent amendments, which

requires the measurement and recognition of expected credit losses for financial assets held at amortized

cost. It also eliminates the concept of other-than-temporary impairment and requires credit losses related

to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a

reduction in the amortized cost basis of the securities. The Company adopted Topic 326 effective January

1, 2023. The adoption of the ASU did not have a material impact on the Company's consolidated financial

statements.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Recently issued accounting standards not yet adopted

In November 2024, the FASB issued ASU 2024-3, "Income Statement (Topic 220): Reporting

Comprehensive Income — Expense Disaggregation Disclosures, Disaggregation of Income Statement

Expenses," to expand expense disclosures by requiring disaggregated disclosure of certain income

statement line items, including those that contain purchases of inventory, employee compensation,

depreciation, and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15,

2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted.

The amendments should be applied prospectively. The Company is currently evaluating the impact of this

standard on the Company's consolidated financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): "Improvements to Income

Tax Disclosures," to enhance income tax disclosures primarily through changes in rate reconciliation and

income taxes paid disclosures. The amendments in ASU 2023-09 are effective for public business entities

for annual periods beginning after December 15, 2024 and for all other entities for annual periods

beginning after December 15, 2025. This change requires application on a prospective basis. Early

adoption is permitted. The Company is currently evaluating the impact of this standard on the Company's

consolidated financial statement disclosures.

## Note 2 . Revenue
Deferred revenue

The changes in deferred revenue were as follows for both periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Balance, beginning of period.......................... | $161549 | $253635 | $253635 | $381363 |
| Billings and other<sup>(1)</sup>........................................... | 596960 | 876739 | 171993 | 253472 |
| Revenue............................................................. | (504874) | (749011) | (156229) | (228199) |
| Balance, end of period..................................... | $253635 | $381363 | $269399 | $406636 |

---

__________________

(1)Other primarily includes amounts for which the Company had a contractual right to bill and receive payment from the customer.

Approximately 32% of revenue recognized during the year ended December 31, 2023 was from the

deferred revenue balance as of December 31, 2022 and 34% of revenue recognized during the year

ended December 31, 2024 was from the deferred revenue balance as of December 31, 2023.

Approximately 69% (unaudited) of revenue recognized during the three months ended March 31, 2024

was from the deferred revenue balance as of December 31, 2023 and 70% (unaudited) of revenue

recognized during the three months ended March 31, 2025 was from the deferred revenue balance as of

December 31, 2024.

Remaining performance obligations

As of March 31, 2025, the aggregate balance of remaining performance obligations that were unsatisfied

or partially unsatisfied was $421.4 million (unaudited). The substantial majority of the remaining

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

performance obligations will be satisfied over the twelve months following March 31, 2025, with the

balance to be recognized as revenue thereafter (unaudited).

## Note 3 . Cash, Cash Equivalents, and
Marketable Securities

The amortized cost, unrealized gains and losses and estimated fair value of the Company's cash, cash

equivalents, and marketable securities as of December 31, 2023, December 31, 2024, andMarch 31,

2025 (unaudited) consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2023** | **Amortized cost** | **Unrealized** <br>**gains**<br>| **Unrealized** <br>**losses**<br>| **Fair value** |
| Cash and cash equivalents: |  |  |  |  |
| Cash.............................................................. | $1175840 | $— | $— | $1175840 |
| Money market funds.................................... | 21938 |  |  | 21938 |
| Commercial paper....................................... | 71854 |  | (31) | 71823 |
| Corporate bonds.......................................... | 577 |  |  | 577 |
| Total cash and cash equivalents................... | 1270209 |  | (31) | 1270178 |
| Debt securities: |  |  |  |  |
| U.S. agency securities................................ | 50761 | 171 | (38) | 50894 |
| U.S. treasury securities.............................. | 67919 | 109 | (67) | 67961 |
| Commercial paper....................................... | 12096 | 8 | (2) | 12102 |
| Corporate bonds.......................................... | 17932 | 91 | (7) | 18016 |
| Total debt securities......................................... | 148708 | 379 | (114) | 148973 |
| Total cash, cash equivalents, and <br>marketable securities...................................<br>| $1418917 | $379 | $(145) | $1419151 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Amortized cost** | **Unrealized** <br>**gains**<br>| **Unrealized** <br>**losses**<br>| **Fair value** |
| Cash and cash equivalents:  |  |  |  |  |
| Cash.............................................................. | $398910 | $— | $— | $398910 |
| Money market funds.................................... | 1865 |  |  | 1865 |
| Commercial paper....................................... | 86184 | 2 | (7) | 86179 |
| Total cash and cash equivalents................... | 486959 | 2 | (7) | 486954 |
| Debt securities:  |  |  |  |  |
| U.S. agency securities................................ | 100793 | 285 | (18) | 101060 |
| U.S. treasury securities.............................. | 371209 | 915 | (200) | 371924 |
| Commercial paper....................................... | 190072 | 93 | (10) | 190155 |
| Corporate bonds.......................................... | 228706 | 555 | (308) | 228953 |
| Total debt securities......................................... | 890780 | 1848 | (536) | 892092 |
| Total cash, cash equivalent, and debt <br>securities........................................................<br>| $1377739 | $1850 | $(543) | $1379046 |
| Other: |  |  |  |  |
| Bitcoin exchange traded fund<sup>(1)</sup>................. |  |  |  | 78791 |
| Total cash, cash equivalents, and <br>marketable securities...................................<br>|  |  |  | $1457837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of March 31, 2025** | **Amortized cost** | **Unrealized** <br>**gains**<br>| **Unrealized** <br>**losses**<br>| **Fair value** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Cash and cash equivalents: |  |  |  |  |
| Cash.............................................................. | $473983 | $— | $— | $473983 |
| Money market funds.................................... | 5690 |  |  | 5690 |
| Commercial paper....................................... | 131346 |  | (18) | 131328 |
| Corporate bonds.......................................... | 597 |  |  | 597 |
| U.S. treasury securities.............................. | 6983 |  |  | 6983 |
| Total cash and cash equivalents................... | 618599 |  | (18) | 618581 |
| Debt securities: |  |  |  |  |
| U.S. agency securities................................ | 96205 | 270 | (11) | 96464 |
| U.S. treasury securities.............................. | 342691 | 1204 | (57) | 343838 |
| Commercial paper....................................... | 158215 | 27 | (13) | 158229 |
| Corporate bonds.......................................... | 254482 | 775 | (97) | 255160 |
| Total debt securities......................................... | 851593 | 2276 | (178) | 853691 |
| Total cash, cash equivalent, and debt <br>securities........................................................<br>| $1470192 | $2276 | $(196) | $1472272 |
| Other: |  |  |  |  |
| Bitcoin exchange traded fund(1)............... |  |  |  | 69533 |
| Total cash, cash equivalents, and <br>marketable securities...................................<br>|  |  |  | $1541805 |

---

__________________

(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Debt securities were designated as available-for-sale and equity securities had readily determinable fair

values as of December 31, 2023, December 31, 2024, and March 31, 2025 (unaudited).

Debt securities

The following table presents debt securities, including debt securities classified as cash equivalents, by

contractual maturities:

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Amortized Cost** | **Fair Value**  |
| Due in less than one year...................................................................................... | $168823 | $168769 |
| Due in more than one year.................................................................................... | 52316 | 52604 |
| Total.......................................................................................................................... | $221139 | $221373 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Amortized Cost** | **Fair Value**  |
| Due in less than one year...................................................................................... | $624748 | $625326 |
| Due in more than one year.................................................................................... | 352216 | 352945 |
| Total.......................................................................................................................... | $976964 | $978271 |

---

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Amortized Cost** | **Fair Value**  |
|  | **(unaudited)** | **(unaudited)** |
| Due in less than one year...................................................................................... | $612283 | $612727 |
| Due in more than one year.................................................................................... | 378236 | 379872 |
| Total.......................................................................................................................... | $990519 | $992599 |

---

The Company had 76, 117, and 118 (unaudited) marketable debt securities in unrealized loss positions

as of December 31, 2023, December 31, 2024, and March 31, 2025, respectively. There were no material

gains or losses that were reclassified out of accumulated other comprehensive income (loss) for any

period presented.

As of December 31, 2023, December 31, 2024, and March 31, 2025 (unaudited), the Company's

marketable debt securities portfolio consisted of four security types, all of which contained investments

that were in an unrealized loss position. The following tables present the breakdown of the marketable

debt securities, including debt securities classified as cash equivalents, that had been in a continuous

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

unrealized loss position aggregated by investment category as of December 31, 2023, December 31,

2024, and March 31, 2025 (unaudited):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Less than twelve months** | **Less than twelve months** | **More than twelve months** | **More than twelve months** | **Total** | **Total** |
|  | **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>|
| U.S. agency securities..................... | $29993 | $(37) | $458 | $(1) | $30451 | $(38) |
| U.S. treasury securities.................... | 18989 | (67) | 349 |  | 19338 | (67) |
| Commercial paper............................ | 76354 | (33) |  |  | 76354 | (33) |
| Corporate bonds............................... | 3889 | (7) |  |  | 3889 | (7) |
| **Total**.................................................. | $129225 | $(144) | $807 | $(1) | $130032 | $(145) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Less than twelve months** | **Less than twelve months** | **More than twelve months** | **More than twelve months** | **Total** | **Total** |
|  | **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>|
| U.S. agency securities..................... | $11892 | $(18) | $— | $— | $11892 | $(18) |
| U.S. treasury securities.................... | 68843 | (195) | 7527 | (5) | 76370 | (200) |
| Commercial paper............................ | 131268 | (17) |  |  | 131268 | (17) |
| Corporate bonds............................... | 71854 | (308) |  |  | 71854 | (308) |
| **Total**.................................................. | $283857 | $(538) | $7527 | $(5) | $291384 | $(543) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Less than twelve months** | **Less than twelve months** | **More than twelve months** | **More than twelve months** | **Total** | **Total** |
|  | **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>| **Fair Value** | **Gross** <br>**Unrealized** <br>**Loss**<br>|
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| U.S. agency securities..................... | $18786 | $(11) | $— | $— | $18786 | $(11) |
| U.S. treasury securities.................... | 62222 | (57) |  |  | 62222 | (57) |
| Commercial paper............................ | 225361 | (31) |  |  | 225361 | (31) |
| Corporate bonds............................... | 62259 | (97) |  |  | 62259 | (97) |
| **Total**.................................................. | $368628 | $(196) | $— | $— | $368628 | $(196) |

---

The Company periodically evaluates its debt securities for expected credit losses. The unrealized losses

on the debt securities were largely due to changes in interest rates. The credit ratings associated with

corporate notes and obligations are highly rated and in line with the Company's investment policy and the

issuers continue to make timely principal and interest payments. The Company expects to recover the full

carrying value of the debt securities in an unrealized loss position as it does not intend or anticipate a

need to sell these securities prior to recovering the associated unrealized losses, and expects any credit

losses would be immaterial based on the high-grade credit rating for the investments. As a result, the

Company does not consider any portion of the unrealized losses on debt securities as of December 31,

2023, December 31, 2024, or March 31, 2025 (unaudited) to be unrecoverable.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Equity securities

Any unrealized losses on the Company's Bitcoin exchange traded fund, classified as equity securities, are

related to the Company's investment in the Bitcoin ETF investment fund. The fair value of the investment

is directly driven by the price of Bitcoin and therefore, it is more volatile in nature, but is not driven by

credit specific factors and thus no expected credit losses have been recorded on the investment in any

period presented.

Unrealized gains recognized on equity investments held were $23.8 million and $0.3 million (unaudited)

for the year ended December 31, 2024, and for the three months ended March 31, 2024, respectively.

Unrealized losses recognized were $9.3 million (unaudited) for the three months ended March 31, 2025.

Interest income from cash, cash equivalents, and marketable securities was $19.9 million and $63.7

million for the years ended December 31, 2023 and 2024, respectively, and $17.8 million (unaudited) and

$15.5 million (unaudited) for the three months ended March 31, 2024 and 2025, respectively. Interest

income is included in other income, net in the accompanying consolidated statements of operations.

## Note 4 . Fair Value Measurements
The following table provides the financial instruments measured at fair value on a recurring basis, within

the fair value hierarchy as of December 31, 2023, December 31, 2024, andMarch 31, 2025 (unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2023** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash equivalents: |  |  |  |  |
| Money market funds............................................ | $21938 | $— | $— | $21938 |
| Commercial paper................................................ |  | 71823 |  | 71823 |
| Corporate bonds.................................................. |  | 577 |  | 577 |
| Total cash equivalents.................................... | $21938 | $72400 | $— | $94338 |
| Marketable securities: |  |  |  |  |
| U.S. agency securities........................................ | $— | $50894 | $— | $50894 |
| U.S. treasury securities....................................... |  | 67961 |  | 67961 |
| Commercial paper................................................ |  | 12102 |  | 12102 |
| Corporate bonds.................................................. |  | 18016 |  | 18016 |
| Total marketable securities............................ | $— | $148973 | $— | $148973 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2024** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash equivalents: |  |  |  |  |
| Money market funds............................................ | $1865 | $— | $— | $1865 |
| Commercial paper................................................ |  | 86179 |  | 86179 |
| Total cash equivalents............................................. | $1865 | $86179 | $— | $88044 |
| Marketable securities:  |  |  |  |  |
| U.S. agency securities........................................ | $— | $101060 | $— | $101060 |
| U.S. treasury securities....................................... |  | 371924 |  | 371924 |
| Commercial paper................................................ |  | 190155 |  | 190155 |
| Corporate bonds.................................................. |  | 228953 |  | 228953 |
| Bitcoin exchange traded fund............................ | 78791 |  |  | 78791 |
| Total marketable securities............................ | $78791 | $892092 | $— | $970883 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of March 31, 2025** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Cash equivalents: |  |  |  |  |
| Money market funds............................................ | $5690 | $— | $— | $5690 |
| Commercial paper................................................ |  | 131328 |  | 131328 |
| Corporate bonds.................................................. |  | 597 |  | 597 |
| U.S. treasury securities....................................... |  | 6983 |  | 6983 |
| Total cash equivalents............................................. | $5690 | $138908 | $— | $144598 |
| Marketable securities: |  |  |  |  |
| U.S. agency securities........................................ | $— | $96464 | $— | $96464 |
| U.S. treasury securities....................................... |  | 343838 |  | 343838 |
| Commercial paper................................................ |  | 158229 |  | 158229 |
| Corporate bonds.................................................. |  | 255160 |  | 255160 |
| Bitcoin exchange traded fund............................ | 69533 |  |  | 69533 |
| Total marketable securities............................ | $69533 | $853691 | $— | $923224 |

---

The Company had no transfers between levels of the fair value hierarchy during any period presented.

The carrying amounts of the Company's cash, restricted cash, accounts receivable, and accounts

payable, approximate their fair values due to their short-term nature and are excluded from the fair value

table above.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

## Note 5 . Property and Equipment, Net
Property and equipment, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| Computer equipment................................................................... | $4326 | $5327 | $5388 |
| Furniture and fixtures.................................................................. | 6097 | 5752 | 6056 |
| Leasehold improvements........................................................... | 5196 | 5272 | 5431 |
| Capitalized internal-use software development costs........... | 6565 | 11755 | 13774 |
| Construction in progress............................................................. |  |  | 65 |
| Total property and equipment............................................... | 22184 | 28106 | 30714 |
| Accumulated depreciation and amortization........................... | (10552) | (13089) | (13720) |
| Property and equipment, net..................................................... | $11632 | $15017 | $16994 |

---

Depreciation expense related to property and equipment, excluding amortization expense of capitalized

internal-use software development costs, was $3.9 million and $4.5 million for the years ended

December 31, 2023 and 2024, respectively and was not material for the three months ended March 31,

2024 and 2025 (unaudited).

Amounts capitalized as internal-use software development costs and the related amortization expense of

capitalized internal-use software development costs were not material for the years ended December 31,

2023 and December 31, 2024 and the three months ended March 31, 2025 (unaudited). The net carrying

value of capitalized internal-use software development costs at December 31, 2023 and 2024 and

March 31, 2025 was $4.1 million, $9.7 million, and $11.2 million(unaudited), respectively.

## Note 6 . Goodwill and Intangible Assets, Net
Intangible assets, net consisted of the following (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Gross Carrying** <br>**Amount**<br>| **Accumulated**<br>**Amortization**<br>| **Net**<br>**Carrying**<br>**Amount**<br>| **Weighted-**<br>**average** <br>**remaining** <br>**useful life**<br>|
| Assembled workforce in asset acquisitions. | $3372 | $(2525) | $847 | 0.6 |
| Licenses, domain names and other.............. | 458 | (124) | 334 | 3.7 |
| Developed technology..................................... | 300 | (175) | 125 | 0.4 |
| In-process technology..................................... | 1810 |  | 1810 |  |
| Total intangible assets................................ | $5940 | $(2824) | $3116 |  |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Gross Carrying** <br>**Amount**<br>| **Accumulated**<br>**Amortization**<br>| **Net**<br>**Carrying**<br>**Amount**<br>| **Weighted-**<br>**average** <br>**remaining** <br>**useful life** <br>|
| Assembled workforce in asset acquisitions. | $725 | $(24) | $701 | 2.9 |
| Licenses, domain names and other.............. | 474 | (170) | 304 | 2.2 |
| Developed technology..................................... | 1810 | (304) | 1506 | 2.5 |
| Total intangible assets................................ | $3009 | $(498) | $2511 |  |

---

During the year ended December 31, 2024, the Company made several immaterial purchases of

intangibles assets. Amortization expense was not material for the years ended December 31, 2023 and

2024. As of December 31, 2024, future amortization expense by year is expected to be as follows (in

thousands):

---

| | |
|:---|:---|
|  | **Amount** |
|  | **(unaudited)** |
| 2025...................................................................................................................................................... | $999 |
| 2026...................................................................................................................................................... | 954 |
| 2027...................................................................................................................................................... | 558 |
| Total .................................................................................................................................................... | $2511 |

---

Goodwill represents the excess of the purchase price in a business combination over the fair value of net

assets acquired. The changes in the carrying amounts of goodwill were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** |
| **Balance, beginning**............................................................................................. | $807 | $11398 |
| Additions during the period.................................................................................... | 10591 |  |
| **Balance, ending**................................................................................................... | $11398 | $11398 |

---

Additions during the year-ended December 31, 2023 relate to two business combinations, in connection

with which the Company issued $12.8 million of Class A common stock as purchase consideration.

## Note 7 . Leases
Operating leases

The Company has non-cancelable operating leases for its corporate offices. Certain of these leases

include options to extend the lease term. As of March 31, 2025, the Company's operating leases had

remaining lease terms of under one year to 8.3years (unaudited).

In March 2024, the Company entered into four non-cancelable operating leases to extend use of its

existing office space for its corporate headquarters in San Francisco. The lease amendment was

accounted for as a lease modification in accordance with ASC 842. The monthly payments escalate over

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

the lease term which expires in October 2028 and total minimum lease payments associated with the

amended lease agreement are $31.3 million. Lease incentives, which relate to rent abatement, were

considered in the calculation of the straight-line lease expense to be recognized over the lease term.

In March 2025, the Company entered into an amendment to extend the term of its New York corporate

office lease through July 2033, including the addition of floors. The amendment was accounted for as a

lease modification in accordance with ASC 842. The total minimum lease payments associated with the

amended lease agreement are $58.8 million (unaudited). Lease incentives were in the form of an

allowance for tenant improvements related to future design and build out of the space and total $7.1

million (unaudited). The lease incentives were considered in the calculation of the straight-line lease

expense to be recognized over the lease term.

The components of lease costs were as follows for the years ended December 31, 2023 and 2024 and for

the three months ended March 31, 2024 and 2025 (unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Operating lease costs...................................... | $12612 | $14405 | $3454 | $3859 |
| Short-term lease costs..................................... | 1828 | 1050 | 267 | 162 |
| Variable lease costs......................................... | 1777 | 2386 | 451 | 1116 |
| Total lease costs............................................... | $16217 | $17841 | $4172 | $5137 |

---

The following tables set forth a summary of other information pertaining to the Company's operating

leases:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| **Supplemental Cash Flow Information:** |  |  |  |  |
| Cash paid for amounts included in the <br>measurement of lease liabilities:<br>|  |  |  |  |
| Payments for operating leases included <br>in cash from operating activities............<br>| $13677 | $15088 | $3971 | $3974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Weighted-Average Remaining Lease Term <br>(in years)........................................................<br>| 1.10 | 3.13 | 3.85 | 6.42 |
| Weighted-Average Discount Rate................. | 6.22% | 6.29% | 6.22% | 5.84% |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Future minimum lease payments as of March 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Year ending December 31,** | **Amount** |
|  | **(unaudited)** |
| 2025...................................................................................................................................................... | $12862 |
| 2026...................................................................................................................................................... | 14072 |
| 2027...................................................................................................................................................... | 13974 |
| 2028...................................................................................................................................................... | 13632 |
| 2029...................................................................................................................................................... | 8014 |
| Thereafter............................................................................................................................................ | 30216 |
| Total undiscounted future minimum lease payments................................................................... | 92770 |
| Less: present value discount....................................................................................................... | (17929) |
| Total discounted future minimum lease payments....................................................................... | 74841 |
| Less: prepaid rent.......................................................................................................................... | (919) |
| Less: tenant improvement allowances....................................................................................... | (7140) |
| Total operating lease liabilities......................................................................................................... | $66782 |

---

## Note 8 . Commitments and Contingencies
Hosting commitments

The Company executed agreements with certain vendors in the data processing, hosting, and artificial

intelligence ("AI") spaces whereby the Company agreed to certain minimum purchase commitments and

subscription fees. As of March 31, 2025, the future minimum payment obligations related to these

agreements were $27.9 million (unaudited). The agreements run through January 31, 2028 and the

Company expects to utilize the remaining purchase commitments under these agreements over the

remainder of the respective terms of the agreements.

Other commitments

As of March 31, 2025, the Company has $4.5 million (unaudited) in other non-cancelable purchase

commitments related to sales and marketing activities.

Letters of credit

As of March 31, 2025the Company had a total of $9.8 million (unaudited) in unsecured letters of credit

outstanding, respectively, related to leased office spaces. The letters of credit renew annually and mature

in 2026.

Legal matters

From time to time, the Company may become a party to a variety of claims, lawsuits, and proceedings

which arise in the ordinary course of business, including claims of alleged infringement of intellectual

property rights. The Company records a liability when it believes that it is probable that a loss will be

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

incurred and the amount of loss or range of loss can be reasonably estimated. The Company believes

that resolution of pending matters is not likely to have a material adverse impact on its consolidated

results of operations, cash flows, or its financial position. Given the unpredictable nature of legal

proceedings, the Company bases its estimate on the information available at the time of the assessment.

As additional information becomes available, the Company reassesses the potential liability and may

revise its estimates. The Company has not accrued for any liabilities in the consolidated financial

statements as a result of legal matters as of December 31, 2023, December 31, 2024, andMarch 31,

2025 (unaudited).

Indemnification and warranties

The Company's arrangements generally include certain provisions for indemnifying customers against

liabilities if its products infringe a third party's intellectual property rights. To date, the Company has not

incurred any material costs nor has it accrued any liabilities in its consolidated financial statements as a

result of these obligations.

Certain of the Company's product offerings include service-level agreements warranting defined levels of

uptime reliability and performance, which permit those customers to receive credits for future services in

the event that the Company fails to meet those levels.

As of December 31, 2023, December 312024, andMarch 31, 2025 (unaudited), the Company has not

accrued for any liabilities in the consolidated financial statements as a result of these service-level

agreements.

In addition, the Company has agreed to indemnify its directors and officers for costs associated with any

fees, expenses, judgments, fines, and settlement amounts incurred by any of these persons in any action

or proceeding to which any of those persons is, or is threatened to be, made a party by reason of the

person's service as a director or officer, including any action by the Company, arising out of that person's

services as the Company's director or officer or that person's services provided to any other company or

enterprise at the Company's request. The Company maintains director and officer insurance coverage

that may enable the Company to recover a portion of any future amounts paid.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

## Note 9 . Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| Non-income based taxes payable............................................. | $11486 | $9562 | $9994 |
| Income taxes payable<sup>(1)</sup>.............................................................. | 190713 | 511 | 939 |
| Customer deposits....................................................................... | 7857 | 4507 | 6776 |
| Accrued consulting fees related to Abandoned Adobe <br>Merger<sup>(2)</sup>....................................................................................<br>| 40000 |  |  |
| Other current liabilities................................................................ | 18273 | 16539 | 22071 |
| Total accrued and other current liabilities................................ | $268329 | $31119 | $39780 |

---

__________________

(1)On December 20, 2023, the Company received a $1.0 billion termination fee from Adobe in connection with the Abandoned

Merger with Adobe. Receipt of the termination fee resulted in a substantial increase to the Company's income tax payable as of

December 31, 2023. The related income taxes payable were paid during the year ended December 31, 2024. Refer to Note 13

"Income Taxes," for additional information.

(2)The Company recorded a $40.0 million accrual in general and administrative expense as of December 31, 2023 related to fees

for consulting services provided in connection with the planned merger with Adobe. The fees were subsequently paid in

January 2024.

## Note 10 . Stockholders' Equity
Convertible preferred stock

Issued and outstanding convertible preferred stock as of December 31, 2024 and March 31, 2025

(unaudited), and its principal terms as of the period ended were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** <br>**authorized** | **Shares issued** <br>**and** <br>**outstanding** | **Original issue** <br>**price per** <br>**shares** | **Liquidation** <br>**preference** | **Net carrying** <br>**value** |
|  | **Shares** <br>**authorized** | **Shares issued** <br>**and** <br>**outstanding** | **Original issue** <br>**price per** <br>**shares** | **Liquidation** <br>**preference** | **Net carrying** <br>**value** |
| **Series Seed**......................... | 45569 | 44309 | $0.0878 | $3889 | $3845 |
| **Series A**................................ | 70262 | 69812 | $0.1993 | 13910 | 13852 |
| **Series B**................................ | 75378 | 75365 | $0.3317 | 24995 | 24897 |
| **Series C**................................ | 36435 | 36435 | $1.0978 | 40000 | 39884 |
| **Series D**................................ | 10826 | 10801 | $4.6185 | 49883 | 49692 |
| **Series E**................................ | 9391 | 9277 | $21.2967 | 197574 | 197271 |
| **Total**...................................... | 247861 | 245999 |  | $330251 | $329441 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The holders of convertible preferred stock have various rights and preferences, including the following:

Liquidation preference

Upon a liquidation event, as defined in the restated certificate of incorporation, the holders of Series

Seed, Series A, Series B, Series C, Series D, and Series E convertible preferred stock are entitled to

receive, prior to and in preference to any distribution of the proceeds of such liquidation to common

stockholders, an amount per share equal to $0.0878, $0.1993, $0.3317, $1.0978, $4.6185, and $21.2967,

respectively, plus any declared but unpaid dividends on such shares. If the proceeds distributed among

the holders of the preferred stock are insufficient to permit the holders of Series Seed, Series A, Series B,

Series C, Series D, and Series E convertible preferred stock to receive the full payment noted above, then

the entire proceeds legally available for distribution shall be distributed ratably among the holders of the

preferred stock in proportion to the full preferential amount that each such holder is otherwise entitled to

receive.

Dividends

Holders of the Company's preferred stock are entitled to receive dividends, when, as, and if declared by

the Board of Directors, at the applicable dividend rate of $0.0070, $0.0159, $0.0265, $0.0878, $0.3695,

and $1.7037 for each share of Series Seed, Series A, Series B, Series C, Series D, and Series E

convertible preferred stock, respectively, prior to and in preference of any dividend paid to holders of the

Company's common stock (other than those payable in common stock or other securities and rights

convertible into or entitling the holder thereof to receive additional shares of common stock). Such

dividends shall not be cumulative. After payment of such dividends, any additional dividends or

distributions of the Company will be distributed among all holders of common stock and preferred stock in

proportion to the number of shares of common stock that would be held by each such holder if all shares

of preferred stock were converted to common stock at the then effective conversion rate. No dividends

have been declared in any period presented.

Voting

Each holder of preferred stock shall have the right to one vote for each share of Class A common stock

into which the shares of preferred stock held by such holder could then be converted. In addition, (i) so

long as at least 5.7 million shares of Series Seed preferred stock remain outstanding, the holders of the

Series Seed preferred stock, exclusively and as a separate class, shall be entitled to elect one director of

the Company; (ii) so long as at least 10.4 million shares of Series A preferred stock remain outstanding,

the holders of the Series A preferred stock, exclusively and as a separate class, shall be entitled to elect

one director of the Company; (iii) so long as at least 11.3 million shares of Series B preferred stock

remain outstanding, the holders of the Series B preferred stock, exclusively and as a separate class, shall

be entitled to elect one director of the Company; and (iv) the holders of outstanding common stock,

exclusively and as a separate class, shall be entitled to elect two directors of the Company. The holders

of the preferred stock and common stock, voting together as a single class and on an as-converted basis,

shall be entitled to elect any remaining directors of the Company. On matters voted upon by the Board of

Directors, one of the common stock directors (currently the Company's Chief Executive Officer) is entitled

to nine votes, while the Series Seed, Series A, and Series B preferred directors and the other common

stock director, as well as any directors elected by preferred and common holders together, are each

entitled to one vote.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Conversion

At the option of the holder thereof, each share of preferred stock is convertible into a number of shares of

Class A common stock that results from dividing the applicable original issue price for such series by the

applicable conversion price in effect on the date of conversion (the "Conversion Rate"). Each share of

preferred stock will be automatically converted into shares of Class A common stock at the Conversion

Rate at the time in effect for such series of preferred stock upon the earlier of (i) the closing of the

Company's sale of its common stock in a firm commitment underwritten public offering pursuant to a

registration statement on Form S-1 under the Securities Act of 1933, as amended (the "Securities Act"),

resulting in gross proceeds of no less than $30.0 million in the aggregate (a "Qualified Initial Public

Offering"), (ii) the effectiveness of the registration statement filed under the Securities Act in connection

with a direct listing, as defined in the restated certificate of incorporation, that is approved by the Board of

Directors, or (iii) the date, or the occurrence of an event, specified by vote or written consent or

agreement of the holders of a majority of the then outstanding preferred stock, voting together as a single

class and on an as-converted basis.

Class A and Class B common stock

The Company had two series of common stock outstanding as of December 31, 2023, December 31,

2024, and March 31, 2025, Class A and Class B. The rights of the holders of Class A and Class B

common stock are identical, except with respect to voting, conversion and transfer. Each share of Class A

common stock is entitled to one vote per share and each share of Class B common stock is entitled to 15

votes per share. Shares of Class B common stock may be converted into Class A common stock at the

option of the stockholder and are automatically converted upon (i) the final conversion date defined under

the restated certificate of incorporation as (1) the date fixed by the Board of Directors that is no less than

61 days and no more than 180 days following the date on which the Co-Founders each fail to satisfy the

Minimum Class B Share Ownership Condition (as defined in the restated certificate of incorporation), (2)

the date that is twelve months after the death or disability of the Co-Founders, (3) the date specified by

the holders of at least eighty percent of the then outstanding shares of Class B common stock or (4) the

date that is twenty four months following the date on which the Co-Founders each have ceased providing

services to the corporation, or (ii) upon the occurrence of a transfer of such shares of Class B common

stock, other than a permitted transfer under the restated certificate of incorporation.

As of December 31, 2023, the Company was authorized to issue 567.0 million Class A common stock

and 119.0 million shares of Class B common stock, each at a par value of $0.00001, of which 80.1 million

shares of Class A common stock and 90.9 million shares of Class B common stock were issued and

outstanding. Included in the total number of shares outstanding as of December 31, 2023 are 0.5 million

shares of Class A common stock and 0.2 million shares of Class B common stock subject to vesting,

which are not considered outstanding for accounting purposes. As of December 31, 2024, the Company

was authorized to issue 571.0 million shares of Class A common stock and 119.0 million shares of Class

B common stock, each at a par value of $0.00001 per share, of which 124.2 million shares of Class A

common stock and 90.7 million shares of Class B common stock were issued and outstanding. Included

in the total number of Class A and Class B shares outstanding as of December 31, 2024 are 0.1 million

shares of Class A common stock subject to vesting, which are not considered outstanding for accounting

purposes. As of March 31, 2025, the Company was authorized to issue 586.5 million (unaudited) shares

of Class A common stock and 119.0 million (unaudited) shares of Class B common stock, each at a par

value of $0.00001, of which 124.3 million (unaudited) shares of Class A common stock and 90.7 million

(unaudited) shares of Class B common stock were issued and outstanding.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Holders of the Company's common stock are entitled to dividends, if and when declared by the Board of

Directors and after any convertible preferred stock dividends are fully paid. As of December 31, 2023,

December 31, 2024, and March 31, 2025 (unaudited), no dividends were declared.

As of December 31, 2024 and March 31, 2025, the Company had reserved shares of common stock for

future issuance, on an as converted basis, as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** <br>**2024**<br>| **March 31, 2025** |
|  |  | **(unaudited)** |
| Convertible preferred stock................................................................................... | 245999 | 245999 |
| RSUs (including CEO Equity Awards) outstanding........................................... | 73951 | 77864 |
| Stock options outstanding..................................................................................... | 24023 | 23869 |
| Common stock warrants ....................................................................................... | 261 | 261 |
| Remaining shares authorized for future issuance............................................. | 2864 | 15454 |
| **Total**.................................................................................................................... | 347098 | 363447 |

---

Equity incentive plans

The Company maintains two equity incentive plans: the 2012 Equity Incentive Plan (the "2012 Plan") and

the 2021 Executive Equity Incentive Plan (the "2021 Plan," and together, "the Plans").

The 2012 Plan allows the Company to grant stock options, RSUs, and restricted stock awards ("RSAs") to

employees, directors, and consultants of the Company. Stock options granted under the 2012 Plan expire

no later than ten years from the date of grant. Stock options and RSUs granted under the 2012 Plan have

a service-based vesting period of four years with monthly vesting, subject to a one-year cliff for new hire

grants. The 2012 Plan includes provisions for early exercisability, however, shares obtained by early

exercise are subject to a repurchase right, wherein the Company may repurchase any unvested shares at

their original exercise price in the event of an employee's termination prior to full vesting.

Under the 2012 Plan, RSUs granted have both a service-based vesting condition and a performance-

based vesting condition. Upon satisfaction of the performance vesting condition, these awards will vest as

the service-based vesting condition is satisfied. The performance vesting condition is satisfied on the

earlier of (i) an acquisition or change in control of the Company or (ii) the earlier of (a) six months after the

Company's initial public offering or (b) March 15 of the calendar year following the Company's initial

public offering.

The 2021 Plan was established in June 2021 to allow the Company to grant stock options, RSUs, stock

appreciation rights, and RSAs to the Company's Chief Executive Officer ("CEO"). Awards granted under

the 2021 Plan expire no later than ten years from the date of grant. Awards granted under the 2021 Plan

in 2021 were all RSU awards that contain service-based, performance-based, and market-based vesting

conditions, further discussed below in the section titled "CEO Equity Awards".

As of December 31, 2023 and 2024, there were 71.4 million and 78.0 million stock-based awards

outstanding and 3.3 million and 2.9 million shares available for issuance under the 2012 Plan,

respectively.

As of December 31, 2023 and 2024, there were 22.5 million and 19.9 million, stock-based awards

outstanding and zero and 1.0 million shares available for issuance under the 2021 Plan, respectively.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

On February 13, 2025, the Board of Directors approved an increase to the number of shares of Class A

common stock reserved for issuance under the 2012 Plan by 15.5 million (unaudited) shares.

As of March 31, 2025, there were 81.8 million (unaudited) stock-based awards outstanding and 14.5

million (unaudited) shares available for issuance under the 2012 Plan.

As of March 31, 2025, there were 19.9 million (unaudited) stock-based awards outstanding and 1.0 million

(unaudited) shares available for issuance under the 2021 Plan.

Fair value of common stock

The fair value of common stock underlying stock options and RSUs has historically been determined by

the Company's Board of Directors. Because there has been no public market for the Company's common

stock, the Board of Directors determined the fair value of the common stock at the time of grant of the

option or RSU by considering a number of objective and subjective factors including important

developments in the Company's operations, valuations performed by an independent third party, sales of

common stock and convertible preferred stock, secondary market transactions, actual operating results

and financial performance, the conditions in the industry and the economy in general, the stock price

performance and volatility of comparable public companies, and the lack of liquidity of the Company's

common stock, among other factors.

RSU release

In May 2024, the Company modified and released 34.6 million RSUs held by employees and former

employees (including the CEO Equity Awards further discussed below) to remove the performance-based

vesting condition ("the RSU Release"), resulting in their remeasurement as of the modification date. The

service-based vesting condition related to such RSUs had been met as of the modification date.

Accordingly, these RSUs were fully vested as of the modification date, resulting in the recognition of

stock-based compensation expense, net of amounts capitalized, of $801.2 million, and the release of the

underlying common stock. A total of 1,486 grantees were affected by this modification. The remaining

outstanding RSU awards were not modified and continue to be subject to both service-based and

performance-based vesting conditions.

Tender offer

In order to provide its employees with liquidity subsequent to the Abandoned Merger with Adobe, the

Company facilitated a tender offer (the "2024 Tender Offer"), which opened on June 5, 2024 and closed

on July 3, 2024, under which new and existing investors purchased an aggregate of 24.4 million shares of

Class A common stock from investors, employees, and former employees of the Company at a purchase

price of $23.19 per share for an aggregate purchase price of $566.7 million. Included in the shares of

Class A common stock sold were 1.8 million shares of convertible preferred stock which were converted

to Class A common stock at a 1:1 ratio immediately prior to closing. The Company determined that as a

result of this transaction it had established a pattern of cash settlement of immature shares and stock

options, resulting in a modification to its equity incentive plans. The Company made this determination

when considering that it had previously facilitated two prior tender offer transactions in its fiscal years

ended December 31, 2021 and December 31, 2020. The ability for employees to cash settle equity

awards is contingent on the Company facilitating a third-party tender offer. As such, as of the date of the

opening of the 2024 Tender Offer, the fair value of the maximum number of immature shares of common

stock and stock options eligible to participate in the 2024 Tender Offer was reclassified from additional

paid-in-capital and recorded as a liability as of the date of the opening of the 2024 Tender Offer. To the

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

extent that the fair value of the immature shares of common stock and stock options exceeded the

amount of stock-based compensation expense previously recognized, the excess was recognized as

additional stock-based compensation expense. Accordingly, the Company recorded incremental stock-

based compensation expense of $56.6 million in connection with this Tender Offer during the year ended

December 31, 2024. Following the close of the 2024 Tender Offer in July 2024, the liability of $225.5

million representing the fair value of the immature shares of common stock and stock options that were

eligible to participate was reclassified to additional paid-in capital. The Company did not recognize any

other stock-based compensation expense related to the 2024 Tender Offer as the purchase price was

equal to the fair value of the common stock on the date of the transaction.

A summary of stock-based compensation expense recognized in the consolidated statement of

operations related to the RSU release and the incremental stock-based compensation expense from the

2024 Tender Offer is as follows (in thousands), net of amounts capitalized as internal-use software:

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2024**<br>|
| Cost of revenue.................................................................................................................................. | $24858 |
| Research and development.............................................................................................................. | 462683 |
| Sales and marketing.......................................................................................................................... | 186659 |
| General and administrative............................................................................................................... | 183618 |
| Total...................................................................................................................................................... | $857818 |

---

Stock options

2024 stock option grants

On August 22, 2024, the Company granted 10.5 million stock options with a grant date fair value of $8.50

per share, which expire five years after the grant date. The options were granted to eligible employees

that elected to not tender all of their common stock received by them in connection with RSU Release as

part of the Company's 2024 Tender Offer. These stock options were fully vested at grant and therefore

the related stock-based compensation expense was recognized on the grant date. A summary of the

related stock-based compensation expense recognized in the consolidated statement of operations

related to the issuance of these stock option awards is as follows (in thousands), net of amounts

capitalized as internal-use software:

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2024**<br>|
| Cost of revenue.................................................................................................................................. | $3034 |
| Research and development.............................................................................................................. | 47024 |
| Sales and marketing.......................................................................................................................... | 20160 |
| General and administrative............................................................................................................... | 17901 |
| Total...................................................................................................................................................... | $88119 |

---

Valuation assumptions

Estimating the grant date fair value of stock options requires the Company to make assumptions and

judgments regarding the variables used in the calculation. These variables include the expected term

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

(weighted-average period of time that the stock options granted are expected to be outstanding), the

expected volatility of the Company's common stock, expected risk-free interest rate, expected dividends

and the fair value of the Company's common stock.

The Company uses the simplified calculation of expected term, based on the midpoint between the

vesting date and the end of the contractual term, as the Company does not have sufficient historical data

to use any other method to estimate expected term. Expected volatility is based on an average of the

historical volatilities of the common stock of several entities with characteristics similar to those of the

Company. The expected risk-free rate is based on the U.S. Treasury yield curve in effect at the time of

grant for periods corresponding with the expected term of the option. The expected dividend yield is 0%

as the Company has not paid, and does not expect to pay, cash dividends in the near future.

The following table summarizes the assumptions used in the valuation of the make-whole stock options

granted to employees during the year ended December 31, 2024. No other stock options were granted

during the year.

---

| | |
|:---|:---|
|  | **Year Ended**<br>**December 31,** <br>**2024**<br>|
| Expected term..................................................................................................................................... | 2.5 years |
| Expected volatility.............................................................................................................................. | 54.61% |
| Risk free interest rate........................................................................................................................ | 3.87% |
| Dividend yield...................................................................................................................................... | —% |
| Fair value of common stock on grant date..................................................................................... | $23.19 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

No stock options were granted under either Plans during the year ended December 31, 2023. A summary

of stock option activity and weighted-average exercise prices under the 2012 Plan and related information

for all periods presented is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of** <br>**stock options** <br>**outstanding** <br>**under the 2012** <br>**Plan** | **Weighted-**<br>**average** <br>**exercise price** <br>**per share** | **Weighted-**<br>**average** <br>**remaining** <br>**contractual** <br>**term (in years)** | **Aggregate** <br>**intrinsic value** |
|  | **Number of** <br>**stock options** <br>**outstanding** <br>**under the 2012** <br>**Plan** | **Weighted-**<br>**average** <br>**exercise price** <br>**per share** | **Weighted-**<br>**average** <br>**remaining** <br>**contractual** <br>**term (in years)** | **Aggregate** <br>**intrinsic value** |
| Outstanding as of December 31, 2022.......... | 18760 | $0.19 | 6.2 | $711477 |
| Options granted................................................. |  |  |  |  |
| Options exercised.............................................. | (7) | 0.31 |  |  |
| Options forfeited................................................ | (101) | 0.30 |  |  |
| Outstanding as of December 31, 2023.......... | 18652 | $0.19 | 5.2 | $428955 |
| Options granted................................................. | 10490 | 23.19 |  |  |
| Options exercised.............................................. | (5116) | 0.47 |  |  |
| Options forfeited................................................ | (3) | 0.34 |  |  |
| Outstanding as of December 31, 2024.......... | 24023 | $10.18 | 4.4 | $333861 |
| Options granted (unaudited)............................ |  |  |  |  |
| Options exercised (unaudited)........................ | (154) | 2.21 |  |  |
| Options forfeited (unaudited)........................... |  |  |  |  |
| Outstanding as of March 31, 2025 <br>(unaudited)......................................................<br>| 23869 | $10.23 | 4.1 | $349725 |
| Vested and exercisable as of March 31, <br>2025 (unaudited)............................................<br>| 23869 | $10.23 | 4.1 | $349725 |

---

Options exercised as reflected in the table above include early exercised options subject to repurchase.

As of December 31, 2023, there were 0.5 million shares of common stock issued as a result of the early

exercise of options subject to repurchase that are excluded from outstanding common stock for

accounting purposes. As of December 31, 2024 and March 31, 2025, there were no early exercised

options subject to repurchase. As of December 31, 2024 and March 31, 2025, there was no unrecognized

stock-based compensation related to outstanding stock options.

The following table summarizes information about the value of options exercised and total fair value of

options vested during the years ended December 31, 2023 and 2024 and three months ended March 31,

2024 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Intrinsic value of options exercised............... | $290 | $111789 | $1729 | $3478 |
| Total fair value of options vested................... | $1676 | $89759 | $170 | $— |

---

RSUs

The fair value of RSUs is determined using the fair value of the Company's stock on the date of grant.

The following table summarizes the activity for the Company's unvested RSUs under the Plans excluding

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

the equity awards granted to the Company's CEO ("CEO Equity Awards") (described below) during the

year:

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**RSUs** <br>**outstanding** <br>**under the 2012** <br>**plan** | **Weighted-**<br>**average grant** <br>**date fair value** <br>**per share** |
|  | **Number of** <br>**RSUs** <br>**outstanding** <br>**under the 2012** <br>**plan** | **Weighted-**<br>**average grant** <br>**date fair value** <br>**per share** |
| Unvested at December 31, 2022.......................................................................... | 44506 | $13.42 |
| RSUs granted.......................................................................................................... | 11308 | $23.19 |
| RSUs released........................................................................................................ |  | $— |
| RSUs forfeited......................................................................................................... | (3059) | $13.81 |
| Unvested at December 31, 2023.......................................................................... | 52755 | $12.96 |
| RSUs granted.......................................................................................................... | 38012 | $25.33 |
| RSUs released<sup>(1)</sup>..................................................................................................... | (31239) | $23.19 |
| RSUs forfeited......................................................................................................... | (4702) | $20.93 |
| Unvested at December 31, 2024.......................................................................... | 54826 | $22.80 |
| RSUs granted (unaudited) .................................................................................... | 5236 | $32.58 |
| RSUs released (unaudited)................................................................................... |  | $— |
| RSUs forfeited (unaudited).................................................................................... | (1323) | $23.93 |
| Unvested at March 31, 2025 (unaudited) .......................................................... | 58739 | $23.64 |

---

__________________

(1)These shares represent the shares for which the performance-based vesting condition was removed as part of the RSU

Release (excluding the CEO Equity Awards). As a result, these shares were remeasured based on the modification date fair

value of $23.19. Please refer above for further discussion of the RSU Release.

In September 2022, the Company entered into the Merger Agreement. Due to the imminence of the

transaction, newly issued RSU awards by the Company after the Merger Agreement date were granted

with an additional service condition that required the award recipient to be employed at the Company on

the date the acquisition closed in order for the awards to vest. On December 17, 2023, the Board of

Directors approved a modification of these awards upon the Abandoned Merger with Adobe. The

modification removed the service condition requiring the award recipient to be employed at the Company

on the date the Adobe acquisition closed.

Primary financings

In connection with the RSU Release, the Company withheld approximately 18.1 million shares from the

RSU holders to cover federal, state, and foreign withholding tax obligations. These withheld shares were

returned to the Company's available reserve under the 2012 Plan and the 2021 Plan, as applicable. In

connection with the RSU Release, the Company simultaneously issued and sold 18.1 million shares of

Class A common stock to new and existing investors to cover the respective employee tax liability owed

to federal, state, and foreign tax jurisdictions as a result of the RSU Release ("RSU Release Primary

Financing"). The Company received proceeds of approximately $419.0 million based on a purchase price

of $23.19 per share.

In December 2024, the Company issued 2.5 million shares of Class A common stock to existing investors

for proceeds of $60.0 million, based on a purchase price of $24.0751 per share.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Unrecognized stock-based compensation

Excluding the CEO Equity Awards, as described below, the Company had total unrecognized stock-based

compensation related to RSUs of $1,389.3 million as of March 31, 2025 (unaudited).

As of March 31, 2025, 58.7 million RSUs (unaudited) were outstanding, excluding the CEO Equity

Awards. Of the RSUs outstanding, excluding the CEO Equity Awards, 12.6 million RSUs (unaudited) had

met their service condition.

If the performance vesting condition had been met on March 31, 2025, the Company would have

recorded stock-based compensation of $656.7 million (unaudited) and unrecognized stock-based

compensation related to the unvested RSUs, excluding the CEO Equity Awards, as of March 31, 2025

would have been $732.6 million (unaudited), and that would have been recognized over a weighted-

average remaining requisite service period of 1.9 years (unaudited). The recognition of stock-based

compensation would affect the cost of revenue, research and development, sales and marketing, and

general and administrative operating expense line items.

CEO equity awards

CEO Market Award

In October 2021, the Board of Directors approved a grant to the Company's CEO, Dylan Field, of RSUs,

with respect to 11.3 million shares of Class B common stock (the "CEO Market Award"). The grant has

service-based, market-based, and performance-based vesting conditions.

The award is comprised of three tranches that are eligible to vest based on the achievement of certain

public market capitalization targets as follows:

---

| | | |
|:---|:---|:---|
| **Tranche** | **Public market capitalization targets** | **Shares of Class B common stock** <br>**vested (thousands)**<br>|
| 1 | $15 billion | 1875 |
| 2 | $20 billion | 3750 |
| 3 | $25 billion | 5625 |
|  |  | 11250 |

---

The performance period for each tranche begins on the first trading day following the later of (a) the initial

public offering date, or (b) October 27, 2021 and ends on the earliest to occur of (i) the date on which all

shares subject to the CEO Market Award vests, (ii) the date Mr. Field ceases to satisfy the service-based

vesting condition, (iii) the seventh anniversary of the grant date, or (iv) the occurrence of an acquisition of

the Company prior to the initial public offering date. Public market capitalization is calculated on a fully-

diluted basis implied by the volume weighted-average price for any 30-day trading period after the

completion of an initial public offering, or in the case of an acquisition of the Company, the aggregate

amount actually distributed to holders of the Company's capital stock.

The CEO Market Award contains an implied performance-based vesting condition satisfied upon the initial

public offering or change in control date because no shares subject to the grant will vest unless one of

these two events occurs. The CEO Market Award was not modified as part of the RSU Release in May

2024. Accordingly, as of March 31, 2025, all compensation expense related to the CEO Market Award

was unrecognized because the performance-based vesting condition was not deemed probable of being

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

achieved. The Company had $72.2 million (unaudited)of total unrecognized stock-based compensation

related to the CEO Market Award as of March 31, 2025.

The Company estimated the grant date fair value of the CEO Market Award using a model based on

multiple stock price paths developed through the use of a Monte Carlo simulation that incorporates into

the valuation the possibility that the public market capitalization targets may not be satisfied. The

weighted-average grant date fair value of the award was estimated to be $6.42 per share, and the

Company will recognize total stock-based compensation expense of $72.2 million once the performance-

based vesting condition is satisfied. The Company will recognize stock-based compensation expense

regardless of whether the market conditions are achieved.

CEO Service Award

In October 2021, the Board of Directors approved a grant to the Company's Co-Founder and CEO, Dylan

Field, of RSUs, with respect to 11.3 million shares of Class B common stock (the "CEO Service Award").

The grant has service-based and performance-based vesting conditions.

The award is comprised of four tranches that vest annually beginning on July 1, 2022 so long as the CEO

is in continuous service through each applicable vesting date.

In May 2024, the CEO Service Award was modified to remove the performance-based vesting condition

satisfied upon the initial public offering or change in control date for RSUs for which the service-based

vesting condition had been met as of the modification date. Accordingly, these RSUs were remeasured

and fully vested as of the modification date, resulting in the recognition of stock-based compensation

expense of $78.3 million, and the release of 3.4 million shares of Class B common stock. The remaining

outstanding RSU awards were not modified and continue to be subject to both service-based and

performance-based vesting conditions. The Company had $84.1 million (unaudited) of total remaining

unrecognized stock-based compensation related to the CEO Service Award as of March 31, 2025 that will

continue to be deferred until the performance-based vesting condition is deemed probable of being

achieved.

## Note 11 . Net Income Per Share
The Company computes earnings per share using the two-class method required for multiple classes of

common stock and participating securities. The rights, including the liquidation and dividend rights, of the

Class A common stock and Class B common stock are the same, other than voting rights. Accordingly,

the Class A common stock and Class B common stock share equally in the Company's net income (loss),

and as such have been combined for the purpose of calculating net income per share. The Company's

participating securities also include convertible preferred stock, which do not have a legal obligation to

share in the Company's losses.

Basic net income per share is computed by dividing net income (loss) attributable to common

stockholders by the weighted-average number of shares of total common stock outstanding.

For the year ended December 31, 2023, diluted net income per share is computed by dividing net income

attributable to common stockholders by the weighted-average number of diluted common shares

outstanding. For the year ended December 31, 2024, diluted net loss per share is the same as basic net

loss per share because the effects of potentially dilutive securities were antidilutive given the Company's

net loss for the period. The dilutive effect of potentially dilutive common shares is reflected in diluted

earnings per share by application of the if-converted method for the Company's outstanding preferred

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

stock, and by application of the treasury stock method for the Company's other potentially dilutive

securities.

For the three months ended March 31, 2024, diluted net income per share is the same as basic net

income per share because the effects of potentially dilutive securities were antidilutive given there was no

net income attributable to common stockholders. For the three months ended March 31, 2025, diluted net

income per share is computed by dividing net income attributable to common stockholders by the

weighted-average number of diluted common shares outstanding. The dilutive effect of potentially dilutive

common shares is reflected in diluted earnings per share by application of the if-converted method for the

Company's outstanding preferred stock, and by application of the treasury stock method for the

Company's other potentially dilutive securities.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The following table sets forth the computation of the basic and diluted net income per share attributable to

common stockholders during the periods presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| **Basic net income per share:**  |  |  |  |  |
| **Numerator:**  |  |  |  |  |
| Net income (loss) attributable to <br>common stockholders.............................<br>| $285859 | $(732120) | $— | $8611 |
| **Denominator:** |  |  |  |  |
| Weighted-average shares outstanding <br>used in computing net income (loss) <br>per share, basic........................................<br>| 168399 | 195612 | 170625 | 214883 |
| Net income (loss) per share, basic................ | $1.70 | $(3.74) | $— | $0.04 |
| **Diluted net income per share:**  |  |  |  |  |
| **Numerator:** |  |  |  |  |
| Net income (loss) attributable to <br>common stockholders.............................<br>| $285859 | $(732120) | $— | $8611 |
| Reallocation of net income to <br>common stockholders considering <br>potentially dilutive securities..............<br>| 18274 |  |  | 334 |
| Net income (loss) attributable to <br>common stockholders considering <br>potentially dilutive securities...................<br>| $304133 | $(732120) | $— | $8945 |
| **Denominator:** |  |  |  |  |
| Weighted-average shares outstanding <br>used in computing net income (loss) <br>per share, basic........................................<br>| 168399 | 195612 | 170625 | 214883 |
| Effect of dilutive securities: |  |  |  |  |
| Stock options........................................... | 18548 |  |  | 15933 |
| Warrants................................................... | 260 |  |  | 260 |
| Weighted-average shares outstanding <br>used in computing net income (loss) <br>per share, diluted.....................................<br>| 187207 | 195612 | 170625 | 231076 |
| Net income (loss) per share, diluted............. | $1.62 | $(3.74) | $— | $0.04 |

---

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The weighted-average impact of potentially dilutive securities that were not included in the diluted per

share calculations because they would be anti-dilutive was as follows.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended**<br>**March 31,** | **Three Months Ended**<br>**March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| RSUs.................................................................. | 47589 | 49748 | 62604 | 55313 |
| Unvested RSAs................................................ |  | 262 | 460 | 84 |
| CEO Equity Award<sup>(1)</sup>....................................... | 22500 | 20679 | 22500 | 19937 |
| Convertible preferred stock<sup>(2)</sup>......................... |  | 246993 | 247819 |  |
| Stock options..................................................... |  | 19823 | 18627 |  |
| Warrants............................................................ |  | 261 | 261 |  |
| Total.................................................................... | 70089 | 337766 | 352271 | 75334 |

---

__________________

(1)In October 2021, the Board of Directors approved a grant to the Company's CEO of RSUs with respect to 22.5 million shares of

Class B common stock. See Note 10 "Stockholders' Equity" for further details.

(2)For the year ended December 31, 2023, convertible preferred stock was included in the dilutive per share calculation under the

two class method. For the year ended December 31, 2024, convertible preferred stock was not included in the dilutive per

share calculation under the two class method, as the convertible preferred stockholders were not legally obligated to share in

the Company's losses. For the three months ended March 31, 2024, convertible preferred stock was not included in the dilutive

per share calculation under the two class method, as there was no net income attributable to common stockholders. For the

three months ended March 31, 2025, convertible preferred stock was included in the dilutive per share calculation under the

two class method.

## Note 12 . Other Income, Net
Other income, net consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| Interest income................................................. | $19853 | $63701 | $17831 | $15528 |
| Unrealized gains (losses) on equity <br>securities........................................................<br>|  | 23766 | 312 | (8266) |
| Other income<sup>(1)</sup>................................................. | 1000036 |  |  |  |
| Other expense, net........................................... | (514) | (3105) | (958) | 12 |
| Total other income, net.................................... | $1019375 | $84362 | $17185 | $7274 |

---

__________________

(1)On December 17, 2023, the Company abandoned its Merger Agreement with Adobe. Subject to the terms of the Merger

Agreement, upon abandonment of the deal, Adobe was required to pay the Company a termination fee of $1.0 billion.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

## Note 13 . Income Taxes
For the years ended December 31, 2023 and 2024, the Company's income (loss) before provision for

income taxes was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2023** | **2024** |
| United States........................................................................................................... | $942722 | $(801821) |
| Foreign...................................................................................................................... | 3197 | 8750 |
| Income (loss) before income taxes...................................................................... | $945919 | $(793071) |

---

For the years ended December 31, 2023 and 2024, the provision for (benefit from) income taxes

consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2023** | **2024** |
| Current: |  |  |
| Federal................................................................................................................. | $186475 | $(57990) |
| State..................................................................................................................... | 20759 | (4322) |
| Foreign................................................................................................................. | 844 | 2531 |
| Total.......................................................................................................................... | $208078 | $(59781) |
| Deferred:  |  |  |
| Federal................................................................................................................. | $— | $— |
| State..................................................................................................................... |  |  |
| Foreign................................................................................................................. |  | (1170) |
| Total.......................................................................................................................... |  | (1170) |
| Provision for (benefit from) income taxes........................................................... | $208078 | $(60951) |

---

The Company's benefit from income taxes in the year ended December 31, 2024 primarily resulted from

federal research and development credits earned during the year that will be carried back to offset income

taxes paid related to its fiscal year ended December 31, 2023. As a result, the Company recorded a long-

term income tax receivable of $51.5 million, which was classified within other assets on the consolidated

financial statements.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

The Company's effective tax rates for the years ended December 31, 2023 and 2024 differ from the

statutory rate as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2023** | **2024** |
| Expected tax provision at statutory income tax rate.......................................... | 21.0% | 21.0% |
| Research & development credits......................................................................... | (1.3)% | 7.4% |
| Stock-based compensation................................................................................... | —% | (0.1)% |
| State taxes............................................................................................................... | 2.1% | 6.0% |
| Foreign rate differential.......................................................................................... | —% | 0.1% |
| Transaction costs.................................................................................................... | (0.2)% | —% |
| US taxation on foreign operations........................................................................ | (0.6)% | —% |
| Other......................................................................................................................... | 0.1% | (0.3)% |
| Change in valuation allowance............................................................................. | 0.9% | (26.4)% |
| Provision for income taxes.................................................................................... | 22.0% | 7.7% |

---

Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of

assets and liabilities for financial reporting purposes and the amounts used for income tax purposes at

the enacted rates.

The significant components of the Company's deferred tax assets and liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2023** | **2024** |
| Deferred tax assets: |  |  |
| Operating lease liabilities.................................................................................. | $2185 | $6129 |
| Stock based compensation.............................................................................. | 1184 | 16264 |
| Net operating loss carryforwards..................................................................... | 549 | 49484 |
| Research and development tax credits.......................................................... |  | 17354 |
| Capitalized research expenditures.................................................................. | 43666 | 179787 |
| Other timing differences.................................................................................... | 867 | 2286 |
| Gross deferred tax assets..................................................................................... | 48451 | 271304 |
| Valuation allowance........................................................................................... | (41950) | (251172) |
| Total deferred tax assets, net of valuation allowance.................................. | 6501 | 20132 |
| Deferred tax liabilities: |  |  |
| Operating lease right-of-use assets................................................................ | (1984) | (6095) |
| Capitalized expenses........................................................................................ | (3850) | (6962) |
| Other.................................................................................................................... | (667) | (5904) |
| Total deferred tax liability.................................................................................. | (6501) | (18961) |
| Net deferred tax assets.......................................................................................... | $— | $1171 |

---

Based on the evaluation of positive and negative evidence as of the balance sheet date, the Company

applied a full valuation allowance against all of its U.S. federal and state net deferred taxes of

approximately $41.9 million at December 31, 2023 and $251.2 million at December 31, 2024.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

As of December 31, 2024, the Company had federal and state net operating loss ("NOL") carryforwards of

approximately $164.0 million and $181.5 million, respectively. The federal NOLs do not expire and the

state NOLs begin to expire in 2029.

As of December 31, 2024, the Company also had federal research and development credit carryforwards

of approximately $0.1 million which begin to expire in 2041 and state research and development credit

carryforwards of approximately $24.7 million which begin to expire in 2029.

Federal and state tax laws impose restrictions on utilization of NOL and tax credit carryforwards in the

event of an ownership change, as defined in Section 382 of the Internal Revenue Code of 1986, as

amended (the "Code"). The Company's ability to utilize its NOL and tax credit carryforwards are subject to

limitation under these provisions.

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows for

both periods presented:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2023** | **2024** |
| Balance at beginning of year................................................................................. | $11909 | $12401 |
| Additions based on tax positions related to the current year........................... | 5052 | 32804 |
| Reductions for tax positions of prior years.......................................................... | (4560) | (10) |
| Balance at end of year........................................................................................... | $12401 | $45195 |

---

The Company recognizes the effect of uncertain income tax positions only if those positions are more

likely than not of being sustained. Recognized income tax positions are measured at the largest amount

that is greater than 50% likely of being realized. Changes in recognition are reflected in the period in

which the change in judgment occurs. Included in the balance of uncertain income tax positions as of

December 31, 2024 are $37.5 million of tax benefits that, if recognized, would affect the effective tax rate.

The Company recognizes interest and penalties related to its uncertain tax positions as a component of

its provision for income taxes. As of and for the years ended December 31, 2023 and 2024, accrued

interest and penalties related to unrecognized tax benefits were not material.

The Company's primary tax jurisdiction is the United States. The Company is subject to U.S. federal,

state, and foreign income tax. Generally, in the U.S. federal and state jurisdictions, tax periods in which

certain loss and credit carryforwards are generated remain open for audit until such time as the limitation

period ends for the year in which such losses or credits are utilized. All tax periods remain open to

examination by major taxing jurisdictions to which the Company is subject. The Company is not currently

under examination by income tax authorities for federal or state purposes. The Company does not

anticipate significant changes to its current uncertain tax positions through December 31, 2025.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

For the Three Months Ended March 31, 2024 and 2025 (unaudited)

The Company computed the income tax provision by applying the estimated effective tax rate to the year-

to-date pre-tax income and adjusted for discrete tax items in the period. The Company's effective tax

rates were as follows for each respective period presented:

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2024** | **2025** |
|  | **(unaudited)** | **(unaudited)** |
| Effective tax rate..................................................................................................... | 54.1% | 4.6% |

---

The difference between the U.S. statutory rate and the Company's effective tax rate for all periods

presented was primarily due to the valuation allowances on the Company's deferred tax assets. The

Company continued to maintain a full valuation allowance against its deferred tax assets in the United

States, including all U.S. state jurisdictions as of March 31, 2025, as it is not more likely than not that they

will be realized. The decrease in the effective tax rate during the three months ended March 31, 2025 was

primarily driven by the availability of net operating loss carryforwards to offset taxable income during the

three months ended March 31, 2025, which were not available during the three months ended March 31,

2024. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. The Company records

liabilities related to uncertain tax positions and believes that it has provided adequate reserves for income

tax uncertainties in all open tax years.

## Note 14 . Defined Contribution Plan
The Company maintains a tax-qualified retirement plan that provides eligible U.S. employees with an

opportunity to save for retirement on a tax-advantaged basis. Plan participants are able to defer eligible

compensation subject to applicable annual Code limits. The plan is a non-elective employer contribution

per the safe harbor clause. The Company matches employee contributions at a rate of 3% of the

employees' total salary, up to a maximum annual matched contribution of $9,900 and $10,350 per

employee for 2023 and 2024, respectively, which is 50% vested after one year of service and 100%

vested after two years of service. The 401(k) plan is intended to be qualified under Section 401(a) of the

Code with the 401(k) plan's related trust intended to be tax exempt under Section 501(a) of the Code. As

a tax-qualified retirement plan, contributions to the 401(k) plan and earnings on those contributions are

not taxable to the employees until distributed from the 401(k) plan. The Company's matching

contributions to its 401(k) plan totaled $5.8 million and $7.2 million for the years ended December 31,

2023 and 2024, respectively.

## Note 15 . Segment and Geogra phic
Information

Segment information

The Company's chief operating decision maker ("CODM") is the CEO. The Company manages its

operations and allocates resources as a single operating segment at the consolidated level. Accordingly,

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

the CODM uses consolidated net income (loss), as reported on the consolidated statements of

operations, to assess performance of the Company and to allocate resources as part of the annual

reporting process and to assess the performance of the Company's single reportable segment, primarily

by monitoring actual results versus the actual plan.

The significant expenses reviewed by the CODM are consolidated operating expenses and stock-based

compensation, as presented in the consolidated statement of operations. Consolidated operating

expenses include research and development, sales and marketing, and general and administrative

expenses. Research and development, sales and marketing, and general and administrative expenses

include depreciation and amortization expense, which is disclosed in Note 5, "Property and Equipment,

Net" and Note 6, "Goodwill and Intangible Assets, Net," respectively. Other segment items consist of other

income, net and provision for (benefit from) income taxes, as presented in the consolidated statement of

operations.

The CODM does not evaluate segment performance using balance sheet information.

Geographic areas

Long-lived assets and revenue by geographic region, based on the physical location of the operations

recording the asset or the sale, are as follows:

Long-lived assets

The following table sets forth long-lived assets by geographic area which primarily consist of property and

equipment, net and operating lease right-of-use assets, and are attributed to a country based on the

physical location of the assets. Aggregate property and equipment, net and operating lease right-of-use

assets by geographic area was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | |
|  | **2023** | **2024** | <br>**As of**<br>**March 31,**<br>**2025**<br>|
|  |  |  | **(unaudited)** |
| United States................................................................................ | $19015 | $39606 | $77366 |
| International.................................................................................. | 6291 | 4217 | 6315 |
| Total............................................................................................... | $25306 | $43823 | $83681 |

---

No single country outside of the United States accounted for more than 10% of total long-lived assets,

other than the United Kingdom, whose long-lived assets were approximately 20%, 5%, and 5%

(unaudited) of our total long-lived assets as of December 31, 2023, December 31, 2024, and March 31,

2025 respectively.

Revenue

The following table shows the Company's revenue by geographic areas, as determined based on the

billing address of its customers:

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **(unaudited)** | **(unaudited)** |
| United States..................................................... | $252289 | $359406 | $76589 | $107463 |
| International....................................................... | 252585 | 389605 | 79640 | 120736 |
| Total.................................................................... | $504874 | $749011 | $156229 | $228199 |

---

No single country outside of the United States accounted for more than 10% of total revenue for the years

ended December 31, 2023 and December 31, 2024 or the three months ended March 31, 2024

(unaudited) or 2025 (unaudited).

## Note 16 . Subsequent Events
The Company assessed subsequent events through April 15, 2025, which was the date the consolidated

financial statements were available to be issued. The Company has identified the following subsequent

events:

Increase to 2012 Equity Incentive Plan share pool

On February 13, 2025, the Board of Directors approved an increase to the number of shares of Class A

common stock reserved for issuance under the 2012 Plan by 15.5 million shares for a total of 196.4

million shares of Class A common stock reserved for issuance under the 2012 Plan, effective as of

February 18, 2025.

Amendment to Certificate of Incorporation

On February 18, 2025, the Company filed a certificate of amendment to the Company's restated

certificate of incorporation to (i) increase the number of authorized shares of common stock by 15.5

million shares for a total of 705,456,420 shares and (ii) increase the number of common stock shares

designated as Class A common stock by 15.5 million shares for a total of 586,500,000 shares.

New York lease modification

On March 6, 2025, the Company entered into an amendment to extend the lease terms for two existing

operating leases through July 2033, including the addition of floors at its New York corporate office

location. The lease amendment was accounted for as a lease modification in accordance with ASC 842.

The total future minimum lease payments associated with the amended lease agreement are $58.8

million. The Company will receive lease incentives in the amount of $7.1 million in the form of an

allowance for tenant improvements related to the future design and build out of the space.

RSU grants

Subsequent to December 31, 2024, the Company's Board of Directors granted 5.2 million RSUs. The

Company currently estimates that the unrecognized stock-based compensation expense related to these

RSUs will be approximately $170.6 million. These RSUs will vest upon satisfaction of service-based and

performance-based vesting conditions.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Asset purchase

On April 7, 2025, the Company acquired the intellectual property assets and assembled workforce of a

technology company for $14.0 million in cash, of which $1.4 million is expected to be paid twelve months

following the closing date, subject to any indemnification claims. The acquisition will be accounted for as a

business combination under ASC 805, Business Combinations and the total purchase consideration will

be allocated to the net assets acquired based on their fair values as of the acquisition date.

## Note 17 . Subsequent Events (Unaudited)
The Company has evaluated subsequent events through July 1, 2025, the date the unaudited interim

consolidated financial statements were available to be issued. The Company has identified the following

subsequent events:

Acquisition

On April 17, 2025, the Company acquired all outstanding equity interests of a technology company that is

a self-hosted headless content management system and application framework, pursuant to an

agreement and plan of merger. The preliminary consideration is estimated to be approximately$35.5

million, consisting of cash, Class A common stock, RSAs, and RSUs. Of the $35.5 million in total

consideration, $25.1 million is subject to ongoing employee service and will be recognized as post

combination compensation expense over a service period of four years. $1.1 million of the purchase

consideration transferred is expected to be paid 18 months following the closing date of the transaction,

subject to any indemnification claims.

The purchase price will be allocated to the net assets acquired based on their fair values at the

acquisition date.

Digital asset purchase

On May 8, 2025, the Board of Directors approved an investment of $30.0 million in Bitcoin. Subsequently,

the Company purchased 30.0 million USD COIN (USDC), a stablecoin, for $1 per USDC totaling $30.0

million. The Company intends to re-invest its stablecoin holdings into Bitcoin at a later date.

RSU grants

On May 28, 2025, the Board of Directors granted 5.6 million RSUs. These RSUs will vest upon

satisfaction of service-based vesting conditions and stock-based compensation expense will be

recognized straight-line beginning on the grant date over their respective requisite service periods.

Purchase commitment

On May 31, 2025, the Company renewed its cloud hosting agreement with a third-party provider. Under

the terms of the non-cancellable agreement, the Company committed to purchase a minimum of $545.0

million in cloud hosting services over the next five years. This renewed agreement replaces a previous

agreement with the provider.

**Figma, Inc.**

**Notes To The Consolidated Financial Statements**

*(Amounts in tables are in thousands except per share data, percentages, or as otherwise noted)*

Equity Plan Approvals

On June 26, 2025, the Board of Directors approved the 2025 Equity Incentive Plan (the "2025 Plan"),

which will become effective in connection with the IPO. A total of 58.0 million shares of the Company's

Class A common stock have been reserved for issuance under the 2025 Plan.

On June 26, 2025, the Board of Directors approved the 2025 Employee Stock Purchase Plan (the "2025

ESPP"), which will become effective in connection with the IPO. A total of 11.6 million shares of the

Company's Class A common stock have been reserved for issuance under the 2025 ESPP.

On June 30, 2025, the Compensation Committee of the Board of Directors approved an increase in the

shares reserved for issuance under the 2021 Plan by 29.0 million additional shares of Class B common

stock.

Revolving Credit Facility

On June 27, 2025, the Company entered into a new credit facility (the "revolving credit facility"), which

provides for a secured revolving credit facility in an aggregate principal amount of up to $500 million and a

subfacility of up to $150 million for letters of credit. The revolving credit facility matures on June 27, 2030,

unless earlier terminated pursuant to its terms.

Amendment to Certificate of Incorporation

On June 30, 2025, the Company filed a certificate of amendment to the Company's restated certificate of

incorporation to (i) increase the number of authorized shares of common stock by 57.9 million shares for

a total of 763.4 million shares, (ii) increase the number of common stock shares designated as Class A

common stock by 29.0 million shares for a total of 615.5 million shares and (iii) increase the number of

common stock shares designated as Class B common stock by 29.0 million shares for a total of

147,916,758 shares.

2025 CEO Awards

On June 30, 2025, the Compensation Committee of the Board of Directors approved equity award grants

to the Company's CEO under the 2021 Plan of (i) RSUs with respect to 14.5 million shares of Class B

common stock with service-based and market-based vesting conditions relating the achievement of

certain stock price targets and (ii) RSUs with respect to a total of 14.5 million shares of Class B common

stock with service-based vesting conditions that will vest annually over a requisite service period of five

years.

![backcover1c.jpg](backcover1c.jpg)

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

PART II

**INFORMATION NOT REQUIRED IN PROSPECTUS**

Item 13. Other Expenses of Issuance and

Distribution.

The following table sets forth all costs and expenses to be paid by Figma, Inc. (the "Registrant"), other

than underwriting discounts and commissions, in connection with the sale of Class A common stock being

registered hereby. All amounts shown are estimates except for the Securities and Exchange Commission

("SEC") registration fee, the Financial Industry Regulatory Authority ("FINRA") filing fee, and the listing

fee:

---

| | |
|:---|:---|
|  | **Amount Paid or** <br>**to be Paid**<br>|
| SEC registration fee........................................................................................................................... | $15310 |
| FINRA filing fee.................................................................................................................................. | 15500 |
| NYSE Listing fee................................................................................................................................ | \* |
| Printing and engraving expenses.................................................................................................... | \* |
| Legal fees and expenses.................................................................................................................. | \* |
| Accounting fees and expenses........................................................................................................ | \* |
| Transfer agent and registrar fees and expenses.......................................................................... | \* |
| Miscellaneous expenses................................................................................................................... | \* |
| Total...................................................................................................................................................... | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |

---

__________________

\*To be provided by amendment.

Item 14. Indemnification of Directors and

Officers.

Section 145 of the Delaware General Corporation Law ("DGCL") authorizes a court to award, or a

corporation's board of directors to grant, indemnity to directors and officers under certain circumstances

and subject to certain limitations. The terms of Section 145 of the DGCL are sufficiently broad to permit

indemnification under certain circumstances for liabilities, including reimbursement of expenses incurred,

arising under the Securities Act of 1933, as amended (the "Securities Act").

As permitted by the DGCL, the Registrant's restated certificate of incorporation to be effective

immediately prior to the completion of this offering contains provisions that eliminate the personal liability

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

of its directors and officers for monetary damages for any breach of fiduciary duties as a director or

officer, except liability for the following:

• any breach of the directors' or officers' duty of loyalty to the Registrant or its stockholders;

• acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of

law;

• with respect to directors, under Section 174 of the DGCL (regarding unlawful dividends and stock

purchases);

• any transaction from which the director or officer derived an improper personal benefit; and

• with respect to officers, any action by or in the right of the corporation.

As permitted by the DGCL, the Registrant's restated bylaws to be effective immediately prior to the

completion of this offering, provide that:

• the Registrant is required to indemnify its directors and executive officers to the fullest extent

permitted by the DGCL, subject to very limited exceptions;

• the Registrant may indemnify its other employees and agents as set forth in the DGCL;

• the Registrant is required to advance expenses, as incurred, to its directors and executive officers

in connection with a legal proceeding to the fullest extent permitted by the DGCL, subject to very

limited exceptions; and

• the rights conferred in the restated bylaws are not exclusive.

Prior to completion of this offering, the Registrant intends to enter into indemnification agreements with

each of its then-current directors and executive officers to provide these directors and executive officers

additional contractual assurances regarding the scope of the indemnification set forth in its restated

certificate of incorporation and restated bylaws and to provide additional procedural protections. There is

no pending litigation or proceeding involving a director or executive officer of the Registrant for which

indemnification is sought. The indemnification provisions in its restated certificate of incorporation,

restated bylaws, and the indemnification agreements entered into or to be entered into between the

Registrant and each of its directors and executive officers may be sufficiently broad to permit

indemnification of the directors and executive officers for liabilities arising under the Securities Act.

The Registrant currently carries liability insurance for its directors and officers.

Certain of the Registrant's directors are also indemnified by their employers with regard to service on the

Registrant's Board of Directors.

In addition, the underwriting agreement filed as Exhibit 1.1 to this registration statement provides for

indemnification by the underwriters of the Registrant and its officers and directors for certain liabilities

arising under the Securities Act, or otherwise.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Item 15. Recent Sales of Unregistered

Securities.

Since July 1, 2022, the Registrant has issued and sold the following securities:

• In December 2024, the Registrant sold an aggregate of 2,492,200 shares of its Class A common

stock to 10 accredited investors at a purchase price of $24.0751 per share for an aggregate

purchase price of approximately $60.0 million.

• In May and June 2024, the Registrant sold an aggregate of 18,064,377 shares of its Class A

common stock to 53 accredited investors at a purchase price of $23.19 per share for an

aggregate purchase price of approximately $419.0 million.

• The Registrant granted stock options to its officers and employees to purchase an aggregate of

9,678,640 shares of its Class A common stock under the 2012 Equity Incentive Plan (the "2012

Plan") with a weighted-average per share exercise price of $23.19, and the Registrant issued

5,447,891 shares of its Class A common stock upon exercise of stock options under its 2012

Plan.

• The Registrant granted to its directors, officers, employees, consultants, and other service

providers an aggregate of 68,234,341 restricted stock units to be settled in shares of its Class A

common stock under the 2012 Plan.

• The Registrant granted stock options to Mr. Field to purchase 811,896 shares of its Class B

common stock under the 2021 Executive Equity Incentive Plan ("2021 Plan") with a per share

exercise price of $23.19 and, subsequently, the Registrant issued 811,896 shares of its Class B

common stock upon the exercise of these stock options by Mr. Field under the 2021 Plan.

• On June 30, 2025, the Registrant granted to Mr. Field an aggregate of 28,960,338 restricted

stock units to be settled in shares of Class B common stock under the 2021 Plan.

• In June 2022, January 2023, June 2023, July 2023, and April 2025, the Registrant issued an

aggregate of 1,230,170 shares of its Class A common stock as consideration to accredited

investors in connection with the acquisition of six privately-held companies.

Unless otherwise stated, the sales of the above securities were deemed to be exempt from registration

under the Securities Act in reliance upon Section 4(a)(2) of the Securities Act (or Regulation D or

Regulation S promulgated thereunder), or Rule 701 promulgated under Section 3(b) of the Securities Act

as transactions by an issuer not involving any public offering or pursuant to benefit plans and contracts

relating to compensation as provided under Rule 701. The recipients of the securities in each of these

transactions represented their intentions 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 placed upon the

stock certificates issued in these transactions.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Item 16. Exhibits and Financial Statement

Schedules.

(a)Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description of Document** |
| 1.1\* | Form of Underwriting Agreement. |
| 3.1 | <u>[Restated Certificate of Incorporation of Figma, Inc., as amended and currently in effect.](exhibit31-sx1.htm)</u> |
| 3.2 | <u>[Form of Amended and Restated Certificate of Incorporation of Figma, Inc., that will become](exhibit32-sx1.htm)</u><br><u>[effective immediately prior to the completion of this offering.](exhibit32-sx1.htm)</u><br>|
| 3.3 | <u>[Amended and Restated Bylaws of Figma, Inc., as currently in effect.](exhibit33-sx1.htm)</u> |
| 3.4 | <u>[Form of Amended and Restated Bylaws of Figma, Inc., that will become effective](exhibit34-sx1.htm)</u><br><u>[immediately prior to the completion of this offering.](exhibit34-sx1.htm)</u><br>|
| 4.1\* | Form of Class A Common Stock certificate of Figma, Inc. |
| 4.2 | <u>[Amended and Restated Investors' Rights Agreement among Figma, Inc. and certain holders](exhibit42-sx1.htm)</u><br><u>[of its capital stock, dated May 15, 2024.](exhibit42-sx1.htm)</u><br>|
| 4.3 | <u>[Common Stock Warrant, dated November 20, 2018, by and between Figma, Inc. and Silicon](exhibit43-sx1.htm)</u><br><u>[Valley Bank.](exhibit43-sx1.htm)</u><br>|
| 5.1\* | Opinion of Fenwick & West LLP. |
| 10.1# | <u>[Form of Indemnification Agreement between Figma, Inc. and each of its directors and](exhibit101-sx1.htm)</u><br><u>[executive officers.](exhibit101-sx1.htm)</u><br>|
| 10.2# | <u>[Figma, Inc. Amended and Restated 2012 Equity Incentive Plan and related form](exhibit102-sx1.htm)</u><br><u>[agreements.](exhibit102-sx1.htm)</u><br>|
| 10.3# | <u>[Figma, Inc. 2021 Executive Equity Incentive Plan and related form agreements.](exhibit103-sx1.htm)</u> |
| 10.4# | <u>[Figma, Inc. 2025 Equity Incentive Plan and related form agreements.](exhibit104-sx1.htm)</u> |
| 10.5# | <u>[Figma, Inc. 2025 Employee Stock Purchase Plan and related form agreements.](exhibit105-sx1.htm)</u> |
| 10.6# | <u>[Non-Employee Director Compensation Policy.](exhibit106-sx1.htm)</u> |
| 10.7\*# | Offer Letter between Dylan Field and Figma, Inc., dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . |
| 10.8\*# | Offer Letter between Praveer Melwani and Figma, Inc., dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . |
| 10.9\*# | Offer Letter between Shaunt Voskanian and Figma, Inc., dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . |
| 10.10 | <u>[Offer Letter between William McDermott and Figma, Inc., dated June 26, 2025.](exhibit-1010xsx1.htm)</u> |
| 10.11# | <u>[Form of Change of Control and Severance Agreement between Figma, Inc. and each of its](exhibit-1011xsx1.htm)</u><br><u>[named executive officers.](exhibit-1011xsx1.htm)</u><br>|
| 10.12 | <u>[Office Lease, between Phelan Building LLC and Figma, Inc., dated April 28, 2021.](exhibit-1012xsx1.htm)</u> |
| 10.13 | <u>[First Amendment to Office Lease, between Phelan Building LLC and Figma, Inc., dated](exhibit-1013xsx1.htm)</u><br><u>[March 1, 2024.](exhibit-1013xsx1.htm)</u><br>|
| 10.14<sup>+</sup> | <u>[Revolving Credit Agreement, dated June 27, 2025, among Figma, Inc., Morgan Stanley](exhibit-1014xsx1.htm)</u><br><u>[Senior Funding, Inc., as administrative agent and collateral agent, Bank of America, N.A.,](exhibit-1014xsx1.htm)</u><br><u>[JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Securities, LLC and](exhibit-1014xsx1.htm)</u><br><u>[RBC Capital Markets, LLC as joint lead arrangers and bookrunners, the letter of credit](exhibit-1014xsx1.htm)</u><br><u>[issuers from time to time party thereto, and the lenders from time to time party thereto.](exhibit-1014xsx1.htm)</u><br>|
| 10.15 | <u>[Form of Nominating Agreement between Dylan Field and Figma, Inc.](exhibit-1015xsx1.htm)</u> |
| 21.1 | <u>[List of Subsidiaries of Figma, Inc.](exhibit211-sx1.htm)</u> |
| 23.1 | <u>[Consent of Ernst & Young LLP, independent registered public accounting firm.](exhibit231-sx1.htm)</u> |

---

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

---

| | |
|:---|:---|
| **Exhibit**<br>**Number**<br>| **Description of Document** |
| 23.2\* | Consent of Fenwick & West LLP (included in Exhibit 5.1). |
| 24.1 | <u>[Power of Attorney (included in the signature page to this Registration Statement on Form](#i8dccdb6f4d824d4aba81e7c665eaa62d_283)</u><br><u>[S-1).](#i8dccdb6f4d824d4aba81e7c665eaa62d_283)</u><br>|
| 99.1 | <u>[Irrevocable Proxy and Power of Attorney, dated March 7, 2022, by and among Evan](exhibit991-sx1.htm)</u><br><u>[Wallace, the Wu-Wallace Family Trust and Dylan Field.](exhibit991-sx1.htm)</u><br>|
| 99.2 | <u>[Consent of International Data Corporation.](exhibit992-sx1.htm)</u> |
| 99.3 | <u>[Consent of Forrester Research, Inc.](exhibit993-sx1.htm)</u> |
| 107 | <u>[Filing Fee Table.](exhibit107-sx1.htm)</u> |

---

__________________

\*To be filed by amendment.

+The Registrant has omitted schedules and exhibits pursuant to Item 601(a)(5) of Regulation S-K. The Registrant agrees to

furnish supplementally a copy of the omitted schedules and exhibits to the SEC upon request.

#Indicates management contract or compensatory plan.

(b)Financial Statement Schedules.

All financial statement schedules are omitted because the information required to be set forth therein is

not applicable or is shown in the consolidated financial statements or the notes thereto.

Item 17. Undertakings.

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 foregoing provisions, 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, 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:

(a)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 a 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.

(b)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 that time

shall be deemed to be the initial bona fide offering thereof.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused

this registration statement on Form S-1 to be signed on its behalf by the undersigned, thereunto duly

authorized, in San Francisco, California, on the first day of July, 2025.

---

| | |
|:---|:---|
| **FIGMA, INC.** | **FIGMA, INC.** |
| By: | /s/ Dylan Field |
|  | Dylan Field |
|  | Chief Executive Officer and President |

---

Power of Attorney

*KNOW ALL PERSONS BY THESE PRESENTS*, that each person whose signature appears below hereby

constitutes and appoints Dylan Field and Praveer Melwani, and each of them, as his or her true and

lawful attorneys-in-fact, proxies, and agents, each with full power of substitution, for him or her in any and

all capacities, to sign any and all amendments to this registration statement (including post-effective

amendments or any abbreviated registration statement and any amendments thereto filed pursuant to

Rule 462(b) increasing the number of securities for which registration is sought), and to file the same, with

all exhibits thereto and other documents in connection therewith, with the Securities and Exchange

Commission, granting unto said attorneys-in-fact, proxies, and agents full power and authority to do and

perform each and every act and thing requisite and necessary to be done in connection therewith, as fully

for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all

that said attorneys-in-fact, proxies, and agents, or their or his substitute or substitutes, may lawfully do or

cause to be done by virtue hereof.

<u>[**Table of Contents**](#i8dccdb6f4d824d4aba81e7c665eaa62d_7)</u>

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement on

Form S-1 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Dylan Field | Chair of the Board of Directors, Chief Executive <br>Officer, and President<br>(*Principal Executive Officer*) | July 1, 2025 |
| Dylan Field | Chair of the Board of Directors, Chief Executive <br>Officer, and President<br>(*Principal Executive Officer*) | July 1, 2025 |
| /s/ Praveer Melwani | Chief Financial Officer and Treasurer<br>(*Principal Financial Officer*) | July 1, 2025 |
| Praveer Melwani | Chief Financial Officer and Treasurer<br>(*Principal Financial Officer*) | July 1, 2025 |
| /s/Tyler Herb | Chief Accounting Officer <br>(*Principal Accounting Officer*) | July 1, 2025 |
| Tyler Herb | Chief Accounting Officer <br>(*Principal Accounting Officer*) | July 1, 2025 |
| /s/ Mamoon Hamid | Director  | July 1, 2025 |
| Mamoon Hamid | Director  | July 1, 2025 |
| /s/ Kelly A. Kramer | Director | July 1, 2025 |
| Kelly A. Kramer | Director | July 1, 2025 |
| /s/ John Lilly | Director | July 1, 2025 |
| John Lilly | Director | July 1, 2025 |
| /s/ William R. McDermott | Director | July 1, 2025 |
| William R. McDermott | Director | July 1, 2025 |
| /s/ Andrew Reed | Director | July 1, 2025 |
| Andrew Reed | Director | July 1, 2025 |
| /s/ Danny Rimer | Director | July 1, 2025 |
| Danny Rimer | Director | July 1, 2025 |
| /s/ Lynn Vojvodich Radakovich | Director | July 1, 2025 |
| Lynn Vojvodich Radakovich | Director | July 1, 2025 |

---

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table** 

Form S-1 <br>(Form Type)

Figma, Inc.<br>(Exact Name of Registrant as Specified in its Charter)

<u>Table 1 — Newly Registered Securities</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Security Type | Security Class Title | Fee Calculation Rule | Amount Registered | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price<sup>(1)(2)</sup> | Fee Rate | Amount of Registration Fee |
| Fees to be Paid | Equity | Class A common stock, par value $0.00001 per share | Rule 457(o)  |  |  | $100000000 | $0.00015310 | $15310.00 |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $15310.00 |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $15310.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Includes the aggregate offering price of additional shares that the underwriters have the option to purchase to cover over-allotments, if any.

## Exhibit 3.1

**Exhibit 3.1**

**RESTATED CERTIFICATE OF INCORPORATION** 

**OF**

**FIGMA, INC.**

**(Pursuant to Sections 242 and 245 of**

**the General Corporation Law of the State of Delaware)**

**FIGMA, INC.,** a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the *"****General Corporation Law****"),*

**DOES HEREBY CERTIFY:**

**FIRST:** That the name of this corporation is Figma, Inc. and that this corporation was originally incorporated pursuant to the General Corporation Law on October 19, 2012, under the name Figma, Inc.

**SECOND:** That this corporation's Board of Directors duly adopted resolutions proposing to amend and restate the Restated Certificate of Incorporation of this corporation, declaring said amendment and restatement to be advisable and in the best interests of this corporation and its stockholders, and authorizing the appropriate officers of this corporation to solicit the consent of the stockholders therefor, which resolution setting forth the proposed amendment and restatement is as follows:

**RESOLVED,** that the Restated Certificate of incorporation of this corporation be amended and restated in its entirety as follows, effective upon the date and time of the filing of this Restated Certificate of Incorporation (the *"****Restated Certificate****")* with the Secretary of State of the State of Delaware (the *"****Effective Time****"):*

**ARTICLE I**

The name of this corporation is Figma, Inc.

**ARTICLE II**

The address of the registered office of this corporation in the State of Delaware is 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at such address is The Corporation Trust Company.

**ARTICLE III**

The nature of the business or purposes to be conducted or promoted is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law.

------

**ARTICLE IV**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of Stock</u>. This corporation is authorized to issue two classes of stock to be designated, respectively, common stock and preferred stock. The total number of shares of common stock that this corporation is authorized to issue is 685,956,420 shares, par value $0.00001 per share, 567,000,000 shares of which are designated as a series of common stock denominated as "***Class A Common Stock***" and 118,956,420 shares of which are designated as a series of common stock denominated as "***Class B Common Stock***". The Class A Common Stock and Class B Common Stock collectively are referred to herein as "***Common Stock***." The total number of shares of preferred stock authorized to be issued is 247,861,346, par value $0.00001 per share (the "***Preferred Stock***"). As of the Effective Time, 45,568,395 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series Seed Preferred Stock***," 70,262,325 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series A Preferred Stock***," 75,378,390 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series B Preferred Stock***," 36,435,180 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series C Preferred Stock***", 10,825,930 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series D Preferred Stock***" and 9,391,126 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series E Preferred Stock***".

Immediately upon the Effective Time, (i) each one (1) share of the corporation's common stock issued and outstanding immediately prior to the Effective Time (the "***Prior Common Stock***") shall be reconstituted and reclassified as five (5) shares of Class A Common Stock; (ii) each one (1) share of Series Seed Preferred Stock issued and outstanding immediately prior to the Effective Time (the "***Prior Series Seed Preferred Stock***") shall be reconstituted and reclassified as five (5) shares of Series Seed Preferred Stock, (iii) each one (1) share of Series A Preferred Stock issued and outstanding immediately prior to the Effective Time (the "***Prior Series A Preferred Stock***") shall be reconstituted and reclassified as five (5) shares of Series A Preferred Stock, (iv) each one (1) share of Series B Preferred Stock issued and outstanding immediately prior to the Effective Time (the "***Prior Series B Preferred Stock***") shall be reconstituted and reclassified as five (5) shares of Series B Preferred Stock, (v) each one (1) share of Series C Preferred Stock issued and outstanding immediately prior to the Effective Time (the "***Prior Series C Preferred Stock***") shall be reconstituted and reclassified as five (5) shares of Series C Preferred Stock, and (vi) each one (1) share of Series D Preferred Stock issued and outstanding immediately prior to the Effective Time (the "***Prior Series D Preferred Stock***" and collectively with the Prior Series Seed Preferred Stock, Prior Series A Preferred Stock, Prior Series B Preferred Stock and Prior Series C Preferred Stock, the "***Prior Preferred Stock***") shall be reconstituted and reclassified as five (5) shares of Series D Preferred Stock, automatically and without any further action on the part of the corporation or the holder of any such shares of capital stock (the foregoing, the "***Forward Stock Split and Reclassification***"). Any stock certificate that, immediately prior to the Effective Time, represented shares of Prior Common Stock or Prior Preferred Stock, as the case may be, shall, from and after the Effective Time, automatically and without the necessity of presenting the same for exchange, represent that number of shares of Class A Common Stock or Preferred Stock into which such shares of Prior Common Stock or Prior Preferred Stock, as applicable, shall have been reconstituted and

------

reclassified pursuant to the Forward Stock Split and Reclassification. The statement of the rights, powers, preferences and privileges (and the qualifications, limitations and restrictions thereof) of the Common Stock and Preferred Stock contained in this Restated Certificate reflect the Forward Stock Split and Reclassification (that is, all numeric references and other provisions in this Restated Certificate have already given effect to, and no further adjustment shall be made on account of, the Forward Stock Split and Reclassification).

The following is a statement of the designations and the rights, powers and preferences, and the qualifications, limitations or restrictions thereof, in respect of each class of capital stock of the corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights, Preferences and Restrictions of Preferred Stock</u>. The rights, preferences, privileges and restrictions granted to and imposed on the Preferred Stock are as set forth below in this Article IV(B).

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Provisions</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The holders of shares of Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend (payable other than in a series of Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of a series of Common Stock of this corporation) on the Common Stock of this corporation, at the applicable Dividend Rate (as defined below), payable when, as and if declared by this corporation's Board of Directors (the "***Board***")*.* Such dividends shall not be cumulative. The holders of the outstanding Preferred Stock can waive any dividend preference that such holders shall be entitled to receive under this Section 1 upon the affirmative vote or written consent of the holders of a majority of the shares of Preferred Stock then outstanding (voting together as a single class and not as separate series, and on an as-converted basis). For purposes of this subsection l(a), "***Dividend Rate***" shall mean $0.0070 per annum for each share of Series Seed Preferred Stock, $0.0159 per annum for each share of Series A Preferred Stock, $0.0265 for each share of Series B Preferred Stock, $0.0878 for each share of Series C Preferred Stock, $0.3695 for each share of Series D Preferred Stock and $1.7037 for each share of Series E Preferred Stock (in each case as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;After payment of such dividends, any additional dividends or distributions shall be distributed among all holders of Common Stock and Preferred Stock in proportion to the number of shares of Common Stock that would be held by each such holder if all shares of Preferred Stock were converted to Class A Common Stock at the then effective conversion rate.

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation Preference</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any Liquidation Event (as defined below), either voluntary or involuntary, the holders of each series of Preferred Stock shall be entitled to receive, prior and in preference to any distribution of the proceeds of such Liquidation Event (the

------

"***Proceeds***") to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the sum of the applicable Original Issue Price (as defined below) for such series of Preferred Stock, plus declared but unpaid dividends on such share. If, upon the occurrence of such event, the Proceeds thus distributed among the holders of the Preferred Stock shall be insufficient to permit the payment to such holders of the full aforesaid preferential amounts, then the entire Proceeds legally available for distribution shall be distributed ratably among the holders of the Preferred Stock in proportion to the full preferential amount that each such holder is otherwise entitled to receive under this subsection (a). For purposes of this Restated Certificate, "***Original Issue Price***" shall mean $0.0878 per share for each share of the Series Seed Preferred Stock, $0.1993 per share for each share of the Series A Preferred Stock, $0.3317 for each share of the Series B Preferred Stock, $1.0978 for each share of Series C Preferred Stock, $4.6185 for each share of Series D Preferred Stock and $21.2967 for each share of Series E Preferred Stock (in each case as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like with respect to such series of Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Upon completion of the distribution required by subsection (a) of this Section 2, all of the remaining Proceeds available for distribution to stockholders shall be distributed among the holders of Common Stock pro rata based on the number of shares of Common Stock held by each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the above, for purposes of determining the amount each holder of shares of Preferred Stock is entitled to receive with respect to a Liquidation Event, each such holder of shares of a series of Preferred Stock shall be deemed to have converted (regardless of whether such holder actually converted) such holder's shares of such series into shares of Class A Common Stock immediately prior to the Liquidation Event if, as a result of an actual conversion, such holder would receive, in the aggregate, an amount greater than the amount that would be distributed to such holder if such holder did not convert such series of Preferred Stock into shares of Class A Common Stock. If any such holder shall be deemed to have converted shares of Preferred Stock into Class A Common Stock pursuant to this paragraph, then such holder shall not be entitled to receive any distribution that would otherwise be made to holders of Preferred Stock that have not converted (or have not been deemed to have converted) into shares of Class A Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 2, a "***Liquidation Event***" shall include (A) a merger, acquisition, sale or consolidation in which (1) this corporation is a constituent party or the subject of such merger, acquisition, sale or consolidation or (2) a subsidiary of this corporation is a constituent party or the subject of such merger, acquisition, sale or consolidation and this corporation issues shares of its securities pursuant to such merger or consolidation, except any such merger, acquisition, sale or consolidation involving this corporation or a subsidiary in which the shares of securities of this corporation issued immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares of securities that represent, immediately following such merger, acquisition, sale or consolidation, at least a majority, by voting power, of the securities of (x) the surviving or resulting corporation or (y) if the surviving or resulting corporation is a wholly

------

owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; (B) the sale, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by this corporation or any subsidiary of this corporation that constitutes an effective disposition of all or substantially all the assets of this corporation and its subsidiaries taken as a whole or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of this corporation if substantially all of the assets of this corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, transfer, exclusive license or other disposition is to a wholly owned subsidiary of this corporation; (C) the closing of the transfer (whether by merger, consolidation or otherwise), in a single transaction or series of related transactions, in each case, approved by this corporation in its sole discretion, to a person or group of affiliated persons (other than an underwriter of the corporation's securities), of this corporation's securities if, after such closing, such person or group of affiliated persons would hold 50% or more of the outstanding voting stock of the corporation (or the surviving or acquiring entity); <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, the sale of this corporation's capital stock by this corporation in a bona fide equity financing for capital raising purposes shall not constitute a Liquidation Event; or (D) a liquidation, dissolution or winding up of this corporation; <u>provided</u>, <u>however</u>, that a transaction shall not constitute a Liquidation Event if its sole purpose is to change the state of this corporation's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held this corporation's securities immediately prior to such transaction. The treatment of any particular transaction or series of related transactions as a Liquidation Event may be waived by the vote or written consent of the holders of a majority of the outstanding Preferred Stock (voting together as a single class and not as separate series, and on an as-converted to Class A Common Stock basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In any Liquidation Event, if Proceeds received by this corporation or its stockholders is other than cash, its value will be deemed its fair market value. Any securities shall be valued as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Securities not subject to investment letter or other similar restrictions on free marketability covered by (B) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the securities on such exchange over the twenty (20) trading-day period ending three (3) trading days prior to the closing of the Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If actively traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale prices (whichever is applicable) over the twenty (20) trading-day period ending three (3) trading days prior to the closing of the Liquidation Event; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;If there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Board.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The method of valuation of securities subject to investment letter or other restrictions on free marketability (other than restrictions arising solely by virtue of a stockholder's status as an affiliate or former affiliate) shall be to make an appropriate discount (as determined in good faith by the Board) from the market value determined as above in (A) (1), (2) or (3) to reflect the approximate fair market value 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The foregoing methods for valuing non-cash consideration to be distributed in connection with a Liquidation Event shall, with the appropriate approval of the definitive agreements governing such Liquidation Event by the stockholders under the General Corporation Law and Section 6 of this Article IV(B), be superseded by the determination of such value set forth in the definitive agreements governing such Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the event the requirements of this Section 2 are not complied with, this corporation shall forthwith either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;cause the closing of such Liquidation Event to be postponed until such time as the requirements of this Section 2 have been complied with; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;use commercially reasonable best efforts to cancel such transaction, in which event the rights, preferences and privileges of the holders of the Preferred Stock shall revert to and be the same as such rights, preferences and privileges existing immediately prior to the date of the first notice referred to in subsection 2(d)(iv) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall give each holder of record of Preferred Stock written notice of such impending Liquidation Event not later than twenty (20) days prior to the stockholders' meeting called to approve such transaction, or twenty (20) days prior to the closing of such transaction, whichever is earlier, and shall also notify such holders in writing of the final approval of such transaction. The first of such notices shall describe the material terms and conditions of the impending transaction and the provisions of this Section 2, and this corporation shall thereafter give such holders prompt notice of any material changes. The transaction shall in no event take place sooner than twenty (20) days after this corporation has given the first notice provided for herein: <u>provided</u>, <u>however</u>, that subject to compliance with the General Corporation Law such periods may be shortened or waived upon the written consent of the holders of Preferred Stock that represent a majority of the voting power of all then outstanding shares of such Preferred Stock (voting together as a single class and not as separate series, and on an as-converted basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation of Escrow and Contingent Consideration</u>. In the event of a Liquidation Event, if any portion of the Proceeds is placed into escrow and/or is payable to the stockholders of the corporation subject to contingencies, the definitive agreement with respect to such transaction shall provide that (i) the portion of such consideration that is not placed in escrow and not subject to any contingencies (the "***Initial Consideration***") shall be allocated among the holders of capital stock of this corporation in accordance with Subsections 2(a), 2(b) and 2(c) as if the Initial Consideration were the only consideration payable in connection with such Liquidation Event and (ii) any additional consideration that becomes

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payable to the stockholders of this corporation upon release from escrow or satisfaction of contingencies shall be allocated among the holders of capital stock of this corporation in accordance with Subsections 2(a) and 2(b) after taking into account the previous payment of the Initial Consideration as part of the same 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;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Redemption</u>. The Preferred Stock is not redeemable at the option of the holder 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;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion</u>.&nbsp;&nbsp;&nbsp;&nbsp;The holders of the Preferred Stock shall have conversion rights as follows (the "***Conversion Rights***")***:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Convert</u>. Each share of Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of this corporation or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Class A Common Stock as is determined by dividing the applicable Original Issue Price for such series by the applicable Conversion Price for such series (the conversion rate for a series of Preferred Stock into Class A Common Stock is referred to herein as the "***Conversion Rate***" for such series), determined as hereafter provided, in effect on the date the certificate is surrendered for conversion. The initial Conversion Price per share for each series of Preferred Stock shall be the Original Issue Price applicable to such series; <u>provided</u>, <u>however</u>, that the Conversion Price for the Preferred Stock shall be subject to adjustment as set forth in subsection 4(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Automatic Conversion</u>. Each share of Preferred Stock shall automatically be converted into shares of Class A Common Stock at the Conversion Rate at the time in effect for such series of Preferred Stock immediately upon the earlier of (i) the closing of this corporation's sale of its Class A Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended (the "***Securities Act***"), resulting in gross proceeds of not less than $30,000,000 in the aggregate (before deducting underwriting commissions and expenses) (a "***Qualified Public Offering***"), (ii) the effectiveness of the registration statement filed under the Securities Act in connection with a Direct Listing (as defined below) that is approved by the Board (including a majority of the Preferred Directors (as defined below) then in office) or (iii) the date, or the occurrence of an event, specified by vote or written consent or agreement of the holders of a majority of the then outstanding shares of Preferred Stock (voting together as a single class and not as separate series, and on an as-converted basis). As used herein, a "***Direct Listing***" shall mean the corporation's initial listing of its Class A Common Stock on a national securities exchange by means of a registration statement on Form S-1 filed by the corporation with the U.S. Securities Exchange Commission that registers shares of Class A Common Stock of the corporation for resale. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten public offering of the corporation's Class A Common Stock registered under the Securities Act; any and all mentions of an underwritten offering or underwriters contained herein shall not apply to a Direct Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Mechanics of Conversion</u>. Before any holder of Preferred Stock shall be entitled to voluntarily convert the same into shares of Class A Common Stock, he or she

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shall surrender the certificate or certificates therefor, duly endorsed, at the office of this corporation or of any transfer agent for the Preferred Stock (or, if such registered holder alleges that any such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to this corporation to indemnify this corporation against any claim that may be made against this corporation on account of the alleged loss, theft or destruction of such certificate), and shall give written notice to this corporation at its principal corporate office, of the election to convert the same and shall state therein the name or names in which the certificate or certificates for shares of Class A Common Stock are to be issued. This corporation shall, as soon as practicable thereafter, (i) issue and deliver at such office to such holder of Preferred Stock, or to the nominee or nominees of such holder, a certificate or certificates for the number of shares of Class A Common Stock to which such holder shall be entitled as aforesaid and a certificate for the number (if any) of the shares of Preferred Stock represented by the surrendered certificate that were not converted into Class A Common Stock and (ii) pay all declared but unpaid dividends on the shares of Preferred Stock converted. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of, or the delivery of a lost certificate affidavit and agreement with respect to, the shares of Preferred Stock to be converted, and the person or persons entitled to receive the shares of Class A Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Class A Common Stock as of such date. If the conversion is in connection with an underwritten offering of securities registered pursuant to the Securities Act, the conversion may, at the option of any holder tendering Preferred Stock for conversion, be conditioned upon the closing with the underwriters of the sale of securities pursuant to such offering, in which event the persons entitled to receive the Class A Common Stock upon conversion of the Preferred Stock shall not be deemed to have converted such Preferred Stock until immediately prior to the closing of such sale of securities. If the conversion is in connection with Automatic Conversion provisions of subsection 4(b)(ii) above, such conversion shall be deemed to have been made on the conversion date described in the stockholder consent approving such conversion, and the persons entitled to receive shares of Class A Common Stock issuable upon such conversion shall be treated for all purposes as the record holders of such shares of Class A Common Stock as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion Price Adjustments of Preferred Stock for Certain Dilutive Issuances, Splits and Combinations</u>. The Conversion Price of the Preferred Stock shall be subject to adjustment from time to time as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) If this corporation shall issue, on or after the Effective Time, any Additional Stock (as defined below) without consideration or for a consideration per share less than the Conversion Price applicable to a series of Preferred Stock in effect immediately prior to the issuance of such Additional Stock, the Conversion Price for such series in effect immediately prior to each such issuance shall forthwith (except as otherwise provided in this clause (i)) be adjusted to a price (calculated to the nearest one-thousandth of a cent) determined by multiplying such Conversion Price by a fraction, the numerator of which shall be the number of shares of Common Stock Outstanding (as defined below) immediately prior to such issuance plus the number of shares of Class A Common Stock that the aggregate consideration received by this corporation for such issuance would purchase at such Conversion

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Price; and the denominator of which shall be the number of shares of Common Stock Outstanding immediately prior to such issuance plus the number of shares of such Additional Stock. For purposes of this Section 4(d)(i)(A), the term "***Common Stock Outstanding***" shall mean and include the following: (1) outstanding Common Stock, (2) Class A Common Stock issuable upon conversion of outstanding Preferred Stock, (3) Common Stock issuable upon exercise of outstanding stock options and (4) Common Stock issuable upon exercise (and, in the case of warrants to purchase Preferred Stock, conversion) of outstanding warrants. Shares described in (1) through (4) above shall be included whether vested or unvested, whether contingent or non-contingent and whether exercisable or not yet exercisable. In the event that this corporation issues or sells, or is deemed to have issued or sold, shares of Additional Stock that results in an adjustment to a Conversion Price pursuant to the provisions of this Section 4(d) (the "***First Dilutive Issuance***"), and this corporation then issues or sells, or is deemed to have issued or sold, shares of Additional Stock in a subsequent issuance other than the First Dilutive Issuance that occurs within 120 days of the First Dilutive Issuance and that would result in further adjustment to a Conversion Price (a "***Subsequent Dilutive Issuance***") pursuant to the same instruments as the First Dilutive Issuance, then and in each such case upon a Subsequent Dilutive Issuance the applicable Conversion Price for each series of Preferred Stock shall be reduced to the applicable Conversion Price that would have been in effect had the First Dilutive Issuance and each Subsequent Dilutive Issuance all occurred on the closing date of the First Dilutive Issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;No adjustment of the Conversion Price for the Preferred Stock shall be made in an amount less than one-tenth of one cent per share. Except to the limited extent provided for in subsections (E)(3) and (E)(4), no adjustment of such Conversion Price pursuant to this subsection 4(d)(i) shall have the effect of increasing the Conversion Price above the Conversion Price in effect immediately prior to such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the case of the issuance of Additional Stock for cash, the consideration shall be deemed to be the amount of cash paid therefor before deducting any reasonable discounts, commissions or other expenses allowed, paid or incurred by this corporation for any underwriting or otherwise in connection with the issuance and sale 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the case of the issuance of the Additional Stock for a consideration in whole or in part other than cash, the consideration other than cash shall be deemed to be the fair market value thereof as determined by the Board irrespective of any accounting treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible into or exchangeable for Common Stock or options to purchase or rights to subscribe for such convertible or exchangeable securities, the following provisions shall apply for purposes of determining the number of shares of Additional Stock issued and the consideration paid therefor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate maximum number of shares of Common Stock deliverable upon exercise (assuming the satisfaction of any conditions to exercisability, including without limitation, the passage of time, but without taking into account

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potential antidilution adjustments) of such options to purchase or rights to subscribe for Common Stock shall be deemed to have been issued at the time such options or rights were issued and for a consideration equal to the consideration (determined in the manner provided in subsections 4(d)(i)(C) and (d)(i)(D)), if any, received by this corporation upon the issuance of such options or rights plus the minimum exercise price provided in such options or rights (without taking into account potential antidilution adjustments) for the Common Stock covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate maximum number of shares of Common Stock deliverable upon conversion of, or in exchange (assuming the satisfaction of any conditions to convertibility or exchangeability, including, without limitation, the passage of time, but without taking into account potential antidilution adjustments) for, any such convertible or exchangeable securities or upon the exercise of options to purchase or rights to subscribe for such convertible or exchangeable securities and subsequent conversion or exchange thereof shall be deemed to have been issued at the time such securities were issued or such options or rights were issued and for a consideration equal to the consideration, if any, received by this corporation for any such securities and related options or rights (excluding any cash received on account of accrued interest or accrued dividends), plus the minimum additional consideration, if any, to be received by this corporation (without taking into account potential antidilution adjustments) upon the conversion or exchange of such securities or the exercise of any related options or rights (the consideration in each case to be determined in the manner provided in subsections 4(d)(i)(C) and (d)(i)(D)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any change in the number of shares of Common Stock deliverable or in the consideration payable to this corporation upon exercise of such options or rights or upon conversion of or in exchange for such convertible or exchangeable securities, the Conversion Price of the Preferred Stock, to the extent in any way affected by or computed using such options, rights or securities, shall be recomputed to reflect such change, but no further adjustment shall be made for the actual issuance of Common Stock or any payment of such consideration upon the exercise of any such options or rights or the conversion or exchange of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Upon the expiration of any such options or rights, the termination of any such rights to convert or exchange or the expiration of any options or rights related to such convertible or exchangeable securities, the Conversion Price of the Preferred Stock, to the extent in any way affected by or computed using such options, rights or securities or options or rights related to such securities, shall be recomputed to reflect the issuance of only the number of shares of Common Stock (and convertible or exchangeable securities that remain in effect) actually issued upon the exercise of such options or rights, upon the conversion or exchange of such securities or upon the exercise of the options or rights related to such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of Additional Stock deemed issued and the consideration deemed paid therefor pursuant to subsections 4(d)(i)(E)(1) and (2) shall be appropriately adjusted to reflect any change, termination or expiration of the type described in either subsection 4(d)(i)(E)(3) or (4).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Additional Stock***" shall mean any shares of Common Stock issued (or deemed to have been issued pursuant to subsection 4(d)(i)(E)) by this corporation on or after the Effective Time other than ((A) through (K) below, the "***Carve Out 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares of Common Stock, (2) any right, option or warrant to subscribe for, purchase or otherwise acquire Common Stock or Convertible Securities (as defined herein) from this corporation (collectively, "***Options***") or (3) any evidence of indebtedness, shares or other securities issued by this corporation that are directly or indirectly convertible into or exchangeable for Common Stock, but excluding Options (collectively, "***Convertible Securities***"), in each case, that are issued as a dividend or distribution on the Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock, Options or Convertible Securities issued by reason of a dividend, stock split, split-up or other distribution on or subdivision of shares of Common Stock that is covered by Sections 4(d)(i), 4(d)(iii), 4d(iv), 4(e), 4(t) or 4(g) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock or Options to acquire shares of Common Stock (including but not limited to stock appreciation rights payable in shares of Common Stock or in Options or Convertible Securities) issued to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services pursuant to plans or agreements approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Class A Common Stock issued pursuant to an underwritten public 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock issued pursuant to the conversion or exercise of Options or Convertible Securities, in each case provided that such issuance is pursuant to the terms of such Option or Convertible Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Class A Common Stock, Options or Convertible Securities issued in connection with a bona fide business acquisition by this corporation, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise, which transaction is approved by the Board (including a majority of the Preferred Directors then in office);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Class A Common Stock issued or deemed issued pursuant to subsection 4(d)(i)(E) as a result of a decrease in the Conversion Price of any series of Preferred Stock resulting from the operation of Section 4(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Class A Common Stock issued upon conversion of the Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Class A Common Stock, Options or Convertible Securities issued pursuant to any equipment leasing arrangement or debt financing

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arrangement, which arrangement is approved by the Board (including a majority of the Preferred Directors then in office) and is primarily for non-equity financing purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Common Stock, Options or Convertible Securities issued to persons or entities with which this corporation has business relationships, provided such issuances are approved by the Board (including a majority of the Preferred Directors then in office) and are primarily for non-equity financing purposes; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;&nbsp;&nbsp;Shares of Class B Common Stock issued in exchange for shares of Class A Common Stock surrendered to the corporation pursuant to the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event this corporation should at any time or from time to time after the Effective Time fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares of Common Stock or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly, additional shares of Common Stock (hereinafter referred to as ***"Common Stock Equivalents")*** without payment of any consideration by such holder for the additional shares of Common Stock or the Common Stock Equivalents (including the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend distribution, split or subdivision if no record date is fixed), the Conversion Price of the Preferred Stock shall be appropriately decreased so that the number of shares of Class A Common Stock issuable on conversion of each share of such series shall be increased in proportion to such increase of the aggregate of shares of Common Stock outstanding and those issuable with respect to such Common Stock Equivalents with the number of shares issuable with respect to Common Stock Equivalents determined from time to time in the manner provided for deemed issuances in subsection 4(d)(i)(E); <u>provided</u>, <u>however</u>, that no such adjustment to the Conversion Price shall be made if the holders of Preferred Stock simultaneously receive a dividend or other distribution of shares of Class A Common Stock in a number equal to the number of shares of Class A Common Stock as they would have received if all outstanding shares of Preferred Stock had been converted into Class A Common Stock on the date of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If the number of shares of Common Stock outstanding at any time after the Effective Time is decreased by a combination of the outstanding shares of Common Stock, then, following the record date of such combination, the Conversion Price for the Preferred Stock shall be appropriately increased so that the number of shares of Class A Common Stock issuable on conversion of each share of such series shall be decreased in proportion to such decrease in outstanding 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Distributions</u>. In the event this corporation shall declare a distribution payable in securities of other persons, evidences of indebtedness issued by this corporation or other persons, assets (excluding cash dividends) or options or rights not referred to in subsection 4(d)(iii), then, in each such case for the purpose of this subsection 4(e), the holders of the Preferred Stock shall be entitled to a proportionate share of any such distribution as though

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they were the holders of the number of shares of Class A Common Stock of this corporation into which their shares of Preferred Stock are convertible as of the record date fixed for the determination of the holders of Class A Common Stock of this corporation entitled to receive such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recapitalizations</u>. If at any time or from time to time there shall be a recapitalization of the Common Stock (other than a subdivision, combination or merger or sale of assets transaction provided for elsewhere in this Section 4 or in Section 2) provision shall be made so that the holders of the Preferred Stock shall thereafter be entitled to receive upon conversion of the Preferred Stock the number of shares of stock or other securities or property of this corporation or otherwise, to which a holder of Class A Common Stock deliverable upon conversion would have been entitled on such recapitalization. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 4 with respect to the rights of the holders of the Preferred Stock after the recapitalization to the end that the provisions of this Section 4 (including adjustment of the Conversion Price then in effect and the number of shares purchasable upon conversion of the Preferred Stock) shall be applicable after that event as nearly equivalently as may be 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Merger or Consolidation</u>. Subject to the provisions of Section 2, if there shall occur any consolidation or merger involving this corporation in which the Common Stock (but not a series of Preferred Stock) is converted into or exchanged for securities, cash or other property (other than a transaction covered by Sections 4(d)(i), 4(d)(iii), 4d(iv), 4(e) or 4(f)), then, following any such consolidation or merger, provision shall be made that each share of such series of Preferred Stock shall thereafter be convertible in lieu of the Class A Common Stock into which it was convertible prior to such event into the kind and amount of securities, cash or other property which a holder of the number of shares of Class A Common Stock of this corporation issuable upon conversion of one share of such series of Preferred Stock immediately prior to such consolidation or merger would have been entitled to receive pursuant to such transaction; and, in such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application of the provisions in this Section 4 with respect to the rights and interests thereafter of the holders of such series of Preferred Stock, to the end that the provisions set forth in this Section 4 shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities or other property thereafter deliverable upon the conversion of such series of Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Fractional Shares and Certificate as to Adjustments</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;No fractional shares shall be issued upon the conversion of any share or shares of the Preferred Stock and the aggregate number of shares of Class A Common Stock to be issued to particular stockholders, shall be rounded down to the nearest whole share and the corporation shall pay in cash the fair market value of any fractional shares as of the time when entitlement to receive such fractions is determined. Whether or not fractional shares would be issuable upon such conversion shall be determined on the basis of the total number of shares of Preferred Stock the holder is at the time converting into Class A Common Stock and the number of shares of Class A Common Stock issuable upon such conversion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of each adjustment or readjustment of the Conversion Price of Preferred Stock pursuant to this Section 4, this corporation, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to each holder of Preferred Stock a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based. This corporation shall, upon the written request at any time of any holder of Preferred Stock, furnish or cause to be furnished to such holder a like certificate setting forth (A) such adjustment and readjustment, (B) the Conversion Price for such series of Preferred Stock at the time in effect and (C) the number of shares of Class A Common Stock and the amount, if any, of other property that at the time would be received upon the conversion of a share of Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices of Record Date</u>. In the event of any taking by this corporation of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution, this corporation shall mail to each holder of Preferred Stock, at least ten (10) days prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution, and the amount and character of such dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reservation of Stock Issuable Upon Conversion</u>. This corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of the Preferred Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of the Preferred Stock; and if at any time the number of authorized but unissued shares of Class A Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Preferred Stock, in addition to such other remedies as shall be available to the holder of such Preferred Stock, this corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Class A Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in best efforts to obtain the requisite stockholder approval of any necessary amendment to this Restated Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Adjustment to Conversion Price</u>. Notwithstanding anything herein to the contrary, any downward adjustment of the Conversion Price of any series of Preferred Stock may be waived, either prospectively or retroactively and either generally or in a particular instance, only by the consent or vote of (i) in the case of the Series Seed Preferred Stock, the holders of at least fifty-five percent (55%) of the outstanding shares of Series Seed Preferred Stock, (ii) in the case of the Series A Preferred Stock, the holders of a majority of the outstanding shares of Series A Preferred Stock, (iii) in the case of the Series B Preferred Stock, the holders of a majority of the outstanding shares of Series B Preferred Stock, (iv) in the case of the Series C Preferred Stock, the holders of a majority of the outstanding shares of Series C Preferred Stock, (v) in the case of the Series D Preferred Stock, the holders of a majority of the outstanding shares of Series D Preferred Stock and (vi) in the case of the Series E Preferred

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Stock, the holders of a majority of the outstanding shares of Series E Preferred Stock. Any such waiver shall bind all future holders of shares of such series of Preferred 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;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Rights</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General Voting Rights</u>. The holder of each share of Preferred Stock shall have the right to one (1) vote for each share of Class A Common Stock into which such Preferred Stock could then be converted, and with respect to such vote, such holder shall have full voting rights and powers equal to the voting rights and powers of the holders of Class A Common Stock, and shall be entitled, notwithstanding any provision hereof, to notice of any stockholders' meeting in accordance with the Bylaws of this corporation, and except as provided by law or in subsection 5(b) below with respect to the election of directors by the separate class vote of the holders of Common Stock, shall be entitled to vote, together with holders of Common Stock, with respect to any question upon which holders of Common Stock have the right to vote. Fractional votes shall not, however, be permitted and any fractional voting rights available on an as-converted basis (after aggregating all shares into which shares of Preferred Stock held by each holder could be converted) shall be rounded to the nearest whole number (with one-half being rounded upward).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting for the Election of Directors</u>. (i) As long as at least 5,696,055 shares of Series Seed Preferred Stock remain outstanding (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), the holders of such shares of Series Seed Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of this corporation at any election of directors (the "***Series Seed Director***"); (ii) as long as at least 10,385,550 shares of Series A Preferred Stock remain outstanding (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), the holders of such shares of Series A Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of this corporation at any election of directors (the "***Series A Director***"), (iii) as long as at least 11,250,000 shares of Series B Preferred Stock remain outstanding (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), the holders of such shares of Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of this corporation at any election of directors (the "***Series B Director***" and together with the Series Seed Director and the Series A Director, the "***Preferred Directors***"); and (iv) the holders of outstanding Common Stock, exclusively and as a single and separate class, shall be entitled to elect one (1) director of this corporation at any election of directors (the "***Common Director***"). The holders of Preferred Stock and Common Stock (voting together as a single class and not as separate series, and on an as-converted basis) shall be entitled to elect any remaining directors of this corporation (the "***Remaining Directors***") based upon the voting power of the respective class of Common Stock.

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the directors then in office, though less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office until the next annual election and until their successors are duly elected and shall qualify, unless sooner displaced; <u>provided</u>, <u>however</u>, that where such vacancy occurs among the directors elected by the holders of a class or series of stock, the holders of shares of such class or series may override the Board's action to fill such vacancy by (i) voting for their own designee to fill such vacancy at a meeting of the corporation's stockholders or (ii) written consent, if the consenting stockholders hold a sufficient number of shares to elect their designee at a meeting of the stockholders. Any director may be removed during his or her term of office, either with or without cause, by, and only by, the affirmative vote of the holders of the shares of the class or series of stock entitled to elect such director or directors, given either at a special meeting of such stockholders duly called for that purpose or pursuant to a written consent of stockholders, and any vacancy thereby created may be filled by the holders of that class or series of stock represented at the meeting or pursuant to written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Director Voting</u>. Notwithstanding anything else to the contrary set forth in this Restated Certificate, on all matters presented to the Board (or any committee thereof) for approval at any meeting of the Board (or any committee thereof), the then-serving Common Director shall each be entitled to seven (7) votes with respect to each matter before the Board. The voting structure of the Board as set forth in this Section 5(c) of Part B of Article IV of this Restated Certificate shall be referred to as the "***Board Voting Structure***". For so long as the Board Voting Structure is effective, every reference in this Restated Certificate or the Bylaws of this corporation to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors.

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Protective Provisions</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Preferred Stock Protective Provisions</u>. So long as at least 5,625,000 shares of Preferred Stock remain outstanding (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), this corporation shall not (by amendment, merger, consolidation or otherwise) do any of the following without first obtaining the approval (by vote or written consent, as provided by law) of the holders of a majority of the then outstanding shares of Preferred Stock (voting together as a single class and not as separate series, and on an as-converted basis), and any such act or transaction entered into without such consent or vote shall be null and void *ab initio,* and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;consummate a Liquidation Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;alter or change the powers, preferences, privileges or special rights of the shares of Preferred Stock or any series 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;increase or decrease (other than by conversion) the total number of authorized shares of Preferred Stock or designated shares of any series of Preferred Stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;authorize or issue any equity security (including any other security convertible into, exchangeable for or exercisable for any such equity security) having a preference over, or being on a parity with, any series of Preferred Stock with respect to dividends, liquidation or redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;redeem, purchase or otherwise acquire (or pay into or set aside for a sinking fund for such purpose) any share or shares of Preferred Stock or Common Stock; <u>provided</u>, <u>however</u>, that this restriction shall not apply to (A) the repurchase of shares of Common Stock from employees, officers, directors, consultants or other persons performing services for this corporation or any subsidiary pursuant to agreements under which this corporation has the option to repurchase such shares upon the occurrence of certain events, such as (i) the termination of employment or service, or (ii) pursuant to a right of first refusal (provided that, in the case of (ii), such repurchase is approved by the Board, including all of the Preferred Directors then in office) or (B) the surrender of shares of Class A Common Stock in exchange for shares of Class B Common Stock pursuant to the Exchange 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;change the authorized number of directors of this corporation; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;pay or declare any dividend on any shares of capital stock of the corporation other than dividends payable on the Common Stock solely in the form of additional shares of Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Series Seed Preferred Stock Protective Provisions</u>. So long as any shares of Series Seed Preferred Stock remain outstanding, this corporation shall not (by amendment, merger, consolidation or otherwise) do any of the following without first obtaining the approval (by vote or written consent, as provided by law) of the holders of at least fifty-five percent (55%) of the then outstanding shares of Series Seed Preferred Stock (voting together as a single class), and any such act or transaction entered into without such consent or vote shall be null and void *ab initio,* and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;amend any provision of this Restated Certificate (including, without limitation, by way of merger, consolidation or otherwise) so as to adversely alter or change the powers, preferences or rights of the Series Seed Preferred Stock in a manner that does not so adversely affect the powers, preferences or rights of the Preferred Stock as a class; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;increase or decrease the total number of authorized shares of Series Seed Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Series A Preferred Stock Protective Provisions</u>. So long as any shares of Series A Preferred Stock remain outstanding, this corporation shall not (by amendment, merger, consolidation or otherwise) do any of the following without first obtaining the approval (by vote or written consent, as provided by law) of the holders of a majority of the then outstanding shares of Series A Preferred Stock (voting together as a single class), and any such

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act or transaction entered into without such consent or vote shall be null and void *ab initio,* and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;amend any provision of this Restated Certificate (including, without limitation, by way of merger, consolidation or otherwise) so as to adversely alter or change the powers, preferences or rights of the Series A Preferred Stock in a manner that does not so adversely affect the powers, preferences or rights of the Preferred Stock as a class; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;increase or decrease the total number of authorized shares of Series A Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Series B Preferred Stock Protective Provisions</u>. So long as any shares of Series B Preferred Stock remain outstanding, this corporation shall not (by amendment, merger, consolidation or otherwise) do any of the following without first obtaining the approval (by vote or written consent, as provided by law) of the holders of a majority of the then outstanding shares of Series B Preferred Stock (voting together as a single class), and any such act or transaction entered into without such consent or vote shall be null and void *ab initio,* and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;amend any provision of this Restated Certificate (including, without limitation, by way of merger, consolidation or otherwise) so as to adversely alter or change the powers, preferences or rights of the Series B Preferred Stock in a manner that does not so adversely affect the powers, preferences or rights of the Preferred Stock as a class; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;increase or decrease the total number of authorized shares of Series B Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Series C Preferred Stock Protective Provisions</u>. So long as any shares of Series C Preferred Stock remain outstanding, this corporation shall not (by amendment, merger, consolidation or otherwise) do any of the following without first obtaining the approval (by vote or written consent, as provided by law) of the holders of a majority of the then outstanding shares of Series C Preferred Stock (voting together as a single class), and any such act or transaction entered into without such consent or vote shall be null and void *ab initio,* and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;amend any provision of this Restated Certificate (including, without limitation, by way of merger, consolidation or otherwise) so as to adversely alter or change the powers, preferences or rights of the Series C Preferred Stock in a manner that does not so adversely affect the powers, preferences or rights of the Preferred Stock as a class; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;increase or decrease the total number of authorized shares of Series C Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Series D Preferred Stock Protective Provisions</u>. So long as any shares of Series D Preferred Stock remain outstanding, this corporation shall not (by amendment, merger, consolidation or otherwise) do any of the following without first obtaining the approval

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(by vote or written consent, as provided by law) of the holders of a majority of the then outstanding shares of Series D Preferred Stock (voting together as a single class), and any such act or transaction entered into without such consent or vote shall be null and void *ab initio,* and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;amend any provision of this Restated Certificate (including, without limitation, by way of merger, consolidation or otherwise) so as to adversely alter or change the powers, preferences or rights of the Series D Preferred Stock in a manner that does not so adversely affect the powers, preferences or rights of the Preferred Stock as a class; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;increase or decrease the total number of authorized shares of Series D Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Series E Preferred Stock Protective Provisions</u>. So long as any shares of Series E Preferred Stock remain outstanding, this corporation shall not (by amendment, merger, consolidation or otherwise) do any of the following without first obtaining the approval (by vote or written consent, as provided by law) of the holders of a majority of the then outstanding shares of Series E Preferred Stock (voting together as a single class), and any such act or transaction entered into without such consent or vote shall be null and void *ab initio,* and of no force or effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;amend any provision of this Restated Certificate (including, without limitation, by way of merger, consolidation or otherwise) so as to adversely alter or change the powers, preferences or rights of the Series E Preferred Stock in a manner that does not so adversely affect the powers, preferences or rights of the Preferred Stock as a class; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;increase or decrease the total number of authorized shares of Series E Preferred 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;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Converted Stock</u>. In the event any shares of Preferred Stock shall be converted pursuant to Section 4 hereof, the shares so converted shall be cancelled and shall not be issuable by this corporation. The Restated Certificate shall be appropriately amended to effect the corresponding reduction in this corporation's authorized capital 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;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notice required by the provisions of this Article IV(B) to be given to the holders of shares of Preferred Stock shall be deemed given (i) if deposited in the United States mail, postage prepaid, and addressed to each holder of record at his, her or its address appearing on the books of this corporation, (ii) if such notice is provided by electronic transmission in a manner permitted by Section 232 of the General Corporation Law or (iii) if such notice is provided in another manner then permitted by the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Common Stock</u>. The relative rights, preferences, privileges and restrictions granted to and imposed on the Class A Common Stock and the Class B Common Stock are as set forth below in this Article IV(C).

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&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. For purposes of this Restated Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Agreement***" means the exchange agreement between the Founders and certain of their Permitted Entities (as defined below), on the one hand, and the corporation, on the other hand, with respect to the exchange of shares of Class A Common Stock for shares of Class B Common Stock on a 1:1 basis, as the same may be amended from time to time in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Date***" means the date that the corporation first issues shares of Class B Common Stock under the Exchange Agreement, which issuances shall be the first issuances of shares of Class B Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"***Family Member***" shall mean with respect to any natural person who is a Qualified Stockholder, the spouse, domestic partner, parents, grandparents, aunts, uncles, cousins, lineal descendants, siblings and lineal descendants of siblings of such natural person, or the parents, grandparents, aunts, uncles, cousins, lineal descendants, siblings or lineal descendants of siblings of the spouse or domestic partner of such Qualified Stockholder. Lineal descendants shall include adopted persons, but only so long as they are adopted while a minor. Siblings shall include persons sharing one or both parents as well as persons adopted by one or both parents, but only so long as they are adopted while a minor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Final Conversion Date***" 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the date fixed by the Board that is no less than 61 days and no more than 180 days following the date on which the Founders each fail to satisfy his Minimum Class B Share Ownership Condition; it being understood that this clause (i) shall not be met if only one Founder fails to satisfy his Minimum Class B Share Ownership Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the date that is twelve (12) months after the death or Disability of the last to die or become Disabled of the Founders, provided, that such date may be extended but not for a total period of longer than twelve (12) months, to a date approved by a

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majority of the Independent Directors then in office; it being understood that this clause (ii) shall not be met if only one Founder has died or become Disabled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the date specified by the holders of at least eighty percent (80%) of the then outstanding shares of Class B Common Stock, voting as a separate class (the "***Requisite Class B Holders***"), or in the affirmative written election executed by the Requisite Class B Holders; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the date that is twenty-four (24) months following the date on which the Founders each have ceased providing services to the corporation as a director, officer, employee and/or consultant on a continuous basis for period of more than three consecutive years; it being understood that this clause (iv) shall not be met if only one Founder has ceased providing services to the corporation as a director, officer, employee and/or consultant on a continuous basis for a period of more than three consecutive 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;"***Founder***" means either Dylan Field ("***Field***") or Evan Wallace ("***Wallace***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Independent Directors***" mean (i) the members of the Board who are not employees of the corporation if the corporation's equity securities are not listed for trading on a national stock exchange or (ii) if after the Public Listing Date, the members of the Board designated as independent directors in accordance with the Listing Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Listing Standards***" means (i) the requirements of any national stock exchange under which the corporation's equity securities are listed for trading that are generally applicable to companies with common equity securities listed thereon or (ii) if the corporation's equity securities are not listed for trading on a national stock exchange, the requirements of the New York Stock Exchange generally applicable to companies with equity securities listed thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Minimum Class B Share Ownership Condition***" means, with respect to a Founder, that such Founder, such Founder's Family Members, such Founder's Permitted Entities and such Founder's Permitted Transferees collectively own at least thirty percent (30%) of the issued and outstanding shares of Class B Common Stock (excluding, for the avoidance of doubt, any shares of Class B Common Stock that remain subject to vesting requirements at such time) owned of record by such Founder, such Founder's Family Members, such Founder's Permitted Entities and such Founder's Permitted Transferees as of 11:59 p.m. Eastern Time on the Public Listing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"***Parent***" of an entity means any entity that directly or indirectly owns or controls a majority of the voting power of the voting securities of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Entities***" mean any of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a trust, estate planning vehicle or similar entity (including but not limited to legacy trusts, remainder trusts, freeze partnerships or limited

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liability companies, grantor retained annuity trusts, and charitable split interest trusts) for the benefit of a Qualified Stockholder, one or more Family Members of a Qualified Stockholder, one or more Permitted Entities of a Qualifying Stockholder, one or more Permitted Transferees of a Qualifying Stockholder or otherwise for estate planning purposes so long as one or more of (1) a Qualified Stockholder, (2) a Family Member of a Qualified Stockholder, (3) a professional in the business of providing trustee services (including private professional fiduciaries, trust companies and bank trust departments), (4) an individual who may be removed and replaced at the discretion of a Qualified Stockholder or a Family Member of a Qualified Stockholder, (5) a Permitted Entity of a Qualified Stockholder and/or (6) any other individual, entity or other organization approved by a majority of the Independent Directors (any of the foregoing persons identified in clauses (1) through (6), a "***Permitted Trustee***") collectively have dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such trust, estate planning vehicle or similar entity; *provided* that in the event one or more Permitted Trustees collectively no longer have dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such trust, each such share of Class B Common Stock then held by such trust shall automatically convert into one (1) fully paid and nonassessable share of Class A Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;an Individual Retirement Account, as defined in Section 408(a) of the Internal Revenue Code, or a pension, profit sharing, stock bonus or other type of plan or trust of which a Qualified Stockholder is a participant or beneficiary and which satisfies the requirements for qualification under Section 40I of the Internal Revenue Code; *provided* that in each case such Qualified Stockholder, one or more Family Members of such Qualified Stockholder and/or one or more of such Permitted Entities of such Qualified Stockholder collectively have dispositive power and Voting Control with respect to the shares of Class B Common Stock held in such account, plan or trust, and *provided, further,* that in the event such Qualified Stockholder, one or more Family Members of such Qualified Stockholder and/or one or more Permitted Entities of such Qualified Stockholder collectively no longer have dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such account, plan or trust, each such share B Common Stock then held by such trust shall automatically convert into one(1) fully paid and nonassessable share of Class A Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a corporation, partnership, limited liability company or other entity in which a Qualified Stockholder, one or more Permitted Entities of a Qualified Stockholder, and/or one or more Family Members of a Qualified Stockholder, collectively own equity interests, with sufficient Voting Control in the corporation, partnership, limited liability company or other entity, as applicable, or otherwise have legally enforceable rights, such that the Qualified Stockholder, one or more Permitted Entities of such Qualified Stockholder and/or one or more Family Members of such Qualified Stockholder collectively retain dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such corporation, partnership, limited liability company or other entity; *provided* that in the event the Qualified Stockholder, one or more one or more Permitted Entities of the Qualified Stockholder, and/or one or more Family Members of the Qualified Stockholder, collectively no longer own sufficient equity interests, or no longer have sufficient legally enforceable rights to ensure such persons collectively retain dispositive power and Voting Control with respect to the shares of Class B

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Common Stock held by such corporation, partnership, limited liability company or other entity, each such share of Class B Common Stock then held by such corporation, partnership, limited liability company or other entity shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any organization exempt from taxation under the Internal Revenue Code (including but not limited to charitable organizations, private foundations, donor-advised funds, and supporting organizations) controlled by, or established by or in the name of, a Qualified Stockholder, one or more Family Members of a Qualified Stockholder and/or one or more Permitted Entities of a Qualified Stockholder.

For the avoidance of doubt, to the extent any shares of Class B Common Stock are deemed to be held by a trustee of a trust described under any of the clauses above, the Transfer shall be a Permitted Transfer and the trustee shall be deemed a Permitted Entity so long as the other requirements of the applicable clause above are otherwise satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transfer***" means any of the following, whether the Transfer was made for value or for no 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Founder, a Transfer from such Founder, from such Founder's Permitted Entities, from such Founder's Family Members, from the estate of such Founder or such Founder's Family Members, or from such Founder's Permitted Transferees, to such Founder's estate as a result of such Founder's death, to either Founder, to either Founder's Family Members, to either Founder's Permitted Entities or to either Founder's Permitted Transferees; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;a Transfer by a Qualified Stockholder to any of the Permitted Entities and from any of the Permitted Entities listed to such Qualified Stockholder or to such Qualified Stockholder's other Permitted Entities.

Notwithstanding the foregoing, if the transferee of any share of Class B Common Stock in a Permitted Transfer is not Field, a Family Member of Field, a Permitted Entity of Field, then such Transfer shall not qualify as a Permitted Transfer unless Field, a Family Member of Field or a Permitted Entity of Field shall have Voting Control with respect to such share of Class B Common Stock following such Transfer or such share shall be subject to a voting proxy to Field following such Transfer (it being understood that such voting proxy may be executed promptly following, and in no event later than the tenth (10<sup>th</sup>) day after, such Transfer), unless this requirement is otherwise waived in writing by Field, or, if Field is incapable of granting such a waiver, then a person who then has the authority to select a licensed physician for Field under the definition of "Disability" above, prior to the expiration of such ten day period.

Furthermore, for the avoidance of doubt, in the event a Transfer could be evaluated as a Permitted Transfer under more than one of the clauses above, if it satisfies the applicable criteria for a Permitted Transfer under any such clause, it shall be deemed a Permitted Transfer notwithstanding the failure of such Transfer to satisfy the applicable criteria for a Permitted Transfer under any other clause.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transferee***" means a transferee of shares of Class B Common Stock received in a Transfer that constitutes a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;"***Public Listing Date***" means the earlier of (i) the date of the closing of the corporation's sale of its Class A Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act and (ii) the effectiveness of the registration statement filed under the Securities Act in connection with a Direct Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"***Qualified Stockholder***" means (i) a Founder, (ii) any record holder of a share of Class B Common Stock as of 11:59 p.m. Eastern Time on the Exchange Date, after giving effect to the transactions contemplated by the Exchange Agreement; (ii) the initial registered holder of any share of Class B Common that is originally issued by the corporation after the Exchange Date pursuant to, or in exchange for shares of Class A Common Stock originally issued by the corporation after the Exchange Date pursuant to, the exercise or conversion of options or warrants or settlement of restricted stock units ("***RSUs***") awarded with the requisite approval of the holders of Class B Common Stock as provided by Article IV(C)(6); and (iii) a Permitted Transferee of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"***Transfer***" of a share of Class B Common Stock means, directly or indirectly, any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law (including by merger, consolidation or otherwise) after 11:59 p.m. Eastern Time on the Exchange Date, including, without limitation, a transfer of a share of Class B Common Stock to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership), or the transfer of, or entering into a binding agreement with respect to, Voting Control (as defined below) over such share by proxy or otherwise. A "***Transfer***" will also be deemed to have occurred with respect to all shares of Class B Common Stock beneficially held by an entity that is a Qualified Stockholder, if after 11:59 p.m. Eastern Time on the Exchange Date, there is a Transfer of the voting power of the voting securities of such entity or any direct or indirect Parent of such entity, such that the previous holders of such voting power no longer retain dispositive power and Voting Control with respect to the shares of Series Class B Common Stock or held by such holder. Notwithstanding the foregoing, the following will not be considered a "***Transfer***":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any grant by Field, Field's Permitted Entities or Field's Family Members (or, if requested by Field, any grant by any holder of shares of Class B Common Stock) of a proxy to officers or directors of the corporation at the request of the Board in connection with (i) actions to be taken at an annual or special meeting of stockholders or in connection with any action by written consent of the stockholders solicited by the Board (if action by written consent of stockholders is permitted at such time under this Restated Certificate) or (ii) any other action of the stockholders permitted by this Restated Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any grant of a proxy to, or entry into a voting arrangement with, Field, Field's Permitted Entities or Field's Family Members for Field, Field's Permitted

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Entities or Field's Family Members to exercise Voting Control of shares of Class B Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;pledging shares of Class B Common Stock by a Qualified Stockholder that creates a mere security interest in such shares pursuant to a bona fide loan or indebtedness transaction for so long as such Qualified Stockholder continues to exercise Voting Control over such pledged shares or has granted a proxy to Field, Field's Permitted Entities or Field's Family Members to exercise Voting Control over such pledged shares; *provided, however,* that a foreclosure on such shares or other similar action by the pledgee will constitute a "***Transfer***" unless such foreclosure or similar action qualifies as a "***Permitted Transfer***" at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;granting a proxy by Field to (A) Wallace, (B) Field's Family Members, (C) a professional in the business of providing trustee services (including private professional fiduciaries, trust companies and bank trust departments) or (D) a person disclosed to the Board, to exercise dispositive power and/or Voting Control of the shares of Class B Common Stock owned directly or indirectly, beneficially and of record, by Field effective either (A) on the death of such Field or (B) during any Disability of such Field, including the exercise of such proxy by 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;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;entering into a trading plan pursuant to Rule 10b5-l under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), with a broker or other nominee; *provided, however,* that a sale of such shares of Class B Common Stock pursuant to such plan shall constitute a "***Transfer***" at the time of such sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the fact that the spouse of any Qualified Stockholder possesses or obtains an interest in such holder's shares of Class B Common Stock arising solely by reason of the application of the community property laws of any jurisdiction, so long as no other event or circumstance shall exist or have occurred that constitutes a "***Transfer***"; 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;any entry by Field, Field's Permitted Entities or Field's Family Members (or, if requested by Field, entry by any holder of shares of Class B Common Stock) into a support, voting, tender or similar agreement, arrangement or understanding (with or without granting a proxy) in connection with a Liquidation Event or consummating the actions or transactions contemplated therein (including, without limitation, tendering shares of Class B Common Stock or voting such shares in connection with a Liquidation Event, the consummation of a Liquidation Event or the sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of shares of Class B Common Stock or any legal or beneficial interest in shares of Class B Common Stock in connection with a Liquidation Event); provided that any sale, tender, assignment, transfer, conveyance, hypothecation or other transfer or disposition of Class B Common Stock or any legal or economic interest therein by the holder pursuant to a Liquidation Event, or any grant of a proxy over Class B Common Stock by the holder with respect to a Liquidation Event without specific instructions as to how to vote such Class B Common Stock, in each case, will constitute a "Transfer" of such Class B Common Stock unless such Liquidation Event was approved by the Board prior to the taking of such action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"***Voting Control***" means, with respect to a share of Class B Common Stock, the power (whether exclusive or shared) to vote or direct the voting of such share by proxy, voting agreement 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;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Identical Rights</u>. Except as otherwise provided in this Restated Certificate or required by applicable law, shares of Class A Common Stock and Class B Common Stock shall have the same rights and powers, rank equally (including as to dividends and distributions, and any liquidation, dissolution or winding up of the corporation but excluding voting and other matters as described in Article IV(C)(3) below), share ratably and be identical in all respects as to all matters, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to dividends, the holders of the Common Stock shall be entitled to receive, when, as and if declared by the Board, out of any assets of the corporation legally available therefor, such dividends as may be declared from time to time by the Board. Any dividends paid to the holders of shares of Class A Common Stock and Class B Common Stock shall be paid pro rata, on an equal priority, pari passu basis, unless different treatment of the shares of any such series is approved by the affirmative vote or written consent if action by written consent of stockholders is permitted at such time under this Restated Certificate) of the holders of a majority of the voting power of the outstanding shares of such applicable series of Common Stock treated adversely, voting separately as a class; *provided, however,* that in the event a dividend is paid in the form of shares of Common Stock (or rights to acquire such shares), subject to the rights of the holders of Class B Common Stock as provided in Article IV(C)(6) below, then holders of Class A Common Stock shall receive shares of Class A Common Stock (or rights to acquire such shares, as the case may be) and holders of Class B Common Stock shall receive shares of Class B Common Stock (or rights to acquire such shares, as the case may be), with holders of shares of Class A Common Stock and Class B Common Stock receiving, on a per share basis, an identical number of shares of Class A Common Stock or Class B Common Stock, as applicable. Notwithstanding the foregoing, the Board may pay or make a dividend of shares of Class A Common Stock (or rights to acquire such shares) to the holders of Class A Common Stock and Class B Common Stock otherwise meeting the criteria of this (A) if such dividend or distribution is approved by the affirmative vote of the Requisite Class B Holders; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the corporation in any manner subdivides or combines the outstanding shares of Class A Common Stock or Class B Common Stock, then the outstanding shares of all Common Stock will be subdivided or combined in the same proportion and manner, unless different treatment of the shares of Class A Common Stock and Class B Common Stock is approved by the affirmative vote of the holders of a majority of the outstanding shares of each of the Class A Common Stock and Class B Common Stock, each voting separately as a class.

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Rights</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Class A Common Stock</u>. Each holder of shares of Class A Common Stock will be entitled to one (1) vote for each share thereof held at the record date for the determination of the stockholders entitled to vote on such matters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Class B Common Stock</u>. Each holder of shares of Class B Common Stock will be entitled to fifteen (15) votes for each share thereof held at the record date for the determination of the stockholders entitled to vote on such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Except as otherwise expressly provided herein or as required by law, the holders of Class A Common Stock and Class B Common Stock will vote together and not as separate series or classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized Shares</u>. The number of authorized shares of Common Stock or any series thereof may be increased or decreased (but not below (i) the number of shares of Common Stock or, in the case of a series of Common Stock, such series, then outstanding plus (ii) with respect to Class A Common Stock, the number of shares reserved for issuance pursuant to Article IV(C)(5)(c) and Article IV(B)(4)(j)) by the affirmative vote of the holders of a majority of the voting power of the Class A Common Stock and Class B Common Stock, voting together as a single class.

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation Rights</u>. Upon the liquidation, dissolution or winding up of this corporation, the assets of this corporation shall be distributed as provided in Section 2 of Article IV(B) hereof on an equal priority, pro rata basis to the holders of Common Stock, unless different treatment of the shares of each such class is approved by the affirmative vote of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting separately as a class; provided, however, that for the avoidance of doubt, consideration to be paid or received by a holder of Common Stock in connection with any Liquidation Event pursuant to any employment, consulting, severance or similar services arrangement shall not be deemed to be "distribution to stockholders" for the purpose of this Section 4.

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion of the Class B Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Class B Common Stock will be convertible into Class A Common Stock as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Each share of Class B Common Stock will automatically convert into one fully paid and nonassessable share of Class A Common Stock on the Final Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any holder of Class B Common Stock, each share of Class B Common Stock held by such holder will automatically be converted into one fully paid and nonassessable share of Class A Common Stock, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;on the affirmative written election of such holder or, if later, at the time or the happening of a future event specified in such written election (which election may be revoked by such holder prior to the date on which the automatic conversion would otherwise occur unless otherwise specified by such holder); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;on the occurrence of a Transfer of such share of Class B Common Stock, other than a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Procedures</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;The corporation may, from time to time, establish such policies and procedures relating to the conversion of the Class B Common Stock to Class A Common Stock and the general administration of this dual class stock structure, including the issuance of stock certificates with respect thereto, as it may deem necessary or advisable, and may from time to time request that holders of shares of Class B Common Stock furnish certifications, affidavits or other proof to the corporation as it deems necessary to verify the ownership of Class B Common Stock and to confirm that a conversion to Class A Common Stock has not occurred. A determination by the corporation as to whether or not a Transfer has occurred and results in a conversion to Class A Common Stock shall be conclusive and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;On the occurrence of the conversion events specified in Sections 5(a)(i) or 5(a)(ii) above, such conversion will occur automatically without the need for any further action by the holders of such shares and whether or not the certificates representing such shares are surrendered to the corporation or its transfer agent; *provided, however,* that the corporation will not be obligated to issue certificates evidencing the shares of Class A Common Stock issuable on such conversion unless the certificates evidencing such shares of Class B Common Stock, if any such certificates have been issued, are either delivered to the corporation or its transfer agent as provided below, or the holder notifies the corporation or its transfer agent that such certificates have been lost, stolen or destroyed and executes an agreement satisfactory to the corporation to indemnify the corporation from any loss incurred by it in connection with such certificates. On the occurrence of such automatic conversion of the Class B Common Stock, the holders of Class B Common Stock so converted will surrender the certificates representing such shares at the office of the corporation or any transfer agent for the Class A Common Stock. Thereupon, if requested by any holder of Class B Common Stock, there will be issued and delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates for the number of shares of Class A Common Stock into which the shares of Class B Common Stock surrendered were convertible on the date on which such automatic conversion occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reservation</u>. The corporation will at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of the Class B Common Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class B Common Stock; and if at any time the number of authorized but unissued shares of Class A Common Stock will not be sufficient to effect the conversion of all then-outstanding shares of Class B Common Stock, the corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Class A Common Stock, to such number of shares as will be sufficient for such purpose.

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&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Class B Protective Provisions</u>. After 11:59 p.m. Eastern Time on the Exchange Date, and prior to the Final Conversion Date, the corporation shall not, without the prior affirmative vote (either at a meeting or by written election) of the Requisite Class B Holders, in addition to any other vote required by applicable law or this Restated Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly, whether by amendment, or through merger, recapitalization, consolidation or otherwise, amend or repeal, or adopt any provision of this Restated Certificate or the bylaws of the corporation inconsistent with, or otherwise alter, any provision of this Restated Certificate or the bylaws of the corporation relating to the voting, conversion or other rights, powers, preferences, privileges or restrictions of the Class B Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;reclassify any outstanding class or series of capital stock of the corporation into shares having (i) rights as to dividends or liquidation that are senior to the Class B Common Stock or (ii) the right to have more than one (1) vote for each share 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;authorize, or issue any shares of, any class or series of capital stock of the corporation (other than Class B Common Stock) having (i) rights as to dividends or liquidation that are senior to the Class B Common Stock (other than, prior to the Public Listing Date the authorization and issuance of any new series of Preferred Stock in connection with a bona fide capital raising transaction by the corporation) or (ii) having the right to more than (1) vote for each share thereof; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;issue any shares of Class B Common Stock, including, for the avoidance of doubt, by dividend, distribution or otherwise, other than shares of Class B Common Stock (i) issued by the corporation under the Exchange Agreement, (ii) issued to a Founder whether as shares or pursuant to the exchange of shares, exercise or conversion of options or warrants or upon settlement of equity awards granted to a Founder, or (iii) over which Field, Field's Permitted Entities or Field's Family Members shall have Voting Control or which shall be subject to a voting proxy in favor of Field, Field's Permitted Entities or Field's Family Members).

&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.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Reissuance of Class B Common Stock</u>. No share or shares of Class B Common Stock acquired by the corporation by reason of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be cancelled, retired and eliminated from the shares that the corporation shall be authorized to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Preemptive Rights</u>. No stockholder of the corporation shall have a right to purchase shares of capital stock of the corporation sold or issued by the corporation except to the extent that such a right may from time to time be set forth in a written agreement between the corporation and a 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Redemption</u>. The Common Stock is not redeemable at the option of the holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Exchanged Class A Common Stock</u>. Upon the exchange of any shares of Class A Common Stock for shares of Class B Common Stock pursuant to the Exchange Agreement, the shares of Class A Common Stock so exchanged shall be cancelled and shall not be issuable by this corporation. The Restated Certificate shall be appropriately amended to effect the corresponding reduction in this corporation's authorized capital 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Availability of Stockholder Action by Written Consent</u>. Subject to the rights of the holders of any series of Preferred Stock, from and after the Final Conversion Date, any action required or permitted to be taken by the stockholders of the Corporation must be effected at a duly called annual or special meeting of stockholders of the Corporation and may not be effected by any consent in writing by such stockholders.

**ARTICLE V**

Except as otherwise provided in this Restated Certificate, in furtherance and not in limitation of the powers conferred by statute, the Board is expressly authorized to make, repeal, alter, amend and rescind any or all of the Bylaws of this corporation.

**ARTICLE VI**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors</u>. The number of directors of this corporation shall be determined in the manner set forth in the Bylaws of this corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;<u>Classified Board</u>. Subject to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, including, without limitation, pursuant to subsection 5(b) of Article IV, immediately following the Final Conversion Date, the directors shall be divided, with respect to the time for which they severally hold office, into three classes designated as Class I, Class II and Class III, respectively (the "***Classified Board***"). The Board may assign members of the Board of Directors in office immediately prior to the Classified Board becoming effective to the several classes of the Classified Board, which assignments shall become effective at the same time the Classified Board becomes effective. Directors shall be assigned to each class in accordance with a resolution or resolutions adopted by a majority of the Board, with the number of directors in each class to be divided as nearly equal as reasonably possible. The initial term of office of the Class I directors shall expire at the corporation's first annual meeting of stockholders following the date on which the Classified Board becomes effective, the initial term of office of the Class II directors shall expire at the corporation's second annual meeting of stockholders following the date on which the Classified Board becomes effective, and the initial term of office of the Class III directors shall expire at the corporation's third annual meeting of stockholders following the date on which the Classified Board becomes effective. At each annual meeting of stockholders following the date on which the Classified Board becomes effective, directors elected to succeed those directors of the class whose terms then expire shall be elected for a term of office to expire at the third succeeding annual meeting of stockholders after their election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;<u>Board Vacancies</u>. Subject to the rights of the holders of any series of Preferred Stock to elect directors under specified circumstances, including, without limitation, pursuant to

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subsection 5(b) of Article IV, from and after the effectiveness of the Classified Board, any vacancy occurring in the Board for any cause, and any newly created directorship resulting from any increase in the authorized number of directors, shall (unless (a) the Board determines by resolution that any such vacancy or newly created directorship shall be filled by the stockholders or (b) otherwise required by applicable law) be filled only by the affirmative vote of a majority of the directors then in office, even if less than a quorum, or by a sole remaining director, and not by the stockholders. Any director elected in accordance with the preceding sentence shall hold office for a term expiring at the annual meeting of stockholders at which the term of office of the class to which the director has been elected expires or until such director's successor shall have been duly elected and qualified.

**ARTICLE VII**

Elections of directors need not be by written ballot unless the Bylaws of this corporation shall so provide.

**ARTICLE VIII**

Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws of this corporation may provide. The books of this corporation may be kept (subject to any provision contained in the statutes) outside the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws of this corporation.

**ARTICLE IX**

A director of this corporation shall not be personally liable to this corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director's duty of loyalty to this corporation or its stockholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the General Corporation Law, or (iv) for any transaction from which the director derived any improper personal benefit. If the General Corporation Law is amended after approval by the stockholders of this Article IX to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of this corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended.

Any amendment, repeal or modification of the foregoing prov1s1ons of this Article IX by the stockholders of this corporation shall not adversely affect any right or protection of a director of this corporation existing at the time of, or increase the liability of any director of this corporation with respect to any acts or omissions of such director occurring prior to, such amendment, repeal or modification.

**ARTICLE X**

Subject to Article IV(B)(6), this corporation reserves the right to amend, alter, change or repeal any provision contained in this Restated Certificate, in the manner now or hereafter

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prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.

**ARTICLE XI**

Any amendment, repeal or modification of the foregoing provisions of this Article XI shall not adversely affect any right or protection of a director, officer, employee, agent or other person existing at the time of, or increase the liability of any such person with respect to any acts or omissions of such person occurring prior to, such amendment, repeal or modification.

**ARTICLE XII**

This corporation renounces any interest or expectancy of this corporation in, or in being offered an opportunity to participate in, an Excluded Opportunity. An "***Excluded Opportunity***" is any matter, transaction or interest that is presented to, or acquired, created or developed by, or which otherwise comes into the possession of, (i) any director of this corporation who is not an employee of this corporation or any of its subsidiaries, or (ii) any holder of Preferred Stock or any partner, member, director, stockholder, employee or agent of any such holder, other than someone who is an employee of this corporation or any of its subsidiaries (collectively, "***Covered Persons***"), unless such matter, transaction or interest is presented to, or acquired, created or developed by, or otherwise comes into the possession of, a Covered Person expressly and solely in such Covered Person's capacity as a director of this corporation.

**ARTICLE XIII**

To the extent one or more sections of any other state corporations code setting forth minimum requirements for this corporation's retained earnings and/or net assets are applicable to this corporation's repurchases of its Common Stock from employees, officers, directors, advisors, consultants or other persons performing services for this corporation or any subsidiary pursuant to agreements under which this corporation has the option to repurchase such shares at cost upon the occurrence of certain events, such as the termination of employment, such code sections shall not apply, to the greatest extent permitted by applicable law. In the case of any such repurchases or dividends, such distributions by this corporation may be made without regard to the "preferential dividends arrears amount" or any

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"preferential rights amount," as such terms may be defined in such other state's corporations code.

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*

**THIRD:** The foregoing amendment and restatement was approved by the holders of the requisite number of shares of said corporation in accordance with Section 228 of the General Corporation Law.

**FOURTH:** That said Restated Certificate, which restates and integrates and further amends the provisions of this corporation's Restated Certificate of Incorporation, has been duly adopted in accordance with Sections 242 and 245 of the General Corporation Law.

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**IN WITNESS WHEREOF,** this Restated Certificate of Incorporation has been executed by a duly authorized officer of this corporation on this 23rd day of June 2021.

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| |
|:---|
| /s/ Dylan Field |
| Dylan Field, President |

---

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**CERTIFICATE OF AMENDMENT**

**OF THE**

**RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**FIGMA, INC.**

Pursuant to Section 242 of the General Corporation Law of the State of Delaware, Figma, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the "***Corporation***"), does hereby certify that:

**FIRST:** The name of this corporation is Figma, Inc. and this Corporation was originally incorporated pursuant to the General Corporation Law on October 19, 2012 under the name Figma, Inc.

**SECOND:** The first paragraph of Section 5(b) of Part B of Article IV of the Restated Certificate of Incorporation of the Corporation (the "***Restated Certificate of Incorporation***"), relating to the election of directors of the Corporation, is hereby amended and restated to read in its entirety as follows:

"(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting for the Election of Directors</u>. (i) As long as at least 5,696,055 shares of Series Seed Preferred Stock remain outstanding (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), the holders of such shares of Series Seed Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of this corporation at any election of directors (the "***Series Seed Director***"); (ii) as long as at least 10,385,550 shares of Series A Preferred Stock remain outstanding (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), the holders of such shares of Series A Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of this corporation at any election of directors (the "***Series A Director***"), (iii) as long as at least 11,250,000 shares of Series B Preferred Stock remain outstanding (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalizations or the like), the holders of such shares of Series B Preferred Stock, exclusively and as a separate class, shall be entitled to elect one (1) director of this corporation at any election of directors (the "***Series B Director***" and together with the Series Seed Director and the Series A Director, the "***Preferred Directors***"); and (iv) the holders of outstanding Common Stock, exclusively and as a single and separate class, shall be entitled to elect two (2) directors of this corporation at any election of directors (the "***Common Directors***"). One Common Director shall be referred to as the "***Founder Common Director***" and one Common Director shall be referred to as the "***Other Common Director***." The holders of Preferred Stock and Common Stock (voting together as a single class and not as separate series, and on an as converted basis) shall be entitled to elect any remaining directors of this corporation (the "***Remaining Directors***"***)*** based upon the voting power of the respective class of Common Stock."

**THIRD:** Section 5(c) of Part B of Article IV of the Restated Certificate of Incorporation of the Corporation, relating to director voting, is hereby amended and restated to read in its entirety as follows:

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"(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Director Voting</u>. Notwithstanding anything else to the contrary set forth in this Restated Certificate, on all matters presented to the Board (or any committee thereof on which the then-serving Founder Common Director is a member) for approval at any meeting of the Board (or any committee thereof on which the then-serving Founder Common Director is a member), the then-serving Founder Common Director shall be entitled to nine (9) votes with respect to each matter before the Board (or any committee thereof on which the then-serving Founder Common Director is a member). The voting structure of the Board as set forth in this Section 5(c) of Part B of Article IV of this Restated Certificate shall be referred to as the "***Board Voting Structure***". For so long as the Board Voting Structure is effective, every reference in this Restated Certificate or the Bylaws of this corporation to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors."

**FOURTH:** In accordance with the provisions of Section 141(f) and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment to the Restated Certificate of Incorporation has been duly adopted and declared advisable by the Board of Directors of the Corporation.

**FIFTH:** In accordance with the Restated Certificate of Incorporation and the provisions of Section 228 and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment to the Restated Certificate of Incorporation has been approved by the Corporation's stockholders required to approve the same.

**IN WITNESS WHEREOF,** said Corporation has caused this Certificate of Amendment to be signed by its duly authorized officer this 29th day of February, 2024 and the foregoing facts stated herein are true and correct.

---

| | |
|:---|:---|
| **FIGMA, INC.** | **FIGMA, INC.** |
| By: | /s/ Dylan Field |
| Name: Dylan Field | Name: Dylan Field |
| Title: President | Title: President |

---

------

**CERTIFICATE OF AMENDMENT**

**OF THE**

**RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**FIGMA, INC.**

Pursuant to Section 242 of the General Corporation Law of the State of Delaware, Figma, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the "***Corporation***"), does hereby certify that:

**FIRST:** The name of this corporation is Figma, Inc. and this Corporation was originally incorporated pursuant to the General Corporation Law on October 19, 2012 under the name Figma, Inc.

**SECOND:** The first paragraph of Part A of Article IV of the Restated Certificate of Incorporation of the Corporation (as amended, the "***Restated Certificate of Incorporation***"), relating to the authorized capitalization of the Corporation, is hereby amended and restated to read in its entirety as follows:

"A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of Stock</u>. This corporation is authorized to issue two classes of stock to be designated, respectively, common stock and preferred stock. The total number of shares of common stock that this corporation is authorized to issue is 689,956,420 shares, par value $0.00001 per share, 571,000,000 shares of which are designated as a series of common stock denominated as "***Class A Common Stock***" and 118,956,420 shares of which are designated as a series of common stock denominated as "***Class B Common Stock***". The Class A Common Stock and Class B Common Stock collectively are referred to herein as "***Common Stock***." The total number of shares of preferred stock authorized to be issued is 247,861,346, par value $0.00001 per share (the "***Preferred Stock***"). As of the Effective Time, 45,568,395 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series Seed Preferred Stock***," 70,262,325 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series A Preferred Stock***," 75,378,390 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series B Preferred Stock,***" 36,435,180 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series C Preferred Stock***", 10,825,930 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series D Preferred Stock***" and 9,391,126 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series E Preferred Stock***"."

**THIRD:** In accordance with the provisions of Section 141(f) and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment to the Restated Certificate of Incorporation has been duly adopted and declared advisable by the Board of Directors of the Corporation.

**FOURTH:** In accordance with the Restated Certificate of Incorporation and the provisions of Section 228 and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment

------

to the Restated Certificate of Incorporation has been approved by the Corporation's stockholders required to approve the same.

**IN WITNESS WHEREOF***,* said Corporation has caused this Certificate of Amendment to be signed by its duly authorized officer this 15th day of May, 2024 and the foregoing facts stated herein are true and correct.

---

| | |
|:---|:---|
| **FIGMA, INC.** | **FIGMA, INC.** |
| By: | /s/ Dylan Field |
| Name: Dylan Field | Name: Dylan Field |
| Title: President | Title: President |

---

------

**CERTIFICATE OF AMENDMENT**

**OF THE**

**RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**FIGMA, INC.**

Pursuant to Section 242 of the General Corporation Law of the State of Delaware, Figma, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the "***Corporation***"), does hereby certify that:

**FIRST:** The name of this corporation is Figma, Inc. and this Corporation was originally incorporated pursuant to the General Corporation Law on October 19, 2012 under the name Figma, Inc.

**SECOND:** The first paragraph of Part A of Article IV of the Restated Certificate of Incorporation of the Corporation (as amended, the "***Restated Certificate of Incorporation***"), relating to the authorized capitalization of the Corporation, is hereby amended and restated to read in its entirety as follows:

"A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of Stock</u>. This corporation is authorized to issue two classes of stock to be designated, respectively, common stock and preferred stock. The total number of shares of common stock that this corporation is authorized to issue is 705,456,420 shares, par value $0.00001 per share, 586,500,000 shares of which are designated as a series of common stock denominated as "***Class A Common Stock***" and 118,956,420 shares of which are designated as a series of common stock denominated as "***Class B Common Stock***". The Class A Common Stock and Class B Common Stock collectively are referred to herein as "***Common Stock****.*" The total number of shares of preferred stock authorized to be issued is 247,861,346, par value $0.00001 per share (the "***Preferred Stock***"). As of the Effective Time, 45,568,395 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series Seed Preferred Stock***," 70,262,325 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series A Preferred Stock***," 75,378,390 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series B Preferred Stock***," 36,435,180 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series C Preferred Stock***", 10,825,930 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series D Preferred Stock***" and 9,391,126 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series E Preferred Stock***"."

**THIRD:** In accordance with the provisions of Section 141(f) and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment to the Restated Certificate of Incorporation has been duly adopted and declared advisable by the Board of Directors of the Corporation.

**FOURTH:** In accordance with the Restated Certificate of Incorporation and the provisions of Section 228 and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment

------

to the Restated Certificate of incorporation has been approved by the Corporation's stockholders required to approve the same.

**IN WITNESS WHEREOF,** said Corporation has caused this Certificate of Amendment to be signed by its duly authorized officer this 18th day of February, 2025 and the foregoing facts stated herein are true and correct.

---

| | |
|:---|:---|
| **FIGMA, INC.** | **FIGMA, INC.** |
| By: | /s/ Dylan Field |
| Name: Dylan Field | Name: Dylan Field |
| Title: President | Title: President |

---

------

**CERTIFICATE OF AMENDMENT**

**OF THE**

**RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**FIGMA, INC.**

Pursuant to Section 242 of the General Corporation Law of the State of Delaware, Figma, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the "***Corporation***"), does hereby certify that:

**FIRST:** The name of this corporation is Figma, Inc. and this Corporation was originally incorporated pursuant to the General Corporation Law on October 19, 2012, under the name Figma, Inc.

**SECOND:** The first paragraph of Part A of Article IV of the Restated Certificate of Incorporation of the Corporation (as amended, the "***Restated Certificate of Incorporation***"), relating to the authorized capitalization of the Corporation, is hereby amended and restated to read in its entirety as follows:

"A.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of Stock</u>. This corporation is authorized to issue two classes of stock to be designated, respectively, common stock and preferred stock. The total number of shares of common stock that this corporation is authorized to issue is 763,377,096 shares, par value $0.00001 per share, 615,460,338 shares of which are designated as a series of common stock denominated as "***Class A Common Stock***" and 147,916,758 shares of which are designated as a series of common stock denominated as "***Class B Common Stock***". The Class A Common Stock and Class B Common Stock collectively are referred to herein as "***Common Stock***." The total number of shares of preferred stock authorized to be issued is 247,861,346, par value $0.00001 per share (the "***Preferred Stock***"). As of the Effective Time, 45,568,395 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series Seed Preferred Stock***," 70,262,325 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series A Preferred Stock***," 75,378,390 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series B Preferred Stock,***" 36,435,180 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series C Preferred Stock***", 10,825,930 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series D Preferred Stock***" and 9,391,126 shares of the authorized Preferred Stock of this corporation are hereby designated as "***Series E Preferred Stock***"."

**THIRD:** In accordance with the provisions of Section 141(f) and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment to the Restated Certificate

------

of Incorporation has been duly adopted and declared advisable by the Board of Directors of the Corporation.

**FOURTH:** In accordance with the Restated Certificate of Incorporation and the provisions of Section 228 and 242 of the General Corporation Law of the State of Delaware, the foregoing amendment to the Restated Certificate of Incorporation has been approved by the Corporation's stockholders required to approve the same.

------

**IN WITNESS WHEREOF***,* said Corporation has caused this Certificate of Amendment to be signed by its duly authorized officer this 30th day of June, 2025 and the foregoing facts stated herein are true and correct.

---

| |
|:---|
| **FIGMA, INC.** |
| By: <u>/s/Dylan Field&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| Name: Dylan Field |
| Title: President |

---

## Exhibit 3.2

**Exhibit 3.2**

**FIGMA, INC.**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

Figma, Inc., a Delaware corporation, hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;**The name of this corporation is "Figma, Inc." The date of the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware was October 19, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;**The Amended and Restated Certificate of Incorporation of this corporation attached hereto as <u>Exhibit A</u>, which is incorporated herein by this reference, and which restates, integrates and further amends the provisions of the Certificate of Incorporation of this corporation, as previously amended and/or supplemented, has been duly adopted by this corporation's Board of Directors and by its stockholders in accordance with Sections 242 and 245 of the General Corporation Law of the State of Delaware, with the approval of this corporation's stockholders having been given by written consent without a meeting in accordance with Section 228 of the General Corporation Law of the State of Delaware.

IN WITNESS WHEREOF, this corporation has caused this Amended and Restated Certificate of Incorporation to be signed by its duly authorized officer and the foregoing facts stated herein are true and correct.

---

| | | |
|:---|:---|:---|
| Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025 | FIGMA, INC. | FIGMA, INC. |
|  | By: |  |
|  |  | Dylan Field |
|  |  | Chief Executive Officer and President |

---

------

**<u>EXHIBIT A</u>**

**FIGMA, INC.**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**ARTICLE I: NAME**

The name of the corporation is Figma, Inc. (the "***Corporation***").

**ARTICLE II: AGENT FOR SERVICE OF PROCESS**

The address of the Corporation's registered office in the State of Delaware is 1209 Orange Street, City of Wilmington, County of New Castle, Delaware 19801, and the name of the Corporation's registered agent in the State of Delaware at such address is The Corporation Trust Company.

**ARTICLE III: PURPOSE**

The purpose 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 (as amended from time to time, the "***General Corporation Law***").

**ARTICLE IV: AUTHORIZED STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized Shares</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;1.1&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares of all classes of capital stock that the Corporation has authority to issue is 11,550,000,000 shares comprised of: (i) 11,350,000,000 shares of Common Stock, $0.00001 par value per share ("***Common Stock***"), of which (a) 10,000,000,000 shares shall be a series designated as Class A Common Stock, $0.00001 par value per share ("***Class A Common Stock***"), (b) 350,000,000 shares shall be a series designated as Class B Common Stock, $0.00001 par value per share ("***Class B Common Stock***"), and (c) 1,000,000,000 shares shall be a series designated as Class C Common Stock, $0.00001 par value per share ("***Class C Common Stock***"), and (ii) 200,000,000 shares of Preferred Stock, $0.00001 par value per share ("***Preferred 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;1.2&nbsp;&nbsp;&nbsp;&nbsp;Irrespective of the provisions of Section 242(b)(2) of the General Corporation Law, but subject to the rights of the holders of any series of Preferred Stock then outstanding, the number of authorized shares of any class or classes of stock may be increased or decreased (but not below the number of shares thereof then outstanding) by a vote of the holders of the stock of the Corporation entitled to vote thereon, voting as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, the Corporation expressly elects to be governed by Section 242(d) of the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Preferred 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;2.1&nbsp;&nbsp;&nbsp;&nbsp;The Corporation's Board of Directors (the "***Board***") is authorized, subject to any limitations prescribed by the laws of the State of Delaware, by resolution or resolutions adopted from time to time, to provide for the issuance of shares of Preferred Stock in one or more series, and, by filing a certificate of designation pursuant to the applicable laws of the State of Delaware ("***Certificate of***

------

***Designation***"), to establish from time to time the number of shares to be included in each such series, to fix the designation, powers (including voting powers), preferences and relative, participating, optional or other special rights (and the qualifications, limitations or restrictions thereof) of the shares of each such series and, except where otherwise provided in the applicable Certificate of Designation, to increase (but not above the total number of authorized shares of the Preferred Stock) or decrease (but not below the number of shares of such series then outstanding) the number of shares of any such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in this Amended and Restated Certificate of Incorporation (as the same may be amended and/or restated from time to time, including pursuant to the terms of any Certificate of Designation designating a series of Preferred Stock, this "***Certificate of Incorporation***"), (i) any new series of Preferred Stock may be designated, fixed and determined as provided herein by the Board without approval of the holders of Common Stock or the holders of Preferred Stock, or any series thereof, and (ii) any such new series may have powers, preferences and rights, including, without limitation, voting powers, dividend rights, liquidation rights, redemption rights and conversion rights, senior to, junior to or pari passu with the rights of the Common Stock, any series of the Preferred Stock or any future class or series of the Corporation's capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Common 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;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Equal Status</u>. Except as otherwise provided in this Certificate of Incorporation or required by applicable law, the holders of each series of Common Stock shall have the same rights and powers, rank equally (including as to dividends and distributions, and upon any liquidation, bankruptcy, dissolution or winding up of the Corporation, but excluding voting and other matters as described in Section 3.2 of this Article IV), share ratably and be identical in all respects and as to all matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Rights</u>. Except as otherwise expressly provided by this Certificate of Incorporation or as required by law, the holders of shares of Common Stock shall (a) at all times vote together as a single class and not as separate series or classes on all matters (including the election of directors) submitted to a vote of the stockholders of the Corporation, (b) be entitled to notice of any stockholders' meeting in accordance with the Corporation's Bylaws (as the same may be amended and/or restated from time to time, the "***Bylaws***") and (c) be entitled to vote upon such matters and in such manner as may be provided by applicable law; *<u>provided</u>*, *<u>however</u>*, that, except as otherwise required by law or this Certificate of Incorporation, holders of shares of Common Stock shall not be entitled to vote on any amendment to this Certificate of Incorporation (including any Certificate of Designation relating to any series of Preferred Stock) that relates solely to the terms of one (1) or more outstanding class or series of Preferred Stock if the holders of such affected class or series are entitled, either separately or together as a class with the holders of one (1) or more other such class or series, to vote thereon pursuant to this Certificate of Incorporation (including any Certificate of Designation relating to any series of Preferred Stock). Except as otherwise expressly provided herein or required by applicable law, (x) each holder of Class A Common Stock shall have the right to one (1) vote per share of Class A Common Stock held of record by such holder, (y) each holder of Class B Common Stock shall have the right to fifteen (15) votes per share of Class B Common Stock held of record by such holder and (z) shares of Class C Common Stock shall have no voting rights, except as otherwise required by law. Unless required by law, there shall be no cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends</u>. Subject to the preferential or other rights of any holders of Preferred Stock then outstanding, the holders of all series of Common Stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions (other than authorized repurchases of outstanding Common Stock) as may be declared and paid from time to time by the Board

------

out of any assets of the Corporation legally available therefor, unless a disparate dividend or distribution is approved in advance by the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series; *<u>provided</u>*, *<u>however</u>*, that, notwithstanding the foregoing, in the event a dividend or distribution (other than authorized repurchases of outstanding Common Stock) is paid in the form of shares of a series of Common Stock (or securities convertible into or exchangeable or exercisable for ("***rights to acquire***") such shares), the holders of a series of Common Stock, as such, shall receive shares of such series of Common Stock (or rights to acquire such shares). Notwithstanding the foregoing, the Board may pay or make a dividend or distribution of shares of Class A Common Stock (or rights to acquire such shares) to the holders of Class A Common Stock and Class B Common Stock otherwise meeting the criteria of this Section 3.3 if such dividend or distribution is approved by the affirmative vote of the Requisite Class B Holders (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Subdivisions or Combinations</u>. Without the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series, the Corporation may not subdivide or combine the issued shares of any series of Common Stock unless the issued shares of each other such series shall, concurrently therewith, be subdivided or combined in a manner that maintains the same proportionate equity ownership between the holders of the outstanding series of Common Stock on the record date of such subdivision or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Reclassifications</u>. Without the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series, the Corporation may not reclassify or otherwise change (other than a subdivision or combination pursuant to which Section 3.4 of this Article IV shall be applicable) (such reclassification or other change, "***Reclassify***") the shares of any series of Common Stock unless the shares of each other series of Common Stock are concurrently Reclassified (i) in a manner that maintains the same proportionate equity ownership between the holders of the outstanding series of Common Stock on the record date of such Reclassification and (ii) into the same kind and amount of stock or securities; *<u>provided</u>*, that, the stock or securities into which each share of Class B Common Stock or Class C Common Stock is Reclassified shall be deemed the same kind and amount into which each share of Class A Common Stock is Reclassified so long as any differences in the kind and amount of stock or securities are intended solely (as determined by the Board in good faith) to maintain the relative voting power of each share of Class B Common Stock relative to each share of any other series of Common Stock outstanding prior to the Reclassification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation, Dissolution or Winding Up</u>. Subject to the preferential or other rights of any holders of Preferred Stock then outstanding, upon the liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the holders of each series of Common Stock will be entitled to receive ratably, on a per share basis, all assets of the Corporation available for distribution to its stockholders unless disparate or different treatment of the shares of each such series with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series. Notwithstanding the foregoing, and for the avoidance of doubt, consideration to be paid or received by a holder of Common Stock pursuant to any employment, consulting, severance or similar services arrangement shall not be deemed to be assets of the Corporation available for distribution to its stockholders for the purpose of this Section 3.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Fundamental Change</u>. In addition to any vote required pursuant to applicable law or this Certificate of Incorporation, the affirmative vote of the holders of a majority of the then-outstanding shares of each series of Common Stock, voting as separate series, shall be required to approve any merger, consolidation, conversion, transfer, domestication or continuance (whether or not the

------

Corporation is the surviving entity, a "***Fundamental Change***") unless the holders of each series of Common Stock, as such, will be entitled to receive equal, identical and ratable per share distributions or payments, if any, in connection with such Fundamental Change; *<u>provided</u>*, *<u>however</u>*, that, notwithstanding the foregoing, in the case of a distribution or payment in the form of securities in connection with a Fundamental Change, any or all such series of Common Stock may (but shall not be required to) receive different or disproportionate distributions or payments in the form of securities of the Corporation or another entity if the only difference among the securities distributed or paid to each series of Common Stock shall be the voting rights thereof, which shall be substantially similar to the voting rights of the series of Common Stock in respect of which such securities are distributed or paid; and *<u>provided</u>*, *<u>further</u>*, that in the event that the holders of a series of Common Stock are granted rights to elect to receive one of two or more alternative forms of consideration, the holders of each series of Common Stock shall be deemed to have received equal, identical and ratable per share distributions or payments in connection with such Fundamental Change if holders of each series of Common Stock are granted substantially similar election rights. Notwithstanding the foregoing, and for the avoidance of doubt, (x) consideration to be distributed or paid to a holder of Common Stock in connection with any such Fundamental Change pursuant to any employment, consulting, severance or similar services arrangement or (y) a negotiated agreement between a holder of Common Stock and any counterparty (or an "affiliate" thereof (used herein as defined pursuant to Rule 405 promulgated under the Securities Act of 1933, as amended (the "***Securities Act***"))) to a Fundamental Change wherein such holder is contributing, selling, transferring or otherwise disposing of shares of the Corporation's capital stock to such counterparty (or an "affiliate" thereof) as part of a "rollover" or similar transaction that is in connection with such Fundamental Change, in each case, shall not be deemed to be consideration distributed or paid to the holder of shares of Common Stock for the purpose of this Section 3.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion</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;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion of the Class B Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Class B Common Stock shall be convertible into Class A Common Stock as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Each share of Class B Common Stock will automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock on the Final Conversion Date (as defined below) (the "***Class B Automatic Conversion***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any holder of Class B Common Stock, each share of Class B Common Stock held by such holder will automatically be converted into one (1) fully paid and nonassessable share of Class A Common Stock, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;on the affirmative written election of such holder or, if later, at the time or the happening of a future event specified in such written election (which election may be revoked by such holder prior to the date on which the automatic conversion would otherwise occur unless otherwise specified by such holder); or

ii)&nbsp;&nbsp;&nbsp;&nbsp;on the occurrence of a Transfer (as defined below) of such share of Class B Common Stock, other than a Permitted Transfer (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Class C Automatic Conversion</u>. All shares of Class C Common Stock then outstanding shall automatically, without further action by the Corporation or the holder thereof, be converted into one (1) fully paid and nonassessable share of Class A Common Stock following both (a)

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the earliest to occur of (i) the conversion or other exchange of all then-outstanding shares of Class B Common Stock into, or for shares of, Class A Common Stock, (ii) the Class B Automatic Conversion and (iii) the affirmative vote of the holders of a majority of the then-outstanding shares of Class B Common Stock, voting separately as a single class and (b) upon the date and time, or occurrence of an event, specified by the affirmative vote of the holders of a majority of the then-outstanding shares of Class A Common Stock, voting separately as a single class (the "***Class C Automatic Conversion***," and the Class B Automatic Conversion and the Class C Automatic Conversion each an "***Automatic Conversion***").

The Corporation shall provide notice of an Automatic Conversion to record holders of all then-outstanding shares of Class B Common Stock subject to such Class B Automatic Conversion and of Class C Common Stock subject to such Class C Automatic Conversion, as applicable, as soon as practicable following such Automatic Conversion. Such notice shall be provided by any means then permitted by the General Corporation Law; *<u>provided</u>*, *<u>however</u>*, that no failure to give such notice nor any defect therein shall affect the validity of an Automatic Conversion. Upon and after an Automatic Conversion, each record holder of then-outstanding shares of Class B Common Stock subject to such Class B Automatic Conversion and of Class C Common Stock subject to such Class C Automatic Conversion, as applicable, immediately prior to such Class B Automatic Conversion and Class C Automatic Conversion, as applicable, shall be registered on the Corporation's books as the record holder of the shares of Class A Common Stock issued upon such Automatic Conversion without further action on the part of such record holder. Immediately upon the effectiveness of an Automatic Conversion, the rights of the holders of the shares of Class B Common Stock converted pursuant to such Class B Automatic Conversion and of Class C Common Stock converted pursuant to such Class C Automatic Conversion, as applicable, shall cease, and the holders shall be treated for all purposes as having become the record holder or holders of such shares of Class A Common Stock into which such shares of Class B Common Stock and Class C Common Stock, as applicable, were converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Procedures</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;4.3.1&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may, from time to time, establish such policies and procedures relating to the conversion of the Class B Common Stock or Class C Common Stock to Class A Common Stock and the general administration of the division of the Common Stock into multiple series, including the issuance of stock certificates with respect thereto, as it may deem necessary or advisable, and may from time to time request that holders of shares of Class B Common Stock or Class C Common Stock furnish certifications, affidavits or other proof to the Corporation as it deems necessary to verify the ownership of Class B Common Stock or Class C Common Stock and to confirm that a conversion to Class A Common Stock has not occurred. The Board is authorized to determine whether or not a Transfer has occurred that results in a conversion to Class A Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2&nbsp;&nbsp;&nbsp;&nbsp;On the occurrence of the conversion events specified in Sections 4.1.1(a), 4.1.1(b) or 4.2 of this Article IV, such conversion will occur automatically without the need for any further action by the holders of such shares and whether or not the certificates representing such shares are surrendered to the Corporation or its transfer agent; *<u>provided</u>*, *<u>however</u>*, that the Corporation will not be obligated to issue certificates evidencing the shares of Class A Common Stock issuable on such conversion unless the certificates evidencing such shares of Class B Common Stock or Class C Common Stock, as applicable, if any such certificates have been issued, are either delivered to the Corporation or its transfer agent as provided below, or the holder notifies the Corporation or its transfer agent that such certificates have been lost, stolen or destroyed and executes an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with such certificates or the issuance of such shares of Class A Common Stock. On the occurrence of such Class B Automatic

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Conversion or Class C Automatic Conversion, the holders of Class B Common Stock or Class C Common Stock, as applicable, so converted will surrender the certificates representing such shares at the office of the Corporation or any transfer agent for the Class A Common Stock. Thereupon, if requested by any holder of Class B Common Stock or Class C Common Stock, there shall be issued and delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates for the number of shares of Class A Common Stock into which the shares of Class B Common Stock or Class C Common Stock surrendered were convertible on the date on which such automatic conversion occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Reservation</u>. The Corporation will at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, solely for the purpose of effecting the conversion of the shares of the Class B Common Stock and Class C Common Stock, such number of its shares of Class A Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Class B Common Stock and Class C Common Stock; and if at any time the number of authorized but unissued shares of Class A Common Stock will not be sufficient to effect the conversion of all then-outstanding shares of Class B Common Stock and Class C Common Stock, the Corporation will take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Class A Common Stock, to such number of shares as shall be sufficient for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Certificate of Incorporation, the following terms shall have the meanings set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.2&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Agreement***" means the exchange agreement between the Founders and certain of their Permitted Entities (as defined below), on the one hand, and the Corporation, on the other hand, dated June 23, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.3&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Date***" means June 23, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.4&nbsp;&nbsp;&nbsp;&nbsp;"***Family Member***" shall mean with respect to any natural person who is a Qualified Stockholder (as defined below), the spouse, domestic partner, parents, grandparents, aunts, uncles, cousins, lineal descendants, siblings and lineal descendants of siblings of such natural person, or the parents, grandparents, aunts, uncles, cousins, lineal descendants, siblings or lineal descendants of siblings of the spouse or domestic partner of such Qualified Stockholder. Lineal descendants shall include

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adopted persons, but only so long as they are adopted while a minor. Siblings shall include persons sharing one or both parents as well as persons adopted by one or both parents, but only so long as they are adopted while a minor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.5&nbsp;&nbsp;&nbsp;&nbsp;"***Final Conversion Date***" means the first to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the date fixed by the Board that is no less than sixty-one (61) days and no more than one-hundred-eighty (180) days following the date on which the Founders each fail to satisfy his Minimum Class B Share Ownership Condition (as defined below); it being understood that this clause (a) shall not be met if only one Founder fails to satisfy his Minimum Class B Share Ownership Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the date that is twenty-four (24) months after the death or Disability of Field, *<u>provided</u>*, that such date may be extended but not for a total period of longer than twelve (12) months, to a date approved by a majority of the Independent Directors then in office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the date specified by the holders of at least eighty percent (80%) of the then outstanding shares of Class B Common Stock, voting as a separate class (the "***Requisite Class B Holders***"), or in the affirmative written election executed by the Requisite Class B Holders; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the date that is twenty-four (24) months following the date on which the Founders each have ceased providing services to the Corporation as a director, officer, employee and/or consultant on a continuous basis for period of more than three consecutive years; it being understood that this clause (d) shall not be met if only one Founder has ceased providing services to the Corporation as a director, officer, employee and/or consultant on a continuous basis for a period of more than three consecutive 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;4.5.6&nbsp;&nbsp;&nbsp;&nbsp;"***Founder***" means either Dylan Field ("***Field***") or Evan Wallace ("***Wallace***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.7&nbsp;&nbsp;&nbsp;&nbsp;"***Independent Directors***" mean the members of the Board designated as independent directors in accordance with the Listing Standards (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.8&nbsp;&nbsp;&nbsp;&nbsp;"***Liquidation Event***" means (A) a merger, acquisition, sale or consolidation in which (1) the Corporation is a constituent party or the subject of such merger, acquisition, sale or consolidation or (2) a subsidiary of the Corporation is a constituent party or the subject of such merger, acquisition, sale or consolidation and the Corporation issues shares of its securities pursuant to such merger, acquisition, sale or consolidation, except any such merger, acquisition, sale or consolidation involving the Corporation or a subsidiary in which the shares of securities of the Corporation issued immediately prior to such merger, acquisition, sale or consolidation continue to represent, or are converted into or exchanged for shares of securities that represent, immediately following such merger, acquisition, sale or consolidation, at least a majority, by voting power, of the securities of (x) the surviving or resulting corporation or (y) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; (B) the sale, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation that constitutes an effective disposition of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except

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where such sale, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation; (C) the closing of the transfer (whether by merger, consolidation or otherwise), in a single transaction or series of related transactions, in each case, approved by the Board, to a person or group of affiliated persons (other than an underwriter of the Corporation's securities), of the Corporation's securities if, after such closing, such person or group of affiliated persons would hold 50% or more of the voting power of the outstanding stock of the Corporation (or the surviving or acquiring entity); *<u>provided</u>*, *<u>however</u>*, that notwithstanding the foregoing, the sale of the Corporation's capital stock by the Corporation in a bona fide equity financing for capital raising purposes shall not constitute a Liquidation Event; or (D) a liquidation, dissolution or winding up of the Corporation; *<u>provided</u>*, *<u>however</u>*, that a transaction shall not constitute a Liquidation Event if its sole purpose is to change the state of the Corporation's incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Corporation's securities immediately prior to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.9&nbsp;&nbsp;&nbsp;&nbsp;"***Listing Standards***" means the requirements of any national stock exchange under which the Corporation's equity securities are listed for trading that are generally applicable to companies with common equity securities listed thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.10&nbsp;&nbsp;&nbsp;&nbsp;"***Minimum Class B Share Ownership Condition***" means, with respect to a Founder, that such Founder, such Founder's Family Members, such Founder's Permitted Entities and such Founder's Permitted Transferees (as defined below) collectively own at least thirty percent (30%) of the issued and outstanding shares of Class B Common Stock (excluding, for the avoidance of doubt, any shares of Class B Common Stock that remain subject to vesting requirements at such time) owned of record by such Founder, such Founder's Family Members, such Founder's Permitted Entities and such Founder's Permitted Transferees as of 11:59 p.m. Eastern Time on the date of the closing of the Corporation's sale of its Class A Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities 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;4.5.11&nbsp;&nbsp;&nbsp;&nbsp;"***Parent***" of an entity means any entity that directly or indirectly owns or controls a majority of the voting power of the voting securities of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.12&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Entities***" mean any of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;a trust, estate planning vehicle or similar entity (including but not limited to legacy trusts, remainder trusts, freeze partnerships or limited liability companies, grantor retained annuity trusts, and charitable split interest trusts) for the benefit of a Qualified Stockholder, one or more Family Members of a Qualified Stockholder, one or more Permitted Entities of a Qualifying Stockholder, one or more Permitted Transferees of a Qualifying Stockholder or otherwise for estate planning purposes so long as one or more of (1) a Qualified Stockholder, (2) a Family Member of a Qualified Stockholder, (3) a professional in the business of providing trustee services (including private professional fiduciaries, trust companies and bank trust departments), (4) an individual who may be removed and replaced at the discretion of a Qualified Stockholder or a Family Member of a Qualified Stockholder, (5) a Permitted Entity of a Qualified Stockholder and/or (6) any other individual, entity or other organization approved by a majority of the Independent Directors (any of the foregoing persons identified in clauses (1) through (6), a "***Permitted Trustee***") collectively have dispositive power and Voting Control (as defined below) with respect to the shares of Class B Common Stock held by such trust, estate planning vehicle or similar entity; *<u>provided</u>* that in the event one or more Permitted Trustees collectively no longer have dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such trust, then a Transfer of each such share of Class B Common Stock then

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held by such trust shall be deemed to have occurred and such shares shall automatically convert into one (1) fully paid and nonassessable share of Class A Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;an Individual Retirement Account, as defined in Section 408(a) of the Internal Revenue Code, or a pension, profit sharing, stock bonus or other type of plan or trust of which a Qualified Stockholder is a participant or beneficiary and which satisfies the requirements for qualification under Section 401 of the Internal Revenue Code; *<u>provided</u>* that in each case such Qualified Stockholder, one or more Family Members of such Qualified Stockholder and/or one or more of such Permitted Entities of such Qualified Stockholder collectively have dispositive power and Voting Control with respect to the shares of Class B Common Stock held in such account, plan or trust, and *<u>provided</u>*, *<u>further</u>*, that in the event such Qualified Stockholder, one or more Family Members of such Qualified Stockholder and/or one or more Permitted Entities of such Qualified Stockholder collectively no longer have dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such account, plan or trust, then a Transfer of each such share of Class B Common Stock then held by such trust shall be deemed to have occurred and such shares shall automatically convert into one (1) fully paid and nonassessable share of Class A Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;a corporation, partnership, limited liability company or other entity in which a Qualified Stockholder, one or more Permitted Entities of a Qualified Stockholder, and/or one or more Family Members of a Qualified Stockholder, collectively own equity interests, with sufficient Voting Control in such corporation, partnership, limited liability company or other entity, as applicable, or otherwise have legally enforceable rights, such that the Qualified Stockholder, one or more Permitted Entities of such Qualified Stockholder and/or one or more Family Members of such Qualified Stockholder collectively retain dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such corporation, partnership, limited liability company or other entity; *<u>provided</u>* that in the event the Qualified Stockholder, one or more one or more Permitted Entities of the Qualified Stockholder, and/or one or more Family Members of the Qualified Stockholder, collectively no longer own sufficient equity interests, or no longer have sufficient legally enforceable rights to ensure such persons collectively retain dispositive power and Voting Control with respect to the shares of Class B Common Stock held by such corporation, partnership, limited liability company or other entity, then a Transfer of each such share of Class B Common Stock then held by such corporation, partnership, limited liability company or other entity shall be deemed to have occurred and such shares shall automatically convert into one (1) fully paid and nonassessable share of Class A Common Stock; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any organization exempt from taxation under the Internal Revenue Code (including but not limited to charitable organizations, private foundations, donor-advised funds, and supporting organizations) controlled by, or established by or in the name of, a Qualified Stockholder, one or more Family Members of a Qualified Stockholder and/or one or more Permitted Entities of a Qualified Stockholder.

For the avoidance of doubt, to the extent any shares of Class B Common Stock are deemed to be held by a trustee of a trust described under any of the clauses above, the Transfer shall be a Permitted Transfer and the trustee shall be deemed a Permitted Entity so long as the other requirements of the applicable clause above are otherwise satisfied.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.13&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transfer***" means any of the following, whether the Transfer was made for value or for no 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Founder, a Transfer from such Founder, from such Founder's Permitted Entities, from such Founder's Family Members, from the estate of such Founder or such Founder's Family Members, or from such Founder's Permitted Transferees, to such Founder's estate as a result of such Founder's death, to either Founder, to either Founder's Family Members, to either Founder's Permitted Entities or to either Founder's Permitted Transferees; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;a Transfer by a Qualified Stockholder to any of the Permitted Entities and from any of the Permitted Entities listed to such Qualified Stockholder or to such Qualified Stockholder's other Permitted Entities.

Notwithstanding the foregoing, if the transferee of any share of Class B Common Stock in a Permitted Transfer is not Field, a Family Member of Field, a Permitted Entity of Field, then such Transfer shall not qualify as a Permitted Transfer unless Field, a Family Member of Field or a Permitted Entity of Field shall have Voting Control with respect to such share of Class B Common Stock following such Transfer or such share shall be subject to a voting proxy to Field following such Transfer (it being understood that such voting proxy may be executed promptly following, and in no event later than the tenth (10th) day after, such Transfer), unless this requirement is otherwise waived in writing by Field, or, if Field is incapable of granting such a waiver, then a person who then has the authority to select a licensed physician for Field under the definition of "Disability" above, prior to the expiration of such ten day period.

Furthermore, for the avoidance of doubt, in the event a Transfer could be evaluated as a Permitted Transfer under more than one of the clauses above, if it satisfies the applicable criteria for a Permitted Transfer under any such clause, it shall be deemed a Permitted Transfer notwithstanding the failure of such Transfer to satisfy the applicable criteria for a Permitted Transfer under any other clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.14&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transferee***" means a transferee of shares of Class B Common Stock received in a Transfer that constitutes a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.15&nbsp;&nbsp;&nbsp;&nbsp;"***Qualified Stockholder***" means (i) a Founder, (ii) any record holder of a share of Class B Common Stock as of 11:59 p.m. Eastern Time on the Exchange Date, after giving effect to the transactions contemplated by the Exchange Agreement; (iii) the initial registered holder of any share of Class B Common Stock that is originally issued by the Corporation after the Exchange Date pursuant to, or in exchange for shares of Class A Common Stock originally issued by the Corporation after the Exchange Date pursuant to, the exercise or conversion of options or warrants or settlement of restricted stock units awarded with the requisite approval of the holders of Class B Common Stock as provided by Section 1 of Article X; and (iv) a Permitted Transferee of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.16&nbsp;&nbsp;&nbsp;&nbsp;"***Transfer***" of a share of Class B Common Stock means, directly or indirectly, any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of such share or any legal or beneficial interest in such share, whether or not for value and whether voluntary or involuntary or by operation of law (including by merger, consolidation or otherwise) after 11:59 p.m. Eastern Time on the Exchange Date, including, without limitation, a transfer of a share of Class B Common Stock to a broker or other nominee (regardless of whether there is a corresponding change in beneficial ownership), or the transfer of, or entering into a binding agreement with respect to, Voting Control over such share by proxy or otherwise. A "Transfer" will also be deemed to have occurred with

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respect to all shares of Class B Common Stock beneficially held by an entity that is a Qualified Stockholder, if after 11:59 p.m. Eastern Time on the Exchange Date, there is a Transfer of the voting power of the voting securities of such entity or any direct or indirect Parent of such entity, such that the previous holders of such voting power no longer retain dispositive power and Voting Control with respect to the shares of Series Class B Common Stock or held by such holder. Notwithstanding the foregoing, the following will not be considered a "Transfer":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any grant by Field, Field's Permitted Entities or Field's Family Members (or, if requested by Field, any grant by any holder of shares of Class B Common Stock) of a proxy to officers or directors of the Corporation at the request of the Board in connection with (i) actions to be taken at an annual or special meeting of stockholders or in connection with any action by written consent of the stockholders solicited by the Board (if action by written consent of stockholders is permitted at such time under this Certificate of Incorporation) or (ii) any other action of the stockholders permitted by this Certificate of Incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any grant of a proxy to, or entry into a voting trust or agreement or arrangement with Field, Field's Permitted Entities or Field's Family Members for Field, Field's Permitted Entities or Field's Family Members to exercise Voting Control of shares of Class B Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;pledging shares of Class B Common Stock by a Qualified Stockholder that creates a mere security interest in such shares pursuant to a bona fide loan or indebtedness transaction for so long as such Qualified Stockholder continues to exercise Voting Control over such pledged shares or has granted a proxy to Field, Field's Permitted Entities or Field's Family Members to exercise Voting Control over such pledged shares; *<u>provided</u>*, *<u>however</u>*, that a foreclosure on such shares or other similar action by the pledgee will constitute a "Transfer" unless such foreclosure or similar action qualifies as a "Permitted Transfer" at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;granting of a proxy by Field to (A) Wallace, (B) Field's Family Members, (C) a professional in the business of providing trustee services (including private professional fiduciaries, trust companies and bank trust departments), (D) a person disclosed to the Board, to exercise dispositive power and/or Voting Control of the shares of Class B Common Stock owned directly or indirectly, beneficially and of record, by Field effective either, in the case of (D), (A) on the death of Field or (B) during any Disability of Field, including the exercise of such proxy by such person, or (E) a person pursuant to a written agreement to which the Company is a party and which has been approved by a majority of the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;entering into a trading plan pursuant to Rule 10b5-l under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), with a broker or other nominee; *<u>provided</u>*, *<u>however</u>*, that a sale of such shares of Class B Common Stock pursuant to such plan shall constitute a "Transfer" at the time of such sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the fact that the spouse of any Qualified Stockholder possesses or obtains an interest in such holder's shares of Class B Common Stock arising solely by reason of the application of the community property laws of any jurisdiction, so long as no other event or circumstance shall exist or have occurred that constitutes a "Transfer"; 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;any entry by Field, Field's Permitted Entities or Field's Family Members (or, if requested by Field, entry by any holder of shares of Class B Common Stock) into a

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support, voting, tender or similar agreement, arrangement or understanding (with or without granting a proxy) in connection with a Liquidation Event or consummating the actions or transactions contemplated therein (including, without limitation, tendering shares of Class B Common Stock or voting such shares in connection with a Liquidation Event, the consummation of a Liquidation Event or the sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of shares of Class B Common Stock or any legal or beneficial interest in shares of Class B Common Stock in connection with a Liquidation Event); *<u>provided</u>* that any sale, tender, assignment, transfer, conveyance, hypothecation or other transfer or disposition of Class B Common Stock or any legal or economic interest therein by the holder pursuant to a Liquidation Event, or any grant of a proxy over Class B Common Stock by the holder with respect to a Liquidation Event without specific instructions as to how to vote such Class B Common Stock, in each case, will constitute a "Transfer" of such Class B Common Stock unless such Liquidation Event was approved by the Board prior to the taking of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.17&nbsp;&nbsp;&nbsp;&nbsp;"***Voting Control***" means, with respect to a share of Class B Common Stock, the power (whether exclusive or shared) to vote or direct the voting of such share by proxy, voting agreement 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;4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>No Reissuance of Converted Stock</u>. No share or shares of Class B Common Stock or Class C Common Stock acquired by the Corporation by reason of redemption, purchase, conversion or otherwise shall be reissued, and all such shares shall be cancelled, retired and eliminated from the shares that the Corporation shall be authorized to issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Conversion on Payment of Dividends</u>. Notwithstanding anything to the contrary in Sections 4.1 or 4.2 of this Article IV, if the date on which any share of Class B Common Stock or Class C Common Stock is converted into Class A Common Stock pursuant to the provisions of Sections 4.1 or 4.2 of this Article IV occurs after the record date for the determination of the holders of Class B Common Stock or Class C Common Stock entitled to receive any dividend or distribution to be paid on the shares of Class B Common Stock or Class C Common Stock, as applicable, the holder of such shares of Class B Common Stock or Class C Common Stock, as applicable, as of such record date will be entitled to receive such dividend or distribution on such payment date; *<u>provided</u>*, that, notwithstanding any other provision of this Certificate of Incorporation, to the extent that any such dividend or distribution is payable in shares of Class B Common Stock or Class C Common Stock, such shares of Class B Common Stock or Class C Common Stock, as applicable, shall automatically be converted to Class A Common Stock, on a one-to-one basis.

**ARTICLE V: AMENDMENT OF BYLAWS**

The Board shall have the power to adopt, amend or repeal the Bylaws. Any adoption, amendment or repeal of the Bylaws by the Board shall require the approval of a majority of the total number of authorized directors, whether or not there exist any vacancies in previously authorized directorships (the "***Whole Board***"). The stockholders shall also have power to adopt, amend or repeal the Bylaws. Prior to 5:00 p.m. Eastern Time on the first day on which the voting power of all of the then-outstanding shares of Class B Common Stock represents less than a majority of the total voting power of all of the then-outstanding shares of the Corporation's capital stock (the "***Trigger Date***"), except as otherwise provided in this Certificate of Incorporation, and in addition to any requirements of law, such adoption, amendment or repeal of the Bylaws of the Corporation by the stockholders shall require the affirmative vote of a majority in voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class. From and after the Trigger Date, except as otherwise provided in this Certificate of Incorporation, and in addition to any requirements of law, the affirmative

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vote of the holders of at least two-thirds (2/3) of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class, shall be required for the stockholders to adopt, amend or repeal any provision of the Bylaws; *<u>provided</u>*, *<u>further</u>*, that, in the case of any adoption, amendment or repeal of any provision of the Bylaws that the Board elects to submit to the stockholders for adoption and which is approved by at least two-thirds (2/3) of the Whole Board, then, except as otherwise provided in this Certificate of Incorporation, only the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class (in addition to any requirements of law), shall be required to adopt, amend or repeal any such provision of the Bylaws.

**ARTICLE VI: MATTERS RELATING TO THE BOARD OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Director Powers</u>.** Except as otherwise provided by the General Corporation Law or this Certificate of Incorporation, the Corporation's business and affairs shall be managed by or under the direction of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors</u>.** Subject to the special rights of the holders of any class or series of Preferred Stock to elect additional directors under specified circumstances, the total number of directors constituting the Whole Board shall be fixed from time to time exclusively by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Classified Board</u>.** Effective upon the Trigger Date and subject to the special rights of the holders of one or more class or series of Preferred Stock to elect directors, the directors shall be divided, with respect to the time for which they severally hold office, into three classes, designated as Class I, Class II and Class III, respectively (the "***Classified Board***"). In connection with the Trigger Date, the Board is authorized to assign members of the Board already in office to such classes of the Classified Board, with such assignment effective at such time as the division of the Board into classes becomes effective pursuant to this paragraph. In no event shall the term of any director be shortened by the occurrence of a Trigger Date. The initial term of office of the Class I directors shall expire at the Corporation's first annual meeting of stockholders following the Trigger Date, the initial term of office of the Class II directors shall expire at the Corporation's second annual meeting of stockholders following the Trigger Date, and the initial term of office of the Class III directors shall expire at the Corporation's third annual meeting of stockholders following the Trigger Date. At each succeeding annual meeting of stockholders following the Trigger Date, directors elected to succeed those directors of the class whose terms then expire shall be elected for a term of office expiring at the third succeeding annual meeting of stockholders after their election. Prior to the Trigger Date, and subject to the rights of the holders of one or more classes or series of Preferred Stock to elect directors, each director elected by the stockholders shall serve for a term expiring at the first annual meeting of stockholders held after such director's election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Removal</u>.** Each director shall hold office until such director's successor is duly elected and qualified, or until such director's earlier death, resignation, disqualification or removal. Any director may resign at any time upon notice to the Corporation given in writing or by any electronic transmission. Subject to the special rights of the holders of any class or series of Preferred Stock, no director may be removed from the Board except for cause and only by the affirmative vote of the holders of at least two-thirds (2/3) of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote generally in the election of directors, voting together as a single class; *<u>provided</u>* that directors may be removed with or without cause by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock

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entitled to vote generally in the election of directors, voting together as a single class, prior to the Trigger Date. No decrease in the number of directors constituting the Board shall shorten the term of any director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Board Vacancies and Newly Created Directorships</u>.** Subject to the special rights of the holders of any class or series of Preferred Stock, any vacancy occurring in the Board for any cause, and any newly created directorship resulting from any increase in the authorized number of directors, shall be filled only by the affirmative vote of a majority of the directors then in office, even if less than a quorum, or by a sole remaining director, and shall not be filled by the stockholders; *<u>provided</u>* that such vacancies or newly created directorships may be filled by the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote generally in the election of directors, voting together as a single class, prior to the Trigger Date. Any director elected in accordance with the preceding sentence shall hold office for the remainder of the term of the class of director in which the vacancy or new directorship was created and shall hold office until such director's successor shall have been duly elected and qualified, or until such director's earlier death, resignation, disqualification or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vote by Ballot</u>.** Election of directors need not be by written ballot unless the Bylaws shall so provide.

**ARTICLE VII: LIMITATION OF LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability</u>.** To the fullest extent permitted by law, no director or officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, as applicable. Without limiting the effect of the preceding sentence, if the General Corporation Law is hereafter amended to authorize the further elimination or limitation of the liability of a director or officer, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law, as so amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Rights</u>.** Neither any amendment nor repeal of this Article VII, nor the adoption of any provision of this Certificate of Incorporation inconsistent with this Article VII, shall eliminate, reduce or otherwise adversely affect any limitation on the personal liability of a director or officer of the Corporation existing at the time of such amendment, repeal or adoption of such an inconsistent provision.

**ARTICLE VIII: MATTERS RELATING TO STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Action by Written Consent of Stockholders</u>.** Subject to the rights of any series of Preferred Stock then outstanding, no action shall be taken by the Corporation's stockholders except at a duly called annual or special meeting of stockholders and no action shall be taken by the Corporation's stockholders by written consent in lieu of a meeting; *<u>provided</u>*, that, prior to the Trigger Date, any action required or permitted to be taken at any meeting of the stockholders of the Corporation, may be taken without a meeting if holders of a majority of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, consent thereto in writing or by electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meeting of Stockholders</u>.** Special meetings of the Corporation's stockholders may be called only by the Chairperson of the Board, the Corporation's Chief Executive Officer, the Lead Independent Director (as defined in the Bylaws) or the Board acting pursuant to a resolution adopted by a majority of the Whole Board and may not be called by the stockholders or any other person or persons;

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*<u>provided</u>* that, prior to the Trigger Date, special meetings of the Corporation's stockholders may be called by the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Advance Notice of Stockholder Nominations at Annual or Special Meetings and</u> <u>Business Transacted at Special Meetings</u>.** Advance notice of stockholder nominations for the election of directors of the Corporation at and of business to be brought by stockholders before any annual or special meeting of the Corporation's stockholders shall be given in the manner provided in the Bylaws. Business transacted at special meetings of stockholders shall be limited to the purpose or purposes stated in the notice of meeting.

**ARTICLE IX: INTERPRETATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Ambiguity</u>.** In applying any provision set forth in this certificate that requires a determination by the Board, or in the case of an ambiguity in the application of any provision set forth in this Certificate of Incorporation or in the meaning of any term or definition set forth in this Certificate of Incorporation, the Board or an authorized committee thereof shall have the power to determine, in its sole discretion, the application of any such provision or any such term or definition with respect to any situation based on the facts believed in good faith by it; *<u>provided</u>*, that, for so long as any shares of Class B Common Stock remain outstanding, only the Board (and not an authorized committee thereof) shall have the power to make the foregoing determinations with respect to any application of any provision in, or the meaning of any term or definition set forth in, Article IV hereof. A determination of the Board (or, if applicable and permissible, an authorized committee thereof) in accordance with the preceding sentence shall be conclusive and binding on the stockholders of the Corporation. Such determination shall be evidenced in a writing adopted by the Board (or, if applicable and permissible, an authorized committee thereof), and such writing shall be made available for inspection by any holder of capital stock of the Corporation at the principal executive offices of the Corporation. For the avoidance of doubt, nothing in this Certificate of Incorporation shall (i) modify the fiduciary duties of directors to the Corporation and its stockholders, (ii) alter the standard of review a court of competent jurisdiction may apply to review any action, interpretation, determination or calculation (or any omission with respect to the foregoing) by the Board (or an authorized committee thereof) for compliance with the directors' fiduciary duties to the Corporation and its stockholders or (iii) provide for an elimination or limitation of the personal liability of directors to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director to the extent not permitted by Section 102(b)(7) of the General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>.** If any provision of this Certificate of Incorporation shall be held to be invalid, illegal, or unenforceable, then such provision shall nonetheless be enforced to the maximum extent possible consistent with such holding and the remaining provisions of this Certificate of Incorporation (including without limitation, all portions of any section of this Certificate of Incorporation containing any such provision held to be invalid, illegal, or unenforceable, which is not invalid, illegal, or unenforceable) shall remain in full force and effect.

**ARTICLE X: AMENDMENT OF CERTIFICATE OF INCORPORATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>.** The Corporation reserves the right to amend or repeal any provision contained in this Certificate of Incorporation in the manner prescribed by the laws of the State of Delaware and all rights conferred upon stockholders are granted subject to this reservation. Except as otherwise provided in this Certificate of Incorporation, and in addition to any other vote required hereby or by applicable law, from and after the Trigger Date, the affirmative vote of the holders of at least two-thirds (2/3) of the

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voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class, shall be required to amend or repeal, or adopt any provision inconsistent with this Certificate of Incorporation (other than Section 1.1 of Article IV); *<u>provided</u>* that, if two-thirds (2/3) of the Whole Board has approved such amendment or repeal of, or adoption of any provision inconsistent with, the provisions of this Certificate of Incorporation, except as otherwise provided in this Certificate of Incorporation, then only the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class (in addition to any other vote required by law), shall be required to approve such amendment or repeal of, or adoption of any provision inconsistent with, the provisions of this Certificate of Incorporation. Notwithstanding the foregoing, prior to the Trigger Date only the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of the Corporation's capital stock entitled to vote thereon, voting together as a single class (in addition to any other vote required by law), shall be required to approve such amendment or repeal of, or adoption of any provision inconsistent with, the provisions of this Certificate of Incorporation.

Notwithstanding anything to the contrary herein, prior to the Class B Automatic Conversion, the Corporation shall not, without the prior affirmative vote of the Requisite Class B Holders, in addition to any other vote required by applicable law or this Certificate of Incorporation, including pursuant to this Article X:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly, whether by amendment, or through merger, reclassification, conversion, recapitalization, consolidation or otherwise, amend or repeal, or adopt any provision of this Certificate of Incorporation or the Bylaws inconsistent with, or otherwise alter, any provision of this Certificate of Incorporation or the Bylaws relating to the voting, conversion or other rights, powers, preferences, privileges or restrictions of the Class B Common 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;1.2&nbsp;&nbsp;&nbsp;&nbsp;reclassify any outstanding class or series of capital stock of the Corporation into shares having (i) rights as to dividends or liquidation that are senior to the Class B Common Stock or (ii) the right to have more than one (1) vote for each share thereof (or, in the case of Class C Common Stock, the right to any vote for any share thereof, except as required by law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;authorize, or issue any shares of, any class or series of capital stock of the Corporation (other than Class B Common Stock) having (i) rights as to dividends or liquidation that are senior to the Class B Common Stock or (ii) having the right to more than one (1) vote for each share thereof; 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;1.4&nbsp;&nbsp;&nbsp;&nbsp;issue any shares of Class B Common Stock, including, for the avoidance of doubt, by dividend, distribution or otherwise, other than shares of Class B Common Stock (i) issued by the Corporation under the Exchange Agreement, (ii) issued to a Founder whether as shares or pursuant to the exchange of shares, exercise or conversion of options or warrants or upon settlement of equity awards granted to a Founder, or (iii) over which Field, Field's Permitted Entities or Field's Family Members shall have Voting Control (or which shall be subject to an irrevocable voting proxy in favor of Field, Field's Permitted Entities or Field's Family Members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Changes to or Inconsistent with Section 3 of Article IV</u>.** Notwithstanding any other provision of this Certificate of Incorporation (including any Certificate of Designation) or any provision of law that might otherwise permit a lesser vote or no vote, but in addition to any vote of the holders of any class or series of the stock of the Corporation required by law or by this Certificate of Incorporation (including any Certificate of Designation), the affirmative vote of the holders of Class A Common Stock

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representing at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of Class A Common Stock, voting separately as a single class, and the affirmative vote of the holders of Class B Common Stock representing at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of Class B Common Stock, voting separately as a single class, shall be required to amend or repeal, or to adopt any provision inconsistent with, Section 3 of Article IV or this Section 2 of Article X.

**\* \* \* \* \* \* \* \* \* \* \***

## Exhibit 3.3

**Exhibit 3.3**

**<u>FIGMA, INC.</u>**

a Delaware Corporation

**<u>AMENDED AND RESTATED</u>**

**<u>BYLAWS</u>**

As Adopted October 26, 2012

As Amended and Restated

February 11, 2020

As Amended and Restated

April 29, 2020

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**<u>FIGMA, INC.</u>**

a Delaware Corporation

**<u>AMENDED AND RESTATED BYLAWS</u>**

As Adopted October 26, 2012

As Amended and Restated February 11, 2020

As Amended and Restated April 29, 2020

**ARTICLE I: STOCKHOLDERS**

**<u>Section 1.1:</u> <u>Annual Meetings</u>.** Unless members of the Board of Directors of the Corporation (the "***Board***") are elected by written consent in lieu of an annual meeting, as permitted by Section 211 of the Delaware General Corporation Law (the "***DGCL***") and these Bylaws, an annual meeting of stockholders shall be held for the election of directors at such date and time as the Board shall each year fix. The meeting may be held either at a place, within or without the State of Delaware, or by means of remote communication as the Board in its sole discretion may determine. Any proper business may be transacted at the annual meeting.

**<u>Section 1.2:</u> <u>Special Meetings</u>.** Special meetings of stockholders for any purpose or purposes may be called at any time by the Chairperson of the Board, the Chief Executive Officer, the President, the holders of shares of the Corporation that are entitled to cast not less than ten percent (10%) of the total number of votes entitled to be cast by all stockholders at such meeting, or by a majority of the "***Whole Board***," which shall mean the total number of authorized directors, whether or not there exist any vacancies in previously authorized directorships. Special meetings may not be called by any other person or persons. If a special meeting of stockholders is called by any person or persons <u>other than</u> by a majority of the members of the Board, then such person or persons shall request such meeting by delivering a written request to call such meeting to each member of the Board, and the Board shall then determine the time and date of such special meeting, which shall be held not more than one hundred twenty (120) days nor less than thirty-five (35) days after the written request to call such special meeting was delivered to each member of the Board. The special meeting may be held either at a place, within or without the State of Delaware, or by means of remote communication as the Board in its sole discretion may determine.

**<u>Section 1.3:</u> <u>Notice of Meetings</u>.** Notice of all meetings of stockholders shall be given in writing or by electronic transmission in the manner provided by law (including, without limitation, as set forth in Section 7.1.1 of these Bylaws) stating the date, time and place, if any, of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise required by applicable law or the Certificate of Incorporation of the Corporation (as the same may be amended and/or restated from time to time, the "***Certificate of Incorporation***"), such notice shall be given not less than ten (10), nor more than

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sixty (60), days before the date of the meeting to each stockholder of record entitled to vote at such meeting.

**<u>Section 1.4:</u> <u>Adjournments</u>.** The chairperson of the meeting shall have the power to adjourn the meeting to another time, date and place (if any). Any meeting of stockholders may adjourn from time to time, and notice need not be given of any such adjourned meeting if the time, date and 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 announced at the meeting at which the adjournment is taken; *<u>provided</u>, <u>however</u>*, that if the adjournment is for more than thirty (30) days, or if a new record date is fixed for the adjourned meeting, then a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. At the adjourned meeting the Corporation may transact any business that might have been transacted at the original meeting. To the fullest extent permitted by law, the Board may cancel, postpone or reschedule any previously scheduled special or annual meeting of stockholders before it is to be held, in which case notice shall be provided to the stockholders of the new date, time and place, if any, of the meeting as provided in Section 1.3 above.

**<u>Section 1.5:</u> <u>Quorum</u>.** At each meeting of stockholders the holders of a majority of the voting power of the shares of stock entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum for the transaction of business, unless otherwise required by applicable law, the Certificate of Incorporation or these Bylaws. If a quorum shall fail to attend any meeting, the chairperson of the meeting or the holders of a majority of the voting power of the shares entitled to vote who are present, in person or by proxy, at the meeting may adjourn the meeting. Shares of the Corporation's stock belonging to the Corporation (or to another corporation, if a majority of the shares entitled to vote in the election of directors of such other corporation are held, directly or indirectly, by the Corporation), shall neither be entitled to vote nor be counted for quorum purposes; *<u>provided</u>, <u>however</u>*, that the foregoing shall not limit the right of the Corporation or any other corporation to vote any shares of the Corporation's stock held by it in a fiduciary capacity and to count such shares for purposes of determining a quorum.

**<u>Section 1.6:</u> <u>Organization</u>.** Meetings of stockholders shall be presided over by such person as the Board may designate, or, in the absence of such a person, the Chairperson of the Board, or, in the absence of such person, the President of the Corporation, or, in the absence of such person, such person as may be chosen by the holders of a majority of the voting power of the shares entitled to vote who are present, in person or by proxy, at the meeting. Such person shall be chairperson of the meeting and, subject to Section 1.11 hereof, shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seems to him or her to be in order. The Secretary of the Corporation shall act as secretary of the meeting, but in such person's absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.

**<u>Section 1.7:</u> <u>Voting; Proxies</u>.** Each stockholder entitled to vote at a meeting of stockholders, or to take corporate action by written consent without a meeting, may authorize

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another person or persons to act for such stockholder by proxy. Such a proxy may be prepared, transmitted and delivered in any manner permitted by applicable law. Except as may be required in the Certificate of Incorporation, directors shall be elected by a plurality of the votes of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. Unless otherwise provided by applicable law, the Certificate of Incorporation or these Bylaws, every matter other than the election of directors shall be decided by the affirmative vote of the holders of a majority of the voting power of the shares of stock entitled to vote on such matter that are present in person or represented by proxy at the meeting and are voted for or against the matter.

**<u>Section 1.8:</u> <u>Fixing Date for Determination of Stockholders of Record</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Generally</u>. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or to take corporate action by written consent without a meeting**,** or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix, except as otherwise required by law, in advance, a record date, which shall not precede the date upon which the resolution fixing the record date is adopted by the Board and which shall not be more than sixty (60), nor less than ten (10), days before the date of such meeting, nor, except as provided in Section 1.8.2 below, more than sixty (60) days prior to any other action. If no record date is fixed by the Board, then the record date shall be as provided by applicable law. To the fullest extent provided by law, 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; *<u>provided</u>, <u>however</u>*, that the Board may fix a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Stockholder Request for Action by Written Consent</u>. Any stockholder of record seeking to have the stockholders authorize or take corporate action by written consent without a meeting shall, by written notice to the Secretary of the Corporation, request the Board to fix a record date for such consent. Such request shall include a brief description of the action proposed to be taken. Unless a record date has previously been fixed by the Board for the written consent pursuant to this Section 1.8, the Board shall, within ten (10) days after the date on which such a request is received, adopt a resolution fixing the record date. Such record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board. If no record date has been fixed by the Board within ten (10) days after the date on which such a request is received, then the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board is required by applicable law, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation as required by law. If no record date has been fixed by the Board and prior action by the Board is required by applicable law, then the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the date on which the Board adopts the resolution taking such prior action.

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**<u>Section 1.9:</u> <u>List of Stockholders Entitled to Vote</u>.** A complete list of stockholders entitled to vote at any meeting of stockholders, arranged in alphabetical order and showing the address of each stockholder and the number of shares registered in the name of each stockholder, shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting, either on a reasonably accessible electronic network as permitted by law (provided that the information required to gain access to the list is provided with the notice of the meeting) or during ordinary business hours at the principal place of business of the Corporation. If the meeting is held at a location where stockholders may attend in person, 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 at the meeting. If the meeting is held solely by means of remote communication, then the list shall be open to the examination of any stockholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access the list shall be provided with the notice of the meeting.

**<u>Section 1.10:</u> <u>Action by Written Consent of Stockholders</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure</u>. Unless otherwise provided by the Certificate of Incorporation, any action required or permitted to be taken at any annual or special meeting of the 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, shall be signed in the manner permitted by law by the holders of outstanding stock having not less than the number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in the State of Delaware, to its principal place of business or to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the agent of the Corporation's registered office in the State of Delaware shall be by hand or by certified or registered mail, return receipt requested. Written stockholder consents shall bear the date of signature of each stockholder who signs the consent in the manner permitted by law and shall be delivered to the Corporation as provided in Section 1.10.2 below. No written consent shall be effective to take the action set forth therein unless, within sixty (60) days of the earliest dated consent delivered to the Corporation in the manner required by law, written consents signed by a sufficient number of stockholders to take the action set forth therein are delivered to the Corporation in the manner required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Consent.</u> A telegram, cablegram or other electronic transmission consenting to an action to be taken and transmitted by a stockholder or proxy holder, or a person or persons authorized to act for a stockholder or proxy holder, shall be deemed to be written, signed and dated for the purposes of this section, provided that any such telegram, cablegram or other electronic transmission sets forth or is delivered with information from which the Corporation can determine (a) that the telegram, cablegram or other electronic transmission was transmitted by the stockholder or proxy holder or by a person or persons authorized to act for the stockholder or proxy holder and (b) the date on which such stockholder or proxy holder or authorized person or persons transmitted such telegram, cablegram or electronic transmission. The date on which such telegram, cablegram or electronic transmission is transmitted shall be

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deemed to be the date on which such consent was signed. No consent given by telegram, cablegram or other electronic transmission shall be deemed to have been delivered until such consent is reproduced in paper form and until such paper form shall be delivered to the Corporation by delivery to its registered office in the State of Delaware, its principal place of business or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to a Corporation's registered office shall be made by hand or by certified or registered mail, return receipt requested. Notwithstanding the foregoing limitations on delivery, consents given by telegram, cablegram or other electronic transmission may be otherwise delivered to the principal place of business of the Corporation or to an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded if, to the extent and in the manner provided by resolution of the Board. Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Consent</u>. Prompt notice of the taking of corporate action by stockholders without a meeting by less than unanimous written consent of the stockholders shall be given to those stockholders who have not consented thereto in writing 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 such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the Corporation as required by law. If the action which is consented to is such as would have required the filing of a certificate under the DGCL if such action had been voted on by stockholders at a meeting thereof, then if the DGCL so requires, the certificate so filed shall state, in lieu of any statement required by the DGCL concerning any vote of stockholders, that written stockholder consent has been given in accordance with Section 228 of the DGCL.

**<u>Section 1.11:</u> <u>Inspectors of Elections</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicability</u>. Unless otherwise required by the Certificate of Incorporation or by the DGCL, the following provisions of this Section 1.11 shall apply only if and when the Corporation has a class of voting stock that is: (a) listed on a national securities exchange; (b) authorized for quotation on an interdealer quotation system of a registered national securities association; or (c) held of record by more than two thousand (2,000) stockholders. In all other cases, observance of the provisions of this Section 1.11 shall be optional, and at the discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u>. The Corporation 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. The Corporation may designate one or more persons 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 person presiding at the meeting shall appoint one or more inspectors to act at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspector's Oath</u>. Each inspector of election, before entering upon the discharge of his 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of Inspectors</u>. At a meeting of stockholders, the inspectors of election shall (a) ascertain the number of shares outstanding and the voting power of each share, (b) determine the shares represented at a meeting and the validity of proxies and ballots, (c) count all votes and ballots, (d) determine and retain for a reasonable period of time a record of the disposition of any challenges made to any determination by the inspectors, and (e) certify their determination of the number of shares represented at the meeting, and their count of all votes and ballots. The inspectors may appoint or retain other persons or entities to assist the inspectors in the performance of the duties of the inspectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Opening and Closing of Polls</u>. The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced by the chairperson of the meeting at the meeting. No ballot, proxies or votes, nor any revocations thereof or changes thereto, shall be accepted by the inspectors after the closing of the polls unless the Court of Chancery upon application by a stockholder shall determine otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Determinations</u>. In determining the validity and counting of proxies and ballots, the inspectors shall be limited to an examination of the proxies, any envelopes submitted with those proxies, any information provided in connection with proxies in accordance with any information provided pursuant to Section 211(a)(2)(B)(i) of the DGCL, or Sections 211(e) or 212(c)(2) of the DGCL, ballots and the regular books and records of the Corporation, except that the inspectors may consider other reliable information for the limited purpose of reconciling proxies and ballots submitted by or on behalf of banks, brokers, their nominees or similar persons which represent more votes than the holder of a proxy is authorized by the record owner to cast or more votes than the stockholder holds of record. If the inspectors consider other reliable information for the limited purpose permitted herein, the inspectors at the time they make their certification of their determinations pursuant to this Section 1.11 shall specify the precise information considered by them, including the person or persons from whom they obtained the information, when the information was obtained, the means by which the information was obtained and the basis for the inspectors' belief that such information is accurate and reliable.

**ARTICLE II: BOARD OF DIRECTORS**

**<u>Section 2.1:</u> <u>Number; Qualifications</u>.** The Board shall consist of one or more members. The initial number of directors shall be Two (2), and, thereafter, unless otherwise required by law or the Certificate of Incorporation, shall be fixed from time to time by resolution of a majority of the Whole Board or the stockholders of the Corporation holding at least a majority of the voting power of the Corporation's outstanding stock then entitled to vote at an election of directors. No decrease in the authorized number of directors constituting the Board shall shorten the term of any incumbent director. Directors need not be stockholders of the Corporation.

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**<u>Section 2.2:</u> <u>Election; Resignation; Removal; Vacancies</u>.** The Board shall initially consist of the person or persons elected by the incorporator or named in the Corporation's initial Certificate of Incorporation. Each director shall hold office until the next annual meeting of stockholders and until such director's successor is elected and qualified, or until such director's earlier death, resignation or removal. Any director may resign at any time upon written notice to the Corporation. Subject to the rights of any holders of the Corporation's preferred stock then outstanding: (a) any director or the entire Board may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors and (b) any vacancy occurring in the Board for any reason, and any newly created directorship resulting from any increase in the authorized number of directors to be elected by all stockholders having the right to vote as a single class, may be filled by the stockholders, by a majority of the directors then in office, although less than a quorum, or by a sole remaining director.

**<u>Section 2.3:</u> <u>Regular Meetings</u>.** Regular meetings of the Board may be held at such places, within or without the State of Delaware, and at such times as the Board may from time to time determine. Notice of regular meetings need not be given if the date, times and places thereof are fixed by resolution of the Board.

**<u>Section 2.4:</u> <u>Special Meetings</u>.** Special meetings of the Board may be called by the Chairperson of the Board, the President or a majority of the members of the Board then in office and may be held at any time, date or place, within or without the State of Delaware, as the person or persons calling the meeting shall fix. Notice of the time, date and place of such meeting shall be given, orally, in writing or by electronic transmission (including electronic mail), by the person or persons calling the meeting to all directors at least four (4) days before the meeting if the notice is mailed, or at least twenty-four (24) hours before the meeting if such notice is given by telephone, hand delivery, telegram, telex, mailgram, facsimile, electronic mail or other means of electronic transmission. Unless otherwise indicated in the notice, any and all business may be transacted at a special meeting.

**<u>Section 2.5:</u> <u>Remote Meetings Permitted</u>.** Members of the Board, or any committee of the Board, 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, and participation in a meeting pursuant to conference telephone or other communications equipment shall constitute presence in person at such meeting.

**<u>Section 2.6:</u> <u>Quorum; Vote Required for Action</u>.** Subject to Section 2.2. above regarding the ability of the members of the Board to fill a vacancy on the Board, at all meetings of the Board a majority of the Whole Board shall constitute a quorum for the transaction of business, it being understood that, in accordance with the Certificate of Incorporation, a majority of the Whole Board shall refer to a majority of the Board Voting Structure (as defined in the Certificate of Incorporation) for so long as such Board Voting Structure is effective. If a quorum shall fail to attend any meeting, a majority of those present may adjourn the meeting to another place, date or time without further notice thereof. Except as otherwise provided herein or in the Certificate of Incorporation, or required by law, the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board.

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**<u>Section 2.7:</u> <u>Organization</u>.** Meetings of the Board shall be presided over by the Chairperson of the Board, or in such person's absence by the President, or in such person's absence by a chairperson chosen at the meeting. The Secretary shall act as secretary of the meeting, but in such person's absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.

**<u>Section 2.8:</u> <u>Written Action by Directors</u>.** 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, and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or committee, respectively, in the minute books of the Corporation. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

**<u>Section 2.9:</u> <u>Powers</u>.** The Board may, except as otherwise required by law or the Certificate of Incorporation, exercise all such powers and manage and direct all such acts and things as may be exercised or done by the Corporation.

**<u>Section 2.10:</u> <u>Compensation of Directors</u>.** Members of the Board, as such, may receive, pursuant to a resolution of the Board, fees and other compensation for their services as directors, including without limitation their services as members of committees of the Board.

**ARTICLE III: COMMITTEES**

**<u>Section 3.1:</u> <u>Committees</u>.** The Board may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. 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. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting of such committee who are 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. Any such committee, to the extent provided in a resolution of the Board, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority in reference to the following matters: (a) approving, adopting, or recommending to the stockholders any action or matter (other than the election or removal of members of the Board) expressly required by the DGCL to be submitted to stockholders for approval or (b) adopting, amending or repealing any bylaw of the Corporation.

**<u>Section 3.2:</u> <u>Committee Rules</u>.** Unless the Board otherwise provides, each committee designated by the Board may make, alter and repeal rules for the conduct of its business. In the absence of such rules each committee shall conduct its business in the same manner as the Board conducts its business pursuant to Article II of these Bylaws.

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**ARTICLE IV: OFFICERS**

**<u>Section 4.1:</u> <u>Generally</u>.** The officers of the Corporation shall consist of a Chief Executive Officer (who may be the Chairperson of the Board or the President), a Secretary and a Treasurer and may consist of such other officers, including a Chief Financial Officer, Chief Technology Officer and one or more Vice Presidents, as may from time to time be appointed by the Board. All officers shall be elected by the Board; *<u>provided</u>, <u>however</u>*, that the Board may empower the Chief Executive Officer of the Corporation to appoint any officer other than the Chairperson of the Board, the Chief Executive Officer, the President, the Chief Financial Officer or the Treasurer. Each officer shall hold office until such person's successor is appointed or until such person's earlier resignation, death or removal. Any number of offices may be held by the same person. Any officer may resign at any time upon written notice to the Corporation. Any vacancy occurring in any office of the Corporation by death, resignation, removal or otherwise may be filled by the Board.

**<u>Section 4.2:</u> <u>Chief Executive Officer</u>.** Subject to the control of the Board and such supervisory powers, if any, as may be given by the Board, the powers and duties of the Chief Executive Officer of the Corporation are:

&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)&nbsp;&nbsp;&nbsp;&nbsp;To act as the general manager and, subject to the control of the Board, to have general supervision, direction and control of the business and affairs 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article I, Section 1.6, to preside at all meetings of the 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Article I, Section 1.2, to call special meetings of the stockholders to be held at such times and, subject to the limitations prescribed by law or by these Bylaws, at such places as he or she shall deem proper; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;To affix the signature of the Corporation to all deeds, conveyances, mortgages, guarantees, leases, obligations, bonds, certificates and other papers and instruments in writing which have been authorized by the Board or which, in the judgment of the Chief Executive Officer, should be executed on behalf of the Corporation; to sign certificates for shares of stock of the Corporation; and, subject to the direction of the Board, to have general charge of the property of the Corporation and to supervise and control all officers, agents and employees of the Corporation.

The President shall be the Chief Executive Officer of the Corporation unless the Board shall designate another officer to be the Chief Executive Officer. If there is no President, and the Board has not designated any other officer to be the Chief Executive Officer, then the Chairperson of the Board shall be the Chief Executive Officer.

**<u>Section 4.3:</u> <u>Chairperson of the Board</u>.** The Chairperson of the Board shall have the power to preside at all meetings of the Board and shall have such other powers and duties as provided in these Bylaws and as the Board may from time to time prescribe.

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**<u>Section 4.4:</u> <u>President</u>.** The Chief Executive Officer of the Corporation shall be the President of the Corporation unless the Board shall have designated another officer as the President and a different individual as the Chief Executive Officer. Subject to the provisions of these Bylaws and to the direction of the Board, and subject to the supervisory powers of the Chief Executive Officer (if the Chief Executive Officer is an officer other than the President), and subject to such supervisory powers and authority as may be given by the Board to the Chairperson of the Board, and/or to any other officer, the President shall have the responsibility for the general management and control of the business and affairs of the Corporation and the general supervision and direction of all of the officers, employees and agents of the Corporation (other than the Chief Executive Officer, if the Chief Executive Officer is an officer other than the President) and shall perform all duties and have all powers that are commonly incident to the office of President or that are delegated to the President by the Board.

**<u>Section 4.5:</u> <u>Vice President</u>.** Each Vice President shall have all such powers and duties as are commonly incident to the office of Vice President, or that are delegated to him or her by the Board or the Chief Executive Officer. A Vice President may be designated by the Board to perform the duties and exercise the powers of the Chief Executive Officer in the event of the Chief Executive Officer's absence or disability.

**<u>Section 4.6:</u> <u>Chief Financial Officer</u>.** The Chief Financial Officer shall be the Treasurer of the Corporation unless the Board shall have designated another officer as the Treasurer of the Corporation. Subject to the direction of the Board and the Chief Executive Officer, the Chief Financial Officer shall perform all duties and have all powers that are commonly incident to the office of Chief Financial Officer.

**<u>Section 4.7:</u> <u>Treasurer</u>.** The Treasurer shall have custody of all moneys and securities of the Corporation. The Treasurer shall make such disbursements of the funds of the Corporation as are authorized and shall render from time to time an account of all such transactions. The Treasurer shall also perform such other duties and have such other powers as are commonly incident to the office of Treasurer, or as the Board or the Chief Executive Officer may from time to time prescribe.

**<u>Section 4.8:</u> <u>Chief Technology Officer</u>.** The Chief Technology Officer shall have responsibility for the general research and development activities of the Corporation, for supervision of the Corporation's research and development personnel, for new product development and product improvements, for overseeing the development and direction of the Corporation's intellectual property development and such other responsibilities as may be given to the Chief Technology Officer by the Board, subject to: (a) the provisions of these Bylaws; (b) the direction of the Board; (c) the supervisory powers of the Chief Executive Officer of the Corporation; and (d) those supervisory powers that may be given by the Board to the Chairperson or Vice Chairperson of the Board.

**<u>Section 4.9:</u> <u>Secretary</u>.** The Secretary shall issue or cause to be issued all authorized notices for, and shall keep, or cause to be kept, minutes of all meetings of the stockholders and the Board. The Secretary shall have charge of the corporate minute books and similar records and shall perform such other duties and have such other powers as are commonly incident to the

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office of Secretary, or as the Board or the Chief Executive Officer may from time to time prescribe.

**<u>Section 4.10:</u> <u>Delegation of Authority</u>.** The Board may from time to time delegate the powers or duties of any officer to any other officers or agents, notwithstanding any provision hereof.

**<u>Section 4.11:</u> <u>Removal</u>.** Any officer of the Corporation shall serve at the pleasure of the Board and may be removed at any time, with or without cause, by the Board; provided that if the Board has empowered the Chief Executive Officer to appoint any Vice Presidents of the Corporation, then such Vice Presidents may be removed by the Chief Executive Officer. Such removal shall be without prejudice to the contractual rights of such officer, if any, with the Corporation.

**ARTICLE V: STOCK**

**<u>Section 5.1:</u> <u>Certificates</u>.** The shares of capital stock of the Corporation shall be represented by certificates (whether electronic or otherwise); *<u>provided</u>, <u>however</u>*, that the Board may provide by resolution or resolutions that some or all of any or all classes or series of its stock may be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation (or the transfer agent or registrar, as the case may be). Notwithstanding the adoption of such resolution by the Board, every holder of stock that is a certificated security shall be entitled to have a certificate signed by or in the name of the Corporation by the Chairperson or Vice-Chairperson of the Board, or the President or a Vice President, and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary, of the Corporation, certifying the number of shares owned by such stockholder in the Corporation. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were an officer, transfer agent or registrar at the date of issue. If any holder of uncertificated shares elects to receive a certificate, the Corporation (or the transfer agent or registrar, as the case may be) shall, to the extent permitted under applicable law and rules, regulations and listing requirements of any stock exchange or stock market on which the Corporation's shares are listed or traded, cease to provide annual statements indicating such holder's holdings of shares in the Corporation.

**<u>Section 5.2:</u> <u>Lost, Stolen or Destroyed Stock Certificates; Issuance of New</u> <u>Certificates</u>.** The Corporation may issue a new certificate of stock, or uncertificated shares, in the place of any certificate previously issued by it, alleged to have been lost, stolen or destroyed, , upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to agree to indemnify the Corporation and/or to give the Corporation a bond sufficient to indemnify it, against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate.

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**<u>Section 5.3:</u> <u>Other Regulations</u>.** The issue, transfer, conversion and registration of stock certificates and uncertificated securities shall be governed by such other regulations as the Board may establish.

**ARTICLE VI: INDEMNIFICATION**

**<u>Section 6.1:</u> <u>Indemnification of Officers and Directors</u>.** Each person who was or is made a party to, or is threatened to be made a party to, or is involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "***Proceeding***"), by reason of the fact that such person (or a person of whom such person is the legal representative), is or was a member of the Board or officer of the Corporation or a Reincorporated Predecessor (as defined below) or is or was serving at the request of the Corporation or a Reincorporated Predecessor as a member of the board of directors, officer or trustee of another corporation, or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans (for purposes of this Article VI, an "***Indemnitee***"), shall be indemnified and held harmless by the Corporation to the fullest extent permitted by applicable law, 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 such law permitted the Corporation to provide prior to such amendment), against all expenses, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes and penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such Indemnitee in connection therewith, provided such Indemnitee acted in good faith and in a manner that the Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or Proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful. Such indemnification shall continue as to an Indemnitee who has ceased to be a director or officer and shall inure to the benefit of such Indemnitees' heirs, executors and administrators. Notwithstanding the foregoing, the Corporation shall indemnify any such Indemnitee seeking indemnity in connection with a Proceeding (or part thereof) initiated by such Indemnitee only if such Proceeding (or part thereof) was authorized by the Board or such indemnification is authorized by an agreement approved by the Board. As used herein, the term the "***Reincorporated Predecessor***" means a corporation that is merged with and into the Corporation in a statutory merger where (a) the Corporation is the surviving corporation of such merger; (b) the primary purpose of such merger is to change the corporate domicile of the Reincorporated Predecessor to Delaware.

**<u>Section 6.2:</u> <u>Advance of Expenses</u>.** The Corporation shall pay all expenses (including attorneys' fees) incurred by such an Indemnitee in defending any such Proceeding as they are incurred in advance of its final disposition; *<u>provided</u>*, *<u>however</u>*, that (a) if the DGCL then so requires, the payment of such expenses incurred by such an Indemnitee in advance of the final disposition of such Proceeding shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such Indemnitee, to repay all amounts so advanced if it should be determined ultimately by final judicial decision from which there is no appeal that such Indemnitee is not entitled to be indemnified under this Article VI or otherwise; and (b) the Corporation shall not be required to advance any expenses to a person against whom the Corporation directly brings a claim, in a Proceeding, alleging that such person has breached such

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person's duty of loyalty to the Corporation, committed an act or omission not in good faith or that involves intentional misconduct or a knowing violation of law, or derived an improper personal benefit from a transaction.

**<u>Section 6.3:</u> <u>Non-Exclusivity of Rights</u>.** The rights conferred on any person in this Article VI shall not be exclusive of any other right that such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, Bylaw, agreement, vote or consent of stockholders or disinterested directors, or otherwise. Additionally, nothing in this Article VI shall limit the ability of the Corporation, in its discretion, to indemnify or advance expenses to persons whom the Corporation is not obligated to indemnify or advance expenses pursuant to this Article VI.

**<u>Section 6.4:</u> <u>Indemnification Contracts</u>.** The Board is authorized to cause the Corporation to enter into indemnification contracts with any director, officer, employee or agent of the Corporation, or any person serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including employee benefit plans, providing indemnification or advancement rights to such person. Such rights may be greater than those provided in this Article VI.

**<u>Section 6.5:</u> <u>Right of Indemnitee to Bring Suit</u>.** The following shall apply to the extent not in conflict with any indemnification contract provided for in Section 6.4 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Bring Suit</u>. If a claim under Section 6.1 or 6.2 of this Article VI is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty (20) days, the Indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Indemnitee shall be entitled to be paid also the expense of prosecuting or defending such suit. In (a) any suit brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the Indemnitee to enforce a right to an advancement of expenses) it shall be a defense that, and (b) in any suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that, the Indemnitee has not met any applicable standard for indemnification set forth in applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Determination</u>. Neither the failure of the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel or its stockholders) to have made a determination prior to the commencement of such suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth in applicable law, nor an actual determination by the Corporation (including its directors who are not parties to such action, a committee of such directors, independent legal counsel or its stockholders) that the Indemnitee has not met such applicable standard of conduct, shall create a presumption that the Indemnitee

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has not met the applicable standard of conduct or, in the case of such a suit brought by the Indemnitee, be a defense to such suit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Burden of Proof</u>. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article VI, or otherwise, shall be on the Corporation.

**<u>Section 6.6:</u> <u>Nature of Rights</u>.** The rights conferred upon Indemnitees in this Article VI shall be contract rights and such rights shall continue as to an Indemnitee who has ceased to be a director, officer or trustee and shall inure to the benefit of the Indemnitee's heirs, executors and administrators. Any amendment, repeal or modification of any provision of this Article VI that adversely affects any right of an Indemnitee or an Indemnitee's successors shall be prospective only, and shall not adversely affect any right or protection conferred on a person pursuant to this Article VI and existing at the time of such amendment, repeal or modification.

**ARTICLE VII: NOTICES**

**<u>Section 7.1:</u> <u>Notice</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Form and Delivery</u>. Except as otherwise specifically required in these Bylaws (including, without limitation, Section 7.1.2 below) or by law, all notices required to be given pursuant to these Bylaws shall be in writing and may, (a) in every instance in connection with any delivery to a member of the Board, be effectively given by hand delivery (including use of a delivery service), by depositing such notice in the mail, postage prepaid, or by sending such notice by prepaid telegram, cablegram, overnight express courier, facsimile, electronic mail or other form of electronic transmission and (b) be effectively be delivered to a stockholder when given by hand delivery, by depositing such notice in the mail, postage prepaid or, if specifically consented to by the stockholder as described in Section 7.1.2 of this Article VII by sending such notice by telegram, cablegram, facsimile, electronic mail or other form of electronic transmission. Any such notice shall be addressed to the person to whom notice is to be given at such person's address as it appears on the records of the Corporation. The notice shall be deemed given (a) in the case of hand delivery, when received by the person to whom notice is to be given or by any person accepting such notice on behalf of such person, (b) in the case of delivery by mail, upon deposit in the mail, (c) in the case of delivery by overnight express courier, when dispatched, and (d) in the case of delivery via telegram, cablegram, facsimile, electronic mail or other form of electronic transmission, when dispatched.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Transmission</u>. Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provision of the DGCL, the Certificate of Incorporation, or these Bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given in accordance with Section 232 of the DGCL. Any such consent shall be revocable by the stockholder by written notice to the Corporation. Any such consent shall be deemed revoked if (a) the Corporation is unable to deliver by electronic transmission two

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consecutive notices given by the Corporation in accordance with such consent and (b) such inability becomes known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice; *<u>provided</u>, <u>however</u>*, the inadvertent failure to treat such inability as a revocation shall not invalidate any meeting or other action. Notice given pursuant to this Section 7.1.2 shall be deemed given: (i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice; (ii) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (iii) if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of such posting and the giving of such separate notice; and (iv) if by any other form of electronic transmission, when directed to the stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Affidavit of Giving Notice</u>. An affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice has been given in writing or by a form of electronic transmission shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

**<u>Section 7.2:</u> <u>Waiver of Notice</u>.** Whenever notice is required to be given under any provision of the DGCL, the Certificate of Incorporation or these Bylaws, a written waiver of notice, signed by the person entitled to notice, or waiver by electronic transmission by such person, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting 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. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, directors or members of a committee of directors need be specified in any waiver of notice.

**ARTICLE VIII: INTERESTED DIRECTORS**

**<u>Section 8.1:</u> <u>Interested Directors</u>.** No contract or transaction between the Corporation and one or more of its members of the Board or officers, or between the Corporation and any other corporation, partnership, association or other organization in which one or more of its directors or officers are members of the board of directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board or committee thereof that authorizes the contract or transaction, or solely because his, her or their votes are counted for such purpose, if: (a) the material facts as to his, her or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board or the committee, and the Board or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; (b) the material facts as to his, her or their relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or (c) the contract

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or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified by the Board, a committee thereof, or the stockholders.

**<u>Section 8.2:</u> <u>Quorum</u>.** Interested directors may be counted in determining the presence of a quorum at a meeting of the Board or of a committee which authorizes the contract or transaction.

**ARTICLE IX: MISCELLANEOUS**

**<u>Section 9.1:</u> <u>Fiscal Year</u>.** The fiscal year of the Corporation shall be determined by resolution of the Board.

**<u>Section 9.2:</u> <u>Seal</u>.** The Board may provide for a corporate seal, which may have the name of the Corporation inscribed thereon and shall otherwise be in such form as may be approved from time to time by the Board.

**<u>Section 9.3:</u> <u>Form of Records</u>.** Any records maintained by the Corporation in the regular course of its business, including its stock ledger, books of account and minute books, may be kept on or by means of, or be in the form of, diskettes, CDs, or any other information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records pursuant to any provision of the DGCL.

**<u>Section 9.4:</u> <u>Reliance upon 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 person'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.

**<u>Section 9.5:</u> <u>Certificate of Incorporation Governs</u>.** In the event of any conflict between the provisions of the Certificate of Incorporation and Bylaws, the provisions of the Certificate of Incorporation shall govern.

**<u>Section 9.6:</u> <u>Severability</u>.** If any provision of these Bylaws shall be held to be invalid, illegal, unenforceable or in conflict with the provisions of the Certificate of Incorporation, then such provision shall nonetheless be enforced to the maximum extent possible consistent with such holding and the remaining provisions of these Bylaws (including without limitation, all portions of any section of these Bylaws containing any such provision held to be invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation, that are not themselves invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation) shall remain in full force and effect.

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**ARTICLE X: TRANSFERS OF CAPITAL STOCK**

**<u>Section 10.1:</u> <u>Restriction on Transfer</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1&nbsp;&nbsp;&nbsp;&nbsp;No holder ("***Stockholder***") of shares of capital stock of the Corporation ("***Shares***") may transfer, sell, assign, pledge, enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of, or otherwise in any manner dispose of or encumber, whether voluntarily or by operation of law, or by gift or otherwise ("***transfer***"), Shares or any right or interest therein without the prior written consent of the Corporation, in its sole discretion, and such holder shall otherwise comply with the requirements of this Article X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2&nbsp;&nbsp;&nbsp;&nbsp;The restriction contained in subsection 10.1.1 shall not apply to the following transactions (each, a "***Permitted Transfer***"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any transfer during the Stockholder's lifetime by gift or pursuant to domestic relations orders to the Stockholder's Immediate Family or a trust for the benefit of Stockholder or Stockholder's Immediate Family, where "***Immediate Family***" as used herein shall mean spouse, Spousal Equivalent, lineal descendant or antecedent (natural or adopted), brother, sister or spouse or Spousal Equivalent of any of the foregoing, and where a "***Spousal Equivalent***" means an individual who is registered with any state governmental entity as a domestic partner of the relevant person to whom such individual may be a Spousal Equivalent (a "***Registered Domestic Partner***") or who (a) irrespective of whether or not the relevant person to whom such individual may be a Spousal Equivalent and the Spousal Equivalent are the same sex, they are the sole spousal equivalent of the other for the last twelve (12) months, (b) they intend to remain so indefinitely, (c) neither are married to anyone else nor a Registered Domestic Partner with anyone else, (d) both are at least 18 years of age and mentally competent to consent to contract, (e) they are not related by blood to a degree of closeness that which would prohibit legal marriage in the state in which they legally reside, (f) they are jointly responsible for each other's common welfare and financial obligations and (g) they reside together in the same residence for the last twelve (12) months and intend to do so indefinitely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any transfer or deemed transfer effected pursuant to the Stockholder's will or the laws of intestate succession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any transfer by an entity Stockholder to an Affiliate (as defined below) of such Stockholder, where, for purposes of this Article X, (a) an "***Affiliate***" of an entity Stockholder shall include any individual, firm, corporation, partnership, association, limited liability company, trust or other entity who, directly or indirectly, controls, is controlled by or is under common control with such entity Stockholder or such entity Stockholder's principal, including, without limitation, any general partner, managing member, managing partner, officer or director of such entity Stockholder, such entity Stockholder's principal or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same

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management company with, such entity Stockholder or such entity Stockholder's principal, and (b) the terms "***controlling***," "***controlled by***," or "***under common control with***" shall mean the possession, directly or indirectly, of (x) the power to direct or cause the direction of the management and policies of an entity Stockholder, whether through the ownership of voting securities, by contract, or otherwise, or (y) the power to elect or appoint at least 50% of the directors, managers, general partners, or persons exercising similar authority with respect to such entity 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;an entity Stockholder's transfer of all of its shares or equity interests to a single transferee pursuant to and in accordance with the terms of any *bona fide* merger, consolidation, reclassification of ownership interests, shares or capital reorganization of the entity Stockholder, or pursuant to a *bona fide* sale of all or substantially all of the ownership interests, stock or assets of an entity Stockholder, provided in each case that such transfer is not essentially simply a transfer of the Shares without substantial additional assets other than cash or cash equivalents being transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any repurchase or redemption of Shares by the Corporation: (a) at or below cost, upon the occurrence of certain events, such as the termination of employment or services; or (b) at any price pursuant to the Corporation's exercise of a right of first refusal to repurchase such Shares (including the purchase of such Shares by the Corporation's assignee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any transfer or deemed transfer approved by a majority of the disinterested members of the Board, even though the disinterested directors are less than a quorum; provided, however, that notwithstanding the foregoing, if a transfer or deemed transfer is approved pursuant to this clause (vi) and the Shares of the transferring Stockholder are subject to co-sale rights (the "***Co-Sale Rights***"), the persons and/or entities entitled to the Co-Sale Rights shall be permitted to exercise their respective Co-Sale Rights in conjunction with such approved transfer or deemed transfer without any additional approval of the Board; and/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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;any transfer pursuant to and in accordance with the terms of a right of first refusal and co-sale agreement or such other contractual agreement by and among the Corporation and certain of its stockholders, which is approved by the Board.

*<u>provided</u>, <u>however</u>*, that each transferee, assignee, or other recipient of any interest in the Shares shall, as a condition to the transfer, agree to be bound by all of the restrictions set forth in these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3&nbsp;&nbsp;&nbsp;&nbsp;As a condition to any transfer, the Corporation may, in its sole discretion, (i) require in connection with such transfer of Shares delivery to the Corporation of a written opinion of legal counsel, in form and substance satisfactory to it or its legal counsel in their respective discretion, that such transfer is exempt from applicable federal, state or other securities laws and regulations (a "***Legal Opinion***"), (ii) charge the transferor, transferee or both a transfer fee in such amount as may be reasonably determined by the Corporation's management in order to recoup the Corporation's internal and external costs of processing such

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transfer, due and payable to the Corporation prior to or upon effectiveness of such transfer, and/or (iii) require such transfer to be effected pursuant to a standard form of transfer agreement in such customary and reasonable form as may be determined by the Corporation's management from time to time in its discretion.

**<u>Section 10.2:</u> <u>Right of First Refusal</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1&nbsp;&nbsp;&nbsp;&nbsp;In addition to and without limiting the effect of Section 10.1, if the Stockholder desires to transfer any of his Shares pursuant to Section 10.1.2(vi) above, then the Stockholder shall first give written notice thereof to the Corporation. The notice shall (i) name the proposed transferee, (ii) state (a) the number of Shares to be transferred, (b) the proposed consideration and (c) all other terms and conditions of the proposed transfer, (iii) be signed by such Stockholder and the proposed purchaser or transferee, (iv) must constitute a binding commitment subject to the Corporation's right of first refusal as set forth herein, (v) be accompanied by proof satisfactory to the Corporation or its legal counsel that the proposed sale or transfer will not violate any applicable U.S. federal, state or other securities laws, and (vi) offer the Shares at the same price and upon the same terms (or terms as similar as reasonably possible) to the Corporation or its assignee(s). The notice shall not be deemed delivered for purposes of this Section 10.2 until the later of (i) such time as the transferring Stockholder shall have delivered the foregoing notice to the Corporation, (ii) such time as a Legal Opinion shall have been delivered to the Corporation, (iii) such time as an officer of the Corporation shall have confirmed in writing (including via email) that no such Legal Opinion shall be required with respect to the proposed transfer (or is not required to be delivered until a time reasonably in advance of the consummation of the proposed transfer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2&nbsp;&nbsp;&nbsp;&nbsp;For thirty (30) days following receipt of such notice, the Corporation and/or its assignee shall have the option to purchase all (but not less than all) of the Shares specified in the notice at the price and upon the terms (or terms as similar as reasonably possible) set forth in such notice; provided, however, that, with the consent of the transferring Stockholder, the Corporation shall have the option to purchase a lesser portion of the Shares specified in said notice at the price and upon the terms set forth therein. In the event of a gift, property settlement or other transfer in which the proposed transferee is not paying the full price for the Shares, and that is not otherwise exempted from the provisions of this Section 10.2, the price shall be deemed to be the fair market value of the stock at such time as determined in good faith by the Board. In the event the Corporation elects to purchase all of the Shares or, with consent of the transferring Stockholder, a lesser portion of the Shares, it shall give written notice to the transferring Stockholder of its election and settlement for said Shares shall be made as provided below in the next paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3&nbsp;&nbsp;&nbsp;&nbsp;In the event the Corporation and/or its assignee(s) elect to acquire any of the Shares of the transferring Stockholder as specified in said transferring Stockholder's notice, the Secretary of the Corporation shall so notify the transferring Stockholder and settlement thereof shall be made in cash within sixty (60) days after the Secretary of the Corporation receives said transferring Stockholder's notice; provided that if the terms of payment set forth in said transferring Stockholder's notice were other than cash against delivery, the Corporation and/or

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its assignee(s) shall pay for said Shares on the same terms and conditions set forth in said transferring Stockholder's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.4&nbsp;&nbsp;&nbsp;&nbsp;In the event the Corporation and/or its assignees(s) do not elect to acquire all of the Shares specified in the transferring Stockholder's notice, said transferring Stockholder may, within the sixty (60)-day period following the expiration of the option rights granted to the Corporation and/or its assignees(s) herein, transfer the Shares specified in said transferring Stockholder's notice which were not acquired by the Corporation and/or its assignees(s) as specified in said transferring Stockholder's notice. All Shares so sold by said transferring Stockholder shall continue to be subject to the provisions of these Bylaws in the same manner as before said transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.5&nbsp;&nbsp;&nbsp;&nbsp;Anything to the contrary contained herein notwithstanding, a Permitted Transfer shall be exempt from the provisions of this Section 10.2.

**<u>Section 10.3:</u> <u>Application; Waiver; Termination of Rights; Legend</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1&nbsp;&nbsp;&nbsp;&nbsp;In the case of any transfer permitted hereunder (whether by consent or via an exemption), the transferee, assignee or other recipient shall receive and hold such stock subject to the provisions of these Bylaws, and there shall be no further transfer of such stock except in accordance with these Bylaws. Any proposed transfer on terms and conditions different from those set forth in the notice described in subsection 10.2.1, as well as any subsequent proposed transfer shall again be subject to the foregoing restrictions on transfer, including the Corporation's right of first refusal, and shall require compliance with the procedures described in Sections 10.1 and 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Article X may be waived with respect to any transfer either by the Corporation, upon duly authorized action of its Board, or by the stockholders of the Corporation, upon the express written consent of the owners of a majority of the voting power of the Corporation (excluding the votes represented by those Shares to be transferred by the transferring Stockholder); <u>provided</u>, <u>however</u>, that such restrictions shall continue to apply to the Shares subsequent to such transfer; provided further that the Board may delegate the power to make any decision to consent to a transfer under Section 10.1 or waive the right of first refusal on behalf of the Corporation under Section 10.2 to either the Corporation's Chief Executive Officer or a committee of executive officers of the Corporation as the Board may determine (subject to such limitations as the Board may determine, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3&nbsp;&nbsp;&nbsp;&nbsp;Any sale or transfer, or purported sale or transfer, of securities of the Corporation shall be null and void unless the terms, conditions, and provisions of these Bylaws are strictly observed and followed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4&nbsp;&nbsp;&nbsp;&nbsp;The restrictions on transfer in Sections 10.1 and 10.2 shall terminate immediately prior to the closing of a firm commitment underwritten public offering of common stock pursuant to a registration statement filed with, and declared effective by, the United States Securities and Exchange Commission under the Securities Act of 1933, as amended (the "***Securities Act***"). Upon termination of such restrictions, a new certificate or certificates

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representing the Shares shall be issued, on request, without the legend referred to in subsection 10.3.5 below and delivered to each holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.5&nbsp;&nbsp;&nbsp;&nbsp;The certificates representing Shares of the Corporation shall bear on their face the following legend so long as the foregoing restrictions on transfer remain in effect:

"THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS PROVIDED IN THE BYLAWS OF THE CORPORATION."

**ARTICLE XI: AMENDMENT**

Unless otherwise required by the Certificate of Incorporation, stockholders of the Corporation holding at least a majority of the voting power of the Corporation's outstanding voting stock then entitled to vote at an election of directors shall have the power to adopt, amend or repeal Bylaws. To the extent provided in the Certificate of Incorporation, the Board shall also have the power to adopt, amend or repeal Bylaws of the Corporation.

______________________________

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**CERTIFICATION OF**

**AMENDED AND RESTATED**

**BYLAWS OF**

**<u>FIGMA, INC.</u>**

a Delaware Corporation

I, Dylan Field, certify that I am Secretary of Figma, Inc., a Delaware corporation (the ***"Corporation"),*** that I am duly authorized to make and deliver this certification, that the attached Amended and Restated Bylaws are a true and complete copy of the Bylaws of the Corporation in effect as of the date of this certificate.

Dated: <u>4/29/2020</u>

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| |
|:---|
| /s/ Dylan Field |
| Dylan Field, Secretary |

---

## Exhibit 3.4

**Exhibit 3.4**

FIGMA, INC.

(a Delaware corporation)

**AMENDED AND RESTATED BYLAWS**

As Amended and Restated on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025

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**FIGMA, INC.**

(a Delaware corporation)

**AMENDED AND RESTATED BYLAWS**

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| **Page** | **Page** | **Page** |
| **Article I:** Meetings of STOCKHOLDERS | **Article I:** Meetings of STOCKHOLDERS | 1 |
| **Section 1.1:** | Annual Meetings | 1 |
| **Section 1.2:** | Special Meetings | 1 |
| **Section 1.3:** | Notice of Stockholders' Meetings | 1 |
| **Section 1.4:** | Adjournments | 1 |
| **Section 1.5:** | Quorum | 2 |
| **Section 1.6:** | Organization | 2 |
| **Section 1.7:** | Voting; Proxies | 3 |
| **Section 1.8:** | Fixing Date for Determination of Stockholders of Record | 3 |
| **Section 1.9:** | List of Stockholders Entitled to Vote | 4 |
| **Section 1.10:** | Inspectors of Elections. | 4 |
| **Section 1.11:** | Conduct of Meetings | 5 |
| **Section 1.12:** | Advance Notice Procedures. | 5 |
| **Article II:** BOARD OF DIRECTORS | **Article II:** BOARD OF DIRECTORS | 17 |
| **Section 2.1:** | Number; Qualifications | 17 |
| **Section 2.2:** | Election; Resignation; Removal; Vacancies | 17 |
| **Section 2.3:** | Regular Meetings | 17 |
| **Section 2.4:** | Special Meetings | 17 |
| **Section 2.5:** | Remote Meetings Permitted | 18 |
| **Section 2.6:** | Quorum; Vote Required for Action | 18 |
| **Section 2.7:** | Organization | 18 |
| **Section 2.8:** | Unanimous Action by Directors in Lieu of a Meeting | 18 |
| **Section 2.9:** | Powers | 18 |
| **Section 2.10:** | Compensation of Directors | 18 |
| **Section 2.11** | Emergency Bylaws | 18 |
| **Article III:** COMMITTEES | **Article III:** COMMITTEES | 19 |
| **Section 3.1:** | Committees | 19 |
| **Section 3.2:** | Committee Rules | 19 |
| **Article IV:** OFFICERS; CHAIRPERSON; LEAD INDEPENDENT DIRECTOR | **Article IV:** OFFICERS; CHAIRPERSON; LEAD INDEPENDENT DIRECTOR | 20 |
| **Section 4.1:** | Generally | 20 |
| **Section 4.2:** | Chief Executive Officer | 20 |

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i

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| | | |
|:---|:---|:---|
| **Section 4.3:** | Chairperson of the Board | 21 |
| **Section 4.4:** | Lead Independent Director | 21 |
| **Section 4.5:** | President | 21 |
| **Section 4.6:** | Chief Financial Officer | 21 |
| **Section 4.7:** | Treasurer | 21 |
| **Section 4.8:** | Vice President | 21 |
| **Section 4.9:** | Secretary | 22 |
| **Section 4.10:** | Delegation of Authority | 22 |
| **Section 4.11:** | Removal | 22 |
| **Article V:** STOCK | **Article V:** STOCK | 22 |
| **Section 5.1:** | Certificates; Uncertificated Shares | 22 |
| **Section 5.2:** | Lost, Stolen or Destroyed Stock Certificates; Issuance of New Certificates or Uncertificated Shares | 22 |
| **Section 5.3:** | Other Regulations | 23 |
| **Article VI:** INDEMNIFICATION | **Article VI:** INDEMNIFICATION | 23 |
| **Section 6.1:** | Indemnification of Officers and Directors | 23 |
| **Section 6.2:** | Advancement of Expenses | 24 |
| **Section 6.3:** | Non-Exclusivity of Rights | 24 |
| **Section 6.4:** | Indemnification of Others and Additional Rights | 24 |
| **Section 6.5:** | Right of Indemnitee to Bring Suit | 24 |
| **Section 6.6:** | Nature of Rights | 25 |
| **Section 6.7:** | Amendment or Repeal | 25 |
| **Section 6.8:** | Insurance | 25 |
| **Section 6.9:** | Indemnification for Successful Defense | 25 |
| **Article VII:** NOTICES | **Article VII:** NOTICES | 26 |
| **Section 7.1:** | Notice. | 26 |
| **Section 7.2:** | Waiver of Notice | 26 |
| **Article VIII:** MISCELLANEOUS | **Article VIII:** MISCELLANEOUS | 26 |
| **Section 8.1:** | Fiscal Year | 26 |
| **Section 8.2:** | Seal | 27 |
| **Section 8.3:** | Form of Records | 27 |
| **Section 8.4:** | Reliance Upon Books and Records | 27 |
| **Section 8.5:** | Certificate of Incorporation Governs | 27 |
| **Section 8.6:** | Severability | 27 |
| **Section 8.7:** | Time Periods | 27 |
| **Article IX:** AMENDMENT | **Article IX:** AMENDMENT | 28 |
| **Article X:** CHOICE OF FORUM; EXCLUSIVE FORUM | **Article X:** CHOICE OF FORUM; EXCLUSIVE FORUM | 28 |

---

ii

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**FIGMA, INC.**

(a Delaware corporation)

**AMENDED AND RESTATED BYLAWS**

As Adopted &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025 and

As Effective &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025

**ARTICLE I: MEETINGS OF STOCKHOLDERS**

**Section 1.1:&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meetings</u>.** If required by applicable law, an annual meeting of stockholders shall be held for the election of directors and such other proper business at such date and time as the Board of Directors (the "***Board***") of Figma, Inc. (the "***Corporation***"), or its designee, shall each year fix. The meeting may be held either at a place, within or without the State of Delaware as permitted by the Delaware General Corporation Law (as amended from time to time, the "***General Corporation Law***") as the Board, or its designee, shall fix, or solely by means of remote communication as the Board in its sole discretion may determine. Any proper business may be transacted at the annual meeting.

**Section 1.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings</u>.** Special meetings of stockholders for any purpose or purposes shall be called in the manner set forth in the Amended and Restated Certificate of Incorporation of the Corporation (as the same may be amended and/or restated from time to time, the "***Certificate of Incorporation***"). The special meeting may be held either at a place, within or without the State of Delaware as the Board, or its designee, shall fix, or solely by means of remote communication as the Board in its sole discretion may determine. Business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of the meeting.

**Section 1.3:&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Stockholders' Meetings</u>.** Notice of all meetings of stockholders shall be given in accordance with applicable law (including, without limitation, as set forth in Section 7.1 of these Bylaws) stating the date, time and place, if any, of the meeting, 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 meeting, and the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for determining the stockholders entitled to notice of the meeting). In the case of a special meeting, such notice shall also set forth the purpose or purposes for which the meeting is called. Unless otherwise required by applicable law or the Certificate of Incorporation, notice of any meeting of stockholders shall be given not less than ten (10), nor more than sixty (60), days before the date of the meeting to each stockholder of record entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of the meeting.

**Section 1.4:&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjournments</u>.** Notwithstanding Section 1.5 of these Bylaws, the chairperson of the meeting shall have the power to adjourn the meeting to another time, date and place (if any), regardless of whether a quorum is present, at any time and for any reason. Any

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meeting of stockholders, annual or special, may be adjourned from time to time (including an adjournment taken to address a technical failure to convene or continue a meeting using remote communication), and notice need not be given of any such adjourned meeting if the time, date and place (if any) thereof and the means of remote communication (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 Section 222(a) of the General Corporation Law; *<u>provided</u>*, *<u>however</u>*, that if the adjournment is for more than thirty (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 determination of 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 Section 213(a) of the General Corporation Law and Section 1.3 of these Bylaws, and shall give notice of the adjourned meeting to each stockholder of record as of the record date so fixed for notice of such adjourned meeting. At the adjourned meeting, the Corporation may transact any business that might have been transacted at the original meeting. If a quorum is present at the original meeting, it shall also be deemed present at the adjourned meeting. To the fullest extent permitted by applicable law, the Board may postpone, reschedule or cancel at any time and for any reason any previously scheduled special or annual meeting of stockholders before it is to be held, regardless of whether any notice or public disclosure with respect to any such meeting has been sent or made pursuant to Section 1.3 hereof or otherwise, in which case notice shall be provided to the stockholders of the new date, time and place, if any, of the meeting as provided in Section 1.3 above.

**Section 1.5:&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>.** Except as otherwise required by applicable law, the Certificate of Incorporation, these Bylaws or the rules of any applicable stock exchange on which the Corporation's securities are listed, at each meeting of stockholders the holders of a majority of the voting power of the shares of stock issued and outstanding and entitled to vote at the meeting, present in person or represented by proxy, shall constitute a quorum for the transaction of business; *<u>provided</u>*, *<u>however</u>*, that where a separate vote by a class or classes or series of stock is required by applicable law, the Certificate of Incorporation, these Bylaws or the rules of any applicable stock exchange on which the Corporation's securities are listed, the holders of a majority of the voting power of the shares of such class or classes or series of the stock issued and outstanding and entitled to vote on such matter, present in person or represented by proxy at the meeting, shall constitute a quorum entitled to take action with respect to the vote on such matter. If a quorum shall fail to attend any meeting, the chairperson of the meeting or the stockholders, by the affirmative vote of a majority of the votes cast affirmatively or negatively with respect thereto, may adjourn the meeting. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum.

**Section 1.6:&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization</u>.** Meetings of stockholders shall be presided over by (a) such person as the Board may designate, or (b) in the absence of such designation, the Chairperson of the Board, or (c) in the absence of such person, the Lead Independent Director (as defined below), or (d) in the absence of such person, the Chief Executive Officer of the

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Corporation, or (e) in the absence of such person, the President of the Corporation, or (f) in the absence of such person, a Vice President of the Corporation. Such person shall be the chairperson of the meeting. The Secretary of the Corporation (the "***Secretary***") shall act as secretary of the meeting, but in such person's absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.

**Section 1.7:&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting; Proxies</u>.** Each stockholder of record entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder by proxy. Such a proxy may be prepared, transmitted and delivered in any manner permitted by applicable law. Except as may be required in the Certificate of Incorporation, directors shall be elected by a plurality of the votes cast by the holders of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors. At all meetings of stockholders at which a quorum is present, unless a different or minimum vote is provided by applicable law, rule or regulation applicable to the Corporation or its securities, the rules or regulations of any applicable stock exchange on which the Corporation's securities are listed, the Certificate of Incorporation or these Bylaws, in which case such different or minimum vote shall be the applicable vote on the matter, every matter other than the election of directors shall be decided by the affirmative vote of a majority of the votes cast affirmatively or negatively with respect thereto (or if there are two or more classes or series of stock entitled to vote as separate classes, then in the case of each class or series, a majority of the votes cast affirmatively or negatively by such class or series).

Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for exclusive use by the Board.

**Section 1.8:&nbsp;&nbsp;&nbsp;&nbsp;<u>Fixing Date for Determination of Stockholders of Record</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, unless otherwise required by applicable law, not be more than sixty (60) nor less than ten (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 and to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is 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; *<u>provided</u>*, *<u>however</u>*, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, 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 herewith at the adjourned meeting.

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In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board may fix, in advance, a record date, which shall not precede the date upon which the resolution fixing the record date is adopted by the Board and which shall not be more than sixty (60) days prior to such action. If no such record date is fixed by the Board, then the record date for determining stockholders for any such purpose shall be at close of business on the day on which the Board adopts the resolution relating thereto.

**Section 1.9:&nbsp;&nbsp;&nbsp;&nbsp;<u>List of Stockholders Entitled to Vote</u>.** The Corporation shall prepare, no later than the tenth (10th) day before each meeting of stockholders, a complete list of stockholders entitled to vote at the meeting (*<u>provided</u>*, *<u>however</u>*, if the record date for determining the stockholders entitled to vote is less than ten (10) days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth (10th) day before the meeting date), arranged in alphabetical order and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Nothing in this Section 1.9 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 ten (10) days ending on the day before the meeting date, either (a) on a reasonably accessible electronic network as permitted by applicable law (*<u>provided</u>* that the information required to gain access to the 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 that 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. Except as otherwise provided by applicable law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 1.9 or to vote in person or by proxy at any meeting of stockholders.

**Section 1.10:&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspectors of Elections</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicability</u>. Unless otherwise required by the Certificate of Incorporation or by applicable law, the following provisions of this Section 1.10 shall apply only if and when the Corporation has a class of voting stock that is: (a) listed on a national securities exchange, (b) authorized for quotation on an interdealer quotation system of a registered national securities association, or (c) held of record by more than two thousand (2,000) stockholders. In all other cases, observance of the provisions of this Section 1.10 shall be optional, and at the discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment</u>. The Corporation 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. The Corporation may designate one or more persons 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 chairperson of the meeting shall appoint one or more inspectors to act at the meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of Inspectors</u>. Inspectors of election shall take all actions as contemplated under Section 231 of the General Corporation Law. The inspectors of election shall perform their duties with strict impartiality and according to the best of their ability.

**Section 1.11:&nbsp;&nbsp;&nbsp;&nbsp;<u>Conduct of Meetings</u>.** The Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the chairperson of a meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairperson, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the chairperson of the meeting, may include, without limitation, the following: (a) the establishment of an agenda or order of business for the meeting, (b) rules and procedures for maintaining order at the meeting and the safety of those present, (c) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the chairperson of the meeting or the Board shall determine, (d) restrictions on entry to the meeting after the time fixed for the commencement thereof, (e) limitations on the time allotted to questions or comments by participants, (f) restrictions on the use of audio/video recording devices and cell phones, (g) procedures for complying with any state and local laws and regulations concerning safety and security, (h) procedures (if any) requiring attendees to provide the Corporation advance notice of their intent to attend the meeting, and (i) any additional attendance or other procedures or requirements for proponents submitting a proposal pursuant to Rule 14a-8 promulgated under the Securities Exchange Act of 1934, as amended (such act, and the rules and regulations promulgated thereunder and any successors thereto, the "***Exchange Act***"). The Board, or, at a meeting of stockholders (but subject to any rules and regulations adopted by, and the supervision of, the Board), the chairperson of the meeting shall, in addition to making any other determinations that may be appropriate to the conduct of the meeting, have the power to determine that a proposed director nomination or business matter was not properly brought before the meeting and to disregard any such nomination or business matter not properly brought before the meeting, notwithstanding that proxies or votes in respect thereof may have been received by the Corporation, which shall be disregarded. Unless and to the extent determined by the Board or the chairperson of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

**Section 1.12:&nbsp;&nbsp;&nbsp;&nbsp;<u>Advance Notice Procedures</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meeting of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Nominations of persons for election to the Board and the proposal of other business to be considered by the stockholders at an annual meeting of stockholders may be made only: (i) pursuant to the Corporation's notice of such meeting (or any supplement thereto), (ii) by or at the direction of the Board or any committee thereof or (iii) by any stockholder of the Corporation who was a stockholder of record at the time of giving of the notice required by this Section 1.12.1 and at the time of such meeting, who is entitled to vote at such meeting and who

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complies with the requirements and procedures set forth in this Section 1.12 in all applicable respects (the "***Record Stockholder***"), or (iv) as may be provided in the certificate of designations for any series of the Corporation's Preferred Stock. For the avoidance of doubt, the foregoing clause (iii) shall be the exclusive means for a stockholder to make nominations or propose business at such meeting (other than business included in the Corporation's proxy materials pursuant to Rule 14a-8 promulgated under the Exchange Act).

For nominations or other business to be properly brought before an annual meeting by a Record Stockholder (or a Qualified Representative (as defined below) thereof) pursuant to Section 1.12.1(a) of these Bylaws:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Record Stockholder must have given timely notice thereof in writing to the Secretary and provide any updates or supplements to such notice at the times and in the forms required by this Section 1.12.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such business (other than the nomination of persons for election to the Board) must otherwise be a proper matter for stockholder action under Delaware law;

&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)&nbsp;&nbsp;&nbsp;&nbsp;each Proposing Person (as defined below) shall have complied with the applicable requirements of the Exchange Act (including, without limitation, the applicable requirements of Rule 14a-19 promulgated thereunder ("***Rule 14a-19***")) and any Securities and Exchange Commission Staff interpretations relating 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a proposal other than the nomination of persons for election or reelection to the Board, (A) if a Proposing Person (as defined below) has provided the Corporation with a Solicitation Notice (as defined below), such Proposing Person (or the group of which such Proposing Person is a part) must have delivered, or made available, a proxy statement and form of proxy to holders of at least the percentage of the voting power of the Corporation's shares required under applicable law to carry any such proposal and must have included in such materials the Solicitation Notice, or (B) if no Solicitation Notice relating thereto has been timely provided pursuant to this Section 1.12, a Proposing Person (or a group of which a Proposing Person is a part) must not have solicited a number of proxies sufficient to have required the delivery of such a Solicitation Notice under this Section 1.12; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp; in the case of a proposal for the nomination of persons for election or reelection to the Board, if the Proposing Person (or a group of which such Proposing Person is a part) provided notice pursuant to Rule 14a-19(b), such Proposing Person must have delivered to the Secretary, no later than five (5) business days prior to the annual meeting or any adjournment, rescheduling, postponement or other delay thereof, reasonable evidence sufficient to demonstrate that the requirements of Rule 14a-19 have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To be timely, a Record Stockholder's notice must be delivered to the Secretary at the principal executive offices of the Corporation not later than 5:00 p.m. Eastern Time on the ninetieth (90th) day nor earlier than the one hundred and twentieth (120th) day prior to the first anniversary of the preceding year's annual meeting; *<u>provided</u>*, *<u>however</u>*, that in the event that the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As to each person whom the Record Stockholder proposes to nominate for election or reelection as a director, in addition to the matters set forth in paragraph (e) below, such Record Stockholder's notice shall 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the name, age, business address and residence address of such proposed nominee;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the principal occupation or employment of such proposed nominee;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the class, series and number of any shares of stock of the Corporation that are beneficially owned or owned of record by such proposed nominee, or his or her respective affiliates and associates;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the date or dates such shares were acquired and the investment intent of such acquisition, as well as evidence of such date(s);

&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)&nbsp;&nbsp;&nbsp;&nbsp;all other information relating to such proposed nominee that would be required to be disclosed in solicitations of proxies for election of directors in an election contest (even if an election contest is not involved), or would be otherwise required, in each case pursuant to and in accordance with Section 14(a) (or any successor provision) 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;whether such proposed nominee would qualify as an independent director under the requirements of the stock exchange upon which the Corporation's Class A Common Stock is primarily traded and the Policies (as defined below);

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&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)&nbsp;&nbsp;&nbsp;&nbsp;a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three (3) years, and any other material relationships, between or among any Proposing Person, on the one hand, and such proposed nominee, and his or her respective affiliates and associates, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to the U.S. federal securities laws or the rules and regulations promulgated thereunder (including Item 404 promulgated under Regulation S-K) if any Proposing Person were the "registrant" for purposes thereof and the proposed nominee 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;the date or dates of first contact between any Proposing Person and such proposed nominee with respect to (A) the Corporation or (B) any proposed nomination of any person or persons for election or reelection to the Board;

&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)&nbsp;&nbsp;&nbsp;&nbsp;a description of any position of such proposed nominee as an officer or director of, or any material relationship with, any Competitor (as defined below) within the past three (3) 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;(x) a description of any business or personal interests that could place such proposed nominee in a potential conflict of interest with the Corporation or any of its affiliates and how the proposed nominee, if elected, intends to mitigate or reconcile any such potential conflict of interest; 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;all completed and signed questionnaires, representations and agreements required by Section 1.12.2 of these Bylaws.

The Corporation may require any such proposed nominee to furnish such other information as it may reasonably require to determine whether such proposed nominee would qualify as an independent director of the Corporation under the Exchange Act, applicable stock exchange rules and the Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;As to any business, other than the nomination of a person for election or reelection as a director, that the Record Stockholder proposes to bring before the meeting, in addition to the matters set forth in paragraph (e) below, such Record Stockholder's notice shall 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;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;(ii)&nbsp;&nbsp;&nbsp;&nbsp; the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the Bylaws, the text of the proposed amendment);

&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)&nbsp;&nbsp;&nbsp;&nbsp;the reasons for conducting such business at the meeting; and

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&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)&nbsp;&nbsp;&nbsp;&nbsp;any material interest in such business of any Proposing Person, including any anticipated benefit to any Proposing Person therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;As to each Proposing Person, the Record Stockholder's notice shall 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the current name and address of such Proposing Person, including, if applicable, their name and address as they appear on the Corporation's stock ledger;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(1) the class or series and number of shares of stock of the Corporation that are directly or indirectly owned of record or beneficially owned by such Proposing Person, including any shares of any class or series of the Corporation as to which such Proposing Person has a right to acquire beneficial ownership at any time in the future, and (2) a certification regarding whether such Proposing Person has complied with all applicable federal, state and other legal requirements in connection with such Proposing Person's acquisition of shares of capital stock or other securities of the Corporation, if any, and/or such Proposing Person's acts or omissions as a stockholder or beneficial owner 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a description of any of the following that are held directly or indirectly by, on behalf of or for the benefit of such Proposing Person: (x) any Derivative Instrument (as defined below), (y) any rights to dividends on the shares of any class or series of shares of the Corporation that are separated or separable from the underlying shares of the Corporation; or (z) any Short Interest (as defined below), including, in each case, the date thereof, the class, series and number of securities involved therein, the material economic or voting terms thereof, and the identities of all persons party 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any proportionate interest in shares of the Corporation or Derivative Instruments held, directly or indirectly, by a general or limited partnership or limited liability company of which such Proposing Person is, directly or indirectly, a general partner, manager or managing member or, directly or indirectly, controls a general partner, manager or managing member of such a general or limited partnership or limited liability company;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any direct or indirect material interest of such Proposing Person in any material contract or agreement with the Corporation, any affiliate of the Corporation or any Competitor (including, in any such case, any employment agreement, collective bargaining agreement or consulting 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;a description of any of the following that are held directly or indirectly by, on behalf of or for the benefit of such Proposing Person: (x) any significant equity interests in any Competitor or (y) any Derivative Instruments or Short Interests in any Competitor (including, in the case of any Derivative Instrument or Short Interest, the date such instrument or interest was acquired, the class, series and number of securities involved therein, the material economic or voting terms thereof, and the identities of all persons party thereto);

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&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)&nbsp;&nbsp;&nbsp;&nbsp;any other material relationship between such Proposing Person, on the one hand, and the Corporation, any affiliate of the Corporation or any Competitor, on the other hand;

&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)&nbsp;&nbsp;&nbsp;&nbsp;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) pertaining to the Corporation and its securities, if such a statement were required to be filed under the Exchange Act by such Proposing Person, regardless of whether the requirement to file a Schedule 13D is applicable;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any other information relating to such Proposing Person that would be required to be disclosed in proxy materials or other filings required to be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business or nomination proposed to be brought before the meeting pursuant to Section 14(a) (or any successor provision) 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;(x)&nbsp;&nbsp;&nbsp;&nbsp;to the extent known by a Proposing Person, the names and addresses of any stockholder or beneficial owner that has provided or will provide financial support or material assistance in support of the nomination or business and a description of the nature of such support or assistance;

&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)&nbsp;&nbsp;&nbsp;&nbsp;a description of any agreement, arrangement or understanding (including the identities of all the parties thereto) between or among such Proposing Person on the one hand and any other person or persons, on the other hand, with respect to, relating to, or in connection with the nomination or 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;a representation that the Record Stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and that such Record Stockholder (or a Qualified Representative thereof) will appear at the meeting to propose such business or nomination;

&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)&nbsp;&nbsp;&nbsp;&nbsp;a representation whether such Proposing Person intends (or is part of a group that intends) to (x) in the case of a proposal other than the nomination of persons for election to the Board, deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's voting shares required under applicable law to approve the proposal (an affirmative statement of such intent being a "***Solicitation Notice***") and, if so, the name of each participant (as defined in Item 4 of Exchange Act Schedule 14A) in such solicitation, (y) in the case of a nomination or nominations, solicit the holders of shares representing at least 67% of the voting power of the shares entitled to vote on the election of directors in support of director nominees other than the Corporation's nominees in accordance with Rule 14a-19, and the name of each participant (as defined in Item 4 of Exchange Act Schedule 14A) in such solicitation, and/or (z) otherwise solicit proxies from stockholders in support of such proposal or nomination;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;a description of any pending or, to such Proposing Person's knowledge, threatened legal proceeding in which such Proposing Person is a party or participant involving the Corporation or, to such Proposing Person's knowledge, any current or former officer, director, affiliate or associate 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;(xv)&nbsp;&nbsp;&nbsp;&nbsp;a description of any proxy (other than a revocable proxy given in response to a proxy solicitation made to more than ten (10) persons), contract, arrangement, or relationship pursuant to which the Proposing Person has a right to vote, directly or indirectly, any shares or other securities of the Corporation.

The disclosures to be made pursuant to the foregoing clauses (ii), (iii), (iv) and (vi) shall not include any information with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;A stockholder providing written notice required by this Section 1.12.1 or Section 1.12.3, as applicable, shall update and supplement such notice, and any other information provided to the Corporation, in writing, so that the information provided or required to be provided in such notice is true and correct in all material respects as of (i) the record date for determining the stockholders entitled to notice of the meeting and (ii) 5:00 p.m. Eastern Time on the tenth (10th) business day prior to the meeting or any adjournment, postponement or rescheduling thereof. In the case of an update pursuant to clause (i) of the foregoing sentence, such update shall be received by the Secretary at the principal executive office of the Corporation not later than five (5) business days after the record date for determining the stockholders entitled to notice of the meeting, and in the case of an update pursuant to clause (ii) of the foregoing sentence, such update shall be received by the Secretary at the principal executive office of the Corporation not later than eight (8) business days prior to the date for the meeting and, if practicable, any adjournment, postponement or rescheduling thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned, postponed or rescheduled). Notwithstanding the foregoing, if a Proposing Person (x) no longer plans to solicit proxies in accordance with its representation(s) pursuant to Section 1.12.1(e)(xiii) or (y) becomes aware of any inaccuracy or change in information submitted to the Corporation, then the stockholder providing the written notice shall inform the Corporation thereof and update such notice by delivering a writing to the Secretary at the principal executive offices of the Corporation no later than two (2) business days after the occurrence of such change or after such time the Proposing Person became so aware, as applicable. For the avoidance of doubt, the obligation to update as set forth in this paragraph 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 nomination 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. If a stockholder providing written notice fails to provide any written update in accordance with this Section 1.12, the information as

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to which such written update relates shall be deemed not to have been provided in accordance with these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in Section 1.12 or any other provision of these Bylaws to the contrary, any person who a majority of the Whole Board (as defined below) has determined, in good faith, to have violated any written policy of the Corporation regarding improper disclosure of confidential information of the Corporation applicable to such person while serving as a director of the Corporation in the preceding five (5) years shall be ineligible to be nominated for election or reelection as a member of the Board, absent a prior waiver for such nomination approved by two-thirds of the Whole Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Submission of Questionnaire, Representation and Agreement</u>. To be eligible to be a nominee of any stockholder for election or reelection as a director of the Corporation, the person proposed to be nominated must complete, sign and deliver (in accordance with the time periods prescribed for delivery of notice under Section 1.12 of these Bylaws) to the Secretary at the principal executive offices of the Corporation a questionnaires in substantially the same form as the Corporation requests of the Board's nominees for director (which form shall be provided within ten (10) days following a request therefor by a stockholder) and a signed representation and agreement (in the form available from the Secretary upon written request):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;that such person is not and will not become a party to any Voting Commitment (as defined below) that (i) has not been disclosed to the Corporation or (ii) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; that such person is not and will not become a party to any Compensation Arrangement (as defined below) that has not been disclosed to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;that such person, if elected as a director of the Corporation, will comply with all informational and similar requirements of applicable insurance policies and laws and regulations in connection with service or action as a director of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;a statement as to whether such person, if elected as a director of the Corporation, intends to comply with the Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;that such person acknowledges and agrees that, if elected as a director of the Corporation, he or she must and will act in the best interests of the Corporation and its stockholders generally and not in the interests of any individual constituencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; that such person consents to being named as a nominee in any proxy materials relating to the Corporation's meeting at which the nominee's election as a director will be considered/voted upon, agrees to serve if elected as a director, and intends to serve as a director for the full term for which such individual is to stand for election;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;that such person's candidacy or, if elected, Board membership, would not violate applicable state or federal law, the Certificate of Incorporation, these Bylaws, or the rules of any stock exchange on which shares of the Corporation's Class A Common Stock are traded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;that such person, if elected as a director, acknowledges and agrees that he or she must and will provide facts, statements, and other information in all communications with the Corporation and its stockholders that are or will be true and correct in all material respects, and that do not and will not omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of such meeting. 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 Corporation's notice of such meeting (i) by or at the direction of the Board or any committee thereof or (ii) by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice of the special meeting, who shall be entitled to vote at the meeting and who complies with the notice and other procedures set forth in this Section 1.12 in all applicable respects. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board, for nominations to be properly brought before such meeting by a stockholder (or a Qualified Representative thereof) pursuant to Section 1.12.3(a)(ii) of these Bylaws:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation setting forth such information, representations, certifications and agreements required by Section 1.12.1 and Section 1.12.2 and provide any updates or supplements to such notice at the times and in the forms required by this Section 1.12, in each case, with respect to stockholder nominations of persons for election to the Board at 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;each Proposing Person shall have complied with the applicable requirements of the Exchange Act and the rules and regulations promulgated thereunder (including, without limitation, the applicable requirements of Rule 14a-19), as such rules and regulations may be amended from time to time by the Securities and Exchange Commission, including any Securities and Exchange Commission Staff interpretations relating thereto; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;if the Proposing Person (or a group of which such Proposing Person is a part) provided notice pursuant to Rule 14a-19(b), such Proposing Person must have delivered to the Secretary, no later than five (5) business days prior to the special meeting or any adjournment, rescheduling or postponement or other delay thereof, reasonable evidence sufficient to demonstrate that the requirements of Rule 14a-19 have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To be timely, a stockholder's notice required by this Section 1.12.3 of these Bylaws shall be delivered to the Secretary at the principal executive offices of the Corporation (i) no earlier than the one hundred and twentieth (120th) day prior to such special meeting and (ii)

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no later than 5:00 p.m. Eastern Time on the later of the ninetieth (90th) day prior to such special meeting or the tenth (10th) day following the day on which 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 an adjournment, postponement or rescheduling (or the Public Announcement thereof) of a special meeting commence a new time period (or extend any time period) for providing such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.4&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided in any applicable rule or regulation promulgated under the Exchange Act, only such persons who are nominated in accordance with the procedures set forth in this Section 1.12 shall be eligible to be elected or reelected as directors at a meeting of stockholders and only such business shall be conducted at an annual meeting of stockholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 1.12. Except as otherwise provided by applicable law or these Bylaws, the Board or, at a meeting of stockholders (but subject to any rules and regulations adopted by, and the supervision of, the Board), the chairperson of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the applicable requirements and procedures set forth in this Section 1.12 (including the stockholder and nominee, as applicable, acting in a manner consistent with any representation required hereby, satisfying the information requirements set forth herein with accurate and complete information and complying with all applicable laws, rules and regulations referred to herein) and, if any proposed nomination or business is not in compliance herewith, to declare that such defective proposal or nomination shall be disregarded (and any such nominee shall be disqualified from standing for election or re-election), notwithstanding that proxies in respect of such business or nominations may have been received by the Corporation. If a stockholder provides notice pursuant to Rule 14a-19(b) and subsequently fails to comply with the requirements of Rule 14a-19(a)(2) and Rule 14a-19(a)(3) promulgated under the Exchange Act, including the provision to the Corporation of notices required thereunder in a timely manner, then any such nominee shall be disqualified and the Corporation shall disregard any proxies or votes solicited for such stockholder's director nominees. Notwithstanding the foregoing provisions of this Section 1.12, unless otherwise required by applicable law, if the stockholder (or a Qualified Representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or proposed business, such nomination shall be disregarded (and any such nominee shall be disqualified from standing for election or reelection), and such proposed business shall not be transacted, notwithstanding that proxies or votes in respect thereof may have been received by the Corporation. Notwithstanding the foregoing provisions of Section 1.12, unless otherwise permitted by applicable law, no stockholder shall solicit proxies in support of director nominees other than the Corporation's nominees unless such stockholder has complied with Rule 14a-19 in connection with the solicitation of such proxies, including the provision to the Corporation of notices required thereunder in a timely manner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The number of nominees a stockholder may nominate for election at a meeting of stockholders (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 meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected by the stockholders generally at such meeting. In addition, a stockholder may not designate any substitute or alternate nominees unless such stockholder provides timely notice of such substitute or alternate nominee(s) in accordance with Section 1.12.1, in the case of an annual meeting, or Section 1.12.3, in the case of a special meeting (and such notice contains all of the information, representations, agreements, questionnaires and certifications with respect to such substitute or alternate nominee(s) that are required by the Bylaws with respect to nominees for director election submitted by a stockholder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions of this Section 1.12, a stockholder shall also comply with all applicable requirements of the Exchange Act with respect to the matters set forth herein, for the avoidance of doubt including, but not limited to, Rule 14a-19, and any failure to comply therewith shall be deemed a failure to comply with this Section 1.12. Nothing in this Section 1.12 shall be deemed to affect any rights of (i) stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 promulgated under the Exchange Act or (ii) the holders of any series of the Corporation's Preferred Stock to elect directors pursuant to any applicable provisions of the Certificate of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of these Bylaws the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***affiliate***" and "***associate***" shall have the meanings ascribed thereto in Rule 405 under the Securities Act of 1933, as amended (the "***Securities Act***"); provided, however, that the term "partner" as used in the definition of "associate" shall not include any limited partner that is not involved in the management of the relevant partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Compensation Arrangement***" shall mean any direct or indirect compensatory payment or other financial agreement, arrangement or understanding with any person or entity other than the Corporation, including any agreement, arrangement or understanding with respect to any direct or indirect compensation, reimbursement or indemnification in connection with candidacy, nomination, service or action as a nominee or as a director 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;"***Competitor***" shall mean any entity that the Board determines, in good faith, provides products or services that compete with or are alternatives to the principal products produced or services provided by the Corporation or its affiliates, a list of which entities shall be maintained by the Corporation and provided within ten (10) days following a request therefor by a 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;"***Derivative Instrument***" shall mean any derivative interest in the Corporation's equity securities, including without limitation any option, warrant, convertible security, stock appreciation right, cash-settled equity swap, total return swap, synthetic equity position or similar derivative arrangement or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or

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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, whether settled in cash or stock or other property or 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;"***Policies***" shall mean all publicly disclosed corporate governance, conflict of interest, stock ownership requirements, confidentiality and training policies and guidelines of the Corporation applicable to directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Proposing Person***" shall mean (1) the Record Stockholder providing the notice of business proposed to be brought before an annual meeting or the Record Stockholder (or stockholder, in the case of a special meeting) providing notice of nomination of persons for election to the Board at a stockholder meeting, (2) any beneficial owner on whose behalf the proposal or nomination is made, and (3) any affiliate or associate of either of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Public Announcement***" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or other national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act or by such other means as is reasonably designed to inform the public or stockholders of the Corporation in general of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a "***Qualified Representative***" of a stockholder shall mean a person who is (i) a duly authorized officer, manager, trustee or partner of such stockholder or (ii) authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as a proxy at the meeting of stockholders, which writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, must be delivered to the Secretary at the principal executive offices of the Corporation by no later than 5:00 p.m. Eastern Time on the fifth (5<sup>th</sup>) business day before such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;"***Short Interest***" shall mean any short interest in any security of the Corporation that a person directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has the opportunity to profit or share in any profit derived from any increase or decrease in the value of the subject security or any other agreement, arrangement or understanding (including without limitation any borrowing or lending of shares) the effect or intent of which is to mitigate loss to or manage risk or benefit of share price changes for, or to increase or decrease the voting power of, such person with respect to any share of stock 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;"***Voting Commitment***" shall mean any agreement, arrangement or understanding with, or any commitment or assurance given to, any person or entity as to how a person will act or vote on any issue or question as a director of the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Section 1.12 shall not apply to any action taken by the Corporation's stockholders by written consent in lieu of a meeting in the manner set forth in the Certificate of Incorporation.

**ARTICLE II: BOARD OF DIRECTORS**

**Section 2.1:&nbsp;&nbsp;&nbsp;&nbsp;<u>Number; Qualifications</u>.** The total number of directors constituting the Whole Board shall be fixed from time to time in the manner set forth in the Certificate of Incorporation and the term "***Whole Board***" shall have the meaning specified in the Certificate of Incorporation. No decrease in the authorized number of directors constituting the Whole Board shall shorten the term of any incumbent director. Directors need not be stockholders of the Corporation.

**Section 2.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Election; Resignation; Removal; Vacancies</u>.** Election of directors need not be by written ballot. Subject to the special rights of holders of any series of the Corporation's Preferred Stock to elect directors, each director shall hold office until the annual meeting at which such director's term expires and until such director's successor is elected and qualified or until such director's earlier death, resignation, disqualification or removal. Any director may resign by delivering a resignation in writing or by electronic transmission to the Corporation at its principal office or to the Chairperson of the Board, the Chief Executive Officer, or the Secretary. Such resignation shall be effective upon delivery unless it is specified to be effective at a later time or upon the happening of an event. Subject to the special rights of holders of any series of the Corporation's Preferred Stock to elect directors, directors may be removed only as provided by the Certificate of Incorporation and applicable law. All vacancies occurring in the Board and any newly created directorships resulting from any increase in the authorized number of directors shall be filled in the manner set forth in the Certificate of Incorporation.

**Section 2.3:&nbsp;&nbsp;&nbsp;&nbsp;<u>Regular Meetings</u>.** Regular meetings of the Board may be held at such places (if any), within or without the State of Delaware, and at such times as the Board may from time to time determine. Notice of regular meetings need not be given if the date, times and places thereof are fixed by resolution of the Board.

**Section 2.4:&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings</u>.** Special meetings of the Board may be called by the Chairperson of the Board, the Chief Executive Officer, the Lead Independent Director or a majority of the members of the Board then in office and may be held at any time, date or place (if any), within or without the State of Delaware, as the person or persons calling the meeting shall fix. Notice of the time, date and place (if any) of such meeting shall be given, orally, in writing or by electronic transmission (including electronic mail), by or at the direction of the person or persons calling the meeting to all directors at least four (4) days before the meeting if the notice is mailed, or at least twenty-four (24) hours before the meeting if such notice is given personally or by telephone, hand delivery or electronic transmission; *provided, however*, that if, under the circumstances, the Chairperson of the Board, the Lead Independent Director, the Chief Executive Officer or the majority members of the Board calling a special meeting deems that more immediate action is necessary or appropriate, notice may be delivered on the day of such special

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meeting. Unless otherwise indicated in the notice, any and all business may be transacted at a special meeting.

**Section 2.5:&nbsp;&nbsp;&nbsp;&nbsp;<u>Remote Meetings Permitted</u>.** Members of the Board, or any committee of the Board, 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, and participation in a meeting pursuant to conference telephone or other communications equipment shall constitute presence in person at such meeting.

**Section 2.6:&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum; Vote Required for Action</u>.** At all meetings of the Board, a majority of the Whole Board shall constitute a quorum for the transaction of business. If a quorum shall fail to attend any meeting, a majority of those present may adjourn the meeting to another place, date or time. Except as otherwise provided herein or in the Certificate of Incorporation, or required by applicable law, the vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board.

**Section 2.7:&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization</u>.** Meetings of the Board shall be presided over by (a) the Chairperson of the Board, or (b) in such person's absence, the Lead Independent Director, or (c) in such person's absence, by the Chief Executive Officer, if a director, or (d) in such person's absence or if such person is not a director, by a director chosen by the Board at the meeting. The Secretary shall act as secretary of the meeting, but in such person's absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.

**Section 2.8:&nbsp;&nbsp;&nbsp;&nbsp;<u>Unanimous Action by Directors in Lieu of a Meeting</u>.** 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 an action is taken, the writing or writings or electronic transmission or transmissions shall be filed with the minutes of proceedings of the Board or the committee thereof, as applicable. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

**Section 2.9:&nbsp;&nbsp;&nbsp;&nbsp;<u>Powers</u>.** The Board may exercise all of the powers of the Corporation except as otherwise provided by the General Corporation Law, the Certificate of Incorporation or these Bylaws.

**Section 2.10:&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation of Directors</u>.** Members of the Board, as such, may receive, pursuant to a resolution of the Board, fees and other compensation for their services as directors, including without limitation their services as members of committees of the Board. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

**Section 2.11&nbsp;&nbsp;&nbsp;&nbsp;Emergency Bylaws**. This Section 2.11 shall be operative during any emergency condition as contemplated by Section 110 of the General Corporation Law (an "***Emergency***"), notwithstanding any different or conflicting provisions in these Bylaws, the

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Certificate of Incorporation or the General Corporation Law. In the event of any Emergency the director or directors in attendance at a meeting of the Board or a standing committee thereof shall constitute a quorum. Such director or directors in attendance may further take action to appoint one or more of themselves or other directors to membership on any standing or temporary committees of the Board as they shall deem necessary and appropriate. In the event that no directors are able to attend a meeting of the Board or any committee thereof in an Emergency, then the Designated Officers in attendance shall serve as directors, or committee members, as the case may be, for the meeting and will have full powers to act as directors, or committee members, as the case may be, of the Corporation. Except as the Board may otherwise determine, during any Emergency, the Corporation and its directors and officers, may exercise any authority and take any action or measure contemplated by Section 110 of the General Corporation Law. For purposes of this Section 2.11, the term "*Designated Officer*" means an officer identified on a numbered list of officers of the Corporation who shall be deemed to be, in the order in which they appear on the list, directors of the Corporation, or members of a committee of the Board, as the case may be, to the extent required to obtain a quorum at a meeting, which list of Designated Officers shall be approved by the Board from time to time but in any event prior to such time or times as an Emergency may have occurred.

**ARTICLE III: COMMITTEES**

**Section 3.1:&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees</u>.** The Board may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. 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. In the absence or disqualification of a member of the committee, the member or members thereof present at any meeting of such committee who are 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. Any such committee, to the extent provided in a resolution of the Board, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority in reference to the following matters: (a) approving, adopting, or recommending to the stockholders any action or matter (other than the election or removal of members of the Board) expressly required by the General Corporation Law to be submitted to stockholders for approval or (b) adopting, amending or repealing any bylaw of the Corporation.

**Section 3.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Rules</u>.** Each committee shall keep records of its proceedings and make such reports as the Board may from time to time request. Unless the Board otherwise provides, each committee designated by the Board may make, alter and repeal rules for the conduct of its business. In the absence of such rules, each committee shall conduct its business in the same manner as the Board conducts its business pursuant to Article II of these Bylaws. Except as otherwise provided in the Certificate of Incorporation, these Bylaws or the resolution of the Board designating the committee, any committee may create one or more subcommittees,

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each subcommittee to consist of one or more members of the committee, and may delegate to any such subcommittee any or all of the powers and authority of the committee.

**ARTICLE IV: OFFICERS; CHAIRPERSON; LEAD INDEPENDENT DIRECTOR** 

**Section 4.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Chief Executive Officer</u>.** Subject to the control of the Board and such supervisory powers, if any, as may be given by the Board, the powers and duties of the Chief Executive Officer of the Corporation are:

&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)&nbsp;&nbsp;&nbsp;&nbsp;to have general supervision, direction and control of the business and affairs 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;to affix the signature of the Corporation to all deeds, conveyances, mortgages, guarantees, leases, obligations, bonds, certificates and other papers and instruments in writing which have been authorized by the Board or which, in the judgment of the Chief Executive Officer, should be executed on behalf of the Corporation; to sign certificates for shares of stock of the Corporation (if any); and to have general charge of the property of the Corporation and to supervise and control all officers, agents and employees of the Corporation.

The person holding the office of President shall be the Chief Executive Officer of the Corporation unless the Board shall designate another person to be the Chief Executive Officer.

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**Section 4.3:&nbsp;&nbsp;&nbsp;&nbsp;<u>Chairperson of the Board</u>.** Subject to the provisions of Section 2.7 of these Bylaws, the Chairperson of the Board shall have the power to preside at all meetings of the Board and shall have such other powers and duties as provided in these Bylaws and as the Board may from time to time prescribe. The Chairperson of the Board shall not be deemed an officer of the Corporation unless otherwise determined by the Board.

**Section 4.4:&nbsp;&nbsp;&nbsp;&nbsp;<u>Lead Independent Director</u>.** The Board may, in its discretion, elect a lead independent director from among its members that are independent directors as determined under rules of the exchange upon which the Corporation's Class A Common Stock is primarily traded (such director, the "***Lead Independent Director***"). The Lead Independent Director shall preside at all meetings or sessions of independent directors and exercise such other powers and duties as may from time to time be assigned to him or her by the Board or as prescribed by these Bylaws.

**Section 4.5:&nbsp;&nbsp;&nbsp;&nbsp;<u>President</u>.** The person holding the office of Chief Executive Officer shall be the President of the Corporation unless the Board shall have designated one individual as the President and a different individual as the Chief Executive Officer of the Corporation. Subject to the provisions of these Bylaws and to the direction of the Board, and subject to the supervisory powers of the Chief Executive Officer (if the Chief Executive Officer is an officer other than the President), and subject to such supervisory powers and authority as may be given by the Board to the Chairperson of the Board, and/or to any other officer, the President shall have the responsibility for the general management and control of the business and affairs of the Corporation and the general supervision and direction of all of the officers, employees and agents of the Corporation (other than the Chief Executive Officer, if the Chief Executive Officer is an officer other than the President) and shall perform all duties and have all powers that are commonly incident to the office of President, or as the Board or the Chief Executive Officer may from time to time prescribe.

**Section 4.6:&nbsp;&nbsp;&nbsp;&nbsp;<u>Chief Financial Officer</u>.** The person holding the office of Chief Financial Officer shall be the Treasurer of the Corporation unless the Board shall have designated another person as the Treasurer of the Corporation. Subject to the direction of the Board and the Chief Executive Officer, the Chief Financial Officer shall perform all duties and have all powers that are commonly incident to the office of Chief Financial Officer, or as the Board or the Chief Executive Officer may from time to time prescribe.

**Section 4.7:&nbsp;&nbsp;&nbsp;&nbsp;<u>Treasurer</u>.** The person holding the office of Treasurer shall be the Chief Financial Officer of the Corporation unless the Board shall have designated another person as the Chief Financial Officer of the Corporation. The Treasurer shall have custody of all monies and securities of the Corporation. The Treasurer shall make such disbursements of the funds of the Corporation as are authorized and shall render from time to time an account of all such transactions. The Treasurer shall also perform such other duties and have such other powers as are commonly incident to the office of Treasurer, or as the Board or the Chief Executive Officer may from time to time prescribe.

**Section 4.8:&nbsp;&nbsp;&nbsp;&nbsp;<u>Vice President</u>.** Each Vice President shall have all such powers and duties as are commonly incident to the office of Vice President or as the Board or the Chief

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Executive Officer may from time to time prescribe. A Vice President may be designated by the Board to perform the duties and exercise the powers of the President in the event of the President's absence or disability.

**Section 4.9:&nbsp;&nbsp;&nbsp;&nbsp;<u>Secretary</u>.** The Secretary shall issue or cause to be issued all authorized notices for, and shall keep, or cause to be kept, minutes of all meetings of the stockholders and the Board. The Secretary shall have charge of the corporate minute books and similar records and shall perform such other duties and have such other powers as are commonly incident to the office of Secretary, or as the Board or the Chief Executive Officer may from time to time prescribe.

**Section 4.10:&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation of Authority</u>.** The Board may from time to time delegate the powers or duties of any officer of the Corporation to any other officers or agents of the Corporation, notwithstanding any provision hereof.

**Section 4.11:&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal</u>.** Any officer of the Corporation shall serve at the pleasure of the Board and may be removed at any time, with or without cause, by the Board; *provided* that if the Board has empowered the Chief Executive Officer to appoint any officer of the Corporation, then such officer may also be removed by the Chief Executive Officer, with or without cause. Such removal shall be without prejudice to the contractual rights of such officer, if any, with the Corporation.

**ARTICLE V: STOCK**

**Section 5.1:&nbsp;&nbsp;&nbsp;&nbsp;<u>Certificates; Uncertificated Shares</u>.** The shares of capital stock of the Corporation shall be uncertificated shares; *provided*, *however*, that the resolution of the Board that the shares of capital stock of the Corporation shall be uncertificated shares shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation (or the transfer agent or registrar, as the case may be). Notwithstanding the foregoing, the Board may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be certificated shares. Every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation, by any two authorized officers of the Corporation (it being understood that each of the Chairperson of the Board, the Vice-Chairperson of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, any Assistant Treasurer, the Secretary and any Assistant Secretary of the Corporation shall be an authorized officer for such purpose), representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were an officer, transfer agent or registrar at the date of issue.

**Section 5.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost, Stolen or Destroyed Stock Certificates; Issuance of New</u> <u>Certificates or Uncertificated Shares</u>.** The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate previously issued by it, alleged to have been

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lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative to give the Corporation a bond sufficient to indemnify it, against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

**Section 5.3:&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Regulations</u>**. Subject to applicable law, the Certificate of Incorporation and these Bylaws, the issue, transfer, conversion and registration of shares represented by certificates and of uncertificated shares shall be governed by such other regulations as the Board may establish (or such other rules and procedures as the Corporation's transfer agent may require).

**ARTICLE VI: INDEMNIFICATION**

**Section 6.1:&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Officers and Directors</u>.** Each person who was or is made a party to, or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, legislative, investigative, preliminary, informal or formal, or any other type whatsoever, including any investigation or any arbitration or other alternative dispute resolution (including but not limited to giving testimony or responding to a subpoena) and including any appeal of any of the foregoing (a "***Proceeding***"), by reason of the fact that such person (or a person of whom such person is the legal representative), is or was a director or officer of the Corporation or a Reincorporated Predecessor (as defined below) or is or was serving at the request of the Corporation or Reincorporated Predecessor as a director, officer, employee, agent or trustee of another corporation, or of a partnership, joint venture, trust or other enterprise or non-profit entity, including service with respect to employee benefit plans (for purposes of this Article VI, an "***Indemnitee***"), shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the General Corporation Law 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 such law permitted the Corporation to provide prior to such amendment), against all expenses, costs, liability and loss (including attorneys' fees, judgments, fines, ERISA excise taxes and penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by such Indemnitee in connection therewith, *<u>provided</u>* such Indemnitee acted in good faith and in a manner that the Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal Proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful. Notwithstanding the foregoing, subject to Section 6.5 of this Article VI, the Corporation shall indemnify any such Indemnitee seeking indemnity in connection with a Proceeding (or part thereof) initiated by such Indemnitee only if such Proceeding (or part thereof) was authorized by the Board or such indemnification is authorized by an agreement approved by the Board. As used in this Article VI, (i) the term the "***Reincorporated Predecessor***" means a corporation that is merged with and into the Corporation in a statutory merger where (a) the Corporation is the surviving corporation of such merger, and (b) the primary purpose of such merger is to change the corporate domicile of the Reincorporated Predecessor to Delaware, and (ii) an "officer" of

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the Corporation or of a Reincorporated Predecessor means an officer of the Corporation or of a Reincorporated Predecessor either as provided for in these Bylaws or as elected or appointed by the board or governing body thereof, as applicable.

**Section 6.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Advancement of Expenses</u>.** Except as otherwise provided in a written indemnification agreement between the Corporation and the Indemnitee that provides rights that are equal to or greater than those provided herein, the Corporation shall pay all reasonable expenses (including attorneys' fees) incurred by an Indemnitee in defending any Proceeding in advance of its final disposition; provided, however, that the advancement of such expenses (i.e., payment of such expenses as incurred or otherwise in advance of the final disposition of the Proceeding) shall be made only upon delivery to the Corporation of an undertaking, by or on behalf of such Indemnitee, to repay such amounts if it shall ultimately be determined by final judicial decision from which there is no appeal that such Indemnitee is not entitled to be indemnified under this Article VI or otherwise. Any advances of expenses or undertakings to repay pursuant to this Section 6.2 shall be unsecured, interest free and without regard to Indemnitee's ability to pay.

**Section 6.3:&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Exclusivity of Rights</u>.** The rights conferred on any person in this Article VI shall not be exclusive of any other right that such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, Bylaws, agreement, vote or consent of stockholders or disinterested directors, or otherwise.

**Section 6.4:&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Others and Additional Rights</u>.** The Corporation may grant rights to indemnification and to the advancement of expenses to any person who is or was a director, officer, employee or agent of the Corporation or Reincorporated Predecessor, or any person who is or was serving at the request of the Corporation or Reincorporated Predecessor as a director, officer, employee, agent or trustee of another corporation, partnership, joint venture, trust or other enterprise or non-profit entity, including employee benefit plans. Such rights may be greater than those provided in this Article VI.

**Section 6.5:&nbsp;&nbsp;&nbsp;&nbsp;<u>Right of Indemnitee to Bring Suit</u>.** The following shall apply to the extent not in conflict with any written indemnification agreement between the Corporation and the Indemnitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Bring Suit</u>. If a claim under Section 6.1 or 6.2 of this Article VI is not paid in full by the Corporation within sixty (60) days after a written claim has been received by the Corporation, except in the case of a claim for an advancement of expenses, in which case the applicable period shall be twenty (20) days, the Indemnitee may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim. If the Indemnitee is successful in whole or in part in any such suit, or in a suit brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the Indemnitee also shall be entitled to be paid, to the fullest extent permitted by applicable law, the expense of prosecuting or defending such suit. In any suit brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the Indemnitee to enforce a right to an advancement of expenses) it shall be a defense that the Indemnitee has not met any applicable standard for indemnification set forth in applicable law. In any suit brought by the Corporation to

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recover the advancement of expenses pursuant to the terms of an undertaking, the Corporation shall be entitled to recover such expenses upon a final adjudication that, the Indemnitee has not met any applicable standard for indemnification set forth in applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Determination</u>. Neither the absence of a determination by or on behalf of the Corporation prior to the commencement of such suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth in applicable law, nor an actual determination by or on behalf of the Corporation that the Indemnitee has not met such applicable standard of conduct, shall create a presumption that the Indemnitee has not met the applicable standard of conduct or, in the case of such a suit brought by the Indemnitee, be a defense to such suit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Burden of Proof</u>. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of expenses hereunder, or brought by the Corporation to recover an advancement of expenses pursuant to the terms of an undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Article VI, or otherwise, shall be on the Corporation.

**Section 6.6:&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Rights</u>.** The rights conferred upon Indemnitees in this Article VI shall be contract rights and such rights shall continue as to an Indemnitee who has ceased to be a director or officer and shall inure to the benefit of the Indemnitee's heirs, executors and administrators.

**Section 6.7:&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment or Repeal</u>**. Any amendment, repeal or modification of any provision of this Article VI that adversely affects any right of an Indemnitee or an Indemnitee's successors shall be prospective only, and shall not adversely affect any right or protection conferred on a person pursuant to this Article VI and existing at the time of such amendment, repeal or modification.

**Section 6.8:&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>.** The Corporation may purchase and maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the Corporation or another corporation, partnership, joint venture, trust or other enterprise or non-profit entity against any expense, liability or loss, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the General Corporation Law.

**Section 6.9:&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification for Successful Defense</u>.** To the extent that an Indemnitee has been successful on the merits or otherwise in defense of any Proceeding (or in defense of any claim, issue or matter therein), such Indemnitee shall be indemnified under this Section 6.9 against expenses (including attorneys' fees) actually and reasonably incurred in connection with such defense. Indemnification under this Section 6.9 shall not be subject to satisfaction of a standard of conduct, and the Corporation may not assert the failure to satisfy a standard of conduct as a basis to deny indemnification or recover amounts advanced, including in a suit brought pursuant to Section 6.5 (notwithstanding anything to the contrary therein); *<u>provided</u>*, *<u>however</u>*, that, any Indemnitee who is not a current or former director or officer (as such term is defined in the final sentence of Section 145(c)(1) of the General Corporation Law) shall be entitled to indemnification under Section 6.1 and this Section 6.9 only if such

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Indemnitee has satisfied the applicable standard of conduct required for indemnification under Section 145(a) or Section 145(b) of the General Corporation Law.

**ARTICLE VII:NOTICES**

**Section 7.1:&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Form and Delivery</u>. Except as otherwise required by applicable law, notice may be given in writing directed to a stockholder's mailing address as it appears on the records of the Corporation and shall be given: (a) if mailed, when notice is deposited in the U.S. mail, postage prepaid; and (b) if delivered by courier service, the earlier of when the notice is received or left at such stockholder's address. So long as the Corporation is subject to the Securities and Exchange Commission's proxy rules set forth in Regulation 14A under the Exchange Act, notice shall be given in the manner required by such rules. To the extent permitted by such rules, or if the Corporation is not subject to Regulation 14A, notice may be given by electronic mail directed to the stockholder's electronic mail address as it appears on the records of the Corporation, and if so given, shall be 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 Section 232(e) of the General Corporation Law. If notice is given by electronic mail, such notice shall comply with the applicable provisions of Sections 232(a) and 232(d) of the General Corporation Law. Notice may be given by other forms of electronic transmission with the consent of a stockholder in the manner permitted by Section 232(b) of the General Corporation Law and shall be deemed given as provided therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Affidavit of Giving Notice</u>. An affidavit of the Secretary or an Assistant Secretary of the Corporation or of the transfer agent or 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.

**Section 7.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Notice</u>.** Whenever notice is required to be given under any provision of the General Corporation Law, the Certificate of Incorporation or these Bylaws, a written waiver of notice, signed by the person entitled to notice, or waiver by electronic transmission by such person, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting 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. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders, directors or members of a committee of directors need be specified in any waiver of notice.

**ARTICLE VIII: MISCELLANEOUS**

**Section 8.1:&nbsp;&nbsp;&nbsp;&nbsp;<u>Fiscal Year</u>.** The fiscal year of the Corporation shall be determined by resolution of the Board.

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**Section 8.2:&nbsp;&nbsp;&nbsp;&nbsp;<u>Seal</u>.** The Board may provide for a corporate seal, which may have the name of the Corporation inscribed thereon and shall otherwise be in such form as may be approved from time to time by the Board.

**Section 8.3:&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Records</u>.** Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account and minute books, may be kept on or by means of, or be in the form of, any other information storage device, method or one or more electronic networks or databases (including one or more distributed electronic networks or databases), electronic or otherwise, *provided* that the records so kept can be converted into clearly legible paper form within a reasonable time and otherwise comply with the General Corporation Law. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records pursuant to any provision of the General Corporation Law.

**Section 8.4:&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance Upon 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 person's duties, be fully protected in relying in good faith upon the books and 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 8.5:&nbsp;&nbsp;&nbsp;&nbsp;<u>Certificate of Incorporation Governs</u>.** In the event of any conflict between the provisions of the Certificate of Incorporation and these Bylaws, the provisions of the Certificate of Incorporation shall govern.

**Section 8.6:&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>.** If any provision of these Bylaws shall be held to be invalid, illegal, unenforceable or in conflict with the provisions of the Certificate of Incorporation, then such provision shall nonetheless be enforced to the maximum extent possible consistent with such holding and the remaining provisions of these Bylaws (including without limitation, all portions of any section of these Bylaws containing any such provision held to be invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation, that are not themselves invalid, illegal, unenforceable or in conflict with the Certificate of Incorporation) shall remain in full force and effect.

**Section 8.7:&nbsp;&nbsp;&nbsp;&nbsp;<u>Time Periods</u>.** In applying any provision of these Bylaws which requires that an act be done or not be done a specified number of days prior to an event or that an act be done during a period of a specified number of days prior to an event, calendar days shall be used (unless otherwise specified herein), the day of the doing of the act shall be excluded, and the day of the event shall be included.

------

**ARTICLE IX: AMENDMENT**

Notwithstanding any other provision of these Bylaws, any alteration, amendment or repeal of these Bylaws, and any adoption of new Bylaws, shall require the approval of the Board or the stockholders of the Corporation as expressly provided in the Certificate of Incorporation.

**ARTICLE X: CHOICE OF FORUM; EXCLUSIVE FORUM**

Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on behalf of the Corporation; (ii) any action asserting a claim that is based upon a breach of a fiduciary duty owed by, or other wrongdoing by, any current or former director, officer, stockholder, employee or agent of the Corporation to the Corporation or the Corporation's stockholders; (iii) any action asserting a claim against the Corporation or any current or former director, officer, stockholder, employee or agent of the Corporation arising pursuant to any provision of the General Corporation Law, the Certificate of Incorporation or these Bylaws or as to which the General Corporation Law confers jurisdiction on the Court of Chancery of the State of Delaware; (iv) any action to interpret, apply, enforce or determine the validity of the Certificate of Incorporation or these Bylaws; (v) any action asserting a claim against the Corporation governed by the internal affairs doctrine; or (vi) any action asserting an "internal corporate claim" as that term is defined in Section 115 of the General Corporation Law. Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, or any successor thereto. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article X. Failure to enforce the foregoing provisions of this Article X would cause the Corporation irreparable harm, and the Corporation shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions.

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**CERTIFICATION OF AMENDED AND RESTATED BYLAWS**

**OF**

**FIGMA, INC.**

(a Delaware Corporation)

I, Brendan Mulligan, certify that I am the Secretary of Figma, Inc., a Delaware corporation (the "***Corporation***"), that I am duly authorized to make and deliver this certification, that the attached Bylaws are a true and complete copy of the Amended and Restated Bylaws of the Corporation in effect as of the date of this certificate.

Dated: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2025

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| |
|:---|
| Brendan Mulligan |
| Secretary |

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## Exhibit 4.2

**Exhibit 4.2**

**AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

This **AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT** (this "<u>Agreement</u>") is made as of the 15<sup>th</sup> day of May, 2024, by and among **FIGMA, INC.**, a Delaware corporation (the "<u>Company</u>") and the investors listed on Schedule A hereto, each of which is herein referred to as an "<u>Investor</u>" and collectively as the "<u>Investors</u>".

**RECITALS**

**WHEREAS**, the Company and certain of the Investors (the "<u>Existing Investors</u>") are parties to that certain Amended and Restated Investors' Rights Agreement dated April 29, 2021 by and among the Company and certain of its stockholders (the "<u>Prior Rights Agreement</u>");

**WHEREAS**, the Company and certain of the Investors are parties to that certain Common Stock Purchase Agreement of even date herewith (the "<u>Purchase Agreement</u>"); and

**WHEREAS**, in order to induce the Company to enter into the Purchase Agreement and to induce the certain Investors to purchase Class A Common Stock (the "<u>Investor Common</u> <u>Stock</u>") and invest funds in the Company pursuant to the Purchase Agreement, the Company and the undersigned Existing Investors sufficient to constitute the requisite holders of (i) a majority of the Registrable Securities and (ii) a majority of the Registrable Securities that are held by all of the Major Investors (each as defined in the Prior Rights Agreement) pursuant to Section 3.8 of the Prior Rights Agreement desire to enter into this Agreement in order to amend, restate and replace the rights and obligations under the Prior Rights Agreement with the rights and obligations set forth in this Agreement, including without limitation the rights of the Investors to cause the Company to register shares of Common Stock of the Company.

**NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration Rights</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Act</u>" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Affiliate</u>" means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund or other investment fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management or advisory company with, 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Class A Common Stock</u>" means the Class A Common Stock of the Company, par value $0.00001 per share.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Class B Common Stock</u>" means the Class B Common Stock of the Company, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Common Stock</u>" means the Class A Common Stock and Class B Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Competitor</u>" means a Person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the business of the Company as currently conducted and currently contemplated to be conducted, including but not limited to developing and offering cloud-based design tools, but shall not include any financial investment firm or collective investment vehicle solely by virtue of its ownership (and/or its Affiliates' ownership) of an equity interest in any Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Direct Listing</u>" means the Company's initial listing of its Class A Common Stock on a national securities exchange by means of a registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing capital stock of the Company for resale. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten public offering of the Company's Class A Common Stock registered under the Act and shall not involve any underwriting services. Any and all mentions of an underwritten offering or underwriters contained herein shall not apply to a Direct Listing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Form S-3</u>" means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Free Writing Prospectus</u>" means a free-writing prospectus, as defined in Rule 405.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Holder</u>" means any person owning or having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.11 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Initial Offering</u>" means the Company's first firm commitment underwritten public offering of its Class A Common Stock under the 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Person</u>" means any individual, corporation, partnership, trust, limited liability company, association or other 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Preferred Investor</u>" means an Investor that holds outstanding shares of Preferred Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Preferred Stock</u>" means, collectively, the Series Seed Preferred Stock, the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;The terms "<u>register</u>," "<u>registered</u>" and "<u>registration</u>" refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Registrable Securities</u>" means (i) the Class A Common Stock issuable or issued upon conversion of the Preferred Stock held by the Preferred Investors, (ii) any Class A Common Stock, or any Class A Common Stock issuable or issued (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, acquired by the Investors after the date hereof, (iii) any Class A Common Stock held by the Investors (whether acquired prior to, on or after the date hereof) and (iv) any Class A Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in replacement of, the shares referenced in (i), (ii) or (iii) above, excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which his, her or its rights under Section 2 of this Agreement are not assigned. In addition, the number of shares of Registrable Securities outstanding shall equal the aggregate of the number of shares of Class A Common Stock outstanding that are, and the number of shares of Class A Common Stock issuable pursuant to then exercisable or convertible securities that are, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Restated Certificate</u>" shall mean the Company's Restated Certificate of Incorporation, as amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Rule 144</u>" shall mean Rule 144 under the 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;(t)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Rule 144(b)(1)(i)</u>" shall mean subsection (b)(1)(i) of Rule 144 under the Act as it applies to persons who have held shares for more than one (1) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Rule 405</u>" shall mean Rule 405 under the 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>SEC</u>" shall mean the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Selling Expenses</u>" means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Section 1.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Selling Holder Counsel</u>" means one counsel for the selling Holders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Series A Preferred Stock</u>" means the Series A Preferred Stock of the Company, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Series B Preferred Stock</u>" means the Series B Preferred Stock of the Company, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Series C Preferred Stock</u>" means the Series C Preferred Stock of the Company, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Series D Preferred Stock</u>" means the Series D Preferred Stock of the Company, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Series E Preferred Stock</u>" means the Series E Preferred Stock of the Company, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;The term "<u>Series Seed Preferred Stock</u>" means the Series Seed Preferred Stock of the Company, par value $0.00001 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Request for Registration</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earlier of (i) five (5) years after the date of this Agreement or (ii) six months after the effective date of the Initial Offering or a Direct Listing, a written request from the Holders of a majority of the Registrable Securities then outstanding (for purposes of this Section 1.2, the "<u>Initiating Holders</u>") that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price, net of Selling Expenses, of at least $25,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use all commercially reasonable efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company's notice pursuant to this Section 1.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2, and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to those Initiating Holders holding a majority of the Registrable Securities held by all Initiating Holders). Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company

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that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. For any selling Holder that is a venture capital fund, partnership, limited liability company or corporation, the affiliated venture capital funds, partners, members, retired partners, retired members and stockholder of such Holder, or the estates and family members of any such partners, members, retired partners, retired members, stockholders and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single "selling Holder," and any pro rata reduction with respect to such "selling Holders" shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Company shall not be required to effect a registration pursuant to this Section 1.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;after the Company has effected two (2) registrations pursuant to this Section 1.2, and such registrations have been declared or ordered effective; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;during the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration subject to Section 1.3 below, <u>provided</u> that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2 a certificate signed by the Company's Chief Executive Officer or Chairman of the Board of Directors of the Company (the "<u>Board</u>") stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders, <u>provided</u> that such right shall be exercised by the Company not more than once in any twelve (12) month period and <u>provided</u> <u>further</u> that the

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Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities or a registration in which the only Class A Common Stock being registered is Class A Common Stock issuable upon conversion of debt securities that are also being registered).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Registration</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities for cash (other than (i) a registration relating to a demand pursuant to Section 1.2 or (ii) a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities or a registration in which the only Class A Common Stock being registered is Class A Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 3.5, the Company shall, subject to the provisions of Section 1.3(c), use all commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Terminate Registration</u>. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Section 1.7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Underwriting Requirements</u>. In connection with any offering involving an underwriting of shares of the Company's capital stock, the Company shall not be required under this Section 1.3 to include any of the Holders' securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by the Company (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities to be sold (other than by the Company) that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to

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include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In no event shall any Registrable Securities be excluded from such offering unless all other stockholders' securities have been first excluded. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall the amount of securities of the selling Holders included in the offering be reduced below thirty percent (30%) of the total amount of securities included in such offering, unless such offering is the Initial Offering, in which case the selling Holders may be excluded if the underwriters make the determination described above and no other stockholder's securities are included in such offering. For purposes of the preceding sentence concerning apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a venture capital fund, partnership or corporation, the affiliated venture capital funds, partners, retired partners and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single "selling Holder," and any pro rata reduction with respect to such "selling Holder" shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Form S-3 Registration</u>. In case the Company shall receive from the Holders of at least twenty-five percent (25%) of the outstanding Registrable Securities (for purposes of this Section 1.4, the "<u>S-3 Initiating Holders</u>") a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;use all commercially reasonable efforts to effect, as soon as practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders' Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, <u>provided</u>, <u>however</u>, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if Form S-3 is not available for such offering by the Holders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters' discounts or commissions) of less than $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if the Company shall furnish to all Holders requesting a registration statement pursuant to this Section 1.4 a certificate signed by the Company's Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the S-3 Initiating Holders, <u>provided</u> that such right shall be exercised by the Company not more than once in any twelve (12) month period and <u>provided</u> <u>further</u> that the Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities or a registration in which the only Class A Common Stock being registered is Class A Common Stock issuable upon conversion of debt securities that are also being registered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on Form S-3 pursuant to this Section 1.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if the Company, within thirty (30) days of receipt of the request of such S-3 Initiating Holders, gives notice of its bona fide intention to effect the filing of a registration statement with the SEC within one hundred twenty (120) days of receipt of such request (other than a registration effected solely to qualify an employee benefit plan or to effect a business combination pursuant to Rule 145), <u>provided</u> that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;during the period starting with the date thirty (30) days prior to the Company's good faith estimate of the date of the filing of and ending on a date ninety (90) days following the effective date of a Company-initiated registration subject to Section 1.3 above, <u>provided</u> that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If the S-3 Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the

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Company as a part of their request made pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a). The provisions of Section 1.2(b) shall be applicable to such request (with the substitution of Section 1.4 for references to Section 1.2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing, the Company shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the S-3 Initiating Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations of the Company</u>. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;furnish to the selling Holders such number of copies of a prospectus, including a preliminary prospectus and any Free Writing Prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the selling Holders, <u>provided</u> that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such

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registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, and, at the request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the Company) 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 in light of the circumstances under which they were made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;use its reasonable efforts to cause all such Registrable Securities registered pursuant to this Section 1 to be listed on a national securities exchange or trading system (if any) and on each securities exchange and trading system on which similar securities issued by the Company are then listed; 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration.

Notwithstanding the provisions of this Section 2, the Company shall be entitled to postpone or suspend, for a reasonable period of time, the filing, effectiveness or use of, or trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would in the good faith judgment of the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or other similar transaction involving the Company for which the Board has authorized negotiations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;materially and adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the Company; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its stockholders; <u>provided</u>, <u>however</u>, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any security of any of the Company's subsidiaries or affiliates).

In the event of the suspension of effectiveness of any registration statement pursuant to this Section 1.5, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such registration statement was suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Information from Holder</u>. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such

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information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder's 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;1.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses of Registration</u>. All expenses (other than Selling Expenses) incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3 and 1.4, including, without limitation, all registration, filing and qualification fees, printers' and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of the Selling Holder Counsel (not to exceed $50,000) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 1.2, the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2 and <u>provided</u>, <u>however</u>, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Sections 1.2 and 1.4. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 1 shall be borne by and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. All expenses incurred by the Company in connection with a Direct Listing, including, without limitation, all registration, filing and qualification fees, printers' and accounting fees, and fees and disbursements of counsel for the Company, shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Delay of Registration</u>. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 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;1.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. In the event any Registrable Securities are included in a registration statement under this Section 1 or in connection with a Direct Listing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, the partners, members, officers, directors and stockholders of each such Holder, legal counsel and accountants for each such Holder, any underwriter (as defined in the Act) for each such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively, a "<u>Violation</u>"): (i) any

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untrue or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus, final prospectus or Free Writing Prospectus contained therein or any amendments or supplements thereto, any issuer information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred to by the Company, (ii) the omission or alleged omission of a material fact required to be stated in such registration statement, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling Person or other aforementioned Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this Section 1.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability, action or proceeding to the extent that it arises out of or is based upon a Violation that occurs in reliance upon, and in conformity with, written information furnished expressly for use in connection with such registration by or on behalf of any such Holder, underwriter, controlling Person or other aforementioned 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each Person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling Person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing Persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by or on behalf of such Holder expressly for use in connection with such registration; and each such Holder will reimburse any Person intended to be indemnified pursuant to this Section 1.9(b) for any legal or other expenses reasonably incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding as such expenses are incurred; <u>provided</u>, <u>however</u>, that the indemnity agreement contained in this Section 1.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, action or proceeding if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and <u>provided</u> that in no event shall any indemnity under this Section 1.9(b) exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in such action or proceeding and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; <u>provided</u>, <u>however</u>, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one (1) separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action or proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action or proceeding, if prejudicial to its ability to defend such action or proceeding, shall relieve such indemnifying party of liability to the indemnified party under this Section 1.9 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve such indemnifying party of any liability that it may have to any indemnified party otherwise than under this Section 1.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable considerations; <u>provided</u>, <u>however</u>, that (i) no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such Holder and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and <u>provided</u> <u>further</u> that in no event shall a Holder's liability pursuant to this Section 1.9(d), when combined with the amounts paid or payable by such Holder pursuant to Section 1.9(b), exceed the proceeds from the offering received by such Holder (net of any expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. The relative fault of the indemnifying party and the indemnified party 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 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1 and otherwise shall survive the termination 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;1.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Reports Under the 1934 Act</u>. With a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC 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 agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;use commercially reasonable efforts to make and keep adequate public information available, as those terms are understood and defined in Rule 144, at all times after the effective date of the Initial Offering or a Direct Listing (whichever occurs first);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment of Registration Rights</u>. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (a) is an Affiliate, subsidiary, parent, partner, limited partner, retired partner or stockholder of a Holder, or (b) after such assignment or transfer, holds at least two percent (2%) of the then outstanding shares of Registrable Securities (or if the transferring Holder own less than two percent (2%) of the then outstanding shares of Registrable Securities, then all Registrable Securities held by the transferring Holder), <u>provided</u>: (i) the Company is furnished with prior written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and the Company's prior written consent is obtained; (ii) such transferee or assignee is not a Competitor and agrees in writing to be bound by and subject

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to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 1.13 below; and (iii) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the 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;1.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Subsequent Registration Rights</u>. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders holding a majority of the Registrable Securities then held by all Holders, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of any of its securities unless such rights are fully subordinate to the demand registration rights of the Holders under Section 1.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13&nbsp;&nbsp;&nbsp;&nbsp;<u>"Market Stand-Off" Agreement</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company's Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately prior to the effectiveness of the Registration Statement for the Initial Offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise. The foregoing provisions of this Section 1.13 shall apply only to the Initial Offering, shall not apply to a Direct Listing or to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and greater than five percent (5%) stockholders of the Company enter into similar agreements. The underwriters in connection with the Company's Initial Offering are intended third-party beneficiaries of this Section 1.13 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company's Initial Offering that are consistent with this Section 1.13 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply to all Holders subject to such agreements pro rata based on the number of shares subject to such agreements, except that, notwithstanding the foregoing, the Company and the underwriters may in their sole discretion waive or terminate these restrictions with respect to up to a number of shares of Class A Common Stock equal in value to $75,000 per stockholder based on the price per share of such

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Class A Common Stock shares offered to the public in the Initial Offering. The foregoing provisions of this Section 1.13 shall only be applicable to the Company's Initial Offering if the Company has not already completed a Direct Listing.

In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable Securities of each Holder (and the shares or securities of every other person subject to the restriction contained in this Section 1.13):

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE DATE OF THE ISSUER'S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER'S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE 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;1.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Registration Rights</u>. No Holder shall be entitled to exercise any right provided for in this Section 1 (a) after five (5) years following the consummation of a Qualified Public Offering, as that term is defined in the Restated Certificate, or a Direct Listing (whichever occurs first) (b) as to any Holder, such earlier time after the Initial Offering or a Direct Listing (whichever occurs first) at which such Holder (i) can sell all shares held by it in compliance with Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company's outstanding Common Stock and all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144 or (c) after the consummation of a Liquidation Event, as that term is defined in the Restated Certificate, pursuant to which the Preferred Investors receive proceeds solely in the form of cash and/or marketable 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;1.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Transfer</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Preferred Stock and the Registrable Securities shall not be sold, pledged or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Act. A transferring Holder will cause any proposed purchaser, pledgee or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the Initial Offering, Rule 144 to be bound by the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or instrument representing (a) the Preferred Stock, (b) the Registrable Securities and (c) any other securities issued in respect of the securities referenced in clauses (a) and(b) upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of Section 1.14(c)) be stamped or otherwise imprinted with a legend substantially in the following form:

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

The Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 1.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this Section 1. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Act covering the proposed transaction or, following the Initial Offering, the transfer is made pursuant to Rule 144, the Holder thereof shall give notice to the Company of such Holder's intention to effect such sale, pledge or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder's expense by either (a) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Act; (b) a "no action" letter from the SEC to the effect that the proposed sale, pledge or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (c) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge or transfer of the Restricted Securities may be effected without registration under the Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or "no action" letter (i) in any transaction in compliance with Rule 144 or (ii) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder; <u>provided</u> that, other than in connection with a transaction in compliance with Rule 144 following the Initial Offering, each transferee agrees in writing to be subject to the terms of this Section 1.14. Each certificate or instrument evidencing the Restricted Securities transferred

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as above provided shall bear, except if such transfer is made pursuant to Rule 144, the appropriate restrictive legend set forth in Section 1.14(b), except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants of the Company</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;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Financial Statements</u>. The Company shall deliver to each Preferred Investor (or transferee of a Preferred Investor) that holds, individually or together with its Affiliates, at least 7,500,000 shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination or other recapitalization) (a "<u>Major Investor</u>"); <u>provided</u>, <u>however</u>, that any entity (i) that is formed for the specific purpose of acquiring shares of the Company's capital stock and/or (ii) has assets, a majority of which consist of shares of the Company's capital stock as of immediately following such entity's acquisition of shares of the Company's capital stock (each, an "<u>SPV Entity</u>"), shall not constitute an Affiliate of such Preferred Investor for the purpose of qualifying as a Major Investor; <u>provided</u> <u>further</u>, that the Board has not reasonably determined that such Major Investor is a Competitor of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;as soon as practicable, but in any event within one hundred eighty (180) days after the end of each fiscal year of the Company, an unaudited income statement for such fiscal year, an unaudited balance sheet of the Company and statement of stockholders' equity as of the end of such year, and an unaudited statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles ("<u>GAAP</u>") (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP), <u>provided</u>, <u>however</u>, that upon approval of the Board, such financial statements shall be audited and certified by independent public accountants of nationally recognized standing selected by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet and a statement of stockholders' equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year- end audit adjustments and (ii) not contain all notes thereto that may be required 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;as soon as practicable, but in any event at least forty-five (45) days prior to the end of each fiscal year, a budget and business plan for the next fiscal year, approved by the Board and prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such other information relating to the financial condition, business or corporate affairs of the Company as the Major Investor may from time to time request, <u>provided</u>, <u>however,</u> that the Company shall not be obligated under this subsection (d) to provide

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information that (i) it deems in good faith to be a trade secret or similar confidential information or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its 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;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Suspension or Termination</u>. Notwithstanding anything else in Section 2.1 to the contrary but subject to Section 2.4, the Company may cease providing the information set forth in Section 2.1 during the period starting with the date sixty (60) days before the Company's good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering or Direct Listing; provided that the Company's covenants under Section 2.1 shall be reinstated at such time as the Company is no longer actively employing its reasonable efforts to cause such registration statement to become 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;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspection</u>. The Company shall permit each Major Investor, at such Major Investor's expense, to visit and inspect the Company's properties, to examine its books of account and records and to discuss the Company's affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Major Investor; <u>provided</u>, <u>however</u>, that the Company shall not be obligated pursuant to this Section 2.3 to provide access to any information (i) that it reasonably considers to be a trade secret or similar confidential information, (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel or (ii) to any Major Investor that the Board has reasonably determined in good faith to be a Competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Section 2, unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.4 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company's confidential information or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; <u>provided</u>, <u>however</u>, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Section 2.4 or other agreement containing substantially similar confidentiality or non-disclosure terms as this Agreement; (iii) to any existing or prospective Affiliate, partner (or former partner who retains an economic interest in such Investor), member, stockholder or wholly owned subsidiary of such Investor in the ordinary course of business, <u>provided</u> that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information in accordance with the provisions of this Section 2.4 or other agreement containing substantially similar confidentiality or non-disclosure terms as this Agreement; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Information and Inspection Covenants</u>. The covenants set forth in Sections 2.1 and 2.3 shall terminate and be of no further force or effect upon the earlier to occur of (a) the consummation of the Initial Offering, (b) when the Company first becomes subject to the periodic reporting requirements of Sections 12(b), 12(g) or 15(d) of the 1934 Act, (c) immediately prior to the consummation of a Direct Listing or (d) the consummation of a Liquidation Event, as that term is defined in the Restated Certificate, pursuant to which the Preferred Investors receive proceeds solely in the form of cash and/or marketable securities, whichever event shall first occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Right of First Offer</u>. Subject to the terms and conditions specified in this Section 2.6 and applicable securities laws, the Company hereby grants to each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 2.6, the term "<u>Major Investor</u>" includes any general partners, related funds and Affiliates of a Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and Affiliates in such proportions as it deems appropriate.

Each time the Company proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of, its capital stock ("<u>Shares</u>"), the Company shall first make an offering of such Shares to each Major Investor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall deliver a notice in accordance with Section 3.5 ("<u>Notice</u>") to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered and (iii) the price and terms upon which it proposes to offer such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;By written notification received by the Company within fifteen (15) business days after the giving of Notice, each Major Investor may elect to purchase, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Preferred Stock (or Class A Common Stock issued or issuable upon conversion thereof) held by such Major Investor (assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion and exercise of all convertible and exercisable securities then outstanding). The Company shall promptly, in writing, inform each Major Investor that elects to purchase all the shares available to it (a "<u>Fully-Exercising Investor</u>") of any other Major Investor's failure to do likewise. During the five (5) day period commencing after such information is given, each Fully-Exercising Investor may elect to purchase that portion of the Shares for which Major Investors were entitled to subscribe, but which were not subscribed for by the Major Investors, that is equal to the proportion that the number of shares of Preferred Stock (or Class A Common Stock issued or issuable upon conversion thereof) held by such Fully-Exercising Investor (assuming full conversion and exercise of all convertible and exercisable securities then outstanding) bears to the total number of shares of Class A Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully-Exercising Investors (assuming full

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conversion and exercise of all convertible and exercisable securities then outstanding) who wish to purchase some of the unsubscribed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If all Shares that Major Investors are entitled to obtain pursuant to Section 2.6(b) are not elected to be obtained as provided in Section 2.6(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 2.6(b) hereof, offer the remaining unsubscribed portion of such Shares to any person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The right of first offer in this Section 2.6 shall not be applicable to (i) the issuance or sale of shares of Carve Out Stock, as that term is defined in the Restated Certificate, (ii) the sale of shares of Common Stock pursuant to the Purchase Agreement (including, without limitation, the Committed Closing Shares (as defined in the Purchase Agreement)) or (iii) any Major Investor that the Board in its good faith judgment has reasonably determined is a Competitor. In addition to the foregoing, the right of first offer in this Section 2.6 shall not be applicable with respect to any Major Investor in any subsequent offering of Shares if (i) at the time of such offering, the Major Investor is not an "accredited investor," as that term is then defined in Rule 501(a) of the Act and (ii) such offering of Shares is otherwise being offered only to accredited 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The rights provided in this Section 2.6 may not be assigned or transferred by any Major Investor; <u>provided</u>, <u>however</u>, that a Major Investor that is a venture capital fund may assign or transfer such rights to its Affiliates that are not SPV Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any provision hereof to the contrary, in lieu of complying with the provisions of Section 2.6, the Company may elect to give notice to the Major Investors within thirty (30) days after the issuance of Shares. Such notice shall describe the type, price and terms of the Shares, and the identities of the Persons to whom the Shares were sold. Each Major Investor shall have fifteen (15) days after the date the Company's notice is given to elect, by giving notice to the Company, to purchase up to the number of Shares that such Major Investor would otherwise have the right to purchase pursuant to Section 2.6(b) above had the Company complied with the provisions of Sections 2.6(a) and 2.6(b) in connection with the issuance of such Shares under the terms and conditions set forth in the Company's notice pursuant to this Section 2.6(f). Any Major Investor electing to purchase such Shares shall also have rights of oversubscription to purchase Shares that were purchasable by other Major Investors pursuant to the foregoing sentence but were not so purchased, and such rights of oversubscription shall be apportioned in a manner consistent with the apportionment among Fully-Exercising Investors described in Section 2.6(b). The closing of such sale shall occur within sixty (60) days of the date notice is given to the Major 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The covenants set forth in this Section 2.6 shall terminate and be of no further force or effect (i) immediately prior to the consummation of the Company's sale of its

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Class A Common Stock or other securities pursuant to Registration Statement under the Act, (ii) immediately prior to the effectiveness of the registration statement filed under the Act relating to a Direct Listing or (iii) upon the consummation of a Liquidation Event, as that term is defined in the Restated Certificate, pursuant to which the Preferred Investors receive proceeds solely in the form of cash and/or marketable securities, whichever event shall first occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Proprietary Information and Inventions Agreements</u>. The Company shall require all employees and consultants with access to confidential information to execute and deliver an Employee Invention Assignment and Confidentiality Agreement or Consulting Agreement, as applicable, in substantially the forms approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Employee Agreements</u>. Unless approved by the Board, all future employees of the Company who shall purchase, or receive options to purchase, shares of Class A Common Stock following the date hereof shall be required to execute stock purchase or option agreements providing for (a) vesting of shares over a four (4) year period with the first twenty five percent (25%) of such shares vesting following twelve (12) months of continued employment or services, and the remaining shares vesting in equal monthly installments over the following thirty six (36) months thereafter and (b) a one hundred and eighty (180)-day lockup period (plus an additional period of up to eighteen (18) days) in connection with the Company's initial public offering. The Company shall retain a right of first refusal on transfers until the Company's initial public offering and the right to repurchase unvested shares at cost upon termination of employment or service of a holder of 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;2.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Matters Requiring Investor Director Approval</u>. So long as the holders of Preferred Stock are entitled to elect a Preferred Director, as defined in the Restated Certificate, the Company hereby covenants and agrees with each of the Preferred Investors that it shall not, without approval of the Board, which approval must include the affirmative vote of all of the Preferred Directors then in office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;sell, transfer, assign, license, pledge or encumber material technology or intellectual property, other than licenses granted 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;delegate any matter to a committee of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;enter into or be a party to any transaction with any director, officer or employee of the Company or any "associate" (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person except for transactions specifically and explicitly contemplated by this Agreement or the Purchase Agreement, and transactions made in the ordinary course of business and pursuant to reasonable requirements of the Company's business and upon fair and reasonable terms that are approved by a majority of the Board; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;increase the number of shares reserved for issuance to employees, consultants or other service providers to the Company whether under the Company's 2012 Equity Incentive Plan (as amended, the "<u>Plan</u>") or otherwise, it being understood that as of the date hereof 131,013,600 shares of Class A Common Stock are reserved for issuance pursuant to

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the Plan and 22,500,000 shares of Class B Common Stock are reserved for issuance pursuance to the 2021 Executive Equity Incentive 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;2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Matters</u>. The Company hereby acknowledges that one (1) or more of the directors nominated to serve on the Board by the Preferred Investors (each a "<u>Fund Director</u>") may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Preferred Investors and certain of their affiliates (collectively, the "<u>Fund Indemnitors</u>"). The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Restated Certificate or Amended and Restated Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims 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 such Fund Director with respect to any claim for which such Fund Director 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 such Fund Director against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>. The Company shall use its commercially reasonable efforts to maintain Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Board, including all of the Preferred Directors (as defined in the Restated Certificate), until such time as the Board, including all of the Preferred Directors then in office, determines that such insurance should be discontinued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Conduct Activities</u>. The Company hereby agrees and acknowledges that each of (a) Andreessen Horowitz LSV Fund I, L.P., as nominee (together with its affiliates, "<u>a16z</u>"), Sequoia Capital U.S. Growth Fund VIII, L.P. (together with its affiliates, "<u>Sequoia</u>"), (b) KPCB Holdings Inc., as nominee (together with its affiliates, "<u>KPCB</u>"), (c) Index Ventures VI (Jersey), L.P., Index Ventures VI Parallel Entrepreneur Fund (Jersey), L.P. and Yucca (Jersey) SLP (together with their respective affiliates, "<u>Index</u>"), (d) Greylock XIV Limited Partnership, Greylock XIV Principals LLC and Greylock XIV-A Limited Partnership (together with their respective affiliates, "<u>Greylock</u>"), and (e) Durable Capital Master Fund LP (together with its affiliates, "<u>Durable</u>", and collectively with a16z, Sequoia, KPCB, Index and Greylock, the "<u>Funds</u>") is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company's business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, none of the Funds shall be liable to the Company for any claim arising out of, or based upon, (i) the investment by such Fund in any

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entity competitive with the Company or (ii) actions taken by any partner, officer or other representative of such Fund to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; <u>provided</u>, <u>however</u>, that the foregoing shall not relieve (x) any of the Funds from liability associated with the unauthorized disclosure of the Company's confidential information obtained pursuant to this Agreement or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Anti-Corruption</u>. The Company represents that it shall not, and shall not permit any of its subsidiaries or Affiliates or any of its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to, promise, authorize or make any payment to, or otherwise contribute any item of value, directly or indirectly, to any third party, including any Non-U.S. Official, in each case, in violation of the FCPA (as defined in the Purchase Agreement), the U.K. Bribery Act or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall, and shall cause each of its subsidiaries and Affiliates to, cease any of its or their respective activities, as well as remediate any actions taken by the Company, its subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent contractors, representatives or agents in violation of the FCPA, the U.K. Bribery Act or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall, and shall cause each of its subsidiaries and Affiliates to, use commercially reasonable efforts to maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems) to ensure compliance with the FCPA, the U.K. Bribery Act or any other applicable anti-bribery or anti-corruption law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Certain Covenants</u>. The covenants set forth in Sections 2.7, 2.8, 2.9 and 2.11 shall terminate and be of no further force or effect (a) immediately prior to the consummation of the Company's sale of its Class A Common Stock or other securities pursuant to Registration Statement under the Act (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a transaction under Rule 145 of the Act), (b) upon the effectiveness of the registration statement filed under the Act relating to a Direct Listing or (d) upon the consummation of a Liquidation Event, as that term is defined in the Restated Certificate, pursuant to which the Preferred Investors receive proceeds solely in the form of cash and/or marketable securities, whichever event shall first occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</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;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies,

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obligations or liabilities under or by reason of this Agreement, except as expressly provided 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;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts; Facsimile</u>. This Agreement may be executed and delivered by facsimile or electronic signature and in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting 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;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given upon the earlier to occur of actual receipt or: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in accordance with this Section 3.5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses</u>. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement (including the Exhibits hereto, if any) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Pursuant to Section 3.7 of the Prior Rights Agreement, the undersigned parties who are parties to such Prior Rights Agreement hereby amend and restate the Prior Rights Agreement to read in its entirety as set forth in this Agreement, all with the intent and effect that the Prior Rights Agreement shall hereby be terminated and entirely replaced and superseded by 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;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments and Waivers</u>. Any term of this Agreement (other than Section 2.1, Section 2.2, Section 2.3, Section 2.4, Section 2.5 and Section 2.6) may be amended, modified or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Investors holding a majority of the Registrable Securities. The provisions of Section 2.1, Section 2.2, Section 2.3, Section 2.4, Section 2.5 and Section 2.6 may be amended or waived (either generally or in a particular instance and either

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retroactively or prospectively) only with the written consent of the Company and the Major Investors holding a majority of the Registrable Securities that are held by all of the Major Investors. Notwithstanding the foregoing, any amendment or waiver that materially, adversely and disproportionately affects any Investor or Major Investor, as applicable, in a manner different than all other Investors or Major Investors, as applicable (disregarding for such purpose differences in the number of shares held by Investors) shall require the written consent of such Investor or Major Investor, as applicable (for the avoidance of doubt, among other things, neither the addition of parties to this Agreement in the future, nor usual and customary amendments to this Agreement made in connection with a future round of financing, will be deemed to have a material, adverse or disproportionate effect on any particular Investor or Major Investor, as applicable, for purposes of this Section 3.8). Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Dual-Class Common Stock</u>. Any provision of this Agreement that provides for a consent right of the holders of Common Stock, Preferred Stock (on an as-converted basis), Registrable Securities (on an as-converted basis) or shares of Class A Common Stock issued or issuable upon conversion of outstanding shares of Preferred Stock or Registrable Securities, as applicable, shall be based on the voting power of such shares taking into account the different voting rights of the Class A Common Stock and Class B Common Stock in the Restated Certificate; provided, that, notwithstanding anything to the contrary contained in this Agreement, for purposes of this Section 3.9, shares of Preferred Stock shall be deemed to be convertible into shares of Class A Common 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;3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions 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;3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Aggregation of Stock</u>. All shares of Registrable Securities held or acquired by Affiliates or affiliated entities (including affiliated venture capital funds or other investment funds or venture capital funds or other investment funds under common investment management) or persons, excluding any Registrable Securities held by an SPV Entity, shall be aggregated together for the purpose of determining the availability of any rights under this Agreement.

[*Remainder of page intentionally left blank*]

------

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

---

| | | |
|:---|:---|:---|
| | **FIGMA, INC.** | **FIGMA, INC.** |
| | By: | /s/ Dylan Field |
| | Name: | Dylan Field |
| | Title: | Chief Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: | Figma, Inc.<br>[\*\*\*] | Figma, Inc.<br>[\*\*\*] |
|  | With a copy to (which shall not constitute notice): | With a copy to (which shall not constitute notice): |
|  | Fenwick & West LLP<br>[\*\*\*] | Fenwick & West LLP<br>[\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **ANDREESSEN HOROWITZ LSV FUND III, L.P.**<br>for itself and as nominee for<br>Andreessen Horowitz LSV Fund III-B, L.P.,<br>AH 2022 Annual Fund, L.P.,<br>AH 2022 Annual Fund-B, L.P., and<br>AH 2022 Annual Fund-QC, L.P. | **ANDREESSEN HOROWITZ LSV FUND III, L.P.**<br>for itself and as nominee for<br>Andreessen Horowitz LSV Fund III-B, L.P.,<br>AH 2022 Annual Fund, L.P.,<br>AH 2022 Annual Fund-B, L.P., and<br>AH 2022 Annual Fund-QC, L.P. |
| By: | AH Equity Partners LSV III, L.L.C.<br>General Partner |
| By: /s/ Phil Hathaway | By: /s/ Phil Hathaway |
| Name: | Phil Hathaway |
| Title: | Chief Operating Officer |
| <u>Address</u>: [\*\*\*] | <u>Address</u>: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **Alkeon Innovation Master Fund II, LP**<br>By: Alkeon Capital Management, LLC,<br>its Investment Adviser and Attorney-in-Fact |
| By: /s/ Jennifer Shufro |
| Name: Jennifer Shufro |
| Title: Managing Director |
| **Alkeon Innovation Master Fund II, Private Series, LP**<br>By: Alkeon Capital Management, LLC,<br>its Investment Adviser and Attorney-in-Fact |
| By: /s/ Jennifer Shufro |
| Name: Jennifer Shufro |
| Title: Managing Director |
| **Alkeon Innovation Lux, SCSp SICAV-RAIF**<br>By: Alkeon Capital Management, LLC,<br>its Portfolio Manager |
| By: /s/ Jennifer Shufro |
| Name: Jennifer Shufro |
| Title: Managing Director |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **ATLASSIAN VENTURES LLC**<br>By: Atlassian Corporation, its managing member |
| By: /s/ Sarah Hughes |
| Name: Sarah Hughes |
| Title: Head of Corporate Development |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **DURABLE CAPITAL MASTER FUND LP**<br>By: Durable Capital Partners LP, its Investment Manager |
| By: /s/ Julie Jack |
| Name: Julie Jack |
| Title: Authorized Representative |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **DURABLE CAPITAL OPPORTUNITIES FUND LP**<br>By: Durable Capital Partners LP, its Investment Manager |
| By: /s/ Julie Jack |
| Name: Julie Jack |
| Title: Authorized Representative |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **COSMIC BET 3, LP** |
| By: /s/ Elad Gil |
| Name: Elad Gil |
| Title: Chief Executive Officer |
| **COSMIC BET 1, L.P.** |
| By: /s/ Elad Gil |
| Name: Elad Gil |
| Title: Chief Executive Officer |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY BLUE CHIP GROWTH COMMINGLED POOL**<br>By: Fidelity Management Trust Company, as Trustee |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH K6 FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY SECURITIES FUND: FIDELITY BLUE CHIP GROWTH FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY CONTRAFUND COMMINGLED POOL**<br>By: Fidelity Management Trust Company, as Trustee |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY CONTRAFUND: FIDELITY CONTRAFUND K6** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY CONTRAFUND: FIDELITY ADVISOR NEW INSIGHTS FUND – SUB A** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY CONTRAFUND: FIDELITY ADVISOR NEW INSIGHTS FUND – SUB B** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY BLUE CHIP GROWTH INSTITUTIONAL TRUST**<br>By its manager Fidelity Investments Canada ULC |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY CANADIAN GROWTH COMPANY FUND**<br>by its manager Fidelity Investments Canada ULC |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY GLOBAL GROWTH AND VALUE**<br>**INVESTMENT TRUST** by its manager Fidelity Investments Canada ULC |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY INSIGHTS INVESTMENT TRUST**<br>By its manager Fidelity Investments Canada ULC |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY SPECIAL SITUATIONS FUND** by its manager Fidelity Investments Canada ULC |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY GLOBAL INNOVATORS INVESTMENT TRUST** by its manager Fidelity Investments Canada ULC |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY SECURITIES FUND: FIDELITY SERIES BLUE CHIP GROWTH FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY MT. VERNON STREET TRUST: FIDELITY SERIES GROWTH COMPANY FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY CONTRAFUND: FIDELITY SERIES OPPORTUNITISIC INSIGHTS FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY VENTURE CAPITAL FUND I LP**<br>By: Fidelity Diversifying Solutions LLC as Investment Manager |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY GROWTH COMPANY COMMINGLED POOL**<br>By: Fidelity Management Trust Company, as Trustee |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY MT. VERNON STREET TRUST: FIDELITY GROWTH COMPANY K6 FUND** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY SECURITIES FUND: FIDELITY OTC PORTFOLIO** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY GROWTH COMPANY COMMINGLED POOL**<br>By: Fidelity Management Trust Company, as Trustee |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIDELITY SECURITIES FUND: FIDELITY OTC K6 PORTFOLIO** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FIAM TARGET DATE BLUE CHIP GROWTH COMMINGLED POOL**<br>By: Fidelity Institutional Asset Management Trust Company as Trustee |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **VARIABLE INSURANCE PRODUCTS FUND II: VIP CONTRAFUND PORTFOLIO – SUBPORTFOLIO A** |
| By: /s/ Chris Maher |
| Name: Chris Maher |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FRANKLIN TALOS II, L.P.,**<br>a Delaware limited partnership |
| By: FRANKLIN VENTURE PARTNERS, LLC – TALOS II SERIES,<br>a Delaware series limited liability company <br>Its: General Partner |
| By: FRANKLIN ADVISERS, INC.,<br>a California corporation <br>Its: Managing Member |
| By: /s/ Jonathan T. Curtis |
| Name: Jonathan T. Curtis |
| Title: Executive Vice President and Chief Investment Officer |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FVP GROWTH PARTNERS, L.P.,**<br>a Delaware limited partnership |
| By: FRANKLIN VENTURE PARTNERS, LLC – FVP GROWTH PARTNERS SERIES,<br>a Delaware series limited liability company <br>Its: General Partner |
| By: FRANKLIN ADVISERS, INC.,<br>a California corporation <br>Its: Managing Member |
| By: /s/ Jonathan T. Curtis |
| Name: Jonathan T. Curtis |
| Title: Executive Vice President and Chief Investment Officer |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **FRANKLIN VENTURES INVESTMENTS, L.P. – PRIVATE FUND SERIES**,<br>a Delaware series limited partnership |
| By: FRANKLIN VENTURE PARTNERS, LLC – PRIVATE FUND SERIES,<br>a Delaware series limited liability company<br>Its: General Partner |
| By: FRANKLIN ADVISERS, INC.,<br>a California corporation <br>Its: Managing Member |
| By: /s/ Jonathan T. Curtis |
| Name: Jonathan T. Curtis |
| Title: Executive Vice President and Chief Investment Officer |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| GREENVIEW INVESTMENT PTE LTD |
| *Investing Entity* |
| By: /s/ Lihan Chen |
| Name: Lihan Chen |
| Title: Authorized Signatory |
| Address: [\*\*\*] |
| Email: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **GREENOAKS CAPITAL OPPORTUNITES FUND V LP**<br>By: Greenoaks Capital GP V LLC, its General Partner |
| By: /s/ Benjamin Woodside Schrier |
| Name: Benjamin Woodside Schrier |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **ICONIQ STRATEGIC PARTNERS VII, L.P.,**<br>a Cayman Islands exempted limited partnership |
| By: ICONIQ Strategic Partners VII GP, L.P.,<br>its General Partner |
| By: ICONIQ Strategic Partners VII TT GP, Ltd.,<br>its General Partner |
| By: /s/ Louis D. Thorne |
| Name: Louis D. Thorne |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **ICONIQ STRATEGIC PARTNERS VII-B, L.P.,**<br>a Cayman Islands exempted limited partnership |
| By: ICONIQ Strategic Partners VII GP, L.P.,<br>its General Partner |
| By: ICONIQ Strategic Partners VII TT GP, Ltd.,<br>its General Partner |
| By: /s/ Louis D. Thorne |
| Name: Louis D. Thorne |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **WINDY HILL, LLC** | **WINDY HILL, LLC** |
| By: /s/ Barbara Hager | By: /s/ Barbara Hager |
| Name: | Barbara S. Hager |
| Title: | Manager |
| Email: | [\*\*\*] |
| Address: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **KPCB HOLDINGS, INC., AS NOMINEE** |
| By: /s/ Susan Biglieri |
| Name: Susan Biglieri |
| Title: Chief Financial Officer |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **SC U.S. GROWTH IX MANAGEMENT, L.P.**<br>**as nominee** |
| By: SC US (TTGP), LTD.,<br>a Cayman Islands exempted company |
| Title: General Partner |
| By: /s/ Andrew Reed |
| Name: Andrew Reed |
| Title: Authorized Signatory |

---

---

| |
|:---|
| Email: |
| Address: |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **SEQUOIA CAPITAL U.S. GROWTH FUND VIII, L.P.,**<br>for itself and as nominee |
| By: SC U.S. GROWTH VIII MANAGEMENT, L.P.,<br>a Cayman Islands exempted limited partnership, its General Partner |
| By: SC US (TTGP), LTD.,<br>a Cayman Islands exempted company, its General Partner |
| By: /s/ Andrew Reed |
| Name: Andrew Reed |
| Title: Partner |

---

---

| |
|:---|
| Email: |
| Address: |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **SCHF (M) PV, L.P.** |
| By: SCHF (GPE), LLC, its general partner |
| By: /s/ Kevin Kelly |
| Name: Kevin Kelly |
| Title: Managing Member |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **WNDRCO HOLDINGS II LP**<br>By: WndrCo Holdings II GP LP, its General Partner<br>By: WndrCo Capital Management LLC, its General Partner |
| By: /s/ Jeffrey Nykun |
| Name: Jeffrey Nykun |
| Title: Authorized Signatory |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **SURGOCAP MASTER FUND LP**<br>By: SurgoCap Advisors LLC, its general partner |
| By: /s/ Angela McCray |
| Name: Angela McCray |
| Title: General Counsel & Chief Compliance Officer |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **SV ANGEL GROWTH I LP** |
| By: SV Angel Opportunity GP I, LLC<br>Its General Partner |
| By: /s/ Ashvin Bachireddy |
| Name: Ashvin Bachireddy |
| Title: Member |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **THRIVE CAPITAL PARTNERS VIII GROWTH, L.P.**<br>By: THRIVE PARTNERS VIII GROWTH GP, LLC, its<br>general partner |
| By: /s/ Joshua Kushner |
| Name: Joshua Kushner |
| Title: Managing Member |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **THRIVE CAPITAL PARTNERS VII GROWTH, L.P.**<br>By: THRIVE PARTNERS VII GROWTH GP, LLC,<br>its general partner |
| By: /s/ Joshua Kushner |
| Name: Joshua Kushner |
| Title: Managing Member |
| **CLAREMOUNT VII ASSOCIATES, L.P.**<br>By: THRIVE PARTNERS VII GP, LLC,<br>its general partner |
| By: /s/ Joshua Kushner |
| Name: Joshua Kushner |
| Title: Managing Member |
| **COALITION NETWORK HOLDINGS VII, L.P.**<br>By: North River Angel Holdings VII GP, LLC, its General Partner<br>By: THRIVE PARTNERS VII GP, LLC,<br>its general partner |
| By: /s/ Joshua Kushner |
| Name: Joshua Kushner |
| Title: Managing Member |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| TOP-DIRECT IV, LP |
| *Investing Entity* |
| By: /s/ Stacey Kirkconnell |
| Name: Stacey Kirkconnell |
| Title: Director, TOP-Direct IV GP Limited, |
| as Management General Partner |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| XN EXPONENT MASTER FUND LP |
| *Investing Entity* |
| **BY: XN LP, ITS INVESTMENT MANAGER** |
| By: /s/ Thomas L. O'Grady |
| Name: Thomas L. O'Grady |
| Title: General Counsel & CCO |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| XN OPPORTUNITIES VI LP |
| *Investing Entity* |
| **BY: XN LP, ITS INVESTMENT MANAGER** |
| By: /s/ Thomas L. O'Grady |
| Name: Thomas L. O'Grady |
| Title: General Counsel & CCO |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| XN VECTOR MASTER FUND LP |
| *Investing Entity* |
| **BY: XN LP, ITS INVESTMENT MANAGER** |
| By: /s/ Thomas L. O'Grady |
| Name: Thomas L. O'Grady |
| Title: General Counsel & CCO |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| |
|:---|
| **INVESTOR:** |
| **GREYLOCK XIV LIMITED PARTNERSHIP GREYLOCK XIV-A LIMITED PARTNERSHIP GREYLOCK XIV PRINCIPALS LLC** |
| By: Greylock XIV GP LLC, its General Partner or Manager |
| By: /s/ Don Sullivan |
| Name: Don Sullivan |
| Title: Senior Managing Member |
| Email: [\*\*\*] |
| Address: [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **INDEX VENTURES GROWTH IV (JERSEY), L.P.** | **INDEX VENTURES GROWTH IV (JERSEY), L.P.** |
| By: its Managing General Partner:<br>Index Venture Growth Associates IV Limited | By: its Managing General Partner:<br>Index Venture Growth Associates IV Limited |
| /s/ Nigel Greenwood | /s/ Nigel Greenwood |
| Director | Director |
| Address: | [\*\*\*] |
| Email: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **INDEX VENTURES GROWTH V (JERSEY), L.P.** | **INDEX VENTURES GROWTH V (JERSEY), L.P.** |
| By: its Managing General Partner:<br>Index Venture Growth Associates V Limited | By: its Managing General Partner:<br>Index Venture Growth Associates V Limited |
| /s/ Nigel Greenwood | /s/ Nigel Greenwood |
| Director | Director |
| Address: | [\*\*\*] |
| Email: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **INDEX VENTURES VI (JERSEY), L.P.** | **INDEX VENTURES VI (JERSEY), L.P.** |
| By: its Managing General Partner:<br>Index Venture Associates VI Limited | By: its Managing General Partner:<br>Index Venture Associates VI Limited |
| /s/ Nigel Greenwood | /s/ Nigel Greenwood |
| Director | Director |
| Address: | [\*\*\*] |
| Email: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **INDEX VENTURES VI PARALLEL ENTREPRENEUR FUND (JERSEY), L.P.** | **INDEX VENTURES VI PARALLEL ENTREPRENEUR FUND (JERSEY), L.P.** |
| By: its Managing General Partner:<br>Index Venture Associates VI Limited | By: its Managing General Partner:<br>Index Venture Associates VI Limited |
| /s/ Nigel Greenwood | /s/ Nigel Greenwood |
| Director | Director |
| Address: | [\*\*\*] |
| Email: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **YUCCA (JERSEY) SLP** | **YUCCA (JERSEY) SLP** |
| By: EFG Fund Administration Limited as Authorised Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Ventures Growth IV Co- Investment Scheme | By: EFG Fund Administration Limited as Authorised Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Ventures Growth IV Co- Investment Scheme |
| By: | /s/ Nigel Greenwood |
|  | Authorised Signatory - EFG Fund<br> Administration Limited |
| Address: | [\*\*\*] |
| Email: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **YUCCA (JERSEY) SLP** | **YUCCA (JERSEY) SLP** |
| By: EFG Fund Administration Limited as Authorised Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Ventures Growth V Co- Investment Scheme | By: EFG Fund Administration Limited as Authorised Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Ventures Growth V Co- Investment Scheme |
| By: | /s/ Nigel Greenwood |
|  | Authorised Signatory - EFG Fund<br> Administration Limited |
| Address: | [\*\*\*] |
| Email: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

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

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| **YUCCA (JERSEY) SLP** | **YUCCA (JERSEY) SLP** |
| By: Intertrust Employee Benefit Services Limited as Authorised Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Co-Investment Scheme | By: Intertrust Employee Benefit Services Limited as Authorised Signatory of Yucca (Jersey) SLP in its capacity as administrator of the Index Co-Investment Scheme |
| By: | /s/ Chris Gottard&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Kieran Lester |
|  | Authorised Signatory - Intertrust Employee<br> Benefit Services Limited |
| Address: | [\*\*\*] |
| Email: | [\*\*\*] |

---

**SIGNATURE PAGE TO AMENDED AND RESTATED INVESTORS' RIGHTS AGREEMENT**

**OF FIGMA, INC.**

------

**SCHEDULE A**

**SCHEDULE OF INVESTORS**

Andreessen Horowitz LSV Fund I, L.P., for itself and as Nominee for Andreessen Horowitz LSV Fund I-B, L.P. and Andreessen Horowitz LSV Fund I-Q, L.P.

CLF Partners, L.P.

Sequoia Capital U.S. Growth Fund VIII, L.P., for itself and as nominee

KPCB Holdings Inc., as nominee

Greylock XIV Limited Partnership

Greylock XIV-A Limited Partnership

Greylock XIV Principals LLC

Index Ventures VI (Jersey), L.P.

Index Ventures VI Parallel Entrepreneur Fund (Jersey), L.P.

Index Ventures Growth IV (Jersey), L.P.

Yucca (Jersey) SLP (on behalf of the Index Co-Investment Scheme)

Yucca (Jersey) SLP on behalf of the Index Growth IV Coinvestment Scheme

F&W Investments LP – Series 2012

Dhanurjay Patil

ICQ Investments 9 LP

ICQ Investments 22 LP

Craig Mod

GRR Investments

Adam Nash

Peter Skomoroch

Roger Bodamer

The Board of Trustees of the Leland Stanford Junior University (DAPER I)

The Board of Trustees of the Leland Stanford Junior University (SEVF II)

The Weiner Derouaux Revocable Trust DTD 11/20/2012

Daniel Gross

Tomer London

The McCabe Trust, Dated January 12, 2016

The Mehrotra Living Trust

Malmi, LLC

The Michel Krieger Revocable Trust

Rose Family Revocable Trust

Coatue Early Stage Fund LP

David Riley & Sarah Friar Revocable Trust

Andrew Wilson and Angelique Wilson, Trustees of the Wilson Family 2015 Trust dated April 20, 2015

Mendocino LLC

The Founders Fund VI, LP

The Founders Fund VI Principals Fund, LP

The Founders Fund VI Entrepreneurs Fund, LP

------

John Luttig

Matias Van Thienen

Durable Capital Master Fund LP

Durable Capital Opportunities Fund LP

AB Beta LLC

Cosmic Bet-1, LP

Eric Stromberg

Geoff Lewis Tabachnick

WindyHill, LLC

Avichal Garg

The Bret and Karen Taylor Trust

Jack Altman

Sahil Lavingia

Simons Family Trust

Weil Family Trust, DTD 10/19/2011

Michael L. Stoppelman, Trustee of the Michael L. Stoppelman Revocable Trust U/A/D 4/28/2016

Otherwise SPV Platform, L.P.

Allosophia LP

Math + Magic V, LLC

Kelvin Beachum Jr.

Josh Williams

Sriram Krishnan

Aaron Schildkrout and Krystle Schildkrout JTWROS

Olivier Pomel

Calvin French-Owen

GFO Capital, L.P.

Parker Conrad

Jason A. Citron & Marlene M. Citron, Trustees of the Citron Living Trust Dated January 25, 2017

Ann Mather Susan L. Wagner

Oswald & Katherine Cuervo TTEES Cuervo Family Revocable Trust DTD 8/6/10

The Raimondi Family Trust

The Radakovich Family Trust dated January 8, 2020

Michael William Seibel Revocable Trust

Alpha Circini, LLC

Z Perret Trust

Revathi Krishnan

LGF Marvelous Wool, L.P.

RA Trust DTD 7/30/2010

Skip Enterprises Pty Limited ATF Farquhar Trust

Andreessen Horowitz LSV Fund II, L.P., for itself and as nominee for Andreessen Horowitz LSV Fund II-B, L.P. and Andreessen Horowitz LSV Fund II-Q, L.P.

The Founders Fund Growth, LP

The Founders Fund Growth Principals Fund, LP

------

Index Ventures V (Jersey), L.P.

Yucca (Jersey) SLP on behalf of the Index Growth V Coinvestment Scheme

K2 Assets LLC

LGF Scale I, L.P.

Cosmic Bet, LP

Geodesic Capital Fund I, L.P.

Geodesic Capital Fund I-S, L.P.

Sam Altman

Institutional Venture Partners XVII, L.P.

WC Investor Two Holdings, LLC

Base Growth III, LLC

Greenoaks Capital Opportunities Fund III LP

Base10 Advancement Initiative I, LP

Thrive Capital Partners VII Growth, L.P.

Claremount VII Associates, L.P.

Coalition Network Holdings VII, L.P.

Allen & Company LLC

John Griffen

Andreas Lazar

Tru Arrow Technology Partners I, L.P.

Counterpoint Ventures Master Fund LP

Counterpoint Ventures Investor Fund LP

AHM Investment Holdings LLC – Series X

Andreessen Horowitz LSV Fund III, L.P., for itself and as nominee for Andreessen Horowitz

LSV Fund III-B, L.P.,

AH 2022 Annual Fund, L.P.,

AH 2022 Annual Fund-B, L.P., and

AH 2022 Annual Fund-QC, L.P.

Alkeon Innovation Master Fund II, L.P.

Alkeon Innovation Master Fund II, Private Series, LP

Alkeon Innovation Lux, SCSp SICAV-RAIF

Atlassian Ventures LLC

Cosmic Bet 3, LP

Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund

Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund

Fidelity Growth Company Commingled Pool

Fidelity Mt. Vernon Street Trust : Fidelity Growth Company K6 Fund

Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub B

Fidelity Securities Fund: Fidelity OTC Portfolio

Fidelity OTC Commingled Pool

Fidelity Securities Fund: Fidelity OTC K6 Portfolio

Fidelity Canadian Growth Company Fund

FIDELITY SPECIAL SITUATIONS FUND

Fidelity Global Innovators Investment Trust

Fidelity Securities Fund: Fidelity Blue Chip Growth Fund

------

Fidelity Blue Chip Growth Commingled Pool

Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund

Fidelity Blue Chip Growth Institutional Trust

Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund

FIAM Target Date Blue Chip Growth Commingled Pool

Fidelity Contrafund: Fidelity Contrafund

Fidelity Contrafund Commingled Pool

Fidelity Contrafund: Fidelity Contrafund K6

Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub A

Fidelity Global Growth and Value Investment Trust

Fidelity Insights Investment Trust

Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund

Variable Insurance Products Fund II: VIP Contrafund Portfolio - Subportfolio A

Fidelity Venture Capital Fund I LP

Franklin Talos II, L.P.

FVP Growth Partners, L.P.

Franklin Ventures Investments, L.P. - Private Fund Series

Greenview Investment Pte Ltd

Greenoaks Capital Opportunities Fund V LP

ICONIQ Strategic Partners VII, L.P.

ICONIQ Strategic Partners VII-B, L.P.

SC U.S. GROWTH IX MANAGEMENT, L.P., as Nominee

SCHF (M) PV, L.P.

WNDRCO Holdings II LP

SurgoCap Master Fund LP

SV Angel Growth I LP

Thrive Capital Partners VIII Growth, L.P.

TOP-DIRECT IV, LP

XN Exponent Master Fund LP

XN Opportunities VI LP

XN Vector Master Fund LP

## Exhibit 4.3

**Exhibit 4.3**

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**<u>ACT</u>**"), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

**WARRANT TO PURCHASE COMMON STOCK**

---

| | |
|:---|:---|
| **Company:** | Figma, Inc. |
| **Number of Shares of Common Stock:** | 17,372, plus all Additional Shares to which Holder is entitled to purchase pursuant to Section 1.7. |
| **Warrant Price:** | $1.25 per share |
| **Issue Date:** | November 20, 2018 |
| **Expiration Date:** | November 20, 2028 See also Section 5.1(b). |
| **Credit Facility:** | This Warrant to Purchase Common Stock ("**<u>Warrant</u>**") is issued in connection with that certain Loan and Security Agreement of even date herewith between Silicon Valley Bank and the Company (as amended, restated, supplemented or otherwise modified from time to time, the "**<u>Loan Agreement</u>**"). |

---

THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, "**<u>Holder</u>**") is entitled to purchase the number of fully paid and non-assessable shares (the "**<u>Shares</u>**") of the above-stated common stock (the "**<u>Common Stock</u>**") of the above-named company (the "**<u>Company</u>**") at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group.

SECTION 1. <u>EXERCISE</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;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Exercise</u>. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to the Company this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Shares

------

being purchased. In no event shall an original ink-signed paper copy of this Warrant be required for any exercise of a Holder's rights hereunder, nor shall this Warrant or any physical copy thereof be required to be physically surrendered at the time of any exercise hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Cashless Exercise</u>. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

---

| | | |
|:---|:---|:---|
| | X = Y(A-B)/A | X = Y(A-B)/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where: |  |  |
|  | X = | the number of Shares to be issued to the Holder; |
|  | Y = | the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price); |
|  | A = | the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and |
|  | B = | the Warrant Price. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Fair Market Value</u>. If the Company's Common Stock is then traded or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a "**<u>Trading Market</u>**"), the fair market value of a Share shall be the closing price or last sale price of a share of Common Stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company's Common Stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Certificate and New Warrant</u>. Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Replacement of Warrant</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Paper Original Warrant</u>. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in

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the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Original Warrant</u>. If at any time this Warrant is rejected by any person (including but not limited to, paying or escrow agents) or any such person fails to comply with the terms of this Warrant based on this Warrant being presented to such person as an electronic record, a printout thereof, or any signature hereto being in electronic form, the Company, shall, promptly upon Holder's request without indemnity, execute and deliver to Holder, in lieu of electronic original versions of this warrant, a new warrant of like tenor and amount in paper form with original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Warrant Upon Acquisition of Company</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisition</u>. For the purpose of this Warrant, "**<u>Acquisition</u>**" means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company's domicile), or any other corporate reorganization, in which the stockholders of the Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company's (or the surviving or successor entity's) outstanding voting power immediately after such merger, consolidation or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company's then-total outstanding combined voting power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Warrant at Acquisition</u>. In the event of an Acquisition in which the consideration to be received by the Company's stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a "**<u>Cash/Public Acquisition</u>**"), and the fair market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, either (i) the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant, or (ii) if the acquiring, successor or surviving entity shall not have assumed this Warrant, then the aggregate Warrant Price shall be reduced to One Dollar ($1.00) and this Warrant shall be deemed to have been cashless exercised in full pursuant to Section 1.2 above as of immediately prior to the consummation of such Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;As used in this Warrant, "**<u>Marketable Securities</u>**" means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the "**<u>Exchange Act</u>**"), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the issuer's shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Shares</u>. Upon the funding of each Growth Capital Advance (as defined in the Loan Agreement), the Company shall be deemed to have automatically granted to Holder, in addition to the number of Shares which this Warrant can otherwise be exercised by Holder, the right to purchase that number of additional Shares, rounded upward to the nearest whole number, equal to (a) the amount of such Growth Capital Advance divided by Seven Million Five Hundred Thousand Dollars ($7,500,000) (b) multiplied by 28,954, subject to adjustment pursuant to Section 2 below (all such additional Shares being called the "**<u>Additional Shares</u>**").

SECTION 2. <u>ADJUSTMENTS TO THE SHARES AND WARRANT PRICE</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;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Dividends, Splits, Etc</u>. If the Company declares or pays a dividend or distribution on the outstanding shares of the Common Stock payable in securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Common Stock by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Common Stock are combined or

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consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Reclassification, Exchange, Combinations or Substitution</u>. Upon any event whereby all of the outstanding shares of the Common Stock are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Intentionally Omitted</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;2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Intentionally Omitted</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;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>No Fractional Share</u>. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice/Certificate as to Adjustments</u>. Upon each adjustment of the Warrant Price, Common Stock and/or number of Shares, the Company, at the Company's expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer or other authorized officer, including computations of such adjustment and the Warrant Price, class and number of Shares in effect upon the date of such adjustment.

SECTION 3. <u>REPRESENTATIONS AND COVENANTS OF THE COMPANY</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;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. The Company represents and warrants to, and agrees with, the Holder as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share established in connection with Borrower's most recent valuation report approved by the Company's Board of Directors prior to the Issue Date hereof for purposes of the Company's compliance with Section 409A of the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;All Shares which may be issued upon the exercise of this Warrant, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein or under

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applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of securities as will be sufficient to permit the exercise in full of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company's capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the Issue Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Certain Events</u>. If the Company proposes at any time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;declare any dividend or distribution upon the outstanding shares of the Company's stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;offer for subscription or sale pro rata to the holders of the outstanding shares any additional shares of any class or series of the Company's stock (other than pursuant to contractual pre-emptive rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the Common 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;effect an Acquisition or to liquidate, dissolve or wind up; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under the Act (the "**<u>IPO</u>**");

then, in connection with each such event, the Company shall give 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;(1)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares of the Common Stock will be entitled thereto) or for determining rights to vote, if any,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Common Stock will be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); 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;(3)&nbsp;&nbsp;&nbsp;&nbsp;with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith.

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Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder's accounting or reporting requirements.

SECTION 4. <u>REPRESENTATIONS, WARRANTIES OF THE HOLDER</u>.

The Holder represents and warrants to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase for Own Account</u>. Except for the transfer contemplated in Section 5.4 herein, this Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder's account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring this Warrant or 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;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Disclosure of Information</u>. Holder is aware of the Company's business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Experience</u>. Holder understands that the purchase of this Warrant and its underlying securities involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder's investment in this Warrant and its underlying securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Accredited Investor Status</u>. Holder is an "accredited investor" within the meaning of Regulation D promulgated under the 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;4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>The Act</u>. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder's investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Market Stand-off Agreement</u>. The Holder agrees that the Shares shall be subject to the Market Standoff provisions in Section 1.13 of that certain Amended and Restated Investors' Rights Agreement by and among the Company and the investors listed on Schedule A thereto dated December 5, 2017, as such agreement may be amended from time to time so long as any such amendment treats all holders of the same class and series of the Company's equity securities as Holder equally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>No Voting Rights</u>. Holder, as a Holder of this Warrant, will not have any voting rights until the exercise of this Warrant and, except as expressly set forth in this Warrant, will not be considered a stockholder for any purpose until the exercise of this Warrant.

SECTION 5. <u>MISCELLANEOUS</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;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Automatic Conversion Upon Expiration</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Automatic Cashless Exercise upon Expiration</u>. In the event that, upon the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such exercise to 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;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Legends</u>. The Shares (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form:

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**<u>ACT</u>**"), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE COMMON STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED NOVEMBER 20, 2018, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE SUBJECT TO A 180 DAY MARKET STAND-OFF RESTRICTION AS

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SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH RESTRICTION WILL BE BINDING ON TRANSFEREES OF THESE 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;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Securities Laws on Transfer</u>. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank's parent company) or any other affiliate of Holder, provided that any such transferee is an "accredited investor" as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the 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;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Procedure</u>. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee, provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company's prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual receipt if given by electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following

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delivery to a reliable overnight courier service, courier fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

SVB Financial Group

[\*\*\*]

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address:

FIGMA, INC.

[\*\*\*]

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

FENWICK & WEST LLP

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Attorney's Fees</u>. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts; Electronic Signatures; Status as Certificated Security</u>. This Warrant may be executed in counterparts, all of which together shall constitute one and the same agreement. Company, Holder and any other party hereto may execute this Warrant by electronic means and each party hereto recognizes and accepts the use of electronic signatures and records by any other party hereto in connection with the execution and storage hereof. To the extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto is executed, recorded or delivered electronically, it shall be binding to the same extent as though it had been executed on paper with an original ink signature. The fact that this Warrant is executed, signed, stored or delivered electronically shall not prevent the transfer by any Holder of this Warrant pursuant to Section 5.4 or the enforcement of the terms hereof. This Warrant, and any copies hereof, shall NOT be deemed to be a "certificated security" within the meaning of Section 8102(a)(4) of the California Commercial Code. Physical possession of the original of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Days</u>. "**<u>Business Day</u>**" is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed.

[Remainder of page left blank intentionally]

[Signature page follows]

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IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Common Stock to be executed by their duly authorized representatives effective as of the Issue Date written above.

---

| | |
|:---|:---|
| "COMPANY" | "COMPANY" |
| FIGMA, INC. | FIGMA, INC. |
| By: | /s/ Dylan Field |
| Name: Dylan Field | Name: Dylan Field |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| "HOLDER" | "HOLDER" |
| SILICON VALLEY BANK | SILICON VALLEY BANK |
| By: | /s/ Brandon Sturtevant |
| Name: Brandon Sturtevant | Name: Brandon Sturtevant |
| Title: Vice President | Title: Vice President |

---

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APPENDIX 1

<u>NOTICE OF EXERCISE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common Stock of Figma, Inc. (the "**<u>Company</u>**") in accordance with the attached Warrant to Purchase Common Stock, and tenders payment of the aggregate Warrant Price for such shares as follows:

---

| |
|:---|
| Check in the amount of $________ payable to the order of the Company enclosed herewith |
| Wire transfer of immediately available funds to the Company's account |
| Cashless Exercise pursuant to Section 1.2 of the Warrant |
| Other [Describe] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Please issue a certificate or certificates representing the Shares in the name specified below:

---

| |
|:---|
| Holder's Name |
| (Address) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in Section 4 of the Warrant to Purchase Common Stock as of the date hereof.

---

| |
|:---|
| HOLDER: |
| By: |
| Name: |
| Title: |
| (Date): |

---

Appendix 1

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SCHEDULE 1

<u>Company Capitalization Table</u>

See attached

Schedule 1

## Exhibit 10.1

**Exhibit 10.1**

INDEMNITY AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;This Indemnity Agreement, dated as of _____________, 20__ is made by and between Figma, Inc., a Delaware corporation (the "***Company***"), and _____________________ ("***Indemnitee***").

RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Company is aware that competent and experienced persons are increasingly reluctant to serve as representatives of corporations unless they are protected by comprehensive liability insurance and indemnification, due to increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact that the exposure frequently bears no relationship to the compensation of such representatives;

&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The members of the Board of Directors of the Company (the "***Board***") have concluded that to retain and attract talented and experienced individuals to serve as representatives of the Company and its Subsidiaries and Affiliates and to encourage such individuals to take the business risks necessary for the success of the Company and its Subsidiaries and Affiliates, it is necessary for the Company to contractually indemnify certain of its representatives and the representatives of its Subsidiaries and Affiliates, and to assume for itself maximum liability for Expenses and Other Liabilities (as those terms are defined below) in connection with claims against such representatives in connection with their service to the Company and its Subsidiaries and Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;Section 145 of the Delaware General Corporation Law ("***Section 145***"), empowers the Company to indemnify by agreement its officers, directors, employees and agents, and persons who serve, at the request of the Company, as directors, officers, employees or agents of other corporations, partnerships, joint ventures, trusts or other enterprises. The Bylaws of the Company (the "***Bylaws***") require indemnification of the directors and officers of the Company subject to specific terms and conditions. Indemnitee may also be entitled to indemnification pursuant to Section 145. The Bylaws and Section 145 expressly provide that the indemnification pursuant thereto is not exclusive and contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is a supplement to and in furtherance of the Bylaws and any resolutions adopted pursuant thereto, as well as any rights of Indemnitee under the Delaware General Corporation Law (the "***DGCL***") or any directors and officers liability insurance policy or other applicable insurance policies, and this Agreement shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder unless explicitly stated otherwise herein; and

&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;The Company desires and has requested Indemnitee to serve or continue to serve as a representative of the Company and/or the Subsidiaries or Affiliates of the Company free from undue concern about inappropriate claims for damages arising out of or related to such services to the Company and/or the Subsidiaries or Affiliates of the Company.

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AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the foregoing, the covenants and agreements contained herein, and of Indemnitee's willingness to continue to serve as an Indemnifiable Person, the parties hereto, intending to be legally bound, hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Definitions</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;(a)<u>Affiliate</u>. For purposes of this Agreement, "***Affiliate***" means any corporation, partnership, limited liability company, joint venture, trust or other enterprise or non-profit entity in respect of which Indemnitee is or was or will be serving as a director, officer, trustee, manager, member, partner, employee, agent, attorney, consultant, member of the entity's governing body (whether constituted as a board of directors, board of managers, general partner or otherwise), representative, fiduciary or in any other similar capacity at the request, election or direction of the Company, and including, but not limited to, any employee benefit plan of the Company or a Subsidiary or Affiliate of the Company.

&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)<u>Change in Control</u>. For purposes of this Agreement, "***Change in Control***" means any event or circumstance where (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***")), other than a Subsidiary or a trustee or other fiduciary holding securities under an employee benefit plan of the Company or Subsidiary, is or becomes the "Beneficial Owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company's then outstanding capital stock, (ii) during any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(b)(i), 1(b)(iii) or 1(b)(iv)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Board, (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation that would result in the outstanding capital stock of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into capital stock of the surviving entity) at least 50% of the total voting power represented by the capital stock of the Company or such surviving entity outstanding immediately after such merger or consolidation or (iv) the stockholders of the Company approve a plan of liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of transactions) of all or substantially all of the Company's assets.

&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)<u>Expenses</u>. For purposes of this Agreement, "***Expenses***" means all reasonable direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys' fees and related disbursements, and other out-of-pocket costs) actually paid or incurred by or on behalf of Indemnitee in connection with the investigation, prosecuting,

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defense or appeal of, or being a witness or otherwise participating or being involved in (or preparing to do any of the foregoing) (i) a Proceeding (as defined below), or establishing or enforcing Indemnitee's rights under this Agreement, the Certificate of Incorporation, the Bylaws, Section 145 or otherwise (including preparing and submitting any notices, requests or support statements for indemnification, advancement or reimbursement, or any other right provided to the Indemnitee thereby), including all such costs incurred in connection with a determination contemplated by Section 8 hereof; provided, however, that Expenses shall not include any judgments, fines, taxes (including ERISA or other benefit plan related excise taxes or penalties) or amounts paid in settlement of a Proceeding; (ii) any appeal resulting from any Proceeding, including without limitation the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent; or (iii) recovery under any directors and officers liability insurance policies or other applicable insurance policies maintained by the Company, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, 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;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Indemnifiable Event</u>.&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, "***Indemnifiable Event***" means any event or occurrence arising out of, related to or resulting from Indemnitee's service for the Company or any Subsidiary or Affiliate as an Indemnifiable Person (as defined below), or by reason of anything done or not done, or any act or omission, by Indemnitee in any such capacity, whether occurring before, on or after the date of this Agreement, and whether or not Indemnitee is acting or serving in any such capacity, or has such status, at the time any Proceeding is brought or any Expense or Other Liabilities are incurred.

&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)<u>Indemnifiable Person</u>. For the purposes of this Agreement, "***Indemnifiable Person***" means any person who is or was a director, officer, trustee, manager, member, partner, employee, attorney, consultant, member of an entity's governing body (whether constituted as a board of directors, board of managers, general partner or otherwise) or other agent or fiduciary of the Company or a Subsidiary or Affiliate of the Company.

&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)<u>Independent Counsel</u>. For purposes of this Agreement, "***Independent Counsel***" means legal counsel experienced in matters of Delaware corporate law (i) who has not performed services for the Company or any of its Subsidiaries or Indemnitee in the five years preceding the time in question (other than with respect to matters concerning the rights of Indemnitee or any other Indemnifiable Person under this Agreement or any similar indemnification agreements, the Certificate of Incorporation, the Bylaws, Section 145 or otherwise) and who would not, under applicable standards of professional conduct, have a conflict of interest in representing either the Company or Indemnitee, and (ii) is selected by Indemnitee and approved by the Board, which approval may not be unreasonably withheld, delayed or conditioned.

&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)<u>Independent Director</u>. For purposes of this Agreement, "***Independent Director***" means a member of the Board who is not a party to the Proceeding for which a claim for advancement or indemnification is made under this Agreement.

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&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)<u>Other Liabilities</u>. For purposes of this Agreement, "***Other Liabilities***" means any and all liabilities of any type whatsoever, including, but not limited to, judgments, fines, damages, penalties, taxes (including excise taxes or penalties related to ERISA or other benefit plans) and amounts paid in settlement, and all interest, taxes, penalties, assessments and other charges paid or payable in connection with or in respect of any such liabilities, damages, judgments, fines, taxes or penalties or amounts paid in settlement, as well as any liability in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism.

&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>Proceeding</u>. For the purposes of this Agreement, "***Proceeding***" means any threatened, asserted, pending or completed action, suit, claim or other proceeding, whether civil, criminal, administrative, investigative, legislative or any other type whatsoever, preliminary, informal or formal, including any arbitration or other alternative dispute resolution and including any appeal of any of the foregoing, as well as any inquiry or investigation that Indemnitee in good faith believes could lead to the institution of any action, suit or proceeding, whether civil, criminal, administrative, investigative 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;(j)<u>Subsidiary</u>. For purposes of this Agreement, "***Subsidiary***" means any entity of which more than 50% of the outstanding voting securities is owned directly or indirectly by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Mandatory Indemnification</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;(a)<u>Agreement to Indemnify</u>. In the event Indemnitee was, is or becomes subject to, a party to or witness or other participant in or is threatened to be made subject to, a party to or witness or other participant in any Proceeding by reason of, arising out of, relating to or resulting from, in whole or in part, an Indemnifiable Event, the Company shall indemnify Indemnitee or shall cause Indemnitee to be indemnified from and against any and all Expenses and Other Liabilities incurred by or on behalf of Indemnitee in connection with (including in preparation for) such Proceeding to the fullest extent permitted by the DGCL, as the same may be amended from time to time (but only to the extent that such amendment permits the Company to provide broader indemnification rights than the DGCL permitted prior to the adoption of such amendment), provided that such indemnification is subject to the exclusions set forth in Section 9 below, and further provided that no change in applicable law after the date hereof shall have the effect of reducing the benefits available to Indemnitee hereunder based on applicable law as in effect on the date hereof or as such benefits may be expanded or otherwise improved as a result of any other changes to applicable law that become effective after the date hereof but prior to such change. The parties hereto intend that, subject to Section 9 below, this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Certificate of Incorporation, the Bylaws, vote of the Company's stockholders or disinterested directors or applicable law. Payments of Expenses and Other Liabilities shall be made as soon as practicable following a determination pursuant to Section 8, but in any event no later than 30 days after a written demand for indemnification is delivered to the Company (which written demand shall include Indemnitee's selection of the Reviewing Party pursuant to

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Section 8(c)), unless and to the extent a determination is made pursuant to Section 8 that Indemnitee is not entitled to indemnification hereunder for such amounts.

&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)<u>[Company Obligations Primary</u>. The Company hereby acknowledges that Indemnitee may have rights to advancement and/or indemnification for Expenses and Other Liabilities provided by a venture capital firm or other sponsoring organization ("***Other Indemnitor***"). The Company agrees with Indemnitee that the Company is the indemnitor of first resort of Indemnitee with respect to matters for which advancement and/or indemnification is provided under this Agreement and that the Company will be obligated to make all payments due to or for the benefit of Indemnitee under this Agreement without regard to any rights that Indemnitee may have against the Other Indemnitor. To the extent not in contravention of any insurance policy purchased by the Company, Subsidiary or Affiliate, the Company hereby waives any equitable rights to contribution or indemnification from the Other Indemnitor in respect of any amounts paid to Indemnitee hereunder. The Company further agrees that no reimbursement of Other Liabilities or payment of Expenses by the Other Indemnitor to or for the benefit of Indemnitee shall affect the obligations of the Company hereunder, and that the Company shall be obligated to repay the Other Indemnitor for all amounts so paid or reimbursed to the extent that the Company has an obligation to pay Indemnitee for such Expenses or Other Liabilities hereunder.]<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Expenses or Other Liabilities but not entitled, however, to indemnification for the total amount of such Expenses or Other Liabilities, the Company shall nevertheless indemnify Indemnitee for the total amount to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise (including dismissal without prejudice) in defense of any or all Proceedings arising out of, relating to or resulting from any Indemnifiable Event, or in defense of any issue or matter therein, Indemnitee shall be indemnified against all Expenses and Other Liabilities incurred in connection therewith. In any review, process and/or Proceeding to determine the extent of indemnification to which Indemnitee is entitled, the Company shall bear the burden to establish, by clear and convincing evidence, that Indemnitee is not so entitled, and the presumption shall be that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Liability Insurance</u>. So long as Indemnitee shall continue to serve the Company or a Subsidiary or Affiliate of the Company as an Indemnifiable Person and thereafter so long as Indemnitee shall be subject to any possible claim or threatened, pending or completed Proceeding as a result of an Indemnifiable Event, the Company shall use reasonable efforts to maintain in full force and effect for the benefit of Indemnitee as an insured (i) directors and officers liability insurance issued by one or more reputable insurers and having the policy amount and deductible deemed appropriate by the Board and providing in all respects coverage at least comparable to and in the same amount as that provided to the Chairman of the Board or the Chief Executive Officer of the Company, and (ii) any renewal, replacement or substitute directors and officers liability insurance policies issued by one or more reputable insurers

<sup>1</sup> Section 2(b) to be inserted only for directors affiliated with a venture capital fund.

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providing in all respects coverage at least comparable to and in the same amount as that being provided to the Chairman of the Board or the Chief Executive Officer of the Company. The purchase, establishment and maintenance of any such insurance or other arrangements shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under this Agreement, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any such insurance or other arrangement. In the event of a Change in Control subsequent to the date of this Agreement, or the Company's becoming insolvent (including but not limited to being placed into receivership, an assignment for the benefit of creditors or entering the federal bankruptcy process), the Company shall use reasonable efforts to maintain in force any and all insurance policies then maintained by the Company for the purpose of providing coverage to the Company's officers or directors (including but not limited to directors and officers liability, fiduciary and employment practices insurance) for a fixed period of no less than six years thereafter. Such coverage shall be non-cancelable and shall be placed and serviced by the Company's incumbent insurance broker or a broker selected by a majority of the non-management members of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Mandatory Advancement of Expenses</u>. If requested by Indemnitee, the Company shall advance or reimburse, to the fullest extent permitted by law, prior to the final disposition of the Proceeding, all Expenses incurred by or on behalf of Indemnitee in connection with (including in preparation for) a Proceeding not initiated by Indemnitee (and any Proceeding initiated by Indemnitee to the extent such Proceeding is initiated by Indemnitee in accordance with clauses (i)-(ii) of Section 9(a) of this Agreement) related to an Indemnifiable Event within 30 days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding and not subject to any prior determination that Indemnitee has satisfied any applicable standard of conduct. The right to advances and reimbursements under this Section shall in all events continue until final disposition of any Proceeding, including any appeal therefrom and/or a final adjudication not subject to further appeal. Indemnitee hereby undertakes to repay such amounts advanced if, and only if and to the extent that, it shall ultimately be determined in accordance with this Agreement that Indemnitee is not entitled to be indemnified by the Company and no additional form of undertaking with respect to such obligation to repay shall be required. Indemnitee's undertaking to repay any Expenses advanced to Indemnitee hereunder shall be unsecured and shall not be subject to the accrual or payment of any interest thereon. If Indemnitee commences legal proceedings within 90 days after any determination that Indemnitee is not entitled to indemnification hereunder to secure a determination that Indemnitee is so entitled, Indemnitee shall not be required to reimburse the Company unless and until a final, non-applealable, judicial determination is made that Indemnitee is not entitled to indemnification hereunder. This Section 5 shall not apply to any request for advancement of Expenses made by Indemnitee for which such advancement is excluded pursuant to Section 9 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>[Indemnification of Appointing Stockholder</u>. If (i) Indemnitee is or was affiliated with one or more venture capital funds that has invested in the Company and has appointed Indemnitee to serve as a director or other fiduciary of the Company (an "***Appointing Stockholder***"), (ii) the Appointing Stockholder is, or is threatened to be made, a party to or a

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participant in any Proceeding, and (iii) the Appointing Stockholder's 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, the Appointing Stockholder will be entitled to indemnification hereunder for Expenses to the same extent as Indemnitee, and the terms of this Agreement as they relate to procedures for indemnification of Indemnitee and advancement of Expenses shall apply to any such indemnification of Appointing Stockholder. The rights provided to the Appointing Stockholder under this Section 6 shall (i) be suspended during any period during which the Appointing Stockholder does not have a representative on the Company's Board, and (ii) terminate on an initial public offering of the Company's Common Stock; provided, however, that in the event of any such suspension or termination, the Appointing Stockholder's rights to indemnification will not be suspended or terminated with respect to any Proceeding based in whole or in part on facts and circumstances occurring at any time prior to such suspension or termination, regardless of whether the Proceeding arises before or after such suspension or termination. The Company and Indemnitee agree that the Appointing Stockholder is an express third party beneficiary of the terms of this Section 6.]<sup>2</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Notice and Other Indemnification Procedures</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;(a)<u>Notification</u>. Promptly after receipt by Indemnitee of notice of the commencement of or the threat of commencement of any Proceeding, unless the Company is a named co-defendant with Indemnitee (or the Company is the recipient of such threat), Indemnitee shall, if Indemnitee believes the advancement of Expenses or the indemnification of Expenses or Other Liabilities with respect thereto may be sought from the Company under this Agreement, notify the Company in writing of the commencement or threat of commencement thereof. The written notification to the Company shall include, in reasonable detail, a description of the nature of and facts related to the Proceeding. However, a failure by Indemnitee to notify the Company promptly following Indemnitee's receipt of such notice shall not relieve the Company from any liability that it may have to Indemnitee except to the extent that the Company is actually and materially prejudiced in its defense of such Proceeding as a result of such failure, provided, however, that the Company shall have the burden to prove the existence of such actual and material prejudice by clear and convincing evidence.

&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)<u>Insurance Notice and Other Matters</u>. If, at the time of the receipt of a notice of the commencement of a Proceeding pursuant to Section 7(a) above, the Company has director and officer liability insurance and/or any other type of insurance that might provide coverage to Indemnitee in effect, the Company shall give prompt notice of the commencement of such Proceeding on behalf of Indemnitee to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all commercially reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such insurance policies (it being understood that the failure of the insurers to so pay shall in no way limit the Company's indemnification and advancement obligations hereunder). In addition, the Company will instruct the insurers and the Company's insurance broker that they may communicate directly with Indemnitee regarding such Proceeding.

<sup>2</sup> Section 6 to be inserted only for directors affiliated with a venture capital fund.

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&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)<u>Assumption of Defense</u>. In the event the Company shall be obligated to advance Expenses for any Proceeding against Indemnitee, the Company, if deemed appropriate by the Company, shall be entitled to assume the defense of such Proceeding as provided herein. Such defense by the Company may include the representation of two or more parties by one attorney or law firm as permitted under the ethical rules and legal requirements related to joint representations. Following delivery of written notice to Indemnitee of the Company's election to assume the defense of such Proceeding, the approval by Indemnitee (which approval shall not be unreasonably withheld, delayed or conditioned) of counsel designated by the Company, and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees and expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. If (i) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have notified the Board in writing that Indemnitee or separate counsel for Indemnitee has reasonably concluded that there may be an actual or potential conflict of interest between the Company and Indemnitee in the conduct of any such defense, (iii) the named parties in such Proceeding include the Company or any of its Subsidiaries, on the one hand, and Indemnitee, on the other hand, and Indemnitee concludes in consultation with separate counsel that there may be one or more legal defenses available to Indemnitee that are different from or in addition to those available to the Company or any of its Subsidiaries, (iv) representation of the Indemnitee by such counsel would be precluded under applicable standards of professional conduct then prevailing, (v) the Company fails to employ counsel to assume the defense of such Proceeding or (vi) after a Change in Control, the employment of counsel by Indemnitee has been approved by Independent Counsel, the Expenses and Other Liabilities related to work conducted by Indemnitee's counsel shall be subject to indemnification and/or advancement pursuant to the terms of this Agreement. Nothing herein shall prevent Indemnitee from employing counsel for any Proceeding at Indemnitee's own expense.

&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)<u>Settlement</u>. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected without the Company's written consent; provided, however, that if a Change in Control has occurred subsequent to the date of this Agreement, the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if Independent Counsel has approved the settlement. Neither the Company nor any Subsidiary or Affiliate shall enter into a settlement of any Proceeding that might result in the imposition of any Expense, Other Liability, penalty, limitation or detriment on Indemnitee, whether indemnifiable under this Agreement or otherwise, without Indemnitee's written consent. Neither the Company nor Indemnitee shall unreasonably withhold, delay or condition consent from any settlement of any Proceeding, provided that Indemnitee shall have no obligation to consent to any settlement unless such settlement involves solely the payment of money (payment of which Indemnitee has no liability) and includes a complete and unconditional release of Indemnity from all liability for all Proceedings arising out of, relating to or resulting from, or based on the same underlying facts, events and circumstances that are the subject matter of such Proceeding. The Company shall promptly notify Indemnitee upon the Company's receipt of an offer to settle, or if the Company makes an offer to settle, any Proceeding, and provide Indemnitee with a reasonable amount of time to consider such settlement, in the case of any such settlement for which the

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consent of Indemnitee would be required hereunder. The Company shall not settle any part of any Proceeding to which Indemnitee is a party with respect to other parties (including the Company) without the written consent of Indemnitee if any portion of the settlement is to be funded from insurance proceeds paid from an insurance policy or policies providing coverage to Indemnitee unless approved by a majority of the Independent Directors, provided that this sentence shall cease to be of any force and effect if it has been determined in accordance with this Agreement that Indemnitee is not entitled to indemnification hereunder with respect to such Proceeding or if the Company's obligations hereunder to Indemnitee with respect to such Proceeding have been fully discharged; provided that nothing in this Agreement is intended to prejudice, or shall be construed as prejudicing, any rights that Indemnitee may have under any insurance policy, including (without limitation) with respect to priority rights to coverage thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Determination of Right to Indemnification</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;(a)<u>Success on the Merits or Otherwise</u>. To the extent that Indemnitee has been successful on the merits or otherwise in the defense of any Proceeding referred to in Section 2(a) above or in the defense of any claim, issue or matter described therein, the Company shall indemnify Indemnitee against Expenses and Other Liabilities incurred in connection therewith.

&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)<u>Indemnification in Other Situations</u>. In the event that Section 8(a) is inapplicable, the Company shall also indemnify Indemnitee if Indemnitee has met the applicable standard of conduct for indemnification to the fullest extent permitted by law.

&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)<u>Determination of Entitlement to Indemnification</u>. Indemnitee shall be entitled to select the manner in which the determination of (i) whether or not Indemnitee has met the applicable standard of conduct or (ii) whether and to the extent indemnification is permitted by applicable law shall be decided, and such election will be made from among 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.A majority of the Independent Directors even though less than a quorum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.A committee of Independent Directors designated by a majority vote of Independent Directors, even though less than a quorum; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Independent Counsel, who shall make such determination in a written opinion.

If Indemnitee is an officer or a director of the Company at the time that Indemnitee is selecting the manner in which the determination of whether Indemnitee has met the applicable standard of conduct shall be decided, then Indemnitee shall not select Independent Counsel as the manner for the determination to be made unless (i) there are no Independent Directors, or (ii) a majority of the Independent Directors (even though less than a quorum) approve of the selection

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of Independent Counsel, which approval may not be unreasonably withheld, delayed or conditioned.

The party or parties selected in accordance with this Section 8(c) shall be referred to herein as the "***Reviewing Party***." Notwithstanding the foregoing, following any Change in Control subsequent to the date of this Agreement, the Reviewing Party shall be Independent 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;(d)<u>Decision Timing</u>. As soon as practicable, and in no event later than ten (10) days after receipt by the Company of written notice of Indemnitee's choice of the Reviewing Party pursuant to Section 8(c) above, the Company and Indemnitee shall each submit to the Reviewing Party such information as they believe is appropriate for the Reviewing Party to consider. The Reviewing Party shall arrive at its decision within a reasonable period of time following the receipt of all such information from the Company and Indemnitee, but in no event later than twenty (20) days following the receipt of all such information, provided that the time by which the Reviewing Party must reach a decision may be extended by mutual agreement of the Company and Indemnitee. All Expenses associated with the process set forth in this Section 8(d), including but not limited to the Expenses of the Reviewing Party, shall be paid by the Company.

&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)<u>Delaware Court of Chancery</u>. Notwithstanding a final determination by any Reviewing Party that Indemnitee is not entitled to indemnification with respect to a specific Proceeding, Indemnitee shall have the right to apply to the Delaware Court of Chancery, for the purpose of enforcing Indemnitee's rights pursuant to 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;(f)<u>Expenses</u>. The Company shall indemnify Indemnitee against all Expenses incurred by or on behalf of Indemnitee in connection with any process, hearing or Proceeding under this Section 8 involving Indemnitee and against all Expenses incurred by or on behalf of Indemnitee in connection with any other Proceeding between the Company and Indemnitee involving the interpretation or enforcement of the rights of Indemnitee under this Agreement to the same extent as Indemnitee is otherwise entitled to indemnification 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;(g)<u>Determination of "Good Faith"</u>. For purposes of any determination of whether Indemnitee acted in "good faith" or acted in "bad faith," Indemnitee shall be deemed to have acted in good faith or not acted in bad faith if, among other things, in taking or failing to take the action in question, Indemnitee relied on the records or books of account of the Company or a Subsidiary or Affiliate, including financial statements, or on information, opinions, reports or statements provided to Indemnitee by the officers or other employees of the Company or a Subsidiary or Affiliate in the course of their duties, or on the advice of legal counsel for the Company or a Subsidiary or Affiliate, or on information or records given or reports made to the Company or a Subsidiary or Affiliate by an independent certified public accountant or by an appraiser or other expert selected by the Company or a Subsidiary or Affiliate, or by any other person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other person's professional or expert competence and who has or have been selected with reasonable care by or on behalf of the Company or a Subsidiary or Affiliate. In connection with any determination as to whether

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Indemnitee is entitled to be indemnified hereunder, the Reviewing Party or court shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the burden of proof shall be on the Company to establish, by clear and convincing evidence, that Indemnitee is not so entitled. The provisions of this Section 8(g) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement (including whether Indemnitee has acted in good faith or in bad faith). In addition, the knowledge and/or actions, or failures to act, of any other person serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person shall not be imputed to Indemnitee for purposes of determining the right to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Exceptions</u>. Any other provision herein to the contrary notwithstanding, Indemnitee's rights to advancement and/or indemnification are subject to the following exceptions in this Section 9. Indemnitee agrees not to seek advancement and/or indemnification from the Company with respect to Proceedings, claims or actions under this Section 9, except with respect to clauses (i)-(ii) of Section 9(a).

&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)<u>Claims Initiated by Indemnitee</u>. The Company shall not be obligated pursuant to the terms of this Agreement to indemnify or advance Expenses to Indemnitee with respect to Proceedings initiated by Indemnitee and not by way of defense, except (i) with respect to Proceedings brought to establish or enforce a right to indemnification under this Agreement, the Certificate of Incorporation, the Bylaws, any other statute or law, as permitted under Section 145, or otherwise or (ii) where the Board has consented to the initiation of such Proceeding.

&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)<u>Unlawful Indemnification</u>. The Company shall not be obligated pursuant to the terms of this Agreement to indemnify Indemnitee for Other Liabilities if such indemnification is prohibited by law as determined by a court of competent jurisdiction in a final adjudication not subject to further appeal.

&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)<u>Exception for Amounts Covered by Insurance and Other Sources</u>. The Company shall not be obligated to advance or indemnify Indemnitee for Expenses or Other Liabilities of any type whatsoever, including, but not limited to judgments, fines, penalties, taxes (including excise taxes or penalties related to ERISA or other benefit plans) and amounts paid in settlement, to the extent such have been paid directly to Indemnitee (or paid directly to a third party on Indemnitee's behalf) by any directors and officers liability insurance or other type of insurance maintained by the Company; provided, however, that payment made to Indemnitee pursuant to an insurance policy purchased and maintained by Indemnitee at his or her own expense of any amounts otherwise indemnifiable or obligated to be made pursuant to this Agreement shall not reduce the Company's obligations to Indemnitee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Non-exclusivity</u>. The provisions set forth in this Agreement and the rights of Indemnitee hereunder shall be in addition to, and shall not be deemed exclusive of, any other rights that Indemnitee may have under any provision of law, the Certificate of Incorporation or the Bylaws, the vote of the Company's stockholders or disinterested directors, other agreements,

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or otherwise. To the extent that there is a conflict or inconsistency between the terms of this Agreement and the Certificate of Incorporation or the Bylaws, it is the intent of the parties hereto that Indemnitee shall enjoy the greater benefits regardless of whether contained herein or in the Certificate of Incorporation or Bylaws. No amendment or alteration of the Certificate of Incorporation or Bylaws or any other agreement or instrument shall adversely affect the rights provided to Indemnitee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<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 the Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Entire Agreement; Supersession, Modification and Waiver</u>. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any prior indemnification agreement between the Indemnitee and the Company, its Subsidiaries or its Affiliates, provided, however, that this Agreement is a supplement to and in furtherance of Section 145, the Certificate of Incorporation, the Bylaws, any directors and officers liability insurance or other insurance policy providing coverage to Indemnitee maintained by the Company and applicable law, and, subject to Section 9 of this Agreement, shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. If the Company and Indemnitee have previously entered into an indemnification agreement providing for the indemnification of Indemnitee by the Company, the entry into this Agreement by both parties hereto shall be deemed to amend and restate such prior agreement to read in its entirety as, and be superseded by, this Agreement. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) and except as expressly provided herein, no such waiver shall constitute a continuing waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Successors and Assigns; Survival of Rights</u>. The terms of this Agreement shall bind, and shall inure to the benefit of, and be enforceable by the parties hereto and, as applicable, their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, executors, administrators and personal and legal representatives (collectively, "***Successors***"). Indemnitee's rights hereunder shall continue after Indemnitee has ceased serving the Company or a Subsidiary or Affiliate as an Indemnifiable Person and shall inure to the benefit of Indemnitee's Successors. In addition, the Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the

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Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement and indemnify Indemnitee to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notice</u>. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed duly given (i) if delivered by hand and a receipt is provided by the party to whom such communication is delivered, (ii) if mailed by certified or registered mail with postage prepaid, return receipt requested, on the signing by the recipient of an acknowledgement of receipt form accompanying delivery through the U.S. mail, (iii) by personal service by a process server, (iv) by delivery to the recipient's address by overnight delivery (*e.g*., FedEx, UPS or DHL) or other commercial delivery service or (v) if via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient's next business day. The address for notice to the Indemnitee shall be the Indemnitee's most recent address on file with the Company. Delivery of communications to the Company with respect to this Agreement shall be sent to the attention of the Company's Chief Executive Officer or General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>No Presumptions</u>. For purposes of this Agreement, the termination of any Proceeding, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law or otherwise. In addition, neither the failure of the Company or a Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by the Company or a Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of Proceedings by Indemnitee to secure a judicial determination by exercising Indemnitee's rights under Section 8(e) of this Agreement shall be a defense to Indemnitee's claim or create a presumption that Indemnitee has failed to meet any particular standard of conduct or did not have any particular belief or is not entitled to indemnification under applicable law or otherwise. Additionally, any admission of liability by the Company in connection with any settlement by the Company with a regulatory agency shall not, of itself, create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Subrogation and Contribution</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;(a)Except as otherwise expressly provided in this Agreement, in the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. The Company shall pay or reimburse Indemnitee for all Expenses and Other Liabilities incurred by or on behalf of Indemnitee in connection with such subrogration.

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&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)To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by or on behalf of Indemnitee, whether for Expenses or Other Liabilities, in connection with any Proceeding 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 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 Indemnitee in connection with such event(s) and/or transaction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Specific Performance, Etc.</u> The parties recognize that if any provision of this Agreement is violated by the Company, Indemnitee may be without an adequate remedy at law. Accordingly, in the event of any such violation, Indemnitee shall be entitled, if Indemnitee so elects, to institute Proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation or to obtain any relief or any combination of the foregoing as Indemnitee may elect to pursue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. Execution of a PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be admissible in any legal proceeding as if an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Headings</u>. The headings of the sections and 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 or interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Governing Law</u>. This Agreement shall be governed exclusively by and construed according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely with Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Consent to Jurisdiction</u>. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of the State of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement.

[*Signature Page Follows*]

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The parties hereto have entered into this Indemnity Agreement effective as of the date first above written.

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| |
|:---|
| FIGMA, INC. |
| By: |
| Its: |
| INDEMNITEE |
| [INDEMNITEE'S NAME] |

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## Exhibit 10.2

**Exhibit 10.2**

**FIGMA, INC.** 

**AMENDED AND RESTATED 2012 EQUITY INCENTIVE PLAN**

**As Adopted on December 14, 2022**

**As Amended January 22, 2024, August 22, 2024, and November 20, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>PURPOSE</u>.** The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to the success of the Company, its Parent and Subsidiaries by offering eligible persons an opportunity to participate in the Company's future performance through the grant of Awards covering Shares. Capitalized terms not defined in the text are defined in Section 14 hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701, grants may be made pursuant to this Plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan that is required in law only because of Section 25102(o) need not apply if the Committee so provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>SHARES SUBJECT TO THE PLAN</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;**2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Shares Available</u>.** Subject to Sections 2.2 and 11 hereof, the total number of Shares reserved and available for grant and issuance pursuant to this Plan will be 180,859,256 Shares. Subject to Sections 2.2 and 11 hereof, Shares subject to Awards that are cancelled, forfeited, settled in cash, used to pay withholding obligations or pay the exercise price of an option or that expire by their terms at any time will again be available for grant and issuance in connection with other Awards. Subject to Sections 2.2 and 11 hereof, (A) in the event that Shares previously issued under the Plan are reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company, such Shares shall be added to the number of Shares then available for issuance under the Plan; (B) in the event that Shares that otherwise would have been issuable under the Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding obligations, such Shares shall remain available for issuance under the Plan; and (C) in the event that an outstanding Option, Restricted Stock Unit or SAR for any reason expires or is cancelled, forfeited or terminated, the Shares allocable to the unexercised or unsettled portion of such Option, Restricted Stock Unit or SAR, as applicable, shall remain available for issuance under the Plan. To the extent an Award is settled in cash, the cash settlement shall not reduce the number of Shares remaining available for issuance under the Plan. At all times the Company will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements of all Awards granted and outstanding under this Plan. In no event shall the total number of Shares issued (counting each reissuance of a Share that was previously issued and then reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company as a separate issuance) under the Plan upon exercise of ISOs (as defined in Section 4 hereof) exceed 542,577,768 Shares (adjusted in proportion to any adjustments under Section 2.2 hereof) over the term of the 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;**2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment of Shares</u>.** In the event that the Company's Common Stock is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or other change in the capital structure of the Company affecting Shares without consideration, then in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan (a) the number and class of Shares reserved for issuance under this Plan, (b) the Exercise Prices of and number and class of Shares subject to outstanding Options and SARs, and (c) the Purchase Prices of and/or number and class of Shares subject to other outstanding

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Awards will (to the extent appropriate) be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and compliance with applicable securities or other laws; *<u>provided</u>*, *<u>however</u>*, that fractions of a Share will not be issued but will either be paid in cash at the Fair Market Value of such fraction of a Share or will be rounded down to the nearest whole Share, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>PLAN FOR BENEFIT OF SERVICE PROVIDERS</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;**3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility</u>.** The Committee will have the authority to select persons to receive Awards. ISOs may be granted only to Employees. NQSOs (as defined in Section 4 hereof) and all other types of Awards may be granted to employees, officers, directors and consultants of the Company or any Parent or Subsidiary of the Company; *<u>provided</u>* in the case of Consultants, such Consultants render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction when Rule 701 is to apply to the Award granted for such services. A person may be granted more than one Award 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;**3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>No Obligation to Employ</u>.** Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Subsidiary or Parent of the Company or limit in any way the right of the Company or any Subsidiary or Parent of the Company to terminate Participant's employment or other relationship at any time, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>OPTIONS</u>.** The Committee may grant Options to eligible persons described in Section 3 hereof and will determine whether such Options will be Incentive Stock Options within the meaning of the Code ("***ISOs***") or Nonqualified Stock Options ("***NQSOs***"), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to 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;**4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Option Grant</u>.** Each Option granted under this Plan will be evidenced by an Award Agreement which will expressly identify the Option as an ISO or an NQSO ("***Stock Option Agreement***") and will be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time approve, and which will comply with and be subject to the terms and conditions of 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;**4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Date of Grant</u>.** The date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, unless a later date is otherwise specified by the Committee. The Stock Option Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time after the granting of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Period</u>.** Options may be exercisable within the time or upon the events determined by the Committee in the Award Agreement and may be awarded as immediately exercisable but subject to repurchase pursuant to Section 10 hereof or may be exercisable within the times or upon the events determined by the Committee as set forth in the Stock Option Agreement governing such Option; *<u>provided</u>*, *<u>however</u>*, that (a) no Option will be exercisable after the expiration of ten (10) years from the date the Option is granted; and (b) no ISO granted to a person who directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Subsidiary or Parent of the Company ("***Ten Percent Stockholder***") will be exercisable after the expiration of five (5) years from the date the ISO is granted; but in no event shall an Option granted to an employee who is a non-exempt employee for purposes of overtime pay under the U.S. Fair Labor

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Standards Act of 1938 be exercisable earlier than six (6) months after its date of grant. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>.** The Exercise Price of an Option will be determined by the Committee when the Option is granted and shall not be less than the Fair Market Value per Share on the date of grant unless expressly determined in writing by the Committee; *<u>provided</u>* that the Exercise Price of an ISO granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased must be made in accordance with Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Exercise</u>.** Options may be exercised only by delivery to the Company of a stock option exercise agreement (accepted via written, electronic or other means) (the "***Exercise Agreement***") in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state (a) the number of Shares being purchased, (b) the restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (c) such representations and agreements regarding the applicable Participant's investment intent and access to information and other matters, if any, as may be required or desirable by the Company to comply with applicable securities or other laws. Each Participant's Exercise Agreement may be modified by (i) agreement of the applicable Participant and the Company or (ii) substitution by the Company, upon becoming a public company, in order to add the payment terms set forth in Section 8.1 that apply to a public company and such other terms as shall be necessary or advisable in order to exercise a public company option. Upon exercise of an Option, the applicable Participant shall execute and deliver to the Company the Exercise Agreement then in effect, together with payment in full of the Exercise Price for the number of Shares being purchased and satisfaction of any applicable Tax-Related Obligations. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.2 of the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** Subject to earlier termination pursuant to Sections 11 and 13 hereof and subject to any longer exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Other than Death or Disability or for Cause</u>. If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant's Options only to the extent that such Options are exercisable as to Vested Shares upon the Termination Date, except as otherwise determined by the Committee or required by applicable law. Such Options must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within three (3) months after the Termination Date (or within such shorter time period, not less than thirty (30) days, or within such longer time period after the Termination Date as may be determined by the Committee or required by applicable law, with any exercise beyond three (3) months after the date Participant ceases to be an employee when the Termination is for any reason other than the Participant's death or disability, within the meaning of Section 22(e)(3) of the Code deemed to be an NQSO) but, in any event, no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Death or Disability</u>. If a Participant is Terminated because of such Participant's death or Disability (or such Participant dies within three (3) months after a Termination

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other than for Cause), then such Participant's Options may be exercised only to the extent that such Options are exercisable as to Vested Shares on the Termination Date, except as otherwise determined by the Committee or required by applicable law. Such Options must be exercised by the applicable Participant (or the applicable Participant's legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within twelve (12) months after the Termination Date (or within such shorter time period, not less than six (6) months, or within such longer time period, after the Termination Date as may be determined by the Committee or required by applicable law, with any exercise beyond twelve (12) months after the date a Participant ceases to be an employee when the Termination is for such Participant's disability, within the meaning of Section 22(e)(3) of the Code, deemed to be an NQSO) but in any event no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>For Cause</u>. If the Participant is Terminated for Cause, the Participant may exercise such Participant's Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant's Options shall expire on such Participant's Termination Date, or at such later time and on such conditions as are determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on ISOs</u>.** The aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary of the Company) will not exceed One Hundred Thousand Dollars ($100,000). If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds One Hundred Thousand Dollars ($100,000), then the Options for the first One Hundred Thousand Dollars ($100,000) worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of One Hundred Thousand Dollars ($100,000) that become exercisable in that calendar year will be NQSOs. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, then such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification, Extension or Renewal</u>.** The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor, *<u>provided</u>* that any such action may not, without the written consent of a Participant, impair any of such Participant's rights under any Option previously granted, unless for the purpose of complying with applicable laws and regulations. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 4.10 hereof, the Committee may reduce the Exercise Price of outstanding Options without the consent of Participants by a written notice to them; *<u>provided</u>*, *<u>however</u>*, that the Exercise Price may not be reduced below the minimum Exercise Price that would be permitted under Section 4.4 hereof for Options granted on the date the action is taken to reduce the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9&nbsp;&nbsp;&nbsp;&nbsp;<u>No Disqualification</u>.** Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the Participant, to disqualify any Participant's ISO under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTED STOCK</u>.** A Restricted Stock Award is an offer by the Company to sell to an eligible person Shares that are subject to certain specified restrictions. The Committee will

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determine to whom an offer will be made, the number of Shares the person may purchase, the Purchase Price, the restrictions to which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Restricted Stock Award</u>.** All purchases under a Restricted Stock Award made pursuant to this Plan will be evidenced by an Award Agreement ("***Restricted Stock Purchase Agreement***") that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve and will comply with and be subject to the terms and conditions of this Plan. The Restricted Stock Award will be accepted by the applicable Participant's execution and delivery of the Restricted Stock Purchase Agreement (accepted via written, electronic or other means) and full payment for the Shares to the Company within thirty (30) days from the date the Restricted Stock Purchase Agreement is delivered to the person. If such person does not execute and deliver the Restricted Stock Purchase Agreement along with full payment for the Shares to the Company within such thirty (30) days, then the offer will terminate, unless otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Price</u>.** The Purchase Price of Shares sold pursuant to a Restricted Stock Award will be determined by the Committee on the date the Restricted Stock Award is granted. Payment of the Purchase Price must be made in accordance with Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends and Other Distributions</u>.** Participants holding Restricted Stock Awards will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Committee provides otherwise at the time the Award is granted. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock Awards with respect to which they were paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions</u>.** Restricted Stock Awards may be subject to the restrictions set forth in Sections 9 and 10 hereof or, with respect to a Restricted Stock Award to which Section 25102(o) is to apply, such other restrictions not inconsistent with Section 25102(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<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;**6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Awards of Restricted Stock Units</u>.** A Restricted Stock Unit ("***RSU***") is an Award covering a number of Shares that may be settled in cash, by issuance of those Shares at a date in the future, or by a combination of cash and Shares. No Purchase Price shall apply to an RSU settled in Shares. The Committee will determine the terms of an RSU including, without limitation: (a) the number of Shares subject to the RSU, (b) the time or times during which the RSU may be settled, (c) any restrictions on or conditions to the vesting and/or settlement of an RSU, (d) the consideration to be distributed on settlement, and (e) the effect of the Participant's Termination on each RSU. All grants of RSUs will be evidenced by an Award Agreement (the "***RSU Agreement***") that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve and will comply with and be subject to the terms and conditions of this Plan. No RSU will have a term longer than ten (10) years from the date the RSU is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing of Settlement</u>.** To the extent permissible under applicable law, the Committee may permit a Participant to defer payment (including settlement) under an RSU to a date or dates after the RSU has vested, *<u>provided</u>* that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code (or any successor) and any regulations or rulings promulgated thereunder, to the extent the Participant is subject to Section 409A of the Code. Payment may be made in the form of cash or whole Shares or a combination thereof, all as the Committee determines.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalent Payments</u>.** The Board may permit Participants holding RSUs to receive dividend equivalent payments on outstanding RSUs if and when dividends are paid to stockholders on Shares. In the discretion of the Board, such dividend equivalent payments may be paid in cash or Shares and they may either be paid at the same time as dividend payments are made to stockholders or delayed until Shares are issued pursuant to the RSU grants and may be subject to the same vesting or performance requirements as the RSUs. If the Board permits dividend equivalent payments to be made on RSUs, the terms and conditions for such dividend equivalent payments will be set forth in the RSU Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>STOCK APPRECIATION RIGHTS</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;**7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Awards of SARs</u>.** Stock Appreciation Rights ("***SARs***") may be settled in cash, Shares, or RSUs, or a combination thereof, having a value equal to the value determined by multiplying the difference between the Fair Market Value on the date of exercise over the Exercise Price and the number of Shares with respect to which the SAR is being exercised. All grants of SARs made pursuant to this Plan will be evidenced by an Award Agreement (the "***SAR Agreement***") that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve and will comply with and be subject to the terms and conditions of 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;**7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Period and Expiration Date</u>.** A SAR will be exercisable within the times or upon the occurrence of events determined by the Committee and set forth in the SAR Agreement. The SAR Agreement shall set forth the expiration date; *<u>provided</u>* that no SAR will be exercisable after the expiration of ten (10) years from the date the SAR is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>.** The Committee will determine the Exercise Price of the SAR when the SAR is granted, which may not be less than the Fair Market Value on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** Subject to earlier termination pursuant to Sections 11 and 13 hereof and subject to any longer exercise periods set forth in the SAR Agreement, exercise of SARs will always be subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Other than Death or Disability or for Cause</u>. If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant's SARs only to the extent that such SARs are exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee or as required by applicable law. SARs must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within three (3) months after the Termination Date (or within such shorter time period, not less than thirty (30) days, or within such longer time period after the Termination Date as may be determined by the Committee or as required by applicable law), but in any event no later than the expiration date of the SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Death or Disability</u>. If the Participant is Terminated because of Participant's death or Disability (or the Participant dies within three (3) months after a Termination other than for Cause), then Participant's SARs may be exercised only to the extent that such SARs are exercisable as to Vested Shares on the Termination Date or as otherwise determined by the Committee or as required by applicable law. Such SARs must be exercised by the applicable Participant (or the applicable Participant's legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within twelve (12) months after the Termination Date (or within such shorter time period, not less than six

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(6) months, or within such longer time period after the Termination Date as may be determined by the Committee or as required by applicable law), but in any event no later than the expiration date of the SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>For Cause</u>. If the Participant is Terminated for Cause, the Participant may exercise such Participant's SARs, but not to an extent greater than such SARs are exercisable as to Vested Shares upon the Termination Date and Participant's SARs shall expire on such Participant's Termination Date, or at such later time and on such conditions as are determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>PAYMENT FOR PURCHASES AND EXERCISES</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;**8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment in General</u>.** Payment for Shares acquired pursuant to this Plan may be made in cash equivalents (including by check, wire transfer or Automated Clearing House ("***ACH***") transfer) or, where expressly approved for a particular Participant by the Committee and subject to compliance with applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by payment via an online money-transfer service (e.g., PayPal, Venmo, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by cancellation of indebtedness of the Company owed to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;by surrender of shares of the Company that are clear of all liens, claims, encumbrances or security interests and: (i) for which the Company has received "full payment of the purchase price" within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares) or (ii) that were obtained by Participant in the public market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by tender of a full recourse promissory note having such terms as may be approved by the Committee and bearing interest at a rate sufficient to avoid (i) imputation of income under Sections 483 and 1274 of the Code and (ii) unfavorable accounting treatment as determined by the Committee; *<u>provided</u>*, *<u>however</u>*, that Participants who are not Employees or directors of the Company will not be entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; *<u>provided</u>*, *<u>further</u>*, that if required by applicable law, the portion of the Exercise Price or Purchase Price, as the case may be, equal to the par value (if any) of the Shares must be paid in cash or other legal consideration permitted by the laws under which the Company is then incorporated or organized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by waiver of compensation due or accrued to the Participant from the Company for services rendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by participating in a formal cashless exercise program implemented by the Committee in connection with the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;provided that a public market for the Company's Common Stock exists, by exercising through a "same day sale" commitment from the Participant and a broker-dealer whereby the Participant irrevocably elects to exercise the Award and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price or Purchase Price, and whereby the broker-dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price or Purchase Price directly to the Company; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by any combination of the foregoing or any other method of payment approved by the Committee.

For avoidance of uncertainty: ACH transfers that have been received by the Company into its bank account designated for receipt of such transfers under this Section 8.1 shall be deemed to have been received for all purposes under this Plan as of the date on which such transfers were initiated from the transferor's account and made irrevocable by the transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Taxes</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;8.2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Generally</u>. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company may require the Participant to remit to the Company an amount sufficient to satisfy the maximum tax withholding requirements as to income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related obligations (collectively, "***Tax-Related Obligations***") prior to the delivery of any written or electronic certificate or certificates for such Shares. Whenever, under this Plan, payments in satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy applicable tax withholding 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Withholding</u>. When, under applicable tax laws, a Participant incurs tax liability in connection with the exercise or vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the Participant to satisfy up to the maximum Tax-Related Obligations in the Employee's applicable jurisdictions by electing to have the Company withhold from the Shares to be issued up to the number of Shares having a Fair Market Value on the date that the amount of tax to be withheld is to be determined that is not more than the maximum Tax-Related Obligations in the Employee's applicable jurisdictions; or to arrange a mandatory "sell to cover" on Participant's behalf (without further authorization) but in no event will the Company withhold Shares or "sell to cover" if such withholding would result in adverse accounting or compliance consequences to the Company. The maximum Tax-Related Obligations are based on the applicable rates of the relevant tax authorities (for example, federal, state and local), including the Employee's share of payroll or similar taxes, as provided in the tax law, regulations or the authority's administrative practices, not to exceed the highest statutory rate in that jurisdiction. Any elections to have Shares withheld or sold for this purpose will be made in accordance with the requirements established by the Committee for such elections and be in writing in a form acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Elections Under Section 83(i) of the Code</u>. A Participant will not make an election under Section 83(i) of the Code if the Company determines that the Participant is then ineligible to make such an election under applicable law or without the Company's prior written consent (which will not be unreasonably withheld or delayed but may be conditioned upon the Participant's entry into additional commitments as determined by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTIONS ON AWARDS</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;**9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Transferability</u>.** Except as permitted by the Committee, Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will or by the laws of descent and distribution, and, with respect to NQSOs for Participants in the U.S., by instrument to an inter vivos or testamentary trust in which the NQSOs are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to "family member" as that term is defined in Rule 701,

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and may not be made subject to execution, attachment or similar process. For the avoidance of doubt, the prohibition against assignment and transfer applies to Awards and any Shares underlying the Awards prior to the issuance of the Shares, and pursuant to the foregoing sentence shall be understood to include, without limitation, a prohibition against any pledge, hypothecation, or other transfer, including any short position, any "put equivalent position" or any "call equivalent position" (in each case, as defined in Rule 16a-1 promulgated under the Exchange Act). Unless an Award is transferred pursuant to the terms of this Section, during the lifetime of a Participant an Award will be exercisable only by such Participant or such Participant's legal representative and any elections with respect to an Award may be made only by such Participant or such Participant's legal representative. The terms of any Award shall be binding upon the executor, administrator, successors and assigns of the applicable Participant who is a party 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;**9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law and Other Regulatory Compliance</u>.** Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, Awards may be made pursuant to this Plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan which is required in law only because of Section 25102(o) need not apply with respect to a particular Award to which Section 25102(o) will not apply. An Award will not be effective unless such Award is in compliance with all applicable U.S. and non-U.S. federal, state and local securities laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Company's equity securities may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise, settlement or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue Shares or deliver certificates for Shares under this Plan prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable, and/or (b) compliance with any exemption, completion of any registration or other qualification of such Shares under any U.S. and non-U.S. federal, state or local law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the exemption, registration, qualification or listing requirements of any securities laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange and Buyout of Awards</u>.** The Committee may, at any time or from time to time, authorize the Company, with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any or all outstanding Awards. Without prior stockholder approval the Committee may reprice Options or SARs (and where such repricing is a reduction in the Exercise Price of outstanding Options or SARs, the consent of the affected Participants is not required provided written notice is provided to them). The Committee may at any time buy from a Participant an Award previously granted with payment in cash, Shares (including Restricted Stock) or other consideration, based on such terms and conditions as the Committee and the Participant may agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTIONS ON SHARES</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;**10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Privileges of Stock Ownership</u>.** No Participant will have any of the rights of a stockholder with respect to any Shares until such Shares are issued to the applicable Participant. After Shares are issued to a Participant, such Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; *<u>provided</u>*, that if such Shares are Restricted Stock, then any new, additional or different securities a Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock. A Participant

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will have no right to retain such stock dividends or stock distributions with respect to Unvested Shares that are repurchased as described in this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of First Refusal and Repurchase</u>.** At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement (a) a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party, *<u>provided</u>* that such right of first refusal terminates upon (i) subject to any applicable market standoff restrictions, the effective date of the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC under the Securities Act (other than a registration statement relating solely to the issuance of Common Stock pursuant to a business combination or an employee incentive or benefit plan); (ii) any transfer or conversion of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations if the common stock of the surviving corporation or any direct or indirect Parent thereof is registered under the Exchange Act; or (iii) any transfer or conversion of Shares made pursuant to a statutory conversion of the Company into another form of legal entity if the common equity (or comparable equity security) of entity resulting from such conversion is registered under the Exchange Act; and (b) a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the Participant following such Participant's Termination at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement to Vote Shares</u>.** At the discretion of the Committee, the Company may require that, as a condition to the receipt of the Shares upon issuance of an Award, exercise of an Option or SAR or settlement of an RSU, the Participant and any transferee of the Shares agree to vote such Shares pursuant to the terms of a Voting Agreement by and between the Company and certain of its 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;**10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Escrow; Pledge of Shares</u>.** To enforce any restrictions on a Participant's Shares, the Committee may require such Participant to deposit all written or electronic certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on the written or electronic certificate. Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of a Participant's obligation to the Company under the promissory note; *<u>provided</u>*, *<u>however</u>*, that the Committee may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company will have full recourse against the applicable Participant under the promissory note notwithstanding any pledge of such Participant's Shares or other collateral. In connection with any pledge of the Shares, the applicable Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Restrictions</u>.** All written or electronic certificates for Shares or other securities delivered under this Plan will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable U.S. and non-U.S. federal, state or local securities law, or any rules, regulations and other requirements of the SEC or any stock exchange or automated quotation system upon which the Company's equity securities may be listed or quoted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>CORPORATE TRANSACTIONS</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;**11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisitions or Other Combinations</u>.** In the event that the Company is subject to an Acquisition or Other Combination, outstanding Awards acquired under the Plan shall be subject to the agreement evidencing the Acquisition or Other Combination, which need not treat all outstanding Awards in an identical manner. Such agreement, without the Participant's consent, shall provide for one or more of the following with respect to all outstanding Awards as of the effective date of such Acquisition or Other Combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The continuation of such outstanding Awards by the Company (if the Company is the successor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The assumption of outstanding Awards by the successor or acquiring entity (if any) in such Acquisition or Other Combination (or by any of its Parents, if any), which assumption, will be binding on all Participants; provided that the Exercise Price and the number and nature of shares issuable upon exercise of any such Option or SAR, or upon the settlement of any Award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) and Section 409A of the Code. For the purposes of this Section 11, an Award will be considered assumed if, following the Acquisition or Other Combination, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Acquisition or Other Combination, the consideration (whether stock, cash, or other securities or property) received in the Acquisition or Other Combination by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Acquisition or Other Combination is not solely common stock of the successor corporation or its Parent, the Committee may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or SAR or upon the settlement of an RSU, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Acquisition or Other Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The substitution by the successor or acquiring entity in such Acquisition or Other Combination (or by any of its Parents, if any) of equivalent awards with substantially the same terms for such outstanding Awards (except that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The full or partial exercisability or vesting and accelerated expiration of outstanding Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The settlement of the Fair Market Value of such outstanding Award (whether or not then vested or exercisable) in cash, cash equivalents, or securities of the successor entity (or its Parent, if any), followed by the cancellation of such Awards; provided however, that such Award may be cancelled without consideration if such Award has no value, as determined by the Committee, in its discretion. Subject to Section 409A of the Code, such payment may be made in installments and may be deferred until the date or dates when the Award would have become exercisable or vested. Such payment may be subject to vesting based on the Participant's continued Service, provided that without the Participant's consent, the vesting schedule shall not be less favorable to the Participant than the schedule

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under which the Award would have become vested or exercisable. For purposes of this Section 11.1(e), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The termination in its entirety of any outstanding Award, without payment of any consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Termination of any right to exercise any Option prior to vesting in the Shares subject to the Option (i.e., "early exercise"), such that following the closing of the transaction Options may only be exercised to the extent vested.

Immediately following an Acquisition or Other Combination, outstanding Awards shall terminate and cease to be outstanding, except to the extent such Awards, have been continued, assumed or substituted, as described in Sections 11.1(a), (b) and/or (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Substitution or Assumption of Awards by the Company</u>.** The Company, from time to time, also may substitute or assume outstanding awards granted by another entity, whether in connection with an acquisition of such other entity or otherwise, by either (a) granting an Award under this Plan in substitution of such other entity's award or (b) assuming and/or converting such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other entity had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another entity, the terms and conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) or Section 409A of the Code). In the event the Company elects to grant a new Option or SAR in substitution for and rather than assuming an existing option or stock appreciation right, such new Option or SAR may be granted with a similarly adjusted Exercise Price and number of underlying Shares and such other changes approved by the Committee, subject to the consent of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADMINISTRATION</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;**12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Authority</u>.** This Plan will be administered by the Committee. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee will have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;prescribe, amend, expand, modify and rescind or terminate rules and regulations relating to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;approve persons to receive Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the form and terms of Awards;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the number of Shares or other consideration subject to Awards granted 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan and the definition of Fair Market Value in connection with circumstances that impact the Fair Market Value, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;grant waivers of any conditions of this Plan or any Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the terms of vesting, exercisability, settlement and payment of Awards to be granted pursuant to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award Agreement or any Exercise 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;determine whether an Award has vested or become 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;extend the vesting period beyond a Participant's Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;adopt rules and/or procedures (including the adoption of any subplan or any annex or addendum to an Award Agreement under this Plan) relating to the operation and administration of the Plan to accommodate or facilitate requirements of local law and procedures outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;delegate any of the foregoing to a subcommittee consisting of one or more directors or executive officers pursuant to a specific delegation as may otherwise be permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;change the vesting schedule of Awards under the Plan prospectively in the event that the Participant's service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of Awards; 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;(p)&nbsp;&nbsp;&nbsp;&nbsp;make all other determinations necessary or advisable in connection with the administration of 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;**12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Standalone, Tandem and Substitute Awards</u>.** Awards granted under the Plan may, in the sole discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for, any other Award granted under the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Composition and Discretion</u>.** The Board may delegate full administrative authority over the Plan and Awards to a Committee consisting of at least one member of the Board (or such greater number as may then be required by applicable law). Unless in contravention of any express terms of this Plan or Award, any determination made by the Committee with respect to any Award will be made in its sole discretion either (a) at the time of grant of the Award, or (b) subject to

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Section 4.9 hereof, at any later time. Any such determination will be final and binding on the Company and on all persons having an interest in any Award under this Plan. To the extent permitted by applicable law, the Committee may delegate to one or more directors or officers of the Company the authority to grant an Award 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;**12.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Nonexclusivity of the Plan</u>.** Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock options and other equity awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>.** This Plan and all agreements hereunder shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>EFFECTIVENESS, AMENDMENT AND TERMINATION OF THE PLAN</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;**13.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Adoption and Stockholder Approval</u>.** This Plan will become effective on the date that it is adopted by the Board (the "***Effective Date***"). This Plan will be approved by the stockholders of the Company (excluding Shares issued pursuant to this Plan), consistent with applicable laws, within twelve (12) months before or after the Effective Date. Upon the Effective Date, the Committee may grant Awards pursuant to this Plan; *<u>provided</u>*, *<u>however</u>*, that: (a) no Option or SAR may be exercised prior to initial stockholder approval of this Plan; (b) no Option or SAR granted pursuant to an increase in the number of Shares approved by the Board shall be exercised prior to the time such increase has been approved by the stockholders of the Company; (c) in the event that initial stockholder approval is not obtained within the time period provided herein, all Awards for which only the exemption from California's securities qualification requirements provided by Section 25102(o) can apply shall be canceled, any Shares issued pursuant to any such Award shall be canceled and any purchase of such Shares issued hereunder shall be rescinded; and (d) Awards (to which only the exemption from California's securities qualification requirements provided by Section 25102(o) can apply) granted pursuant to an increase in the number of Shares approved by the Board which increase is not approved by stockholders within the time then required under Section 25102(o) shall be canceled, any Shares issued pursuant to any such Awards shall be canceled, and any purchase of Shares subject to any such Award shall be rescinded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Plan</u>.** Unless earlier terminated as provided herein, this Plan will automatically terminate ten (10) years after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment or Termination of Plan</u>.** Subject to Section 4.9 hereof, the Board may at any time (a) terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan and (b) terminate any and all outstanding Options, SARs or RSUs upon a dissolution or liquidation of the Company, followed by the payment of creditors and the distribution of any remaining funds to the Company's stockholders; *<u>provided</u>*, *<u>however</u>*, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o) or pursuant to the Code or the regulations promulgated under the Code as such provisions apply to ISO plans. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Award previously granted under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>DEFINITIONS</u>.** For all purposes of this Plan, the following terms will have the following meanings.

"***Acquisition***," for purposes of Section 11, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any consolidation or merger in which the Company is a constituent entity or is a party in which the voting stock and other voting securities of the Company that are outstanding immediately prior to the consummation of such consolidation or merger represent, or are converted into, securities of the surviving entity of such consolidation or merger (or of any Parent of such surviving entity) that, immediately after the consummation of such consolidation or merger, together possess less than fifty percent (50%) of the total voting power of all voting securities of such surviving entity (or of any of its Parents, if any) that are outstanding immediately after the consummation of such consolidation or merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a sale or other transfer by the holders thereof of outstanding voting stock and/or other voting securities of the Company possessing more than fifty percent (50%) of the total voting power of all outstanding voting securities of the Company, whether in one transaction or in a series of related transactions, pursuant to an agreement or agreements to which the Company is a party and that has been approved by the Board, and pursuant to which such outstanding voting securities are sold or transferred to a single person or entity, to one or more persons or entities who are Affiliates of each other, or to one or more persons or entities acting in concert; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company and/or any Subsidiary or Subsidiaries of the Company, of all or substantially all the assets of the Company and its Subsidiaries taken as a whole (or, if substantially all of the assets of the Company and its Subsidiaries taken as a whole are held by one or more Subsidiaries, the sale or disposition (whether by consolidation, merger, conversion or otherwise) of such Subsidiaries of the Company), except where such sale, lease, transfer or other disposition is made to the Company or one or more wholly owned Subsidiaries of the Company.

Notwithstanding the foregoing, the following transactions shall not constitute an "Acquisition": (1) the closing of the Company's first public offering or direct listing pursuant to an effective registration statement filed under the Securities Act or (2) any transaction the sole purpose of which is to change the state of incorporation of the Company or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction.

"***Affiliate***" of a specified person means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified (where, for purposes of this definition, the term "***control"*** (including the terms "***controlling***," "***controlled by***" and "***under common control with***") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.

"***Award***" means any award pursuant to the terms and conditions of this Plan, including any Option, Restricted Stock Unit, Stock Appreciation Right or Restricted Stock Award.

"***Award Agreement***" means, with respect to each Award, the executed written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award as approved by the Committee. For purposes of the Plan, the Award Agreement may be

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accepted by a Participant via written, electronic or other means, subject to requirements under applicable law.

"***Board***" means the Board of Directors of the Company.

"***Cause***" means, unless another definition is provided in an applicable Award Agreement, employment agreement or other applicable written agreement, Termination because of (a) Participant's unauthorized misuse of the Company or a Parent or Subsidiary of the Company's trade secrets or proprietary information, (b) Participant's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (c) Participant's committing an act of fraud against the Company or a Parent or Subsidiary of the Company, (d) Participant's gross negligence or willful misconduct in the performance of his or her duties that has had or will have a material adverse effect on the Company or Parent or Subsidiary of the Company' reputation or business, (e) Participant's theft, embezzlement, or misappropriation of assets or property of the Company or a Parent or Subsidiary of the Company, (f) any material breach by the Participant of any provision of any agreement between the Company or any Parent or Subsidiary of the Company and the Participant, (g) any misconduct by the Participant which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the Company or a Parent or Subsidiary of the Company, or (h) Participant's failure to cooperate with the Company in any internal or external investigation or formal proceeding if the Company has requested Participant's reasonable cooperation.

"***Code***" means the U.S. Internal Revenue Code of 1986, as amended.

"***Committee***" means the committee created and appointed by the Board to administer this Plan, or if no committee is created and appointed, the Board.

***"Common Stock"*** means the Class A common stock of the Company.

"***Company***" means Figma, Inc., a Delaware corporation, or any successor corporation.

***"Consultant"*** means any natural person, including an advisor, engaged by the Company or a Parent or Subsidiary to render bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly promote or maintain a market for the Company's securities.

"***Disability***" means a Participant is unable to perform the duties of his or her customary position of employment by reason of any medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of not less than twelve (12) months. The Committee may require such medical or other evidence as it deems necessary to judge the nature and permanency of the Participant's condition.

***"Employee"*** means any person, including officers and directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service as a director nor payment of a director's fee by the Company will be sufficient to constitute employment by the Company.

"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended.

"***Exercise Price***" means the price per Share at which a holder of an Option or a SAR may purchase Shares issuable upon exercise of the Option or the SAR.

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"***Fair Market Value***" means, as of any date, the value of a Share determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Share is then publicly traded on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Share is listed or admitted to trading as reported in <u>The Wall Street Journal</u> (or as otherwise reported by any newspaper or other source as the Committee may determine);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Share is publicly traded but is not listed or admitted to trading on a national securities exchange, the average of the closing bid and ask prices on the date of determination as reported by <u>The Wall Street Journal</u> (or as otherwise reported by any newspaper or other source as the Committee may determine); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;if none of the foregoing is applicable to the valuation in question, by the Committee in good faith.

"***Option***" means an award of an option to purchase Shares pursuant to Section 4 of this Plan.

"***Other Combination***" for purposes of Section 11 means any (a) consolidation or merger in which the Company is a constituent entity and is not the surviving entity of such consolidation or merger or (b) any conversion of the Company into another form of entity; *<u>provided</u>* that such consolidation, merger or conversion does not constitute an Acquisition.

"***Parent***" of a specified entity means, any entity that, either directly or indirectly, owns or controls such specified entity, where for this purpose, "***control***" means the ownership of stock, securities or other interests that possess at least a majority of the voting power of such specified entity (including indirect ownership or control of such stock, securities or other interests).

"***Participant***" means a person who receives an Award under this Plan.

"***Plan***" means this Amended and Restated 2012 Equity Incentive Plan, as amended from time to time.

"***Purchase Price***" means the price at which a Participant may purchase Restricted Stock pursuant to this Plan.

"***Restricted Stock***" means Shares purchased pursuant to a Restricted Stock Award under this Plan.

"***Restricted Stock Award***" means an award of Shares pursuant to Section 5 hereof.

"***Restricted Stock Unit***" or "***RSU***" means an award made pursuant to Section 6 hereof.

"***Rule 701***" means Rule 701 *et seq.* promulgated by the SEC under the Securities Act.

"***SEC***" means the U.S. Securities and Exchange Commission.

"***Section 25102(o)***" means Section 25102(o) of the California Corporations Code.

"***Securities Act***" means the U.S. Securities Act of 1933, as amended.

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***"Service"*** shall mean service as an Employee, Consultant, director or non-employee director to the Company or a Parent, Subsidiary, or Affiliate of the Company, subject to such further limitations as may be set forth in the Plan or the applicable Award Agreement.

"***Shares***" means shares of the Company's Class A Common Stock, $0.00001 par value per share, reserved for issuance under this Plan, as adjusted pursuant to Sections 2.2 and 11 hereof, and any successor security.

"***Stock Appreciation Right***" or "***SAR***" means an award granted pursuant to Section 7 hereof.

"***Subsidiary***" means any entity (other than the Company) in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain owns stock or other equity securities representing fifty percent (50%) or more of the total combined voting power of all classes of stock or other equity securities in one of the other entities in such chain.

"***Termination***" or "***Terminated***" means, for purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide Service, as determined by the Committee in its sole discretion. A Participant will not be deemed to have been Terminated while such Participant is on a (i) leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company, its Parent, or any Subsidiary. In the case of an approved leave of absence or a reduction in hours worked (for illustrative purposes only, a change in schedule from that of full-time to part-time), the Committee may make such provisions respecting crediting of Service, including suspension of or modification to vesting of the Award (including pursuant to a formal policy adopted from time to time by the Company or a Parent, Subsidiary or during such change in working hours as) it may deem appropriate. Unless the Committee provides otherwise, to the extent permitted under applicable law, vesting of Awards granted hereunder will be suspended during any leave of absence. An employee shall have Terminated as of the date he or she ceases to provide Service (regardless of whether the termination is in breach of local employment laws or is later found to be invalid) and employment shall not be extended by any notice period or garden leave mandated by local law. The Committee will have sole discretion to determine whether a Participant has ceased Service and the effective date on which the Participant ceased to Service (the "***Termination Date***").

"***Unvested Shares***" means "***Unvested Shares***" as defined in the Award Agreement for an Award.

"***Vested Shares***" means "***Vested Shares***" as defined in the Award Agreement for an Award.

\* \* \* \* \* \* \* \* \* \* \*

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**FIGMA, INC.** 

**<u>GLOBAL NOTICE OF RESTRICTED STOCK UNIT AWARD</u>**

**AMENDED AND RESTATED 2012 EQUITY INCENTIVE PLAN**

Terms defined in the Company's Amended and Restated 2012 Equity Incentive Plan (the "***Plan***"), shall have the same meanings in this Global Notice of Restricted Stock Unit Award ("***Notice of Grant***").

The Participant named below has been granted an award of restricted stock units ("***RSUs***"), subject to the terms and conditions of the Plan and the Global Restricted Stock Unit Agreement, attached as <u>Annex A</u>, including, if Participant is a citizen of, resident of, or works outside of, the U.S., any special terms and conditions set forth in <u>Addendum A</u> and <u>Addendum B</u> attached thereto (both addenda collectively, together with Annex A, the "***RSU Agreement***") under the Plan, as follows:

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| |
|:---|
| **Participant Name:** |
| **Address:** |
| **Total Number of RSUs:** |
| **RSU Grant Date:** |
| **Vesting Commencement Date:** |

---

**Expiration Date**: The earlier to occur of: (a) the date on which settlement of all vested RSUs granted hereunder occurs and (b) the seventh (7th) anniversary of the Grant Date.

**Vesting**:

(a)**Two-Tiered Vesting**. The vesting of the RSUs is conditioned on satisfaction of two vesting requirements before the Expiration Date or earlier termination of the RSUs pursuant to the Plan or the RSU Agreement: a time- and service-based requirement (the "***Time and Service Requirement***") and a liquidity-event requirement (the "***Liquidity Event Requirement***"), each as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**Time and Service Requirement**. For so long as Participant is in Service through each applicable date, the Time and Service Requirement will be satisfied as to [(i) twenty-five percent (25%) of the Total Number of RSUs (as set forth above) subject to this award on the first anniversary of the Vesting Commencement Date and (ii) one forty-eighth (1/48<sup>th</sup>) of the Total Number of RSUs subject to this award on the first day of each calendar month thereafter].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.&nbsp;&nbsp;&nbsp;&nbsp;**Liquidity Event Requirement.** The Liquidity Event Requirement will be satisfied on the earliest to occur of: (i) the date that is the earlier of (1) six (6) months after the effective date of the initial public offering of the Company's securities (the "***IPO***") and (2) March 15 of the calendar year following the year in which the IPO was declared effective; and (ii) the date of an Acquisition (as defined in the Plan), provided that the Acquisition constitutes a change

------

in the ownership or effective control of the Company or in the ownership of a substantial portion of the assets of the Company as defined in the regulations under Section 409A of the Code (the earliest of the prong (i) or (ii) to occur, the "***Initial Vesting Event***").

(b)<u>RSUs Vested at Initial Vesting Event</u>. If, at the time of the Initial Vesting Event, Participant is not in Service and did not meet the Time and Service Requirement with respect to any portion of the RSUs, then no portion of the RSUs shall vest. If at the time of the Initial Vesting Event, Participant is in Service or has ceased to be in Service but did meet the Time and Service Requirement with respect to any portion of the RSUs, then the RSUs shall vest as to the number of RSUs, if any, that have satisfied the Time and Service Requirement in accordance with clause (a)(i) above as of the Initial Vesting Event.

(c)<u>RSUs Vested after Initial Vesting Event</u>. If Participant is in Continuous Service Status at the time of the Initial Vesting Event, then with respect to RSUs that have not vested as of such Initial Vesting Event under the preceding clause (b) above, vesting shall continue after the Initial Vesting Event in accordance with the Time and Service Requirement set forth in clause (a)(i) above (each subsequent vesting date, a "***Subsequent Vesting Event***;" any of the Initial Vesting Event or any Subsequent Vesting Event, a "***Vesting Event***").

**Settlement**: RSUs that vest as of the Initial Vesting Event shall be settled immediately upon the Initial Vesting Event. RSUs that vest as of a Subsequent Vesting Event shall be settled no later than March 15 of the year following the year in which the RSUs vest. Participant acknowledges that the vesting of the RSUs pursuant to this Notice of Grant is conditioned on the occurrence of an Initial Vesting Event and, if applicable, a Subsequent Vesting Event. Settlement of RSUs on the Initial Vesting Event or any Subsequent Vesting Event shall be in Shares. Settlement of vested RSUs shall occur whether or not Participant is in Service at the time of settlement. No fractional RSUs or rights for fractional Shares shall be created pursuant to this Notice of Grant. Notwithstanding the foregoing, any RSUs that vest upon a Subsequent Vesting Event that falls within any restricted period as set forth in Sections 12 or 16 of the RSU Agreement shall be settled within 30 days following the expiration of such restricted period, but in all cases no later than March 15 of the calendar year following the calendar year in which such Subsequent Vesting Event occurs.

Participant understands that Participant's Service is for an unspecified duration, can be terminated at any time (i.e., is "at-will") and that nothing in this Notice of Grant, the RSU Agreement or the Plan changes the at-will nature of that relationship. Participant acknowledges that the vesting of the RSUs pursuant to this Notice of Grant is conditioned on the occurrence of an Initial Vesting Event or a Subsequent Vesting Event. Participant also understands that this Notice of Grant is subject to the terms and conditions of both the RSU Agreement (including Addendum A and Addendum B) and the Plan, each of which are incorporated herein by reference. Participant has read both the RSU Agreement and the Plan and hereby accepts the RSUs subject to all of their respective terms and conditions (including, as applicable, any additional or replacement terms and conditions set forth in Addendum A and Addendum B). Participant acknowledges that there may be adverse tax consequences in connection with the award of RSUs (including upon grant or settlement of the RSUs or disposition of the Shares) and that Participant should consult a tax adviser appropriately qualified in the jurisdictions in which Participant is subject to tax generally about the taxation of the RSUs. Participant agrees and acknowledges that the Vesting Schedule may change prospectively in the event that Participant's status changes between full and part-time status in accordance with Company policies relating to work schedules and vesting of equity awards.

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Participant further understands and, by Participant's acceptance hereof, agrees to grant the Proxy (as defined in the RSU Agreement), and that the RSUs and Shares (as defined in the Proxy) now held or hereafter acquired by Participant shall be subject to the Proxy in accordance with its terms.

By Participant's acceptance hereof (whether written, electronic or otherwise), Participant agrees, to the fullest extent permitted by law, that in lieu of receiving documents in paper format, Participant accepts the electronic delivery of any documents the Company, or any third party involved in administering the Plan which the Company may designate, may deliver in connection with this grant (including the Plan, the Notice of Grant, the RSU Agreement, any disclosures provided pursuant to Rule 701, account statements or other communications or information) whether via the Company's intranet or the internet site of such third party or via email, or such other means of electronic delivery specified by the Company.

By Participant's and the Company's acceptance hereof (in each case, whether written, electronic or otherwise), Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the RSU Agreement (including Addendum A and Addendum B).

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| | |
|:---|:---|
| **FIGMA, INC.:** | **PARTICIPANT:** |
| By /Signature: | Participant Signature: <u>#Name Signature#</u> |
| Typed Name: <u>Praveer Melwani</u> | Participant's Name: <u>#Participant Name#</u> |
| Title: <u>Chief Financial Officer</u> | Acceptance Date: <u>#Acceptance Date#</u> |

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**ANNEX A**

**FIGMA, INC.** 

**<u>GLOBAL RESTRICTED STOCK UNIT AGREEMENT</u>**

**AMENDED AND RESTATED 2012 EQUITY INCENTIVE PLAN**

Participant has been granted Restricted Stock Units ("***RSUs***") subject to the terms, restrictions and conditions of the Company's Amended and Restated 2012 Equity Incentive Plan, as amended (the "***Plan***"), the Global Notice of Restricted Stock Unit Award ("***Notice of Grant***") and this Global Restricted Stock Unit Agreement, including, if Participant is a citizen of a country outside the U.S., or otherwise resides or works outside the U.S., any special terms and conditions in the addenda attached hereto ("***Addendum A***" and "***Addendum B***,***"*** together with this Global Restricted Stock Unit Agreement, this "***Agreement***"). Unless otherwise defined herein or in the Notice of Grant, the terms defined in the Plan shall have the same defined meanings in this Agreement.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Stockholder Rights</u>.** Unless and until such time as Shares are issued in settlement of vested RSUs, Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. As a condition to the issuance of any Shares in settlement of vested RSUs, Participant agrees to enter into a joinder to be bound by any shareholders' agreement by and between the Company and its shareholders in force from time to time.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalents</u>.** Dividend equivalents, if any, shall not be credited to Participant in respect of Participant's RSUs, except as otherwise permitted by the Committee.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Transfer</u>.** The RSUs and any interest therein shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will or by the laws of descent and distribution. Any transferee who receives an interest in the RSU or the underlying Shares upon the death of Participant shall acknowledge in writing that the RSU shall continue to be subject to the restrictions set forth in this Section 3.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** The RSUs shall terminate on the Expiration Date or earlier as provided in this Section 4. If Participant's Service Terminates for any reason, all RSUs for which vesting is no longer possible under the terms of the Notice of Grant and this Agreement shall be forfeited to the Company forthwith, and all rights of Participant to such RSUs shall immediately terminate. In case of any dispute as to whether such Termination has occurred, the Committee shall have sole discretion to determine whether such Termination has occurred and the effective date of such Termination.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>.** The Company and Participant agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement, the provisions of the Plan (incorporated herein by reference) and the Proxy (as defined below). Participant (i) acknowledges receipt of a copy of each of the foregoing documents, (ii) represents that Participant has carefully read and is familiar with their provisions and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

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Addendum B), the Company's Amended and Restated Bylaws (the "***Bylaws***"), the Company's then-current insider trading policy and applicable foreign, federal, state, and local laws. The restrictions on transfer also include a prohibition on any short position, any "put equivalent position" or any "call equivalent position" by the RSU holder with respect to the RSU itself as well as any shares issuable upon settlement of the RSU prior to the settlement thereof until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "***Exchange Act***") or such positions otherwise become legally permissible (as determined by the Company) pursuant to all applicable foreign, federal, state, and local laws. In addition, Participant acknowledges and agrees that the Shares shall be subject to the restrictions on transferability and resale set forth in the Bylaws at such time as the Shares are issued in settlement of vested RSUs.

**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions Binding on Transferees</u>.** All transferees of Shares or any interest therein will receive and hold such shares or interest subject to the provisions of this Agreement and the Bylaws, including the transfer restrictions of Sections 3 and 6 of this Agreement and as set forth in the Bylaws, and the transferee shall acknowledge such restrictions in writing. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Irrevocable Proxy</u>.** Participant hereby agrees to grant and hereby grants an irrevocable proxy in the form attached hereto as <u>Exhibit A</u> (the "***Proxy***") to Dylan Field (the "***Founder***") to the extent that he is then providing services to the Company as an officer, employee or consultant in good standing. Participant hereby acknowledges and agrees that such Proxy shall apply to all RSUs and Shares (as defined in the Proxy) now held or hereafter acquired by Participant.

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility for Taxes.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>General</u>.** In connection with any relevant taxable or tax withholding event, as applicable, Participant shall pay or make adequate arrangements satisfactory to the Company to satisfy any or all foreign, federal, state, and local income tax, social insurance, payroll tax, fringe benefits tax, payment on account, withholding, and other tax-related items related to the RSUs and Participant's participation in this Plan and legally applicable to Participant, including, as applicable, obligations of the Company or the Employer (all the foregoing tax-related items, "***Tax-Related Items***"). Participant acknowledges that the ultimate liability for all Tax-Related Items legally due from Participant is and remains Participant's responsibility and that the Company and/or the Employer: (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such settlement, and the receipt of any dividends, and (ii) do not commit to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Participant acknowledges that if Participant is subject to Tax-Related Items in more than one jurisdiction, the Company and/or the Employer may be required to withhold or account for Tax-Related Items in more than one jurisdiction. Participant acknowledges that Participant's liability for Tax-Related Items may exceed the amount actually withheld by the Company or the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Arrangements to Satisfy Tax-Related Items</u>**. Prior to any relevant taxable or tax withholding event, Participant will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Company and/or the Employer or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following, to the extent permitted by local law: (i) withholding all applicable Tax-Related Items legally payable by Participant from Participant's wages or other cash compensation paid to Participant by the Company and/or a Parent or Subsidiary; (ii)

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withholding Shares that otherwise would be issued to Participant when Participant's RSUs are settled; (iii) having the Company withhold taxes from the proceeds of the sale of the Shares, through a voluntary sale or through a mandatory sale arranged by the Company (on Participant's behalf and Participant hereby authorizes such sales by this authorization); (iv) Participant's payment of a cash amount; or (v) any other arrangement approved by the Company; all under such rules as may be established by the Committee and in compliance with the Company's insider trading policy and 10b5-1trading plan policy, if applicable; provided, however, that if Participant is a Section 16 officer of the Company under the U.S. Securities Exchange Act, then the method of withholding shall be through a mandatory sale under (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Maximum Withholding</u>**. The Company and/or a Parent, Subsidiary or Affiliate, or the Employer, may withhold or account for Tax-Related Items by considering statutory or other withholding rates, including minimum or maximum rates applicable in Participant's jurisdiction(s). In the event of over-withholding, Participant may receive a refund of any over-withheld amount in cash (with no entitlement to the equivalent in Shares), or if not refunded, Participant may seek a refund from the local tax authorities. In the event of under-withholding, Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items. Finally, Participant shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares if Participant fails to comply with Participant's obligations in connection with the Tax-Related Items as described in this Section 9. Participant unconditionally consents to and approves any such action taken by the Company and Participant (or any beneficiary or person entitled to act on Participant's behalf) shall provide the Company with any forms, documents or other information reasonably required by the Company in connection with the Company's or the Employer's withholding and/or tax reporting obligations.

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A</u>.** If Participant is a U.S. taxpayer, to the extent applicable, for purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a "separation from service" as defined in Section 409A of the Code and the regulations thereunder ("***Section 409A***"). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Participant's termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of such termination of employment to be a "specified employee" under Section 409A, then such payment shall not be made or commence until the earlier of (i) the expiration of the six-month period measured from Participant's separation from service from the Company or (ii) the date of Participant's death following such a separation from service; *<u>provided</u>*, *<u>however</u>*, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Participant's termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. The occurrence of Initial Vesting Event prior to the Expiration Date is intended to be "substantial risk of forfeiture," within the meaning of Section 409A, through the occurrence of the Initial Vesting Event, and the settlements related to the Initial Vesting Date and any Subsequent Vesting Date are each intended to be an exempt "short-term deferral," within the meaning of Section 409A and the Company agrees that it shall not take any tax reporting position on a tax return

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inconsistent with this intent. To the extent that any provision of this Agreement is ambiguous as to its exemption from or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent and, for any payments where such construction is not reasonable, that those payments comply with Section 409A. To the extent any payment under this Agreement may be classified as a "short-term deferral" within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the U.S. Treasury Regulations.

**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTAIN TAX CONSEQUENCES AND NO ADVICE REGARDING GRANT.</u>** PARTICIPANT ACKNOWLEDGES THAT THERE WILL BE TAX CONSEQUENCES UPON VESTING AND/OR SETTLEMENT OF THE RSUS AND/OR DISPOSITION OF THE SHARES, IF ANY, RECEIVED IN CONNECTION THEREWITH. PARTICIPANT SHOULD CONSULT A TAX ADVISER APPROPRIATELY QUALIFIED IN THE COUNTRY OR COUNTRIES IN WHICH PARTICIPANT RESIDES OR IS SUBJECT TO TAXATION BEFORE ACCEPTING THE RSUS, THE RSUS SETTLE OR DISPOSING OF THE SHARES. The Company is not providing any tax, legal, or financial advice, nor is the Company making any representations or recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the Shares. Participant should obtain any necessary advice from an appropriate independent professional adviser in relation to the Tax-Related Items in connection with the grant, vesting, settlement, assignment, cancellation or any other disposal of the RSUs pursuant to the Plan and on any subsequent sale of the Shares. In signing and returning this Agreement, Participant is confirming that appropriate advice has been sought from an independent adviser.

**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws and Regulations</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>General</u>**. The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant (including any written representations, warranties and agreements as the Committee may request of Participant for compliance with applicable laws) with all applicable foreign, federal, state, and local laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's Common Stock may be listed or quoted at the time of such issuance or transfer. Participant may not be issued any Shares if such issuance would constitute a violation of any applicable foreign, federal, state or local laws or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. 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 to the lawful issuance and sale of any Shares shall relieve the Company of any liability in respect of the failure to issue or sell such shares. Participant understands that the Company is under no obligation to register or qualify the Shares with the U.S. Securities and Exchange Commission ("***SEC***"), any state securities commission or any stock exchange to effect such compliance.

**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Legend on Certificates</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**<u>General</u>**. The certificates representing the Shares issued hereunder shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement, the Bylaws, or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares of the Company's Common Stock are listed and any applicable foreign, federal

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or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions, including but not limited to those set forth below:

*THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, INCLUDING THE REFUSAL RIGHT HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S), AND A MARKET STANDOFF AGREEMENT, AS SET FORTH IN A RESTRICTED STOCK UNIT AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS INCLUDING THE REFUSAL RIGHT AND THE MARKET STANDOFF ARE BINDING ON TRANSFEREES OF THESE SHARES.* 

*THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS PROVIDED IN THE BYLAWS OF THE CORPORATION*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)&nbsp;&nbsp;&nbsp;&nbsp;***<u>U.S. Participants</u>**. Participant understands and agrees that, if Participant's country of residence is the United States, then the Company will place the legend set forth below or similar legends on any stock certificate(s) evidencing the Shares: *THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "****SECURITIES ACT****"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Non-U.S. Participants; Regulation S</u>**. Participant understands and agrees that, if Participant's country of residence is other than the United States, the certificates evidencing the Shares will bear the legend set forth below or similar legends:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION, AND THE COMPANY DOES NOT INTEND TO REGISTER THEM.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;PRIOR TO A DATE THAT IS ONE YEAR STARTING FROM THE DATE OF SALE OF THE SHARES, THE SHARES MAY NOT BE OFFERED OR SOLD (INCLUDING OPENING A SHORT POSITION IN SUCH SECURITIES) IN THE UNITED STATES OR TO U.S. PERSONS AS DEFINED BY RULE 902(K) ADOPTED UNDER THE ACT, OTHER THAN TO DISTRIBUTORS, UNLESS THE SHARES ARE REGISTERED UNDER THE ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT IS AVAILABLE. HOLDERS OF SHARES PRIOR TO ONE YEAR STARTING FROM THE DATE OF SALE OF THE SHARES MAY RESELL SUCH SHARES ONLY PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT OR OTHERWISE IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S OF THE ACT, OR IN* 

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*TRANSACTIONS EFFECTED OUTSIDE OF THE UNITED STATES, PROVIDED THEY DO NOT SOLICIT (AND NO ONE ACTING ON THEIR BEHALF SOLICITS) PARTICIPANTS IN THE UNITED STATES OR OTHERWISE ENGAGE(S) IN SELLING EFFORTS IN THE UNITED STATES AND PROVIDED THAT HEDGING TRANSACTIONS INVOLVING THESE SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 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;*(iii)&nbsp;&nbsp;&nbsp;&nbsp; A HOLDER OF THE SHARES WHO IS A DISTRIBUTOR, DEALER, SUB-UNDERWRITER OR OTHER SECURITIES PROFESSIONAL, IN ADDITION, CANNOT, PRIOR TO ONE YEAR STARTING FROM THE DATE OF SALE OF THE SHARES, RESELL THE SHARES TO A U.S. PERSON AS DEFINED BY RULE 902(K) OF REGULATION S UNLESS THE SHARES ARE REGISTERED UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION UNDER THE ACT IS AVAILABLE.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stop-Transfer Instructions</u>**. Participant agrees that, to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate "stop-transfer" instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Refusal to Transfer</u>**. The Company will not be required (i) to transfer on its books any Shares that have 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 purchaser or other transferee to whom such Shares have been so transferred.

**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>.** The Company may assign any of its rights under this Agreement. This Agreement shall 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, this Agreement will be binding upon Participant and Participant's heirs, executors, administrators, legal representatives, successors and assigns.

**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Severability</u>.** The Plan and the Notice of Grant are incorporated herein by reference. The Plan, the Notice of Grant and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof (including, without limitation, any commitment to make any other form of equity award (such as stock options) that may have been set forth in any employment offer letter or other agreement between the parties). If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.

**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Market Standoff Agreement</u>.** Participant agrees in connection with any registration of the Company's securities under the Securities Act or other public offering that, upon the request of the Company or the underwriters managing any registered public offering of the Company's securities, Participant will not sell or otherwise dispose of any Shares without the prior written consent of the Company or such managing underwriters, as the case may be, for a period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such managing underwriters and subject to all restrictions as the Company or the managing underwriters may specify for employee-stockholders generally. Further, if during the last seventeen (17) days of the restricted period the Company issues an earnings release or material news, or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the 16-day period beginning on the last day of the restricted period, <u>then,</u> if

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required by the underwriters or the Company, the restrictions imposed by this Section 16 shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. For purposes of this Section 16, the term "Company" shall include any wholly-owned Subsidiary into which the Company merges or consolidates. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the shares subject to this Section and to impose stop transfer instructions with respect to the Shares until the end of such period. Participant further agrees that the underwriters of any such public offering shall be third party beneficiaries of this Section 16 and agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing.

**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Employee, Director or Consultant</u>.** Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent, Subsidiary or Affiliate, to terminate Participant's Service, for any reason, with or without cause, subject to applicable laws.

**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Information to Participants</u>.** If the Company is relying on an exemption from registration under Section 12(h)-1 of the Exchange Act and certain information is required to be provided to Participant by such Section 12(h)-1, the Company shall provide the information described in Rules 701(e)(3), (4) and (5) of the Securities Act to Participant by a method allowed under Section 12(h)-1 of the Exchange Act in accordance with Section 12(h)-1 of the Exchange Act, *<u>provided</u>*, that Participant agrees to keep the information confidential.

**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Documents and Notices</u>.** Any document relating to participating in the Plan and/or notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery or deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, with postage and fees prepaid, addressed to the other party at the e-mail address, if any, provided for Participant by the Company or at such other address as such party may designate in writing from time to time to the other party.

**20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Company Clawback or Recoupment</u>**. The RSUs shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant's Service that is applicable to executive officers, employees, directors or other service providers of the Company, and in addition to any other remedies available under such policy and applicable law may require the cancellation of Participant's RSUs (whether vested or unvested) and the recoupment of any gains realized with respect to Participant's RSUs.

**21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Choice of Law and Venue</u>.** This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of San Francisco, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.

**22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addenda</u>.** Notwithstanding any provisions in this Agreement, the RSUs shall be subject to any special terms and conditions set forth in Addendum A attached hereto if Participant's country of residence is other than the United States, including the special terms and conditions (if any) set forth beneath the

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name of such country in Addendum B. Moreover, if Participant relocates to a country other than the United States, the special terms and conditions set forth in the Addendum A, including the special terms and conditions (if any) set forth beneath the name of such country on the Addendum B, will apply to Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. Addendum A and Addendum B constitute part of this Agreement to the extent applicable to Participant from time to time.

**23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>.** The parties agree to execute such further documents and instruments and to take such further actions as may be reasonably necessary to carry out the purposes and intent of this Agreement. The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the RSUs and on any Shares acquired upon settlement thereof, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

**24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver</u>.** Participant acknowledges that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by Participant or any other participant.

\* \* \* \* \* \* \* \* \* \*

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**<u>ADDENDUM A</u>**

**<u>TO</u>** 

**<u>GLOBAL RESTRICTED STOCK UNIT AGREEMENT</u>**

**<u>ADDITIONAL TERMS FOR EMPLOYEES OUTSIDE THE UNITED STATES</u>**

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Global Notice of Restricted Stock Unit Award, the Global Restricted Stock Unit Agreement to which this Addendum A is attached, and/or the Plan, as applicable.

In accepting the RSUs, Participant acknowledges, understands and agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Privacy Information and Consent</u>****.* ***The Company is located at 760 Market Street, Floor 10, San Francisco, California 94105, United States, and grants awards to employees of the Company and its Subsidiaries, Parent and Affiliates, at the Company's sole discretion. If Participant would like to participate in the Plan, Participant must review the following information about the Company's data processing practices.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Collection and Usage</u>. The Company or, if different, Participant's employer (the "Employer"), and its Subsidiaries, Parent or Affiliates collect, process, transfer and use personal data about Participant that is necessary for the purpose of implementing, administering and managing the Plan. This personal data may include Participant's name, home address, email address and telephone number, date of birth, social insurance number, passport or other identification number, salary, nationality and citizenship, job title, any Shares or directorships held in the Company, and details of all awards or other entitlements to Shares granted, canceled, settled, vested, unvested or outstanding in Participant's favor (collectively, without limitation, "Data"), which the Company receives from Participant or the Employer. If the Company offers Participant an award under the Plan, then the Company will collect Participant's Data for purposes of allocating Shares and implementing, administering and managing the Plan and will process such Data in accordance with the Company's then-current data privacy policies, which are made available to Participant upon commencing employment and also available upon request. The legal basis, where required, for the processing of Data is Participant's consent.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2&nbsp;&nbsp;&nbsp;&nbsp;*<u>Stock Plan Administration Service Providers</u>. The Company transfers Data to Shareworks, an independent stock plan administrator and other third parties based in the United States, which assists the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and share Participant's Data with such other provider that serves in a similar manner. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients' country (e.g., the United States) may have different data privacy laws and protections than Participant's country. The Company's service provider may open an account for Participant to receive Shares. Participant may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Participant's ability to participate in the Plan. Participant understands that Participant may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative, only if permitted by applicable laws and regulations. Participant authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to***

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***receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the 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;**1.3&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Retention</u>. The Company will hold and use Participant's Data only as long as is necessary to implement, administer and manage Participant's participation in the Plan or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor, and securities laws. When the Company no longer needs Participant's Data, the Company will remove it from its systems. If the Company keeps Participant's Data longer, it would be to satisfy legal or regulatory obligations and the Company's legal basis would be relevant laws or regulations. Participant understands that Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Participant's local human resources representative.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4&nbsp;&nbsp;&nbsp;&nbsp;*<u>Consent; Voluntariness and Consequences of Denial or Withdrawal</u>. Where permitted by applicable local law in the country where Participant resides, consent is a requirement for participation in the Plan. In such cases, by accepting this grant, Participant hereby agrees with the data processing practices as described in this notice and grants such consent to the processing and transfer of his or her Data as described in this Addendum A and as necessary for the purpose of administering the Plan. Participant's participation in the Plan and Participant's grant of consent is purely voluntary. Participant may deny or withdraw his or her consent at any time; provided that if Participant does not consent, or if Participant withdraws his or her consent, Participant cannot participate in the Plan unless required by applicable law. This would not affect Participant's salary as an employee or his or her career; the only consequence of refusing or withdrawing his or her consent is that the Company would not be able to grant RSUs or other equity awards to Participant or administer or maintain such awards.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Subject Rights</u>. Participant may have a number of rights under data privacy laws in his or her country. Depending on where Participant is based, Participant's rights may include the right to (i) request access or copies of Participant's Data the Company processes, (ii) have the Company rectify Participant's incorrect Data and/or delete Participant's Data, (iii) restrict processing of Participant's Data, (iv) have portability of Participant's Data, (v) lodge complaints with the competent tax authorities in Participant's country and/or (vii) obtain a list with the names and addresses of any potential recipients of Participant's Data. To receive clarification regarding Participant's rights or to exercise his or her rights, Participant can contact the Company at 116 New Montgomery Street #700, San Francisco, California 94105, United States, Attn: Stock Administration.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6&nbsp;&nbsp;&nbsp;&nbsp;*<u>Special Data Provisions for Participants Residing and/or Working in Member Countries of the European Union and/or the European Economic Area</u>. If Participant resides and/or works in a member country of the European Union and/or the European Economic Area, the following provisions supplement this Section 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;***<u>GDPR Compliance</u>. To the satisfaction and on the direction of the Committee, all operations of the Plan and the RSUs (at the time of its grant and as necessary thereafter) shall include or be supported by appropriate agreements, notifications and arrangements in respect of Data and its use and processing under the Plan, in order to secure (I) the reasonable freedom of the Employer, the Company and any Parent or Subsidiary (together, the "Group"), as appropriate, to operate the Plan and for connected purposes, and (II) compliance with the data-***

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***protection requirements applicable from time to time, including, if applicable, and without limitation, Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Participant has certain rights under data protection legislation as summarized below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)Right of access: Participant has the right to obtain from us confirmation as to whether or not personal data concerning Participant is being processed, and, where that is the case, to request access to the personal data, as well as certain information on how we are processing such data.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(ii)Right to rectification: Participant has the right to obtain from us the rectification of inaccurate personal data concerning Participant. Considering the purpose of the processing, Participant may also, in some cases, be entitled to supplemental information regarding incomplete personal data.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iii)Right to erasure (right to be forgotten): Participant may, in certain circumstances, have his or her personal data deleted, for example if Participant's personal information is no longer necessary in relation to the purpose for which it was collected, if Participant has objected to the processing of personal data and we do not have a legitimate interest which outweighs Participant's interest, if the personal data has been processed unlawfully, or if the personal data must be deleted to comply with a legal obligation.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iv)Right to restriction of processing: Participant may require that the Company restrict the processing of Participant's personal data in certain cases, for example where the Company no longer needs Participant's personal data but Participant needs it to determine, enforce or defend legal claims or Participant has objected to processing based on the Company's legitimate interest in order to enable the Company to check if its interest overrides Participant's interest.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(v)Right to data portability: In some circumstances, Participant may be entitled to receive the personal data concerning Participant which Participant provided to the Company in a structured, commonly used and machine-readable format and Participant has the right to transmit those personal data to another controller.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(vi)Right to object: Participant has the right to object to the processing of Participant's personal data in certain circumstances, for example where the processing is based on the Company's legitimate interest. If so, in order to continue processing, the Company must be able to show compelling legitimate grounds that override Participant's interests, rights and freedoms.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Participant's rights will in each case be subject to the restrictions set out in applicable data protection laws. Further information on these rights, and the circumstances in which they may arise in connection with the Company's processing of Participant's personal data, can be obtained by contacting Participant's local human resources representative. If Participant wants to review, verify, correct or request erasure of Participant's personal information, object to the processing of Participant's personal data, or request that the Company transfer a copy of Participant's personal information to another party, please contact Participant's local human resources representative.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***The Company agrees to ensure that Data transferred outside the European Economic Area will be done pursuant to a lawful transfer mechanism (for example, European Commission approved model contract clauses).***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***The Company will separately provide Participant with information in a data privacy notice on the collection, processing and transfer of their personal data, including the grounds for processing.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***If Participant has any grievance, issue or problem in respect of the handling or processing of Participant's personal data in any way, Participant has the right to lodge a complaint to the national data protection agency for Participant's country of residence.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Law</u>**. If Participant's country of residence is other than the United States, Participant makes the following additional representations, warranties and agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Participant is not a U.S. Person as defined in Rule 902(k) of Regulation S under the Securities Act. The offer and sale of the Shares to such Participant was made in an offshore transaction (as defined in Rule 902(h) of Regulation S), no directed selling efforts (as defined in Rule 902(c) of Regulation S) were made in the United States, and Participant is not acquiring the Shares for the account or benefit of any U.S. 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Participant will not, during the Restricted Period applicable to the Shares included in the legend set forth in Section 13(c)(ii) of Annex A (the "***Restricted Period***") and on any certificate representing the Shares, offer or sell any of the foregoing securities (or create or maintain any derivative position equivalent thereto) in the United States, to or for the account or benefit of a U.S. Person or other than in accordance with Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Participant will, after the expiration of the applicable Restricted Period, offer, sell, pledge or otherwise transfer the Shares (or create or maintain any derivative position equivalent thereto) only pursuant to registration under the Securities Act or any available exemption therefrom and, in any case, in accordance with applicable state securities laws; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Participant acknowledges and agrees that the Company shall not register the transfer of the Shares in violation of this Agreement, the Plan or any of the restrictions set forth herein or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of the Plan or this Agreement, unless there is an exemption from any registration, qualification or other legal requirement applicable to the Shares, the Company shall not be required to deliver any shares issuable upon settlement of the RSU prior to the completion of any registration or qualification of the shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations of the SEC or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary or advisable. Participant understands that the Company is under no obligation to register or qualify the shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares. Further, Participant agrees that the Company shall have unilateral authority to amend the Agreement without Participant's consent to the extent necessary to comply with securities or other laws applicable to issuance of shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading Restrictions/Market Abuse Laws</u>**. Participant acknowledges that, if and when the Shares are publicly listed on any stock exchange, depending on his or her country, Participant may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect his or her ability to directly or indirectly, accept, acquire, sell or attempt to sell or otherwise dispose of Shares or rights to Shares, or rights linked to the value of Shares during such times as Participant is considered to have "inside information" regarding the Company (as defined by the laws and/or regulations in applicable jurisdictions or Participant's country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders placed by Participant before Participant possessed inside information. Furthermore, Participant may be prohibited from (i) disclosing inside information to any third party, including fellow employees (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them to otherwise buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and Participant is advised to speak to his or her personal advisor on this matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>**. Participant acknowledges that he or she is proficient in the English language, or has consulted with an advisor who is proficient in the English language, so as to enable Participant to understand the provisions of this Agreement and the Plan. Furthermore, if Participant has received this Agreement, or any other document related to the RSUs and/or the Plan translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting Requirements</u>**. Depending upon the country to which laws Participant is subject, Participant acknowledges that there may be certain foreign asset and/or account reporting requirements which may affect Participant's ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends or sale proceeds arising from the sale of Shares) in a brokerage account outside his or her country. Participant may also be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to his or her country through a designated bank or broker within a certain time after receipt. Participant is responsible for knowledge of and compliance with any such regulations and Participant should speak with his or her personal tax, legal and financial advisors regarding same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Extraordinary Compensation</u>**. Participant acknowledges, understands and agrees that the RSUs and any Shares acquired under the Plan and the income and value of same, are not part of normal or expected compensation for any purpose and are extraordinary items of compensation outside the scope of Participant's employment contract, if any, and is not to be considered part of his or her normal or expected compensation for any purpose, including, without limitation, calculating severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension, retirement or welfare benefits or similar payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participation Ceases When Employment Ceases</u>**. For purposes of the RSUs, Participant's Service will be considered Terminated as of the date Participant is no longer actively providing services to the Company or any of its Parent, Subsidiaries, Affiliates or the Employer (regardless of the reason for such Termination and whether or not later found to be invalid or in breach of laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any), and such date shall not be extended by any notice period or garden leave mandated by local law, provided however, that a change in status from an employee to a consultant or an advisor shall not terminate Participant's Service, unless determined by the Committee, in its discretion. Unless

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otherwise expressly provided in this Agreement or determined by the Company, Participant's right to vest in the RSUs under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., Participant's period of service would not include any contractual notice period or any period of "garden leave" or similar period mandated under laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any). The Committee shall have the exclusive discretion to determine when Participant is no longer actively providing Service for purposes of the RSUs (including whether Participant may still be considered to be providing Service while on a leave of absence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Acknowledgments and Agreements</u>**. By accepting the RSUs, Participant acknowledges, understands and agrees that:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Company, it is discretionary in nature, and may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the grant of the RSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;

&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)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future RSUs or other grants, if any, will be at the sole discretion of the Company;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the RSUs and Participant's participation in the Plan shall not create a right to employment or other service relationship with the Company;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the RSUs and Participant's participation in the Plan shall not be interpreted as forming or amending an employment or service contract with the Company, Employer, or any Subsidiary or Parent or Affiliate of the Company and shall not interfere with the ability of the Company, the Employer or any Subsidiary or Parent or Affiliate of the Company, as applicable, to terminate Participant's Service relationship (if any);

&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)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;the RSUs and any Shares acquired under the Plan, and the income from and value of the same, are not intended to replace any pension or retirement rights or compensation;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the Shares underlying the RSUs is unknown, indeterminable, and cannot be predicted with certainty;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if Participant acquires Shares upon settlement of the RSUs, the value of such Shares may increase or decrease in 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from Termination of Participant's Service relationship (for any reason whatsoever, whether or not later found to be invalid or in breach of applicable laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any); and in consideration of the grant of the RSUs to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any of its Parent, Subsidiaries, Affiliates or the Employer, waives his or her ability, if any, to bring any such claim, and releases the Company, any of its

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Parent, Subsidiaries, Affiliates and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by this Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;neither the Company, the Employer nor any Subsidiary, Parent or Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to Participant pursuant to the settlement of the RSUs or the subsequent sale of any Shares acquired upon settlement.

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**<u>ADDENDUM B</u>**

**<u>TO THE GLOBAL RESTRICTED STOCK UNIT AGREEMENT</u>**

**<u>COUNTRY SPECIFIC TERMS AND CONDITIONS</u>**

***Terms and Conditions***

This Addendum B includes additional terms and conditions that govern the RSUs granted to Participant under the Plan if Participant resides and/or works outside of the United States.

If Participant is a citizen or resident of a country other than the one in which he or she is currently working and/or residing, transfers to another country after the RSU Grant Date, is a Consultant, changes employment status to a Consultant position or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the special terms and conditions contained herein shall be applicable to Participant. References to Participant's Employer shall include any entity that engages Participant's Services.

***Notifications***

This Addendum B also includes information regarding exchange controls and certain other issues of which Participant should be aware with respect to Participant's participation in the Plan. The information is provided solely for the convenience of Participant and is based on the securities, exchange control and other laws in effect in the respective countries as of the dates set forth on the country-specific inserts below. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information noted herein as the only source of information relating to the consequences of Participant's participation in the Plan because the information may be out of date by the time Participant vests or settles in the RSUs or sells any acquired Shares. The information is based on the laws in effect in the countries listed below as of the dates set forth below.

Participant is responsible for complying with all applicable tax, foreign asset reporting and/or exchange control rules that may apply in connection with participation in the Plan and/or the transfer of proceeds acquired thereunder. Prior to settlement of the RSUs or transfer of funds from or into Participant's country, Participant should consult the local bank and/or Participant's exchange control advisor, as interpretations of the applicable regulations may vary; additionally, exchange control rules and regulations are subject to change without notice.

In addition, the information contained in this Addendum B is general in nature and may not apply to Participant's particular situation, and the Company is not in a position to assure Participant of any particular result. Accordingly, Participant is advised to seek appropriate professional advice as to how the applicable laws in his or her country may apply to his or her situation.

Finally, Participant understands that if he or she is a citizen or resident of a country other than the one in which he or she is currently residing and/or working, transfers to another country after the RSU Grant Date, or is considered a resident of another country for local law purposes, the notifications contained herein may not be applicable to Participant in the same manner.

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**<u>AUSTRALIA</u>**

***Terms and Conditions***

**Tax Information**. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "Act") applies (subject to conditions in the Act).

***Notifications***

**Securities Law Information.** The offer of the RSUs is being made under Division 1A, Part 7.12 of the *Corporations Act 2001 (Cth)*. If Participant offers Shares for sale to a person or entity resident in Australia, Participant's offer may be subject to disclosure requirements under Australian law. Participant should obtain legal advice on applicable disclosure obligations prior to making any such offer.

**Exchange Control Information**. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and international fund transfers. The Australian bank assisting with the transactions will file the report on Participant's behalf. If an Australian bank is not involved in the transfer, Participant will be required to file the report.

**<u>CANADA</u>**

***Terms and Conditions***

**Labor Matters**. The following provision replaces Section 8 of Addendum A:

For purposes of this Agreement, Participant's employment or other service relationship will be considered Terminated, and Participant's right (if any) to earn, seek damages in lieu of, vest in or otherwise benefit from any portion of the RSUs pursuant to this Agreement will be measured by, the date that is the earlier of (a) the date that Participant is no longer actively providing service to the Company, the Employer or any of their Parents, Subsidiaries or Affiliates as an employee, officer, director or consultant and (b) the date that Participant receives notice of Termination from the Employer, in each case, regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to, statutory law, regulatory law and/or common law), except that if Participant is given working notice of Termination but remains in service to the Company, the Employer, or any of their Parents, Subsidiaries or Affiliates for all or part of such notice period, then the date of termination of vesting shall be the last date on which Participant is providing service, in accordance with clause (a) above. The Company shall have the exclusive discretion to determine the date of Participant's Termination for purposes of the RSUs. Participant acknowledges and agrees that Participant's period of service will be determined in the Company's sole discretion, without regard to any period of statutory, contractual, common law, civil law or other notice of Termination or any period of salary continuance or deemed employment, regardless of whether Participant's Termination is otherwise lawful. Participant will not earn or be entitled to any pro-rated vesting for that portion of time before the date on which Participant's employment or other service relationship is Terminated, nor will Participant be entitled to any compensation for lost vesting.

Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to vesting during a statutory notice period, Participant acknowledges his or her right to vest in the RSUs under the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to any pro-rated vesting if the

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vesting date falls after the end of his or her statutory notice period, nor will Participant be entitled to any compensation for lost vesting.

**Data Privacy**. Participant hereby authorizes the Company and the Company's representatives to discuss with and obtain all relevant information from all personnel, professional or non-professional, involved in the administration and operation of the Plan. Participant further authorizes the Company, any Parent, Subsidiary or Affiliate, the Committee, as well as Shareworks and any other third party stock plan service provider, to disclose and discuss the Plan with their advisors and to record all relevant information and keep such information in Participant's employee file. Participant acknowledges and agrees that Participant's personal information, including any sensitive personal information, may be transferred or disclosed outside the province of Quebec, including to the U.S. If applicable, Participant also acknowledges and authorizes the Company, any Parent, Subsidiary or Affiliate, the Committee, as well as Shareworks and any other third party stock plan service provider, to use technology for profiling purposes and to make automated decisions that may have an impact on Participant or the administration of the Plan.

**Form of Settlement**. Notwithstanding any discretion in Section 6.2 of the Plan, the RSUs are payable in Shares only.

**Language Consent**. A French translation of the Plan and the Agreement will be made available to Participant as soon as reasonably practicable. Participant understands that, from time to time, additional information related to the offering of the Plan might be provided in English and such information may not be immediately available in French. However, upon request, the Company will translate into French documents related to the offering of the Plan as soon as reasonably practicable.

*Une traduction française du Plan et du présent Contrat sera mise à la disposition de Participant dès que raisonnablement possible. Le Participant comprend que, de temps à autre, des informations supplémentaires liées à l'offre du Plan peuvent être fournies en anglais et que ces informations peuvent ne pas être immédiatement disponibles en français. Cependant, sur demande, la Compagnie traduira en français les documents relatifs à l'offre du Plan dès que raisonnablement possible.*

***Notifications***

**Securities Laws**. The Plan is being offered in Canada pursuant to certain exemptions applicable under Canadian securities law from the requirement that the Company prepare and file a prospectus with the relevant Canadian securities regulatory authorities. Accordingly, any resale of securities must be permitted by the Company and made in accordance with applicable Canadian securities law, including, among other things, that any subsequent trade of securities must be made through an exchange or market outside of Canada, or to a person or company outside of Canada.

**Foreign Asset / Account Reporting Information**. Foreign property, including Common Stock, Shares, RSUs and other rights to receive shares of a non-Canadian company held by a Canadian resident employee, generally must be reported annually on a Form T1135 (Foreign Income Verification Statement) if the total cost of all the foreign properties exceeds CAD 100,000 at any time during the year. The forms must be filed on April 30 of the following year. Although what cost should be assigned to the RSUs may be unclear, such RSUs must be reported if the CAD 100,000 threshold is exceeded due to other foreign property held by Participant. When Shares are acquired, their cost generally is their adjusted cost base ("***ACB***"). The ACB ordinarily would equal the fair market value of the Shares at the time of acquisition, but if Participant owns other shares of the Company's capital stock, the ACB may have to be averaged with the ACB of the other shares.

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**Tax Matters**. The Company may permit Participant to surrender a portion of the RSUs to the Company for a cash payment to satisfy any applicable Tax-Related Items, with the portion of the RSUs surrendered equal to that number of fully vested whole shares otherwise issuable upon settlement having a fair market value, determined by the Company in its sole discretion as of the settlement date, equal to the applicable Tax-Related Items. Any adverse consequences arising in connection with such surrender procedure will be Participant's sole responsibility.

**<u>FINLAND</u>**

There are no country-specific provisions.

**<u>FRANCE</u>**

***Terms and Conditions***

**Nature of Award**. The RSUs granted under this Agreement are not intended to be French tax-qualified restricted stock units granted under Sections L. 225-197-1 to L. 225-197-6 and Sections L. 22-10-59 to L. 22-10-60 of the French Commercial Code, as amended. Participants receiving tax-qualified restricted stock units shall receive a separate award agreement and shall be subject to Rules for the grant of RSUs to Participants in France.

**Language Consent**. By accepting the award of RSUs, Participant confirms having read and understood the documents relating to the award (the Plan and the Agreement, including this Addendum B), which were provided in English. Participant accepts the terms of those documents accordingly.

*Consentement Relatif à la Langue Utilisée. En acceptant l'attribution, le Participant confirme avoir lu et compris les documents relatifs à cette attribution (le Plan et le Contrat d'Attribution incluant cette Annexe B), qui lui ont été remis en langue anglaise. Le Participant accepte les termes de ces documents en conséquence.* 

***Notifications***

**Exchange Control Information**. The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the Customs and Excise Authorities when the value of such cash or securities is equal to or greater than a certain amount. Participant should consult with a personal legal advisor for further details regarding this requirement.

**Foreign Asset / Account Reporting Information***.* Participant must declare all foreign bank and brokerage accounts in which cash or securities (such as Shares acquired under the Plan) are held, including the accounts that were opened and/or closed during the tax year, on an annual basis on a special form No 3916, together with Participant's income tax return. *Participant should consult a personal tax advisor to ensure compliance with applicable reporting requirements.*

**<u>GERMANY</u>** 

***Notifications***

**Exchange Control Information.** Cross-border payments made or received in excess of €12,500 (*e.g.*, transfer of proceeds from the sale of Shares acquired under the Plan into Germany) may need to be

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reported monthly by accessing the electronic General Statistics Reporting Portal ("*Allgemeine Meldeportal Statistik"*) via the *Bundesbank's* website (<u>www.bundesbank.de</u>), or by such other method and within such timing as permitted or required by Budnesbank. This reporting obligation also may apply if Participant is issued Shares under the Plan with a value in excess of €12,500.

**Foreign Asset/Account Reporting Information**. If Participant's acquisition of Shares under the Plan leads to a so-called qualified participation at any point during the calendar year, Participant will need to report the acquisition when Participant files his or her tax return for the relevant year. A qualified participation is attained if (i) Participant owns at least 1% of the Company and the value of the Shares acquired exceeds €150,000 or (ii) in the unlikely event Participant holds Shares exceeding 10% of the total capital of the Company.

**<u>IRELAND</u>**

***Notifications***

**Director Notification Obligation**. Directors, shadow directors or secretaries of an Irish Subsidiary must notify the Irish Subsidiary in writing when receiving or disposing of an interest in the Company (*e.g*., RSUs granted under the Plan, Shares, etc.), or when becoming aware of the event giving rise to the notification requirement or when becoming a director or secretary if such an interest exists at the time, but only to the extent such individuals own 1% or more of the total common stock. If applicable, this notification requirement also applies with respect to the interests of the spouse or children under the age of 18 of the director, shadow director or secretary (whose interests will be attributed to the director, shadow director or secretary).

**<u>JAPAN</u>**

***Notifications***

**Exchange Control Information.** If Participant acquires Shares valued at more than ¥100,000,000 in a single transaction, Participant must file a "Securities Acquisition Report" with the Ministry of Finance through the Bank of Japan within 20 days of the purchase of such shares.

**Foreign Asset/Account Reporting Information**. If Participant is a resident of Japan, Participant will be required to report details of any assets (including any Shares acquired under the Plan) held outside of Japan as of December 31st of each year, to the extent such assets have a total net fair market value exceeding ¥50,000,000. Such report will be due by March 15th of the following year. Participant should consult with his or her personal tax advisor as to whether the reporting obligation applies to Participant and whether he or she will be required to report details of any outstanding RSUs or Shares held by Participant in the report.

**<u>NETHERLANDS</u>**

***Terms and Conditions***

**No Entitlement.** The provision supplements Section 8 of the Addendum A:

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By accepting the RSU, Participant acknowledges that the RSU is intended as an incentive for Participant to remain employed with the Employer and is not intended as remuneration for labor performed.

**<u>SINGAPORE</u>**

***Notifications***

**Securities Law Information**. The RSUs are being granted pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("SFA"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Hence, statutory liability under the SFA in relation to the content of prospectuses will not apply. Participant should note that the RSUs are subject to section 257 of the SFA and hence the RSUs may not be offered or sold, or made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore, unless such offer, sale or invitation is made (i) more than six (6) months from the Date of Grant, (ii) pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other than section 280) of the SFA, or (iii) pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.

**Director Notification Requirement**. If Participant is a director, alternate director, substitute director or shadow director<sup>1</sup> of a Singapore Parent, Subsidiary or Affiliate, Participant must notify the Singapore Parent, Subsidiary or Affiliate in writing within two (2) business days of (i) becoming the registered holder of or acquiring an interest (*e.g.*, RSUs, Shares, etc.) in the Company or any subsidiary, or becoming an alternate director, substitute director or shadow director (as the case may be), whichever occurs last, or (ii) any change in a previously disclosed interest (*e.g.*, sale of Shares). If Participant is the chief executive officer ("CEO") of a Singapore Parent, Subsidiary or Affiliate and the above notification requirements are determined to apply to the CEO of a Singapore Parent, Subsidiary or Affiliate, the above notification requirements also may apply to Participant.

**<u>SWEDEN</u>**

***Terms and Conditions***

**Responsibility for Taxes**. The following provision supplements Section 9 of Annex A:

Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in Section 9 of the Agreement, in accepting the grant of RSUs, Participant authorizes the Company and/or the Employer to withhold Shares or to sell Shares otherwise deliverable to Participant upon vesting/settlement to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items.

<sup>1</sup> A shadow director is an individual who is not on the board of directors of the Singapore Parent, Subsidiary or Affiliate but who has sufficient control so that the board of directors of the Singapore Parent, Subsidiary or Affiliate acts in accordance with the directions or instructions of the individual.

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**<u>UNITED KINGDOM</u>**

***Terms and Conditions***

**Settlement of RSUs in Shares Only**. Pursuant to its discretion under Section 6.2 of the Plan, with respect to all Employees residing in the United Kingdom, the Company will convert all vested RSUs only into an equivalent number of Shares. Participants residing in the United Kingdom (or in the event of death, such Participant's legal representative) will not receive an equivalent cash payment with respect to vested RSUs.

**Employment Acknowledgment**. Participant acknowledges and agrees that Participant's period of employment for purposes of the Plan will be determined without regard to any period of statutory, contractual, common law, civil law or other notice of Termination or any period of salary continuance or deemed employment, regardless of whether the Termination is otherwise lawful.

**Tax Withholding Obligations.** As a condition of Participant's RSUs, Participant unconditionally and irrevocably agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to place the Company in funds and indemnify the Company in respect of (1) all liability to UK income tax which the Company is liable to account for on Participant's behalf directly to Her Majesty's Revenue and Customs ("HMRC"); (2) all liability to national insurance contributions which the Company is liable to account for on Participant's behalf to HM Revenue & Customs (including secondary class 1 (employer's) national insurance contributions for which Participant is liable); and, if so required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that the Company may, in its sole discretion, arrange a mandatory sale at the best price which it can reasonably obtain such number of shares allocated or allotted to Participant following vesting or settlement as will provide the Company with an amount equal to Participant's UK tax liability; and, following such mandatory sale, to permit the Company to withhold an amount not exceeding the UK tax liability from any amount paid or payable to Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if so required by the Company, to enter into a joint election within Section 431 of (UK) Income Tax (Earnings and Pensions) Act 2003 in respect of computing any tax charge on the acquisition of "restricted securities" (as defined in Section 423 and 424 of that act); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to sign, promptly, all documents required by the Company to effect the terms of this provision, and references in this provision to "the Company" shall, if applicable, be construed as also referring to any Affiliate of the Company.

**Employment Notification.** Participant waives all rights to compensation or damages in consequence of the Termination of Participant's office or employment with the Company, the Employer or any Subsidiary or Parent or Affiliate of the Company for any reason whatsoever (whether lawful or unlawful and including in circumstances giving rise to a claim for wrongful dismissal) insofar as those rights arise or may arise from Participant ceasing to hold the RSUs, or from the loss or diminution in value of any rights or entitlements in connection with the Plan.

Notwithstanding any provision of the Plan or the Agreement, any benefit provided under the Plan or the Agreement will not form part of Participant's entitlement to remuneration or benefits pursuant to Participant's contract of employment nor does the existence of a contract of employment between Participant and the Company give Participant any right or entitlement to receive any benefit under the

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Plan nor any expectation that any benefits will or might be granted to Participant whether subject to any conditions or at all.

Participant's rights and obligations under the terms of Participant's contract of employment with the Company will not be affected by this Agreement or by being able to receive any benefits in connection with the Plan.

**Responsibility for Taxes.** This section supplements Section 9 of Annex A:

Without limitation to Section 9 of Annex A, Participant agrees that he or she is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or, if different, the Employer or by HM Revenue & Customs ("HRMC") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and, if different, the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC on Participant's behalf (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), Participant acknowledges that he or she may not be able to indemnify the Company for the amount of any income tax not collected from or paid by Participant within ninety (90) days of the end of the U.K. tax year in which the event giving rise to the Tax-Related Items occurs, as it may be considered to be a loan and, therefore, it may constitute a benefit to Participant on which additional income tax and National Insurance contributions ("NICs") may be payable. Participant acknowledges that he or she will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying to the Company and/or the Employer (as appropriate) the amount of any NICs due on this additional benefit, which may also be recovered from Participant by any of the means referred to in Section 9 of Annex A.

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**<u>Exhibit A</u>**

**IRREVOCABLE PROXY AND POWER OF ATTORNEY**

The undersigned hereby irrevocably appoints Dylan Field ("***Founder***") who is then providing services to the Company as officer, employee or consultant in good standing (the "***Proxy Holder***"), with full power of substitution (the "***Proxy***"), as the undersigned's proxy, agent and attorney-in-fact, and grants to the Proxy complete and unlimited authority to act on the undersigned's behalf, to: (i) cause any number of shares, of any class, of Figma, Inc., a Delaware corporation (the "***Company***"), owned by the undersigned at any time and from time to time, and as may be adjusted, and any and all shares or other securities issued in respect of such shares such as bonus or dividend shares (the "***Shares***"), to be counted as present at any and all general, special or class meetings of the Company's stockholders, (ii) represent the undersigned and vote in the undersigned's name at any and all general, special or class meetings of the stockholders of the Company, however called, in respect of the Shares, in the same proportion as the votes of the other stockholders of the Company, (iii) sign and execute on the undersigned's behalf any written resolutions of the stockholders of the Company, or any class thereof, in respect of the Shares, and all waivers, consents, proxies, other instruments with respect to said Shares, and other actions which may be taken by the stockholders of the Company (including without limitation any waiver of prior notice, right of first refusal and pre-emptive right), in the same proportion as the votes of the other stockholders of the Company, (iv) in addition to the Company's Restated Certificate of Incorporation, as may be amended and/or restated from time to time, sign any and all documents necessary or advisable to effectuate the sale of Shares in an Acquisition (as such term is defined in the Company's 2012 Equity Incentive Plan), including without limitation any ancillary documents prepared in connection with such Acquisition, and (v) receive all notices and communications with respect to the above; provided, that this Proxy shall not apply in the event that (x) the Company solicits a vote of its stockholders under Section 280G of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, and the undersigned shall retain the right to vote in respect of the Shares or (y) the Founder no longer provides service to the Company.

As long as this Proxy is in effect, any and all voting rights the undersigned may have with respect to the Shares shall be exercised exclusively by this Proxy. The undersigned hereby revokes any proxy(ies) previously given in respect of the Shares, and agrees not to give any other proxies with respect to the Shares until such time as this Proxy expires. Notwithstanding anything to the contrary in the foregoing, to the extent the undersigned is a "Key Holder" and "Stockholder" under that certain Amended and Restated Voting Agreement dated February 8, 2019 (the "***Voting Agreement***"), by and among the Company and the Parties (as defined therein) thereto, the undersigned hereby acknowledges and confirms that the Voting Agreement remains in full force and effect and the undersigned remains bound by all obligations thereunder, and further acknowledges and agrees that this Proxy may and shall be used for purposes of the Voting Agreement.

This Proxy or any of the actions set forth in clauses (i) through (v) above may be waived by the Proxy Holders at any time. A waiver of any single provision or in respect any single matter to be voted upon will not be construed to be a waiver for any other matter.

This Proxy shall automatically expire upon the earlier of the (i) Company's initial public offering,

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(ii) an Acquisition; provided that this Proxy shall remain in effect for all actions related to the events stated in (i) and (ii) above, and (iii) at such time as no Founder is then providing services to the Company as an officer, employee or consultant in good standing.

This Proxy shall be governed by and construed according to the laws of the State of Delaware, excluding its conflict of law provisions.

Prior to any transfer of any Shares held by the undersigned and as a condition to such transfer, the transferee shall execute an irrevocable proxy in the form of this Proxy. This Proxy shall survive the transfer of Shares.

The undersigned hereby confirms that in no event shall the undersigned raise any demands nor file any claims regarding the Proxy, his/her/ actions, discretion or omissions.

The undersigned acknowledges and agrees that this Proxy is a special power of attorney coupled with an interest sufficient in law to support an irrevocable power and shall survive the bankruptcy, death, adjudication of incompetence or the like of him/her/itself.

IN WITNESS WHEREOF, the undersigned has executed this IRREVOCABLE PROXY as of the date written below.

Signature: #SIGNATURE#

Name: #NAME#

Date #Acceptance Date#

## Exhibit 10.3

**Exhibit 10.3**

**FIGMA, INC.**

**2021 EXECUTIVE EQUITY INCENTIVE PLAN**

**As Adopted on June 22, 2021<br>As Amended June 30, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>PURPOSE</u>.** The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions are important to the success of the Company, its Parent and Subsidiaries by offering eligible persons an opportunity to participate in the Company's future performance through the grant of Awards covering Shares. Capitalized terms not defined in the text are defined in Section 14 hereof. Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701, grants may be made pursuant to this Plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan that is required in law only because of Section 25102(o) need not apply if the Committee so provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>SHARES SUBJECT TO THE PLAN</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;**2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Shares Available</u>.** Subject to Sections 2.2 and 11 hereof, the total number of Shares reserved and available for grant and issuance pursuant to this Plan will be 51,460,338 Shares. Subject to Sections 2.2 and 11 hereof, (A) in the event that Shares previously issued under the Plan are reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company, such Shares shall be added to the number of Shares then available for issuance under the Plan; (B) in the event that Shares that otherwise would have been issuable under the Plan are withheld by the Company in payment of the Purchase Price, Exercise Price or withholding obligations, such Shares shall remain available for issuance under the Plan; and (C) in the event that an outstanding Option, Restricted Stock Unit or SAR for any reason expires or is cancelled, forfeited or terminated, the Shares allocable to the unexercised or unsettled portion of such Option, Restricted Stock Unit or SAR, as applicable, shall remain available for issuance under the Plan. To the extent an Award is settled in cash, the cash settlement shall not reduce the number of Shares remaining available for issuance under the Plan. At all times the Company will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements of all Awards granted and outstanding under this Plan. In no event shall the total number of Shares issued (counting each reissuance of a Share that was previously issued and then reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company as a separate issuance) under the Plan upon exercise of ISOs (as defined in Section 4 hereof) exceed 45,000,000 Shares (adjusted in proportion to any adjustments under Section 2.2 hereof) over the term of the 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;**2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment of Shares</u>.** In the event that the Company's Common Stock is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or other change in the capital structure of the Company affecting Shares without consideration, then in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan (a) the number and class of Shares reserved for issuance under this Plan, (b) the Exercise Prices of and number and class of

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Shares subject to outstanding Options and SARs, and (c) the Purchase Prices of and/or number and class of Shares subject to other outstanding Awards will (to the extent appropriate) be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and compliance with applicable securities or other laws; *<u>provided</u>*, *<u>however</u>*, that fractions of a Share will not be issued but will either be paid in cash at the Fair Market Value of such fraction of a Share or will be rounded down to the nearest whole Share, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>PLAN FOR BENEFIT OF SERVICE PROVIDERS</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;**3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Eligibility</u>.** The Committee will have the authority to select persons to receive Awards. ISOs may be granted only to employees (including officers and directors who are also employees) of the Company or of a Parent or Subsidiary of the Company. NQSOs (as defined in Section 4 hereof) and all other types of Awards may be granted to employees, officers, directors and consultants of the Company or any Parent or Subsidiary of the Company; *<u>provided</u>* such consultants render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction when Rule 701 is to apply to the Award granted for such services. A person may be granted more than one Award 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;**3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>No Obligation to Employ</u>.** Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Subsidiary or Parent of the Company or limit in any way the right of the Company or any Subsidiary or Parent of the Company to terminate Participant's employment or other relationship at any time, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>OPTIONS</u>.** The Committee may grant Options to eligible persons described in Section 3 hereof and will determine whether such Options will be Incentive Stock Options within the meaning of the Code ("***ISOs***") or Nonqualified Stock Options ("***NQSOs***"), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may be exercised, and all other terms and conditions of the Option, subject to 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;**4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Option Grant</u>.** Each Option granted under this Plan will be evidenced by an Award Agreement which will expressly identify the Option as an ISO or an NQSO ("***Stock Option Agreement***"), and will be in such form and contain such provisions (which need not be the same for each Participant) as the Committee may from time to time approve, and which will comply with and be subject to the terms and conditions of 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;**4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Date of Grant</u>.** The date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, unless a later date is otherwise specified by the Committee. The Stock Option Agreement and a copy of this Plan will be delivered to the Participant within a reasonable time after the granting of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Period</u>.** Options may be exercisable within the time or upon the events determined by the Committee in the Award Agreement and may be awarded as

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immediately exercisable but subject to repurchase pursuant to Section 10 hereof or may be exercisable within the times or upon the events determined by the Committee as set forth in the Stock Option Agreement governing such Option; *<u>provided</u>*, *<u>however</u>*, that (a) no Option will be exercisable after the expiration often (10) years from the date the Option is granted; and (b) no ISO granted to a person who directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Subsidiary or Parent of the Company ("***Ten Percent Stockholder***") will be exercisable after the expiration of five (5) years from the date the ISO is granted; but in no event shall an Option granted to an employee who is a non-exempt employee for purposes of overtime pay under the U.S. Fair Labor Standards Act of 1938 be exercisable earlier than six (6) months after its date of grant. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>.** The Exercise Price of an Option will be determined by the Committee when the Option is granted and shall not be less than the Fair Market Value per Share on the date of grant unless expressly determined in writing by the Committee; *<u>provided</u>* that the Exercise Price of an ISO granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased must be made in accordance with Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Exercise</u>.** Options may be exercised only by delivery to the Company of a stock option exercise agreement (accepted via written, electronic or other means) (the "***Exercise Agreement***") in a form approved by the Committee (which need not be the same for each Participant). The Exercise Agreement will state (a) the number of Shares being purchased, (b) the restrictions imposed on the Shares purchased under such Exercise Agreement, if any, and (c) such representations and agreements regarding Participant's investment intent and access to information and other matters, if any, as may be required or desirable by the Company to comply with applicable securities or other laws. Each Participant's Exercise Agreement may be modified by (i) agreement of Participant and the Company or (ii) substitution by the Company, upon becoming a public company, in order to add the payment terms set forth in Section 8.1 that apply to a public company and such other terms as shall be necessary or advisable in order to exercise a public company option. Upon exercise of an Option, Participant shall execute and deliver to the Company the Exercise Agreement then in effect, together with payment in full of the Exercise Price for the number of Shares being purchased and satisfaction of any applicable Tax-Related Obligations (as defined in Section 8.2 hereof). No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.2 of the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** Subject to earlier termination pursuant to Sections 11 and 13 hereof and subject to any longer exercise periods set forth in the Stock Option Agreement, exercise of an Option will always be subject to the following terms and conditions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Other than Death or Disability or for Cause</u>. If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant's Options only to the extent that such Options are exercisable as to Vested Shares upon the Termination Date, except as otherwise determined by the Committee or required by applicable law. Such Options must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within three (3) months after the Termination Date (or within such shorter time period, not less than thirty (30) days, or within such longer time period after the Termination Date as may be determined by the Committee or required by applicable law, with any exercise beyond three (3) months after the date Participant ceases to be an employee deemed to be an NQSO) but, in any event, no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Death or Disability</u>. If the Participant is Terminated because of Participant's death or Disability (or the Participant dies within three (3) months after a Termination other than for Cause), then Participant's Options may be exercised only to the extent that such Options are exercisable as to Vested Shares on the Termination Date, except as otherwise determined by the Committee or required by applicable law. Such Options must be exercised by Participant (or Participant's legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within twelve (12) months after the Termination Date (or within such shorter time period, not less than six (6) months, or within such longer time period, after the Termination Date as may be determined by the Committee or required by applicable law, with any exercise beyond (a) three (3) months after the date Participant ceases to be an employee when the Termination is for any reason other than the Participant's death or disability, within the meaning of Section 22(e)(3) of the Code, or (b) twelve (12) months after the date Participant ceases to be an employee when the Termination is for Participant's disability, within the meaning of Section 22(e)(3) of the Code, deemed to be an NQSO) but in any event no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>For Cause</u>. If the Participant is Terminated for Cause, the Participant may exercise such Participant's Options, but not to an extent greater than such Options are exercisable as to Vested Shares upon the Termination Date and Participant's Options shall expire on such Participant's Termination Date, or at such later time and on such conditions as are determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Exercise</u>.** The Committee may specify a reasonable minimum number of Shares that may be purchased on any exercise of an Option, *<u>provided</u>* that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which it is then 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;**4.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on ISOs</u>.** The aggregate Fair Market Value (determined as of the date of grant) of Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary of the Company) will not exceed One Hundred Thousand Dollars ($100,000). If the Fair Market Value of Shares on the date of grant with

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respect to which ISOs are exercisable for the first time by a Participant during any calendar year exceeds One Hundred Thousand Dollars ($100,000), then the Options for the first One Hundred Thousand Dollars ($100,000) worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in excess of One Hundred Thousand Dollars ($100,000) that become exercisable in that calendar year will be NQSOs. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date (as defined in Section 13.1 hereof) to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, then such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification, Extension or Renewal</u>.** The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options in substitution therefor, *<u>provided</u>* that any such action may not, without the written consent of a Participant, impair any of such Participant's rights under any Option previously granted, unless for the purpose of complying with applicable laws and regulations. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 4.10 hereof, the Committee may reduce the Exercise Price of outstanding Options without the consent of Participants by a written notice to them; *<u>provided</u>*, *<u>however</u>*, that the Exercise Price may not be reduced below the minimum Exercise Price that would be permitted under Section 4.4 hereof for Options granted on the date the action is taken to reduce the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.10&nbsp;&nbsp;&nbsp;&nbsp;<u>No Disqualification</u>.** Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the Participant, to disqualify any Participant's ISO under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTED STOCK</u>.** A Restricted Stock Award is an offer by the Company to sell to an eligible person Shares that are subject to certain specified restrictions. The Committee will determine to whom an offer will be made, the number of Shares the person may purchase, the Purchase Price, the restrictions to which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Restricted Stock Award</u>.** All purchases under a Restricted Stock Award made pursuant to this Plan will be evidenced by an Award Agreement ("***Restricted Stock Purchase Agreement***") that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of this Plan. The Restricted Stock Award will be accepted by the Participant's execution and delivery of the Restricted Stock Purchase Agreement (accepted via written, electronic or other means) and full payment for the Shares to the Company within thirty (30) days from the date the Restricted Stock Purchase Agreement is delivered to the person. If such person does not execute and deliver the Restricted Stock Purchase Agreement

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along with full payment for the Shares to the Company within such thirty (30) days, then the offer will terminate, unless otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Price</u>.** The Purchase Price of Shares sold pursuant to a Restricted Stock Award will be determined by the Committee on the date the Restricted Stock Award is granted. Payment of the Purchase Price must be made in accordance with Section 8 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends and Other Distributions</u>.** Participants holding Restricted Stock Awards will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Committee provides otherwise at the time the Award is granted. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock Awards with respect to which they were paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions</u>.** Restricted Stock Awards may be subject to the restrictions set forth in Sections 9 and 10 hereof or, with respect to a Restricted Stock Award to which Section 25102(o) is to apply, such other restrictions not inconsistent with Section 25102(o).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<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;**6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Awards of Restricted Stock Units</u>.** A Restricted Stock Unit ("***RSU***") is an Award covering a number of Shares that may be settled in cash, by issuance of those Shares at a date in the future, or by a combination of cash and Shares. No Purchase Price shall apply to an RSU settled in Shares. The Committee will determine the terms of an RSU including, without limitation: (a) the number of Shares subject to the RSU, (b) the time or times during which the RSU may be settled, (c) the consideration to be distributed on settlement, and (d) the effect of the Participant's Termination on each RSU. All grants of RSUs will be evidenced by an Award Agreement (the "***RSU Agreement***") that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of 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;**6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Form and Timing of Settlement</u>.** Payment of earned RSUs will be made as soon as practicable after the date(s) determined by the Committee and set forth in the RSU Agreement. To the extent permissible under applicable law, the Committee may permit a Participant to defer payment (including settlement) under an RSU to a date or dates after the RSU has vested, *<u>provided</u>* that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code (or any successor) and any regulations or rulings promulgated thereunder, to the extent the Participant is subject to 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;**6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalent Payments</u>.** The Board may permit Participants holding RSUs to receive dividend equivalent payments on outstanding RSUs if and when dividends are paid to stockholders on Shares. In the discretion of the Board, such dividend equivalent payments may be paid in cash or Shares and they may either be paid at the same time as dividend payments are made to stockholders or delayed until Shares are issued pursuant to the RSU grants and may be subject to the same vesting or performance requirements as the RSUs. If

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the Board permits dividend equivalent payments to be made on RSU's, the terms and conditions for such dividend equivalent payments will be set forth in the RSU Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>STOCK APPRECIATION RIGHTS</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;**7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Awards of SARs</u>.** Stock Appreciation Rights ("***SARs***") may be settled in cash or Shares (which may consist of Restricted Stock or RSUs) or a combination thereof, having a value equal to the value determined by multiplying the difference between the Fair Market Value on the date of exercise over the Exercise Price and the number of Shares with respect to which the SAR is being exercised. All grants of SARs made pursuant to this Plan will be evidenced by an Award Agreement (the "***SAR Agreement***") that will be in such form (which need not be the same for each Participant) as the Committee will from time to time approve, and will comply with and be subject to the terms and conditions of 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;**7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Period and Expiration Date</u>.** A SAR will be exercisable within the times or upon the occurrence of events determined by the Committee and set forth in the SAR Agreement. The SAR Agreement shall set forth the expiration date; *<u>provided</u>* that no SAR will be exercisable after the expiration often (10) years from the date the SAR is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>.** The Committee will determine the Exercise Price of the SAR when the SAR is granted, which may not be less than the Fair Market Value on the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** Subject to earlier termination pursuant to Sections 11 and 13 hereof and subject to any longer exercise periods set forth in the SAR Agreement, exercise of SARs will always be subject to the following terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Other than Death or Disability or for Cause</u>. If the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant's SARs only to the extent that such SARs are exercisable as to Vested Shares upon the Termination Date or as otherwise determined by the Committee or as required by applicable law. SARs must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within three (3) months after the Termination Date (or within such shorter time period, not less than thirty (30) days, or within such longer time period after the Termination Date as may be determined by the Committee or as required by applicable law), but in any event no later than the expiration date of the SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Death or Disability</u>. If the Participant is Terminated because of Participant's death or Disability (or the Participant dies within three (3) months after a Termination other than for Cause), then Participant's SARs may be exercised only to the extent that such SARs are exercisable as to Vested Shares on the Termination Date or as otherwise determined by the Committee or as required by applicable law. Such SARs must be exercised by Participant (or Participant's legal representative or authorized assignee), if at all, as to all or some of the Vested Shares calculated as of the Termination Date or such other date determined by the Committee, within twelve (12) months after the Termination Date (or within such shorter time

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period, not less than six (6) months, or within such longer time period after the Termination Date as may be determined by the Committee or as required by applicable law), but in any event no later than the expiration date of the SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>For Cause</u>. If the Participant is Terminated for Cause, the Participant may exercise such Participant's SARs, but not to an extent greater than such SARs are exercisable as to Vested Shares upon the Termination Date and Participant's SARs shall expire on such Participant's Termination Date, or at such later time and on such conditions as are determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>PAYMENT FOR PURCHASES AND EXERCISES</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;**8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment in General</u>.** Payment for Shares acquired pursuant to this Plan may be made in cash equivalents (including by check or Automated Clearing House ("***ACH***") transfer) or, where expressly approved for the Participant by the Committee and subject to compliance with applicable law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by cancellation of indebtedness of the Company owed to the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;by surrender of shares of the Company that are clear of all liens, claims, encumbrances or security interests and: (i) for which the Company has received "full payment of the purchase price" within the meaning of SEC Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares) or (ii) that were obtained by Participant in the public market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by tender of a full recourse promissory note having such terms as may be approved by the Committee and bearing interest at a rate sufficient to avoid (i) imputation of income under Sections 483 and 1274 of the Code and (ii) unfavorable accounting treatment as determined by the Committee; *<u>provided</u>*, *<u>however</u>*, that Participants who are not employees or directors of the Company will not be entitled to purchase Shares with a promissory note unless the note is adequately secured by collateral other than the Shares; *<u>provided</u>*, *<u>further</u>*, that the portion of the Exercise Price or Purchase Price, as the case may be, equal to the par value (if any) of the Shares must be paid in cash or other legal consideration permitted by the laws under which the Company is then incorporated or organized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by waiver of compensation due or accrued to the Participant from the Company for services rendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;by participating in a formal cashless exercise program implemented by the Committee in connection with the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;provided that a public market for the Company's common stock exists, by exercising through a "same day sale" commitment from the Participant and a broker-dealer whereby the Participant irrevocably elects to exercise the Award and to sell a portion of the Shares so purchased sufficient to pay the total Exercise Price or Purchase Price, and whereby

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the broker-dealer irrevocably commits upon receipt of such Shares to forward the total Exercise Price or Purchase Price directly to the Company; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;by any combination of the foregoing or any other method of payment approved by the Committee.

For avoidance of uncertainty: ACH transfers that have been received by the Company into its bank account designated for receipt of such transfers under this Section 8.1 shall be deemed to have been received for all purposes under this Plan as of the date on which such transfers were initiated from the transferor's account and made irrevocable by the transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Taxes</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;8.2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Generally</u>. Whenever Shares are to be issued in satisfaction of Awards granted under this Plan, the Company may require the Participant to remit to the Company an amount sufficient to satisfy the maximum tax withholding requirements as to income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related obligations (collectively, "***Tax-Related Obligations***") prior to the delivery of any written or electronic certificate or certificates for such Shares. Whenever, under this Plan, payments in satisfaction of Awards are to be made in cash by the Company, such payment will be net of an amount sufficient to satisfy applicable tax withholding 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Withholding</u>. When, under applicable tax laws, a Participant incurs tax liability in connection with the exercise or vesting of any Award that is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may in its sole discretion allow the Participant to satisfy up to the maximum Tax-Related Obligations in the employee's applicable jurisdictions by electing to have the Company withhold from the Shares to be issued up to the number of Shares having a Fair Market Value on the date that the amount of tax to be withheld is to be determined that is not more than the maximum Tax-Related Obligations in the employee's applicable jurisdictions; or to arrange a mandatory "sell to cover" on Participant's behalf (without further authorization) but in no event will the Company withhold Shares or "sell to cover" if such withholding would result in adverse accounting or compliance consequences to the Company. The maximum Tax-Related Obligations are based on the applicable rates of the relevant tax authorities (for example, federal, state and local), including the employee's share of payroll or similar taxes, as provided in the tax law, regulations or the authority's administrative practices, not to exceed the highest statutory rate in that jurisdiction. Any elections to have Shares withheld or sold for this purpose will be made in accordance with the requirements established by the Committee for such elections and be in writing in a form acceptable to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Elections Under Section 83(i) of the Code</u>. A Participant will not make an election under Section 83(i) of the Code if the Company determines that the Participant is then ineligible to make such an election under applicable law or without the Company's prior written consent (which will not be unreasonably withheld or delayed, but may be conditioned upon the Participant's entry into additional commitments as determined by the Company).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTIONS ON AWARDS</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;**9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Transferability</u>.** Except as permitted by the Committee, Awards granted under this Plan, and any interest therein, will not be transferable or assignable by Participant, other than by will or by the laws of descent and distribution, and, with respect to NQSOs for Participants in the U.S., by instrument to an inter vivos or testamentary trust in which the NQSOs are to be passed to beneficiaries upon the death of the trustor (settlor), or by gift to "family member" as that term is defined in Rule 701, and may not be made subject to execution, attachment or similar process. For the avoidance of doubt, the prohibition against assignment and transfer applies to Awards and any Shares underlying the Awards prior to the issuance of the Shares, and pursuant to the foregoing sentence shall be understood to include, without limitation, a prohibition against any pledge, hypothecation, or other transfer, including any short position, any "put equivalent position" or any "call equivalent position" (in each case, as defined in Rule 16a-1 promulgated under the Exchange Act). Unless an Award is transferred pursuant to the terms of this Section, during the lifetime of the Participant an Award will be exercisable only by the Participant or Participant's legal representative and any elections with respect to an Award may be made only by the Participant or Participant's legal representative. The terms of an Award shall be binding upon the executor, administrator, successors and assigns of the Participant who is a party 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;**9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law and Other Regulatory Compliance</u>.** Although this Plan is intended to be a written compensatory benefit plan within the meaning of Rule 701 promulgated under the Securities Act, Awards may be made pursuant to this Plan that do not qualify for exemption under Rule 701 or Section 25102(o). Any requirement of this Plan which is required in law only because of Section 25102(o) need not apply with respect to a particular Award to which Section 25102(o) will not apply. An Award will not be effective unless such Award is in compliance with all applicable U.S. and non-U.S. federal, state and local securities laws, rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Company's equity securities may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise, settlement or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue Shares or deliver certificates for Shares under this Plan prior to (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable, and/or (b) compliance with any exemption, completion of any registration or other qualification of such Shares under any U.S. and non-U.S. federal, state or local law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the exemption, registration, qualification or listing requirements of any securities laws, stock exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange and Buyout of Awards</u>.** The Committee may, at any time or from time to time, authorize the Company, with the consent of the respective Participants, to issue new Awards in exchange for the surrender and cancellation of any or all outstanding Awards. Without prior stockholder approval the Committee may reprice Options or SARs (and

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where such repricing is a reduction in the Exercise Price of outstanding Options or SARs, the consent of the affected Participants is not required provided written notice is provided to them). The Committee may at any time buy from a Participant an Award previously granted with payment in cash, Shares (including Restricted Stock) or other consideration, based on such terms and conditions as the Committee and the Participant may agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTIONS ON SHARES</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;**10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Privileges of Stock Ownership</u>.** No Participant will have any of the rights of a stockholder with respect to any Shares until such Shares are issued to the Participant. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; *<u>provided</u>*, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock. The Participant will have no right to retain such stock dividends or stock distributions with respect to Unvested Shares that are repurchased as described in this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of First Refusal and Repurchase</u>.** At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in the Award Agreement (a) a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer to a third party, *<u>provided</u>* that such right of first refusal terminates upon (i) subject to any applicable market standoff restrictions, the effective date of the first sale of common stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the SEC under the Securities Act (other than a registration statement relating solely to the issuance of common stock pursuant to a business combination or an employee incentive or benefit plan); (ii) any transfer or conversion of Shares made pursuant to a statutory merger or statutory consolidation of the Company with or into another corporation or corporations if the common stock of the surviving corporation or any direct or indirect Parent thereof is registered under the Exchange Act; or (iii) any transfer or conversion of Shares made pursuant to a statutory conversion of the Company into another form of legal entity if the common equity (or comparable equity security) of entity resulting from such conversion is registered under the Exchange Act; and (b) a right to repurchase Unvested Shares held by a Participant for cash and/or cancellation of purchase money indebtedness owed to the Company by the Participant following such Participant's Termination at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement to Vote Shares</u>.** At the discretion of the Committee, the Company may require that, as a condition to the receipt of the Shares upon issuance of an Award, exercise of an Option or SAR or settlement of an RSU, the Participant and any transferee of the Shares agree to vote such Shares pursuant to the terms of a Voting Agreement by and between the Company and certain of its 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;**10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Escrow; Pledge of Shares</u>.** To enforce any restrictions on a Participant's Shares, the Committee may require the Participant to deposit all written or electronic certificates

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representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions to be placed on the written or electronic certificate. Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of Participant's obligation to the Company under the promissory note; *<u>provided</u>*, *<u>however</u>*, that the Committee may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant's Shares or other collateral. In connection with any pledge of the Shares, Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Restrictions</u>.** All written or electronic certificates for Shares or other securities delivered under this Plan will be subject to such stock transfer orders, legends and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable U.S. and non-U.S. federal, state or local securities law, or any rules, regulations and other requirements of the SEC or any stock exchange or automated quotation system upon which the Company's equity securities may be listed or quoted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>CORPORATE TRANSACTIONS</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;**11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Acquisitions or Other Combinations</u>.** In the event that the Company is subject to an Acquisition or Other Combination, outstanding Awards acquired under the Plan shall be subject to the agreement evidencing the Acquisition or Other Combination, which need not treat all outstanding Awards in an identical manner. Such agreement, without the Participant's consent, shall provide for one or more of the following with respect to all outstanding Awards as of the effective date of such Acquisition or Other Combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The continuation of such outstanding Awards by the Company (if the Company is the successor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The assumption of outstanding Awards by the successor or acquiring entity (if any) in such Acquisition or Other Combination (or by any of its Parents, if any), which assumption, will be binding on all Participants; provided that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or upon the settlement of any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) and Section 409A of the Code. For the purposes of this Section 11, an Award will be considered assumed if, following the Acquisition or Other Combination, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Acquisition or Other Combination, the consideration (whether stock, cash, or other securities or property) received in the Acquisition or Other Combination by holders of Shares for each Share held on the effective date of the transaction

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(and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Acquisition or Other Combination is not solely common stock of the successor corporation or its Parent, the Committee may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the settlement of an RSU, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Acquisition or Other Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The substitution by the successor or acquiring entity in such Acquisition or Other Combination (or by any of its Parents, if any) of equivalent awards with substantially the same terms for such outstanding Awards (except that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The full or partial exercisability or vesting and accelerated expiration of outstanding Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The settlement of the Fair Market Value of such outstanding Award (whether or not then vested or exercisable) in cash, cash equivalents, or securities of the successor entity (or its Parent, if any), followed by the cancellation of such Awards; provided however, that such Award may be cancelled without consideration if such Award has no value, as determined by the Committee, in its discretion. Subject to Section 409A of the Code, such payment may be made in installments and may be deferred until the date or dates when the Award would have become exercisable or vested. Such payment may be subject to vesting based on the Participant's continued service, provided that without the Participant's consent, the vesting schedule shall not be less favorable to the Participant than the schedule under which the Award would have become vested or exercisable. For purposes of this Section 1.1.1(e), the Fair Market Value of any security shall be determined without regard to any vesting conditions that may apply to such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The termination in its entirety of any outstanding Award, without payment of any consideration, that is not exercised in accordance with its terms upon or prior to consummation of the transactions contemplated by the Acquisition or Other Combination within a time specified by the Committee, in its discretion, for such exercise, whether or not such Award is then fully exercisable.

Immediately following an Acquisition or Other Combination, outstanding Awards shall terminate and cease to be outstanding, except to the extent such Awards, have been continued, assumed or substituted, as described in Sections 11.1(a), (b) and/or (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Substitution or Assumption of Awards by the Company</u>.** The Company, from time to time, also may substitute or assume outstanding awards granted by another entity, whether in connection with an acquisition of such other entity or otherwise, by

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either (a) granting an Award under this Plan in substitution of such other entity's award or (b) assuming and/or converting such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other entity had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another entity, the terms and conditions of such award will remain unchanged (except that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) or Section 409A of the Code). In the event the Company elects to grant a new Option or SAR in substitution for and rather than assuming an existing option or stock appreciation right, such new Option or SAR may be granted with a similarly adjusted Exercise Price and number of underlying Shares and such other changes approved by the Committee, subject to the consent of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADMINISTRATION</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;**12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Authority</u>.** This Plan will be administered by the Committee. Subject to the general purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan. Without limitation, the Committee will have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;construe and interpret this Plan, any Award Agreement and any other agreement or document executed pursuant to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;prescribe, amend, expand, modify and rescind or terminate rules and regulations relating to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;approve persons to receive Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the form and terms of Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the number of Shares or other consideration subject to Awards granted 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan and the definition of Fair Market Value in connection with circumstances that impact the Fair Market Value, if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;grant waivers of any conditions of this Plan or any Award;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the terms of vesting, exercisability, settlement and payment of Awards to be granted pursuant to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;correct any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Award Agreement or any Exercise 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;determine whether an Award has vested or become 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;extend the vesting period beyond a Participant's Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;adopt rules and/or procedures (including the adoption of any subplan under this Plan) relating to the operation and administration of the Plan to accommodate or facilitate requirements of local law and procedures outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;delegate any of the foregoing to a subcommittee consisting of one or more directors or executive officers pursuant to a specific delegation as may otherwise be permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;change the vesting schedule of Awards under the Plan prospectively in the event that the Participant's service status changes between full and part time status in accordance with Company policies relating to work schedules and vesting of Awards; 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;(p)&nbsp;&nbsp;&nbsp;&nbsp;make all other determinations necessary or advisable in connection with the administration of 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;**12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Standalone, Tandem and Substitute Awards</u>.** Awards granted under the Plan may, in the sole discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for, any other Award granted under the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Composition and Discretion</u>.** The Board may delegate full administrative authority over the Plan and Awards to a Committee consisting of at least one member of the Board (or such greater number as may then be required by applicable law). Unless in contravention of any express terms of this Plan or Award, any determination made by the Committee with respect to any Award will be made in its sole discretion either (a) at the time of grant of the Award, or (b) subject to Section 4.9 hereof, at any later time. Any such determination will be final and binding on the Company and on all persons having an interest in any Award under this Plan. To the extent permitted by applicable law, the Committee may delegate to one or more directors or officers of the Company the authority to grant an Award 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;**12.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Nonexclusivity of the Plan</u>.** Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to

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adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock options and other equity awards otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>.** This Plan and all agreements hereunder shall be governed by and construed in accordance with the laws of the State of California, without giving effect to that body of laws pertaining to conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>EFFECTIVENESS, AMENDMENT AND TERMINATION OF THE PLAN</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;**13.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Adoption and Stockholder Approval</u>.** This Plan will become effective on the date that it is adopted by the Board (the "***Effective Date***"). This Plan will be approved by the stockholders of the Company (excluding Shares issued pursuant to this Plan), consistent with applicable laws, within twelve (12) months before or after the Effective Date. Upon the Effective Date, the Committee may grant Awards pursuant to this Plan; *<u>provided</u>*, *<u>however</u>*, that: (a) no Option or SAR may be exercised prior to initial stockholder approval of this Plan; (b) no Option or SAR granted pursuant to an increase in the number of Shares approved by the Board shall be exercised prior to the time such increase has been approved by the stockholders of the Company; (c) in the event that initial stockholder approval is not obtained within the time period provided herein, all Awards for which only the exemption from California's securities qualification requirements provided by Section 25102(o) can apply shall be canceled, any Shares issued pursuant to any such Award shall be canceled and any purchase of such Shares issued hereunder shall be rescinded; and (d) Awards (to which only the exemption from California's securities qualification requirements provided by Section 25102(o) can apply) granted pursuant to an increase in the number of Shares approved by the Board which increase is not approved by stockholders within the time then required under Section 25102(o) shall be canceled, any Shares issued pursuant to any such Awards shall be canceled, and any purchase of Shares subject to any such Award shall be rescinded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Plan</u>.** Unless earlier terminated as provided herein, this Plan will automatically terminate ten (10) years after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment or Termination of Plan</u>.** Subject to Section 4.9 hereof, the Board may at any time (a) terminate or amend this Plan in any respect, including without limitation amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan and (b) terminate any and all outstanding Options, SARs or RSUs upon a dissolution or liquidation of the Company, followed by the payment of creditors and the distribution of any remaining funds to the Company's stockholders; *<u>provided</u>*, *<u>however</u>*, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o) or pursuant to the Code or the regulations promulgated under the Code as such provisions apply to ISO plans. The termination of the Plan, or any amendment thereof, shall not affect any Share previously issued or any Award previously granted under the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>DEFINITIONS</u>.** For all purposes of this Plan, the following terms will have the following meanings.

"***Acquisition***," for purposes of Section 11, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any consolidation or merger in which the Company is a constituent entity or is a party in which the voting stock and other voting securities of the Company that are outstanding immediately prior to the consummation of such consolidation or merger represent, or are converted into, securities of the surviving entity of such consolidation or merger (or of any Parent of such surviving entity) that, immediately after the consummation of such consolidation or merger, together possess less than fifty percent (50%) of the total voting power of all voting securities of such surviving entity (or of any of its Parents, if any) that are outstanding immediately after the consummation of such consolidation or merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a sale or other transfer by the holders thereof of outstanding voting stock and/or other voting securities of the Company possessing more than fifty percent (50%) of the total voting power of all outstanding voting securities of the Company, whether in one transaction or in a series of related transactions, pursuant to an agreement or agreements to which the Company is a party and that has been approved by the Board, and pursuant to which such outstanding voting securities are sold or transferred to a single person or entity, to one or more persons or entities who are Affiliates of each other, or to one or more persons or entities acting in concert; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company and/or any Subsidiary or Subsidiaries of the Company, of all or substantially all the assets of the Company and its Subsidiaries taken as a whole (or, if substantially all of the assets of the Company and its Subsidiaries taken as a whole are held by one or more Subsidiaries, the sale or disposition (whether by consolidation, merger, conversion or otherwise) of such Subsidiaries of the Company), except where such sale, lease, transfer or other disposition is made to the Company or one or more wholly owned Subsidiaries of the Company.

Notwithstanding the foregoing, the following transactions shall not constitute an "Acquisition": (1) the closing of the Company's first public offering pursuant to an effective registration statement filed under the Securities Act or (2) any transaction the sole purpose of which is to change the state of incorporation of the Company or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction.

"***Affiliate***" of a specified person means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified (where, for purposes of this definition, the term "***control***" (including the terms "***controlling***," "***controlled by***" and "***under common control with***") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise.

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"***Award***" means any award pursuant to the terms and conditions of this Plan, including any Option, Restricted Stock Unit, Stock Appreciation Right or Restricted Stock Award.

"***Award Agreement***" means, with respect to each Award, the executed written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award as approved by the Committee. For purposes of the Plan, the Award Agreement may be accepted by a Participant via written, electronic or other means, subject to requirements under applicable law.

"***Board***" means the Board of Directors of the Company.

"***Cause***" means Termination because of (a) Participant's unauthorized misuse of the Company or a Parent or Subsidiary of the Company's trade secrets or proprietary information, (b) Participant's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (c) Participant's committing an act of fraud against the Company or a Parent or Subsidiary of the Company or (d) Participant's gross negligence or willful misconduct in the performance of his or her duties that has had or will have a material adverse effect on the Company or Parent or Subsidiary of the Company' reputation or business.

"***Code***" means the U.S. Internal Revenue Code of 1986, as amended.

"***Committee***" means the committee created and appointed by the Board to administer this Plan, or if no committee is created and appointed, the Board.

"***Company***" means Figma, Inc., a Delaware corporation, or any successor corporation.

"***Disability***" means a Participant is unable to perform the duties of his or her customary position of employment by reason of any medically determinable physical or mental impairment that can be expected to result in death or that can be expected to last for a continuous period of not less than twelve (12) months. The Committee may require such medical or other evidence as it deems necessary to judge the nature and permanency of the Participant's condition.

"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended.

"***Exercise Price***" means the price per Share at which a holder of an Option or a SAR may purchase Shares issuable upon exercise of the Option or the SAR.

"***Fair Market Value***" means, as of any date, the value of a Share determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Share is then publicly traded on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Share is listed or admitted to trading as reported in <u>The Wall Street</u> <u>Journal</u>;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Share is publicly traded but is not listed or admitted to trading on a national securities exchange, the average of the closing bid and ask prices on the date of determination as reported by <u>The Wall Street Journal</u> (or as otherwise reported by any newspaper or other source as the Committee may determine); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;if none of the foregoing is applicable to the valuation in question, by the Committee in good faith.

"***Option***" means an award of an option to purchase Shares pursuant to Section 4 of this Plan.

"***Other Combination***" for purposes of Section 11 means any (a) consolidation or merger in which the Company is a constituent entity and is not the surviving entity of such consolidation or merger or (b) any conversion of the Company into another form of entity; *<u>provided</u>* that such consolidation, merger or conversion does not constitute an Acquisition.

"***Parent***" of a specified entity means, any entity that, either directly or indirectly, owns or controls such specified entity, where for this purpose, "*control*" means the ownership of stock, securities or other interests that possess at least a majority of the voting power of such specified entity (including indirect ownership or control of such stock, securities or other interests).

"***Participant***" means a person who receives an Award under this Plan.

"***Plan***" means this 2021 Executive Equity Incentive Plan.

"***Purchase Price***" means the price at which a Participant may purchase Restricted Stock pursuant to this Plan.

"***Restricted Stock***" means Shares purchased pursuant to a Restricted Stock Award under this Plan.

"***Restricted Stock Award***" means an award of Shares pursuant to Section 5 hereof.

"***Restricted Stock Unit***" or "***RSU***" means an award made pursuant to Section 6 hereof.

"***Rule 701***" means Rule 701 *et seq.* promulgated by the SEC under the Securities Act.

"***SEC***" means the U.S. Securities and Exchange Commission.

"***Section 25102(o)***" means Section 25102(o) of the California Corporations Code.

"***Securities Act***" means the U.S. Securities Act of 1933, as amended.

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"***Shares***" means shares of the Company's Class B Common Stock, $0.00001 par value per share, reserved for issuance under this Plan, as adjusted pursuant to Sections 2.2 and 11 hereof, and any successor security.

"***Stock Appreciation Right***" or "***SAR***" means an award granted pursuant to Section 7 hereof.

"***Subsidiary***" means any entity (other than the Company) in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain owns stock or other equity securities representing fifty percent (50%) or more of the total combined voting power of all classes of stock or other equity securities in one of the other entities in such chain.

"***Termination***" or "***Terminated***" means, for purposes of this Plan with respect to a Participant, that the Participant has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary of the Company. A Participant will not be deemed to have ceased to provide services while the Participant is on a bona fide leave of absence, if such leave was approved by the Company in writing. In the case of an approved leave of absence, the Committee may make such provisions respecting crediting of service, including suspension of vesting of the Award (including pursuant to a formal policy adopted from time to time by the Company) it may deem appropriate. The Committee will have sole discretion to determine whether a Participant has ceased to provide services and the effective date on which the Participant ceased to provide services (the "***Termination Date***").

"***Unvested Shares***" means "*Unvested Shares*" as defined in the Award Agreement for an Award.

"***Vested Shares***" means "***Vested Shares***" as defined in the Award Agreement for an Award.

\* \* \* \* \* \* \* \* \* \* \*

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**<u>NOTICE OF RESTRICTED STOCK UNIT AWARD</u>**

**FIGMA, INC.**

**2021 EXECUTIVE EQUITY INCENTIVE PLAN**

Terms defined in the Company's 2021 Executive Equity Incentive Plan (the "**Plan**") shall have the same meanings in this Notice of Restricted Stock Unit Award ("**Notice of Grant**"). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice of Grant. By his signature below, Participant hereby acknowledges and agrees that he will not receive any additional equity awards on account of his service to the Company from the date of this RSU award through to June [__], 2028.

The Participant named below has been granted an award of restricted stock units ("**RSUs**"), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement, attached as <u>Annex A</u> (the "**RSU Agreement**") under the Plan, as follows:

**Participant Name:&nbsp;&nbsp;&nbsp;&nbsp;Dylan Field**

**Address:**

**Total Number of RSUs:&nbsp;&nbsp;&nbsp;&nbsp;2,250,000**

**RSU Grant Date:&nbsp;&nbsp;&nbsp;&nbsp;June __, 2021**

**Vesting Commencement Date:**

**Expiration Date**: The earlier to occur of: (a) the date on which settlement of all vested RSUs granted hereunder occurs and (b) the seventh year following the Grant Date.

**Vesting:**

(a)&nbsp;&nbsp;&nbsp;&nbsp;**Two-Tiered Vesting**. The vesting of the RSUs is conditioned on satisfaction of two vesting requirements before the Expiration Date or earlier termination of the RSUs pursuant to the Plan or the RSU Agreement: a time- and service-based requirement (the "**Service Requirement**") and a liquidity-event requirement (the "**Liquidity Event Requirement**"), each as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;**Liquidity Event Requirement.** The Liquidity Event Requirement will be satisfied on the earliest to occur of: (i) the effective date of an IPO or (ii) the date of an Acquisition, but only if the Acquisition also constitutes a permissible payment event as a change in ownership, effective control, or sale of substantially all of the assets, as provided under Section 409A (the earliest of the prong (i) or (ii) to occur, the "**Initial Vesting Event**"). "***IPO***" will be satisfied on the first trading day following the Company's initial public offering or direct listing pursuant to an effective registration statement under the Securities Act covering the offer and sale of the Company's equity securities (whether by the Company or any holders of the Company's equity securities), as a result of or following which the Shares shall be publicly held

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;**Service Requirement**. For so long as Participant is in Continuous Service through each applicable date, then the Service Requirement will be satisfied on the date set forth below as to the number of shares allocable to that vesting tranche upon achievement of the Public Market Capitalization as follows:

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---

| | | | |
|:---|:---|:---|:---|
| **Tranche** | &nbsp;&nbsp;**Performance Vesting Based on Public Market Capitalization\*** | &nbsp;&nbsp;**Shares Vested** | &nbsp;&nbsp;**Performance Period** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;$15 billion | &nbsp;&nbsp;375000 | &nbsp;&nbsp;Grant date through the seventh anniversary of grant date |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;$20 billion | &nbsp;&nbsp;750000 | &nbsp;&nbsp;Grant date through the seventh anniversary of grant date |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;$25 billion | &nbsp;&nbsp;1125000 | &nbsp;&nbsp;Grant date through the seventh anniversary of grant date |

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\* The Public Market Capitalization hurdle shall be deemed achieved if the Company's market capitalization following an IPO on a fully-diluted basis implied by the volume weighted average price for any 30-day trading period after an IPO during the performance period exceeds the specified market capitalization hurdle.

In the case of an Acquisition, the Public Market Capitalization will be the aggregate amount actually distributed to holders of the Company's capital stock; provided that (i) to the extent that any consideration is subjected to an escrow or holdback as security for indemnification obligations or purchase price obligations, up to 15% of the total proceeds of an Acquisition will be valued as though such consideration were paid at closing; and (ii) any non-cash transaction proceeds or other contingent proceeds will be valued reasonably and in good faith by the Board of Directors, and without discounts for lack of marketability or liquidity in the case of consideration that consists of securities of a class that is publicly traded, notwithstanding that the securities received as consideration may not be freely traded as of the Closing of the Acquisition.

Participant shall have no right with respect to the RSUs to the extent an IPO or Acquisition does not occur, or, in the event an IPO or Acquisition does occur, to the extent the Public Market Capitalization is not achieved, on or before the Expiration Date. For the avoidance of doubt, once a Public Market Capitalization hurdle is achieved, it does not need to be maintained. All shares will be valued at the same price as the issued or traded shares for purposes of the Public Market Capitalization hurdle.

Achievement of the Service Requirement will be determined as a step function, meaning that there will be no interpolated or additional vesting to the extent of an achievement of Public Market Capitalization hurdle that is in between the prices specified below; provided that in the event of a Change of Control vesting will be determined based on the Public Market Capitalization hurdle achieved in such Change of Control using straight line interpolation between the values specified above. Once a tranche has satisfied the Service Requirement it shall remain deemed to have satisfied the Service Requirement, even if the Public Market Capitalization hurdle subsequently drops below the applicable target for the applicable tranche. For the avoidance of doubt, satisfaction of the Public Market Capitalization hurdle may occur sequentially or concurrently.

The Board of Directors will determine whether and the extent to which the Public Market Capitalization has been achieved based on the foregoing rules reasonably and in good faith.

(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>RSUs Vested at Initial Vesting Event</u>. If at the time of the Initial Vesting Event, Participant is not in Continuous Service and did not meet the Service Requirement with respect to any portion of the RSUs, then no portion of the RSUs shall vest. If at the time of the Initial Vesting Event, Participant is in Continuous Service or has ceased to be in Continuous Service but did meet the

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Service Requirement with respect to any portion of the RSUs, then the RSUs shall vest as to the number of RSUs, if any, that have satisfied the Service Requirement as of the Initial Vesting Event in accordance with clause (a)(i) above.

(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>RSUs Vested after Initial Vesting Event</u>. If Participant is in Continuous Service at the time of the Initial Vesting Event, then with respect to RSUs that have not vested as of the Initial Vesting Event under the preceding clause (b) above, vesting shall continue after the Initial Vesting Event in accordance with the Service Requirement set forth in clause (a)(i) above (each subsequent vesting date, a "**Subsequent Vesting Event**").

(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceleration</u>. If Participant is in Continuous Service at the time of a Change of Control and if, during the period of time commencing ninety (90) days prior to the execution of a definitive agreement providing for the consummation of such Change of Control and ending on the first anniversary of the consummation of such Change of Control, the Participant's employment by the Company is terminated by the Company, other than for Cause (as defined below), or is terminated by the Participant for Good Reason (as defined below), then (subject to the Participant's execution of a general release of claims in favor of the Company and its affiliates in a form acceptable to the Company or successor thereof) effective as of such termination, the RSUs that as of then had not yet met the Service Requirement shall be deemed to have met the Service Requirement at the time of such termination solely as to the number of shares allocable to that vesting tranche as to which the Public Market Capitalization hurdle has been satisfied. For purposes of this subsection (d), if the Public Market Capitalization achieved in the Change of Control falls between two hurdles, a *pro rata* portion of the shares associated with the next tranche to vest will be deemed to satisfy the Service Requirement based on linear interpolation.

"***Cause***" means any of the following: (a) Participant willfully engages in conduct that is in bad faith and materially injurious to the Company, including but not limited to, misappropriate of trade secrets, fraud or embezzlement; (b) Participant commits a material breach of any written agreement between Participant and the Company that causes harm to the Company, which breach is not cured within thirty (30) days after receipt of written notice describing in detail such breach to Participant from the Company; (c) Participant willfully refuses to implement or follow a directive by Participant's supervisor, directly related to Participant's duties, which breach is not cured within thirty (30) days after receipt of written notice describing in detail such breach to Participant from the Company; or (d) Participant engages in material misfeasance or malfeasance demonstrated by a continued pattern of material failure to perform the essential job duties associated with Participant's position, which breach is not cured within thirty (30) days after receipt of written notice describing in detail such breach to Participant from the Company.

"***Change of Control***" means (a) any transaction or series of related transactions resulting in a liquidation, dissolution or winding up of the Company, (b) a sale of all or substantially all of the assets of the Company that is followed by a liquidation, dissolution or winding up of the Company, (c) any sale or exchange of the capital stock of the Company by the stockholders of the Company in one transaction or a series of related transactions where more than fifty percent (50%) of the outstanding voting power of the Company is acquired by a person or entity or group of related persons or entities (other than pursuant to a recapitalization of the Company solely with its equity holders) or (d) any merger or consolidation (each, a "***combination transaction***"), in which the Company is a constituent entity or is a party with another entity if, as a result of such combination transaction, in one transaction or series of related transactions, the voting securities of the Company that are outstanding immediately prior to the consummation of such combination

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transaction (other than any such securities that are held by an "Acquiring Stockholder," as defined below) do not represent, or are not converted into, securities of the surviving entity in such combination transaction (or such surviving entity's parent entity if the surviving entity is owned by the parent) that, immediately after the consummation of such combination transaction, together possess at least a majority of the total voting power of all voting securities of such surviving entity (or its parent, if applicable) that are outstanding immediately after the consummation of such combination transaction, including securities of such surviving entity (or its parent, if applicable) that are held by the Acquiring Stockholder. For purposes of this paragraph, an "***Acquiring Stockholder***" means a stockholder or stockholders of the Company that (i) merges or combines with the Company in such combination transaction or (ii) directly or indirectly owns or controls a majority of the voting power of another entity that merges or combines with the Company in such combination transaction.

"***Good Reason***" means any of the following actions by the Company without Participant's written consent: (a) a material reduction in Participant's duties or responsibilities that is inconsistent with Participant's position, provided that a mere change of title alone shall not constitute such a material reduction; (b) the requirement that Participant change his or her principal office to a facility that increases Participant's commute by more than forty (40) miles from Participant's commute to the location at which Participant is employed prior to such change, or (c) a material reduction in Participant's annual base salary or a material reduction in Participant's employee benefits (e.g., medical, dental, insurance, short- and long-term disability insurance and 401(k) retirement plan benefits, collectively, the "***Employee Benefits***") to which Participant is entitled immediately prior to such reduction (other than (i) in connection with a general decrease in the salary or Employee Benefits of all similarly situated employees and (ii) following such Change of Control, to the extent necessary to make Participant's salary or Employee Benefits commensurate with those other employees of the Company or its successor entity or parent entity who are similarly situated with Participant following such Change of Control).

"**Continuous Service**" means Participant continues to provide services as an employee, officer, director or consultant to the Company or a Subsidiary or Parent of the Company.

**Settlement**: RSUs shall be settled no later than March 15 of the calendar year following the calendar year in which each Vesting Event occurs. Settlement means the delivery of the Shares vested under an RSU. Settlement of RSUs shall be in Shares. Settlement of vested RSUs shall occur whether or not Participant is in Continuous Service at the time of settlement. No fractional RSUs or rights for fractional Shares shall be created pursuant to this Notice of Grant.

Participant understands that Participant's employment or consulting relationship with the Company is for an unspecified duration, can be terminated at any time (i.e., is "at-will") and that nothing in this Notice of Grant, the RSU Agreement or the Plan changes the at-will nature of that relationship. Participant acknowledges that the vesting of the RSUs pursuant to this Notice of Grant is conditioned on the occurrence of an Initial Vesting Event or a Subsequent Vesting Event. Participant also understands that this Notice of Grant is subject to the terms and conditions of both the RSU Agreement and the Plan, each of which are incorporated herein by reference. Participant has read both the RSU Agreement and the Plan.

**Execution and Delivery:** This Notice of Grant may be executed and delivered electronically whether via the Company's intranet or the Internet site of a third party or via email or any other means of electronic delivery specified by the Company. By Participant's acceptance hereof (whether written, electronic or

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otherwise), Participant agrees, to the fullest extent permitted by law, that in lieu of receiving documents in paper format, Participant accepts the electronic delivery of any documents the Company, or any third party involved in administering the Plan which the Company may designate, may deliver in connection with this grant (including the Plan, the Notice of Grant, this RSU Agreement, any disclosures provided pursuant to Rule 701, account statements or other communications or information) whether via the Company's intranet or the internet site of another third party or via email, or other means of electronic delivery specified by the Company.

By Participant's and the Company's acceptance hereof (in each case, whether written, electronic or otherwise), Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the RSU Agreement.

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**ANNEX A**

**<u>RESTRICTED STOCK UNIT AGREEMENT</u>**

Participant has been granted RSUs subject to the terms, restrictions and conditions of the Company's 2021 Executive Equity Incentive Plan (the "**Plan**"), the Notice of Restricted Stock Unit Award ("**Notice of Grant**") and this Restricted Stock Unit Agreement (this "**Agreement**"). Unless otherwise defined herein or in the Notice of Grant, the terms defined in the Plan shall have the same defined meanings in this Agreement.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Stockholder Rights</u>.** Until such time as Shares are issued in settlement of vested RSUs, Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. As a condition to the issuance of any Shares in settlement of vested RSUs, Participant agrees to enter into a joinder to be bound by any stockholders' agreement by and between the Company and its stockholders in force from time to time.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalents</u>.** Dividend equivalents, if any, shall not be credited to Participant in respect of Participant's RSUs, except as otherwise permitted by the Committee.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Transfer</u>.** The RSUs and any interest therein shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will or by the laws of descent and distribution. Any transferee who receives an interest in the RSU or the underlying Shares upon the death of Participant shall acknowledge in writing that the RSU shall continue to be subject to the restrictions set forth in this Section 3.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** The RSUs shall terminate on the Expiration Date or earlier as provided in this Section 4. If Participant's Continuous Service with the Company terminates for any reason, all RSUs for which vesting is no longer possible under the terms of the Notice of Grant and this Agreement shall be forfeited to the Company forthwith, and all rights of Participant to the RSUs shall immediately terminate. In case of any dispute as to whether Termination has occurred, the Committee shall have sole discretion to determine whether Termination has occurred and the effective date of such Termination

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>.** The Company and Participant agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement, and the provisions of the Plan (incorporated herein by reference). Participant (i) acknowledges receipt of a copy of each of the foregoing documents, (ii) represents that Participant has carefully read and is familiar with their provisions and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions Binding on Transferees</u>.** All transferees of Shares or any interest therein will receive and hold such shares or interest subject to the provisions of this Agreement, including the transfer restrictions of Sections 3 and 6, and the transferee shall acknowledge the restrictions in writing. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding of Tax</u>.** When the RSUs are vested and/or settled, the fair market value of the Shares shall be treated as income subject to withholding by the Company for income and employment taxes if Participant is or was an employee of the Company. Prior to any relevant taxable or tax withholding event, as applicable, Participant shall pay or make adequate arrangements satisfactory to the Company to satisfy any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to the Participant's participation in this Plan and legally applicable to the Participant (collectively, "**Tax-Related Obligations**"). In this regard, Participant authorizes the Company to withhold all applicable Tax-Related Obligations legally payable by Participant from Participant's wages or other cash compensation paid to Participant by the Company and/or a Parent or Subsidiary of the Company. With the Company's consent, these arrangements may also include, if permissible under local law, (i) withholding Shares that otherwise would be issued to Participant when Participant's RSUs are settled; (ii) having the Company withhold taxes from the proceeds of the sale of the Shares, through a voluntary sale or through a mandatory sale arranged by the Company (on Participant's behalf and Participant hereby authorizes such sales by this authorization); (iii) Participant's payment of a cash amount; or (iv) any other arrangement approved by the Company; all under such rules as may be established by the Committee and in compliance with the Company's insider trading policy and 10b5-1 trading plan policy, if applicable; *<u>provided</u>*, *<u>however</u>*, that if Participant is a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be through a mandatory sale under (ii) above, and as to minimum statutory withholding rates only. Depending on the withholding method, the Company and/or a Parent or Subsidiary of the Company may withhold or account for Tax-Related Obligations by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. In the case of withholding in Shares, the Company shall issue the net number of Shares to Participant by deducting the Shares retained for Tax-Related Obligations from the Shares issuable upon vesting. For tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Obligations.

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A</u>.** For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a "separation from service" as defined in Section 409A of the Code and the regulations thereunder ("***Section 409A***"). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Participant's termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of Termination of employment to be a "specified employee" under Section 409A, then the payment shall not be made or commence until the earlier of (i) the expiration of the six-month period measured from Participant's separation from service from the Company or (ii) the date of Participant's death following a separation from service; *<u>provided</u>*, *<u>however</u>*, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Participant's termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. The occurrence of the Initial Vesting Event

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prior to the Expiration Date is intended to be a "substantial risk of forfeiture," within the meaning of Section 409A, and the settlements related to the Initial Vesting Date and any Subsequent Vesting Date are each intended to be an exempt "short-term deferral," within the meaning of Section 409A and the Company intends that its initial tax position on its tax return will be consistent with this intent absent a change in legal guidance or other circumstance. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be classified as a "short-term deferral" within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.** Participant acknowledges that there will be tax consequences upon vesting and/or settlement of the RSUs and/or disposition of the Shares, if any, received in connection therewith, and Participant should consult a tax adviser regarding Participant's tax obligations prior to the settlement or disposition.

**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws and Regulations</u>.** The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant (including any written representations, warranties and agreements as the Committee may request of Participant for compliance with applicable laws) with all applicable foreign and US state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's common stock may be listed or quoted at the time of the issuance or transfer. Participant may not be issued any Shares if the issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. 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 to the lawful issuance and sale of any Shares shall relieve the Company of any liability in respect of the failure to issue or sell the shares.

**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Legend on Certificates</u>.** The certificates representing the Shares issued hereunder shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which such shares of the Company's Class B Common Stock are listed and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>.** The Company may assign any of its rights under this Agreement. This Agreement shall 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, this Agreement will be binding upon Participant and Participant's heirs, executors, administrators, legal representatives, successors and assigns.

**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Severability</u>.** The Plan and the Notice of Grant are incorporated herein by reference. The Plan, the Notice of Grant and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof (including, without limitation, any commitment to make any other form of equity award (such as stock options) that may have been set forth in any employment offer letter or other agreement between the parties). If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be

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enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.

**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Market Standoff Agreement</u>.** Participant agrees that, subject to any early release provisions that apply pro rata to stockholders of the Company according to their holdings of common stock (determined on an as-converted into common stock basis), Participant will not, for a period of up to one hundred eighty (180) days (plus up to an additional thirty five (35) days to the extent reasonably requested by the Company or such underwriter(s) to accommodate regulatory restrictions on the publication or other distribution of research reports or earnings releases by the Company, including NASD and NYSE rules) following the effective date of the registration statement filed with the SEC relating to the IPO, directly or indirectly sell, offer to sell, grant any option for the sale of, or otherwise dispose of any common stock or securities convertible into common stock, <u>except</u> <u>for:</u> (i) transfers of Shares permitted under Section 6 hereof so long as such transferee furnishes to the Company and the managing underwriter their written consent to be bound by this Section 15 as a condition precedent to such transfer; and (ii) sales of any securities to be included in the registration statement for the IPO. For the avoidance of doubt, the provisions of this Section shall only apply to the IPO. The restricted period shall in any event terminate two (2) years after the closing date of the IPO. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the Shares subject to this Section and to impose stop transfer instructions with respect to the Shares until the end of such period. Participant further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing restrictions on transfer. For the avoidance of doubt, the foregoing provisions of this Section shall not apply to any registration of securities of the Company (a) under an employee benefit plan or (b) in a merger, consolidation, business combination or similar transaction.

**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Employee, Director or Consultant</u>.** Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent or Subsidiary of the Company, to terminate Participant's Continuous Service, for any reason, with or without cause.

**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Information to Participants</u>.** If the Company is relying on an exemption from registration under Section 12(h)-1 of the Exchange Act and such information is required to be provided by Section 12(h)-1, the Company shall provide the information described in Rules 701(e)(3), (4) and (5) of the Securities Act by a method allowed under Section 12(h)-1 of the Exchange Act in accordance with Section 12(h)-1 of the Exchange Act, *<u>provided</u>*, that Participant agrees to keep the information confidential.

**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Documents and Notices</u>.** Any document relating to participating in the Plan and/or notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery or deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, with postage and fees prepaid, addressed to the other party at the e-mail address, if any, provided for Participant by the Company or at such other address as such party may designate in writing from time to time to the other party.

**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Choice of Law and Venue</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of [San Mateo] County, California, or the federal courts for the United

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States for the [Northern] District of California, and no other courts, where this grant is made and/or to be performed.

\* \* \* \* \* \* \* \* \* \*

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***Time Vesting Award***

**<u>NOTICE OF RESTRICTED STOCK UNIT AWARD</u>**

**FIGMA, INC.**

**2021 EXECUTIVE EQUITY INCENTIVE PLAN**

Terms defined in the Company's 2021 Executive Equity Incentive Plan (the "**Plan**") shall have the same meanings in this Notice of Restricted Stock Unit Award ("**Notice of Grant**"). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice of Grant. By electronically accepting the RSUs via the Carta platform, Participant hereby acknowledges and agrees that he is not expected to receive any additional awards of RSUs, Options, SARs or other equity or equity-based awards of the Company on account of his service to the Company prior to the fifth (5<sup>th</sup>) anniversary of the RSU Grant Date.

The Participant named below has been granted an award of RSUs, subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement, attached as <u>Annex A</u> (the "**RSU Agreement**") under the Plan, as follows:

**Participant Name:&nbsp;&nbsp;&nbsp;&nbsp;Dylan Field**

**Total Number of RSUs:&nbsp;&nbsp;&nbsp;&nbsp;14,480,169 (Class B Common Stock)**

**RSU Grant Date:&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025**

**Vesting Commencement Date:&nbsp;&nbsp;&nbsp;&nbsp; July 1, 2025**

**Vesting**: For so long as Participant is in Continuous Qualifying Service from the RSU Grant Date through each applicable date, the RSUs shall vest as to the number of shares of the Company's Class B Common Stock allocable to each such vesting date (each, an "**Annual Vesting Date**" and RSUs allocated thereto, respectively, the "**Tranche RSUs**"), as specified below in the *Vesting Table* (the "**Vesting Schedule**"). This Award shall terminate on the earlier to occur of: (a) the date on which settlement of all vested RSUs granted hereunder occurs and (b) on such date Participant's Continuous Qualifying Service (as defined below) terminates, other than as set forth below.

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| | | |
|:---|:---|:---|
| **Vesting Table** | **Vesting Table** | **Vesting Table** |
| **Tranche** | **Annual Vesting Date** | **RSUs Vesting<br>(as a percentage of the Total Number of RSUs)** |
| 1 | July 1, 2026 | 10% |
| 2 | July 1, 2027 | 20% |
| 3 | July 1, 2028 | 20% |
| 4 | July 1, 2029 | 20% |
| 5 | July 1, 2030 | 30% |

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**Death; Disability:** In the event that Participant's Continuous Qualifying Service terminates due to Participant's death or Disability, and subject to Participant's satisfaction of the Release Requirement (as defined below), a pro rata portion of the Tranche RSUs that were otherwise scheduled to vest on the next Annual Vesting Date

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following Participant's termination shall vest on Participant's termination. The prorated number of such Tranche RSUs that shall vest pursuant to the foregoing shall be the number of such Tranche RSUs multiplied by a fraction, (1) the numerator of which is the number of days that have elapsed since the most recent Annual Vesting Date through Participant's Termination Date, and (2) the denominator of which is 365. Tranche RSUs that do not vest upon Participant's death or Disability pursuant to the foregoing shall automatically expire and be forfeited for no consideration.

**CIC Covered Termination:** In the event of Participant's CIC Covered Termination (as defined below), and subject to Participant's satisfaction of the Release Requirement, unvested RSUs shall accelerate in full on Participant's CIC Covered Termination. To permit the foregoing acceleration if, other than within a period of twenty-four (24) months following a Change in Control, (x) the Company terminates Participant's Continuous Qualifying Service without Cause (as defined below) or (y) Participant terminates Participant's Continuous Qualifying Service for Good Reason (as defined below), then any RSUs that have not vested pursuant to the Vesting Schedule will remain outstanding (but shall cease vesting under the Vesting Schedule), for a period of three (3) months following such termination (the "***3-Month CIC Window***"). In the event a Change in Control closes no later than the final day of the 3-Month CIC Window, RSUs subject to the 3-Month CIC Window will vest upon the Closing Date (as defined below). If a Change in Control is not completed on or prior to the final day of the 3-Month CIC Window, RSUs subject to the 3-Month CIC Window shall automatically expire and be forfeited for no consideration.

Notwithstanding anything herein to the contrary, upon a Change in Control in which the successor or acquiring corporation (if any) does not assume, convert, continue, replace or substitute this Award to the extent outstanding immediately prior to the Change in Control (including replacing this Award with a substantially comparable cash award) then, notwithstanding any other provision in the Plan, this Notice of Grant, or the RSU Agreement to the contrary, 100% of Participant's unvested RSUs shall accelerate and become vested effective immediately prior to the Change in Control. This award shall not be subject to Section 11.1(f) of the Plan.

**Termination for Cause or other than due to CIC Covered Termination, Death, or Disability:** In the event Participant's Continuous Qualifying Service is terminated other than due to any of Participant's (i) CIC Covered Termination, (ii) death, or (iii) Disability, all unvested Tranche RSUs shall automatically expire and be forfeited for no consideration. Further, in the event Participant's Continuous Qualifying Service is terminated for Cause (as defined below), vested Tranche RSUs that have not yet been settled shall automatically expire and be forfeited for no consideration.

**Changes in Capitalization:** If a transaction described in Section 2.2 of the Plan or an adjustment pursuant to Section 2.2 of the Plan occurs, the Committee will adjust the Tranche RSUs (to the extent not previously vested) set forth above in the *Vesting Table*, and the vested Tranche RSUs (if any, and solely to the extent then-unsettled) in the same manner that adjustments are made pursuant to Section 2.2(c) of the Plan, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under this Award (and in a manner that will not provide Participant with any greater or lesser benefit or potential benefits than intended to be made available under this Award).

**No Other Arrangements:** Participant's rights regarding the vesting of this Award are exclusively set forth in this Notice of Grant. Any other provisions, including acceleration provisions, set forth in any other arrangement between the Company and Participant, including, but not limited to, Participant's Change in Control and Severance Agreement with the Company, will not apply to this Award.

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**Definitions:**

"**Cause**" means (i) Participant's willful and continued failure or refusal to perform his material duties, which remains uncured for a period of thirty (30) days following his receipt of written notice from the Company identifying the existence of and describing such refusal or failure; (ii) any act constituting fraud, embezzlement, gross negligence, theft, misappropriation, or a willful breach of fiduciary duty, in each case, by Participant in connection with his responsibilities as an officer or employee of the Company and that materially injures the reputation or business of the Company or any subsidiary; (iii) any act constituting sexual harassment by Participant in connection with his responsibilities as an officer or employee of the Company and that materially injures the reputation or business of the Company or any subsidiary; (iv) Participant's conviction of, or plea of guilty or nolo contendere to, any felony (other than driving offenses that do not result in death or serious bodily injury); (v) Participant's willful commission of an act that materially violates his obligations under the confidentiality, invention assignment or non-solicitation provisions of any written agreements between Participant and the Company; or (vi) Participant's violation of the Company's Code of Business Conduct (as in effect from time to time) that materially injures the business of the Company or any subsidiary.

For purposes of this definition of "Cause", no action or failure to act on Participant's part shall be considered "willful" unless done or omitted to be done, by him in bad faith and without the reasonable belief that his action or omission was in, or not opposed to, the best interests of the Company. Notwithstanding the foregoing, Participant shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of not less than three fourths (3/4ths) of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice to Participant and an opportunity for Participant, together with his counsel, to be heard before the Board), finding that in the good faith opinion of the Board that Participant was guilty of conduct set forth above in clause (i), (ii), (iii), (iv), (v) or (vi) of the first sentence of this definition of Cause and specifying the particulars thereof in detail.

"**Change in Control**" means an Acquisition, as defined in the Plan, with the effective date thereof, the "**Closing Date**".

"**CIC Covered Termination**" means Participant's Separation (as defined below) (A) within **three (3) months** preceding a Change in Control or (B) within **twenty-four (24) months** following a Change in Control resulting, in either case of (A) or (B), from (i) the Company terminating Participant's employment for any reason other than Cause or (ii) Participant's resignation of Continuous Qualifying Service for Good Reason (as defined below). A termination by the Company for Cause or due to Participant's death or disability, or a resignation by Participant without Good Reason shall not constitute a CIC Covered Termination.

"**Continuous Qualifying Service**" means Participant's continued employment with the Company (a) as its Chief Executive Officer or (b) solely as reasonably determined by the Committee in its good faith discretion, as the Company's Chairman, Executive Chairman or another C-suite level officer of the Company, (which determination to permit service in such non-CEO role may, but need not, result in a change to the vesting schedules applicable to this Award or in the forfeiture of any portion of this Award as determined by the Committee).

"**Disability**" shall have the meaning given to such term in the Plan.

"**Good Reason**" means (a) a material breach by the Company of any material provision of the award agreement evidencing this Award or the award agreement evidencing the award for **14,480,169** "performance based" RSUs granted to Participant on **June 30, 2025**; (b) a material reduction by the Company in Participant's base compensation or a material reduction by the Company in the target incentive opportunity percentage used to

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determine Participant's annual bonus opportunity; or (c) any requirement that Participant's principal place of employment move by more than 30 miles from its then-current location. Provided, however, that (i) Participant must first give the Company written notice of any occurrence of the event constituting the alleged breach within sixty (60) days following the first occurrence of such event in a written explanation specifying the basis for his belief that he is entitled to terminate his employment for Good Reason, (ii) the Company shall have thirty (30) days from the date on which such notice is provided to cure such event, and (iii) provided that the Company does not reasonably cure such event, Participant must actually resign his employment within thirty (30) days following the end of the cure period described in (ii). Otherwise, any claim of such circumstances as "Good Reason" shall be deemed irrevocably waived by Participant.

"**Release Requirement**" means Participant (or the executor of Participant's estate or other designated beneficiary (in the case of Participant's death) or Participant's representative (in the case of Participant's Disability), as applicable) (i) has timely executed, and not revoked, a general release of all known and unknown claims that Participant may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims in substantially the form attached hereto as **<u>Exhibit 1</u>** (the "**Release**"). The Company will deliver the Release to Participant within ten (10) days after Participant's Termination Date. Participant must execute and return the Release within the time period specified in the form and in all events within sixty (60) days following the termination event described in this Award, as applicable.

"**Separation**" means a "separation from service," as defined in the regulations under Section 409A of the Code.

**Clawback:** The RSUs, shares received in settlement of the RSUs and any proceeds (gross of tax) received upon sale of such shares will be subject to clawback, recoupment and forfeiture in accordance with the Company's clawback policy as in effect from time to time (including, without limitation, any policy adopted to satisfy the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010).

**Settlement:** Vested RSUs shall be settled as soon as administratively practicable, but no later than sixty (60) calendar days after vesting. Settlement means the delivery of the Shares vested under an RSU. Settlement of RSUs shall be in Shares. Settlement of vested RSUs shall occur whether or not Participant is in Continuous Qualifying Service at the time of settlement, except as otherwise set forth above in the event a Participant's Continuous Qualifying Service is terminated for Cause. No fractional RSUs or rights for fractional Shares shall be created pursuant to this Notice of Grant.

Participant understands that Participant's employment or consulting relationship with the Company is for an unspecified duration, can be terminated at any time (i.e., is "at-will") and that nothing in this Notice of Grant, the RSU Agreement or the Plan changes the at-will nature of that relationship. Participant acknowledges that the vesting of the RSUs pursuant to this Notice of Grant is conditioned on Participant's Continuous Qualifying Service through the Annual Vesting Dates set forth above, except as specifically set forth above in this Notice of Grant. Participant also understands that this Notice of Grant is subject to the terms and conditions of both the RSU Agreement and the Plan, each of which are incorporated herein by reference. Participant has read both the RSU Agreement and the Plan.

**Execution and Delivery:** This Notice of Grant may be executed and delivered electronically whether via the Company's intranet or the Internet site of a third party or via email or any other means of electronic delivery specified by the Company. By Participant's acceptance hereof (whether written, electronic or otherwise), Participant agrees, to the fullest extent permitted by law, that in lieu of receiving documents in paper format, Participant accepts the electronic delivery of any documents the Company, or any third party involved in administering the Plan which the Company may designate, may deliver in connection with this grant (including

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the Plan, the Notice of Grant, the RSU Agreement, any disclosures provided pursuant to Rule 701, account statements or other communications or information) whether via the Company's intranet or the internet site of another third party or via email, or other means of electronic delivery specified by the Company; *provided* that, concurrently with any such delivery, Participant is notified of such delivery at the Company e-mail address of such Participant, with instructions on how to access the relevant document.

By Participant's and the Company's acceptance hereof (in each case, whether written, electronic or otherwise), Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan, the Notice of Grant and the RSU Agreement.

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**<u>Exhibit 1</u>**

**Form of Release**

This Release ("***Release***") is entered into with, and delivered to, Figma, Inc. (the "***Company***"), by Dylan Field ("***you***"), in connection with the termination of your Continuous Qualifying Service under that certain (x) award agreement evidencing the award for 14,480,169 "time-vested" restricted stock units granted to you on June 30, 2025 (the "***RSU Award Agreement***") and (y) award agreement evidencing the award for 14,480,169 "performance-vested" restricted stock units granted to you on June 30, 2025 (together with the RSU Award Agreement, the "***Award Agreements***"), in each case, pursuant to the Figma, Inc. 2021 Executive Equity Incentive Plan. Capitalized terms used but not defined in this Release shall have the meanings given to them in the Award Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation</u> <u>Date</u>: Your Continuous Qualifying Service was terminated [by the Company without Cause or by you for Good Reason]<sup>1</sup> as of [Date] (the "***Separation Date***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Return of Company Property</u>: You hereby warrant to the Company that, as of the Separation Date, you have or will have returned to the Company all property or data of the Company of any type whatsoever that has been in your possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Post Employment Obligations</u>: You hereby acknowledge that: (a) you continue to be bound by the attached Employee Invention Assignment and Confidentiality Agreement (<u>Exhibit A</u> hereto); (b) as a result of your employment with the Company, you have had access to the Company's proprietary and/or confidential information, and you will continue to hold all such information in strictest confidence and not make use of it on behalf of anyone, and (c) you must, and by your signature below confirm that you shall, deliver to the Company, no later than the Separation Date, all documents and data of any nature containing or pertaining to such information, and not take with you, or otherwise retain in any respect, any such documents or data or any reproduction thereof. Notwithstanding, the Company will at all times abide by 18 U.S.C § 1833(b)(1), which states, in pertinent part: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity</u>: You acknowledge that you have access to your stock option and/or restricted stock unit details via Shareworks, which outlines the options and/or restricted stock units granted to you by the Company, including those that have vested (or, as to restricted stock units, have satisfied the time-based vesting requirement) up to the Separation Date. You further acknowledge that you have read and understand your rights under, as applicable, the Figma, Inc. 2021 Executive Equity Incentive Plan, the Company's Amended and Restated 2012 Equity Incentive Plan or any other applicable equity incentive plan of the Company (collectively, the "***Plans***") and the applicable award agreement(s), including with respect to the exercise of your vested stock options (if any) and expiration of your restricted stock units (whether time-

<sup>1</sup> If the Continuous Qualifying Service is terminated due to death or Disability, the executor of the executive's estate or other designated beneficiary (in the case of the executive's death) or executive's representative (in the case of Participant's Disability) shall be a party to the release and the form of release shall be updated accordingly.

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vested or performance-vested) (if any) or other equity-based awards (if any). If you do not purchase your vested options (if any) within the applicable time period as described in the Plan, those vested options will expire and you will no longer be able to purchase them. Any unvested stock options or restricted stock units that have not satisfied the applicable vesting requirement as of the Separation Date will terminate and be canceled on the Separation Date and you shall have no further rights to or interests in such stock options or restricted stock units, unless otherwise specified in the applicable award agreements. You understand that you can email [\*\*\*] with any inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Release and Waiver of Claims</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;a.&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the payments and benefits set forth in the Award Agreements in connection with the termination of your Continuous Qualifying Service, to the fullest extent permitted by law, you hereby release and waive any other claims you may have against the Company and its subsidiaries and affiliates (including any predecessors of any of the foregoing) and each of their owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, successors and assigns (collectively "***Releasees***"), whether known or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of your employment or your separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act, the California Labor Code, and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities 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;b.&nbsp;&nbsp;&nbsp;&nbsp;By signing below, you expressly waive any benefits of Section 1542 of the Civil Code of the State of California, which provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

&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.&nbsp;&nbsp;&nbsp;&nbsp;You and the Company do not intend to release any claims or rights with respect to your outstanding equity interests in the Company, including pursuant to the Award Agreements or any other equity or equity-based award agreement with the Company (other than any such equity interests forfeited and cancelled in connection with your termination of employment), your Change in Control and Severance Agreement with the Company, claims for accrued, vested benefits under any employee retirement plan of the Company or for reimbursement under any group health or disability plan in which you participated in accordance with the terms and conditions of such plans and applicable law, any claims or rights that may arise after the date you sign this Release, or to claims that you may not release as a matter of law, including but not limited to claims for indemnity under California Labor Code Section 2802, claims to receive workers' compensation or unemployment benefits, or any claims for enforcement of this Release. Further, nothing herein will be deemed to release any rights or remedies in connection with your right to indemnification by the Company pursuant to contract or applicable law or any claims you may have under any directors & officers liability insurance policy. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the arbitration clause below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenant Not to Sue</u>:

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&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.&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, at no time subsequent to the execution of this Release will you pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which you may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Release.

&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.&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this section shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Release be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Protected Rights</u>: You understand that nothing in the General Release and Waiver of Claims and Covenant Not to Sue sections above, or otherwise in this Release, limits, impedes, or restricts your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local government agency or commission ("***Government Agencies***"). You further understand that this Release does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Release does not limit your right to receive an award for information provided to any Government Agencies or prohibit you from providing truthful information in response to a subpoena or other legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-disparagement; Litigation Support</u>: Subject to the Protected Rights section above, and otherwise to the fullest extent permitted by applicable law, you agree not to disparage, libel, slander, or file, raise, broadcast, publish or otherwise communicate any claim not in good faith or that is disloyal, reckless or maliciously untrue (and specifically, made with knowledge of their falsity or with reckless disregard for the truth or falsity of the statements), pertaining to the Releasees and/or their products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, in any manner that is in any way harmful to them or their business or their business or personal reputations, including, but not limited to, any statement posted on social media (including online company review sites) or otherwise on the Internet, whether or not made anonymously or with attribution. The Company agrees to instruct its executive officers and members of the Board of Directors of the Company not to disparage, libel, slander, or file, raise, broadcast, publish or otherwise communicate any claim not in good faith or that is disloyal, reckless or maliciously untrue (and specifically, made with knowledge of their falsity or with reckless disregard for the truth or falsity of the statements) pertaining to you in any manner that is in any way harmful to you or your business or personal reputation, including, but not limited to, any statement posted on social media or otherwise on the Internet, whether or not made anonymously or with attribution. You further agree, to the extent legally permissible, not to encourage, support, or participate in claims by any other person against the Releasees, provided that you and the Releasees will both respond accurately and fully to any question, inquiry or request for information when required by legal process. Nothing in this Release prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>: You and the Company are parties to an Arbitration Agreement that you signed on or around DATE (the "***Arbitration Agreement***"); that Agreement will govern any dispute resolution between you and the Company and will remain in place following the Separation Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Attorneys' Fees</u>: If any action is brought to enforce the terms of this Release, the prevailing party will be entitled to recover its reasonable attorneys' fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>: Subject to the Protected Rights section above, and otherwise to the fullest extent permitted by applicable law, the contents, terms and conditions of this Release must be kept confidential by you and may not be disclosed except to your immediate family, accountant, financial advisor or attorney or pursuant to subpoena or court order. You agree that if you are asked for information concerning this Release, you will state only that you and the Company reached an amicable resolution of any disputes concerning your separation from the Company. Any breach of this confidentiality provision shall be deemed a material breach of this Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Admission of Liability</u>: This Release is not and shall not be construed or contended by you to be an admission or evidence of any wrongdoing or liability on the part of Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns. This Release shall be afforded the maximum protection allowable under California Evidence Code Section 1152 and/or any other state or federal provisions of similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Complete and Voluntary Agreement</u>: This Release, together with Exhibit A hereto, the Arbitration Agreement, the Award Agreements and your Change in Control and Severance Agreement with the Company, constitute the entire agreement between you and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter. You acknowledge that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Release for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Release in reliance only upon such promises, representations and warranties as are contained herein, and that you are executing this Release voluntarily, free of any duress or coercion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>: The provisions of this Release are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification; Counterparts; Electronic/PDF Signatures</u>: It is expressly agreed that this Release may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Release, executed by authorized representatives of each of the parties to this Release. This Release may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of an electronic or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be admissible in any legal proceeding as if it were an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>: This Release shall be governed by and construed in accordance with the laws of the State of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Review of Separation Agreement; Expiration of Offer</u>. [***<u>Include next 2 sentences for</u> <u>Employees Under 40</u>***: You understand that you have the right to consult with an attorney regarding this Release, and that you may take up to five business days to consider this Release (the "***Consideration Period***"). The offer set forth in this Release, if not accepted by you by 5:00 p.m. (PST) on the last day of the Consideration Period, will automatically expire. ***<u>Include rest of paragraph for Employees Over 40</u>*** 

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***<u>Years of Age</u>***: This Release is intended to satisfy the requirements of the Older Workers' Benefit Protection Act, 29 U.S.C. sec. 626 (f). You are advised to consult with an attorney prior to executing this Release. This Release does not waive or release any rights or claims you may have under the Age Discrimination in Employment Act that arise after the execution of this Release. In addition, this Release does not prohibit you from challenging the validity of the waiver and release claims set forth herein. You understand that you may take up to 21 calendar days to consider this Release (the "***Consideration Period***"). The offer set forth in this Release, if not accepted by you by 5:00 p.m. (PST) on the last day of the Consideration Period, will automatically expire. By signing below, you affirm that you were advised to consult with an attorney prior to signing this Release. You also agree that changes to this Release, whether material or immaterial, do not toll or restart the Consideration Period. You also understand you may revoke this Release within seven days of signing this document and that the separation compensation to be provided to you pursuant to the Award Agreements will be provided only after the expiration of that seven day revocation period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>: This Release is effective on the [***<u>Include for Employees Under 40</u>***: date it is signed by both parties / ***<u>Include for Employees Over 40 Years of Age</u>***: eighth (8th) day after you sign it and without revocation by you.

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

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If you agree to abide by the terms outlined in this Release, please sign and return it to me. I wish you the best in your future endeavors.

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| |
|:---|
| Sincerely, |
| &nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc. |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp; [Name] |
| &nbsp;&nbsp;&nbsp;&nbsp; [Title] |

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| |
|:---|
| READ, UNDERSTOOD AND AGREED |
| By: |
| Dylan Field |
| Date: |

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**EXHIBIT A**

**Employee Invention Assignment and Confidentiality Agreement**

[See Attached]

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**ANNEX A**

**<u>RESTRICTED STOCK UNIT AGREEMENT</u>**

Participant has been granted RSUs subject to the terms, restrictions and conditions of the Company's 2021 Executive Equity Incentive Plan (the "**Plan**"), the Notice of Restricted Stock Unit Award ("**Notice of Grant**") and this Restricted Stock Unit Agreement (this "**Agreement**"). Unless otherwise defined herein or in the Notice of Grant, the terms defined in the Plan shall have the same defined meanings in this Agreement.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Stockholder Rights</u>.** Until such time as Shares are issued in settlement of vested RSUs, Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. As a condition to the issuance of any Shares in settlement of vested RSUs, Participant agrees to enter into a joinder to be bound by any stockholders' agreement by and between the Company and its stockholders in force from time to time.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalents</u>.** Dividend equivalents, if any, shall not be credited to Participant in respect of Participant's RSUs, except as otherwise permitted by the Committee.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Transfer</u>.** The RSUs and any interest therein shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of Participant and receive any property distributable with respect to the RSUs upon the death of Participant provided that any such designation is made in compliance with the Restated Certificate and the Company's Amended and Restated Bylaws ("**Bylaws**"). Any transferee who receives an interest in the RSU or the underlying Shares upon the death of Participant shall acknowledge in writing that the RSU shall continue to be subject to the restrictions set forth in this Section 3. For the avoidance of doubt, this Section 3 shall not apply to any Shares issued pursuant to the settlement of any RSUs.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** All RSUs for which vesting is no longer possible under the terms of the Notice of Grant and this Agreement shall be forfeited to the Company forthwith, and all rights of Participant to the RSUs shall immediately terminate. In case of any dispute as to whether Termination has occurred, the Committee shall have sole discretion, which it shall exercise reasonably and in good faith, to determine whether Termination has occurred and the effective date of such Termination.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>.** The Company and Participant agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement, and the provisions of the Plan (incorporated herein by reference). Participant (i) acknowledges receipt of a copy of each of the foregoing documents, (ii) represents that Participant has carefully read and is familiar with their provisions and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Transfer of Stock</u>.** Participant shall not assign, encumber or dispose of any interest in the Shares issued pursuant to this Agreement except (i) prior to the Company becoming subject to the reporting requirements of the Exchange Act (defined below), with the Company's prior written consent and in compliance with the provisions of Sections 9 and 10 of the Plan, (ii) in compliance with the Company's then-current insider trading policy and applicable securities laws and (iii) in compliance with the Restated Certificate and Bylaws. The restrictions on transfer also include a prohibition on any short position, any "put equivalent position" or any "call equivalent position" by the RSU holder with respect to the RSU itself as well as any shares issuable upon settlement of the RSU prior to the settlement thereof until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "**Exchange Act**").

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**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions Binding on Transferees</u>.** All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement, including the transfer restrictions of Sections 3 and 6 and as set forth in the Restated Certificate and Bylaws, and the transferee shall acknowledge the restrictions in writing. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding of Tax</u>.** When the RSUs are vested and/or settled, the fair market value of the Shares shall be treated as income subject to withholding by the Company for income and employment taxes if Participant is or was an employee of the Company. Prior to any relevant taxable or tax withholding event, as applicable, Participant shall pay or make adequate arrangements satisfactory to the Company to satisfy any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to the Participant's participation in this Plan and legally applicable to the Participant (collectively, "**Tax-Related Obligations**"). Tax-Related Obligations with respect to each settlement event for the RSUs shall be satisfied by withholding Shares that otherwise would be issued to Participant when Participant's RSUs are settled ("**Net Settlement**"), provided that if the Committee and Participant mutually agree in their good faith reasonable discretion that Net Settlement is not in the Company's best interests with respect to a future settlement event relating to all or any portion of the RSUs and (i) the Company provides advance written notice to Participant that Net Settlement shall not apply to all or any portion of such future settlement and (ii) following such notice Participant has a reasonable opportunity to adopt a valid 10b5-1 trading plan to be effective with regard to open market sales of shares to satisfy tax withholding in connection with such settlement event, then such tax withholding obligations may be satisfied via Participant's sale of shares otherwise issuable under the RSUs in either case, in compliance with the Company's insider trading policy and 10b5-1 trading plan policy, if applicable. Depending on the withholding method, the Company and/or a Parent or Subsidiary of the Company may withhold or account for Tax-Related Obligations by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. In the case of Net Settlement, the Company shall issue the net number of Shares to Participant by deducting the Shares retained for Tax-Related Obligations from the Shares issuable upon vesting. For tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Obligations.

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A</u>.** For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a "separation from service" as defined in Section 409A of the Code and the regulations thereunder ("**Section 409A**"). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Participant's termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of termination of employment to be a "specified employee" under Section 409A, then the payment shall not be made or commence until the earlier of (i) the expiration of the six-month period measured from Participant's separation from service from the Company or (ii) the date of Participant's death following a separation from service; *<u>provided</u>*, *<u>however</u>*, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Participant's termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. The occurrence of a vesting date pursuant to the Notice of Grant is intended to be a "substantial risk of forfeiture," within the meaning of Section 409A, and the settlements related thereto are each intended to be an exempt "short-term deferral," within the meaning of Section 409A and the Company intends that its tax position on any of its tax returns will be consistent with this intent absent a change in applicable law after the date hereof. To the extent

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that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be classified as a "short-term deferral" within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. All payments made pursuant to the Notice of Grant and/or this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.** Participant acknowledges that there will be tax consequences upon vesting and/or settlement of the RSUs and/or disposition of the Shares, if any, received in connection therewith, and Participant should consult a tax adviser regarding Participant's tax obligations prior to the settlement or disposition.

**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws and Regulations</u>.** The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant (including any written representations, warranties and agreements as the Committee may request of Participant for compliance with applicable laws) with all applicable foreign and US state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's common stock may be listed or quoted at the time of the issuance or transfer. Participant may not be issued any Shares if the issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. 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 to the lawful issuance and sale of any Shares shall relieve the Company of any liability in respect of the failure to issue or sell the Shares.

**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Legend on Certificates</u>.** The certificates representing the Shares issued hereunder shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which shares of the Company's Class A Common Stock are listed and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>.** The Company may assign any of its rights under this Agreement. This Agreement shall 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, this Agreement will be binding upon Participant and Participant's heirs, executors, administrators, legal representatives, successors and assigns.

**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Severability</u>.** The Plan and the Notice of Grant are incorporated herein by reference. The Plan, the Notice of Grant and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof (including, without limitation, any commitment to make any other form of equity award (such as stock options) that may have been set forth in any employment offer letter or other agreement between the parties); *provided*, *however*, that this Section 14 shall not apply to that certain notice of RSU award and applicable agreement between Participant and the Company, dated **June 30, 2025**, whereby the Company granted to Participant **14,480,169** "performance-vested" RSUs. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.

**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Market Standoff Agreement</u>.** Participant agrees that, subject to any early release provisions that apply pro rata to stockholders of the Company according to their holdings of common stock (determined on an as-

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converted into common stock basis), and except as otherwise agreed by Participant and the Company, Participant will not, for a period of up to one hundred eighty (180) days following the closing of the Company's initial sale of its Class A Common Stock (such period, the "**Lock-up Period**") in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act (an "**IPO**"), directly or indirectly sell, offer to sell, grant any option for the sale of, or otherwise dispose of any common stock or securities convertible into common stock, <u>except</u> <u>for:</u> (i) transfers of Shares permitted under Section 6 hereof so long as such transferee furnishes to the Company and the managing underwriter their written consent to be bound by this Section 15 as a condition precedent to such transfer; and (ii) sales of any securities to be included in the registration statement for the IPO. For the avoidance of doubt, the provisions of this Section shall only apply to the IPO. The restricted period shall in any event terminate two (2) years after the closing date of the IPO. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the Shares subject to this Section and to impose stop transfer instructions with respect to the Shares until the end of such period. Participant further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing restrictions on transfer. For the avoidance of doubt, the foregoing provisions of this Section shall not apply to any registration of securities of the Company (a) under an employee benefit plan or (b) in a merger, consolidation, business combination or similar transaction.

**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Employee, Director or Consultant</u>.** Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent or Subsidiary of the Company, to terminate Participant's Continuous Service, for any reason, with or without cause.

**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Information to Participants</u>.** If the Company is relying on an exemption from registration under Section 12(h)-1 of the Exchange Act and such information is required to be provided by Section 12(h)-1, the Company shall provide the information described in Rules 701(e)(3), (4) and (5) of the Securities Act by a method allowed under Section 12(h)-1 of the Exchange Act in accordance with Section 12(h)-1 of the Exchange Act, *<u>provided</u>*, that Participant agrees to keep the information confidential to the extent such information has not otherwise been publicly disclosed (other than a disclosure by Participant in violation of this Agreement).

**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Documents and Notices</u>.** Any document relating to participating in the Plan and/or notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery or deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, with postage and fees prepaid, addressed to the other party at the e-mail address, if any, provided for Participant by the Company or at such other address as such party may designate in writing from time to time to the other party.

**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Choice of Law and Venue</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.

\* \* \* \* \* \* \* \* \* \*

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***Performance-Based Award***

**<u>NOTICE OF RESTRICTED STOCK UNIT AWARD</u>**

**FIGMA, INC.**

**2021 EXECUTIVE EQUITY INCENTIVE PLAN**

Terms defined in the Company's 2021 Executive Equity Incentive Plan (the "**Plan**") shall have the same meanings in this Notice of Restricted Stock Unit Award ("**Notice of Grant**"). Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Notice of Grant. By electronically accepting the RSUs via the Carta platform, Participant hereby acknowledges and agrees that he is not expected to receive any additional awards of RSUs, Options, SARs or other equity or equity-based awards of the Company on account of his service to the Company prior to the fifth (5<sup>th</sup>) anniversary of the RSU Grant Date.

The Participant named below has been granted an award ("**Award**") of RSUs, subject to the terms and conditions of the Plan, the Vesting Annex, attached as <u>Annex A</u> (the "**Vesting Annex**") and the Restricted Stock Unit Agreement, attached as <u>Annex B</u> (the "**RSU Agreement**") under the Plan, as follows:

**Participant Name:&nbsp;&nbsp;&nbsp;&nbsp;Dylan Field**

**Total Number of RSUs:&nbsp;&nbsp;&nbsp;&nbsp;14,480,169 (Class B Common Stock)**

**RSU Grant Date:&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2025**

**Vesting Commencement Date:&nbsp;&nbsp;&nbsp;&nbsp;July 1, 2025**

**Vesting**: As set forth in the Vesting Annex.

**Settlement**: Vested RSUs shall be settled as soon as administratively practicable, but no later than sixty (60) calendar days after vesting. Settlement means the delivery of the Shares vested under an RSU. Settlement of RSUs shall be in Shares. Settlement of vested RSUs shall occur whether or not Participant is in Continuous Qualifying Service (as defined below) at the time of settlement, except as otherwise set forth in the Vesting Annex. No fractional RSUs or rights for fractional Shares shall be created pursuant to this Notice of Grant.

Participant understands that Participant's employment or consulting relationship with the Company is for an unspecified duration, can be terminated at any time (i.e., is "at-will") and that nothing in this Notice of Grant, the Vesting Annex, the RSU Agreement or the Plan changes the at-will nature of that relationship. Participant acknowledges that the vesting of the RSUs pursuant to this Notice of Grant is conditioned on the achievement of the Company Stock Price Targets (as defined in the Vesting Annex) and Participant's Continuous Qualifying Service through the Annual Vesting Dates set forth in the Vesting Annex, except as specifically set forth in the Vesting Annex. Participant also understands that this Notice of Grant is subject to the terms and conditions of the Vesting Annex, the RSU Agreement, and the Plan, each of which are incorporated herein by reference. Participant has read the Vesting Annex, the RSU Agreement and the Plan.

**Execution and Delivery:** This Notice of Grant may be executed and delivered electronically whether via the Company's intranet or the Internet site of a third party or via email or any other means of electronic delivery specified by the Company. By Participant's acceptance hereof (whether written, electronic or otherwise), Participant agrees, to the fullest extent permitted by law, that in lieu of receiving documents in paper format, Participant accepts the electronic delivery of any documents the Company, or any third party involved in administering the Plan which the Company may designate, may deliver in connection with this grant (including

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the Plan, the Notice of Grant, the Vesting Annex, the RSU Agreement, any disclosures provided pursuant to Rule 701, account statements or other communications or information) whether via the Company's intranet or the internet site of another third party or via email, or other means of electronic delivery specified by the Company; *provided* that, concurrently with any such delivery, Participant is notified of such delivery at the Company e-mail address of such Participant, with instructions on how to access the relevant document.

By Participant's and the Company's acceptance hereof (in each case, whether written, electronic or otherwise), Participant and the Company agree that this RSU is granted under and governed by the terms and conditions of the Plan, the Notice of Grant, the Vesting Annex and the RSU Agreement.

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**ANNEX A**

**<u>Vesting Annex</u>**

This performance-based Award is earned based on extraordinary achievement of the Company's Stock Price (as set forth below in <u>Section 1</u>) during the time period, and subject to all other terms and conditions set forth in this Vesting Annex. Capitalized terms used but not defined herein shall have the meanings given to them in the Notice of Grant, the RSU Agreement or the Plan, as applicable.

**1.&nbsp;&nbsp;&nbsp;&nbsp;Achievement.**

The Total Number of RSUs are allocated between seven (7) tranches (each, a "***Tranche***" and RSUs allocated thereto, respectively, the "***Tranche RSUs***"), as specified below in the *Performance Table*.

**<u>Achievement pursuant to this Section 1 shall be determined separately for each Tranche.</u>**

Subject to Certification, as provided below in <u>Section 7</u>, and Participant's Continuous Qualifying Service through the Certification Date (as defined below) and the applicable vesting dates set forth below in <u>Section 2</u>, except as set forth below in <u>Section 3</u>, <u>Section 4</u> and <u>Section 6</u>, 100% of the Tranche RSUs shall be earned and become eligible to vest ("***Earned Tranche RSUs***") upon achievement of the Stock Price Target (i.e., the 60-Day Average VWAP (as defined below) equals or exceeds the Stock Price Target) at any time during the period beginning on the IPO (as defined in the RSU Agreement) and ending on the tenth (10<sup>th</sup>) anniversary of the IPO (the "***Performance Period***"), as specified below in the *Performance Table*. Earned Tranche RSUs shall be eligible to vest as set forth below in <u>Section 2</u>.

Achievement of the Stock Price Targets will be measured, and the corresponding Earned Tranche RSUs will be determined, as a "step" function (i.e., no adjustment for achievement between Stock Price Targets), except in the case of achievement in connection with a Change in Control (as defined below), as set forth below in <u>Section 3</u>. Once a Stock Price Target for a Tranche is achieved during the Performance Period, it shall remain achieved and eligible to vest as set forth below in <u>Section 2</u>, notwithstanding a decrease in the 60-Day Average VWAP thereafter. Stock Price Targets may be achieved sequentially, or concurrently. In no event may more than the Total Number of RSUs become Earned Tranche RSUs. The Committee will determine and certify the achievement of the 60-Day Average VWAP as set forth below in <u>Section 7</u>.

Any Tranche RSUs that do not become Earned Tranche RSUs, pursuant to this <u>Section 1,</u> prior to the earliest to occur of (x) the final day of the Performance Period or (y) termination of Participant's Continuous Qualifying Service shall automatically expire and be forfeited for no consideration, except as set forth below in <u>Section 3</u>, <u>Section 4</u> and <u>Section 6</u>.

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| | | |
|:---|:---|:---|
| **Performance Table** | **Performance Table** | **Performance Table** |
| **Tranche** | **Stock Price Target** | **Number of Earned Tranche RSUs**<br>**(as a percentage of the Total Number of RSUs)** |
| 1 | $60 | 15% |
| 2 | $70 | 15% |
| 3 | $80 | 15% |
| 4 | $90 | 15% |
| 5 | $100 | 14.5% |
| 6 | $110 | 13.5% |
| 7 | $130 | 12% |

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"***60-Day Average VWAP***" shall mean the average of each trading day's volume-weighted average price on the applicable national securities exchange or quotation system on which Company Class A Common Stock trades for one share of Class A Common Stock, calculated using the trading days in any sixty (60) consecutive calendar day period commencing on any day during the Performance Period and concluding no later than the final day of the Performance Period. The 60-Day Average VWAP shall be as reported on such reasonable resource designated by the Company.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Vesting of Earned Tranche RSUs.**

**<u>Vesting pursuant to this Section 2 shall be applied separately for each Tranche.</u>**

Earned Tranche RSUs with respect to a Tranche shall vest as to a number of Earned Tranche RSUs equal to (i) the number of years following the Vesting Commencement Date as of the Certification Date (each annual anniversary of the Vesting Commencement Date, an "***Annual Vesting Date***"), multiplied by (ii) 1/7 of the total number of such Earned Tranche RSUs, subject to Participant's Continuous Qualifying Service through such Certification Date, except as set forth below in <u>Section 3</u>, <u>Section 4</u> and <u>Section 6</u>. If such Certification Date occurs prior to the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, the Earned Tranche RSUs shall become vested as to an additional 1/7 of the Earned Tranche RSUs on each Annual Vesting Date following the Certification Date through the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, subject to Participant remaining in Continuous Qualifying Service through each such vesting date, except as set forth below in <u>Section 3</u>, <u>Section 4</u> and <u>Section 6</u>.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Covered Termination**. In the event of Participant's Covered Termination (as defined below), and subject to Participant's satisfaction of the Release Requirement (as defined below), unvested Earned Tranche RSUs shall vest upon Participant's Covered Termination. Any RSUs that have not become Earned Tranche RSUs pursuant to <u>Section 1</u> shall automatically expire and be forfeited for no consideration upon Participant's Covered Termination.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Death; Disability**. In the event that Participant's Continuous Qualifying Service terminates due to Participant's death or Disability (as defined below), and subject to Participant's satisfaction of the Release Requirement, unvested Earned Tranche RSUs shall vest upon Participant's death or Disability. Any RSUs that have not become Earned Tranche RSUs pursuant to <u>Section 1</u> shall not terminate and shall instead remain outstanding for a period of twelve (12) months following Participant's death or Disability (the "***12-Month Window***"), provided that in no event will the Award remain outstanding following the expiration of the Performance Period. In the event a Stock Price Target is achieved no later than the final day of the 12-Month Window (including in connection with a Change in Control pursuant to <u>Section 6</u>), Tranche RSUs subject to the 12-Month Window will become Earned Tranche RSUs in accordance with <u>Section 1</u> or <u>Section 6</u>, as applicable, and vest in full (i.e., satisfaction of the service condition under <u>Section 2</u> shall be waived) upon the Certification Date (or immediately prior to the Closing Date (as defined below), if achieved in connection with a Change in Control). If no Stock Price Target is achieved on or prior to the final day of the 12-Month Window, RSUs subject to the 12-Month Window shall automatically expire and be forfeited for no consideration.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Termination for Cause or other than due to Resignation for Good Reason, Death, or Disability**. In the event Participant's Continuous Qualifying Service is terminated other than due to any of Participant's (i) resignation for Good Reason (as defined below), (ii) death, or (iii) Disability, unvested Earned Tranche RSUs and any RSUs that have not become Earned Tranche RSUs pursuant to <u>Section 1</u> shall automatically expire and be forfeited for no consideration. Further, in the event Participant's Continuous Qualifying Service is terminated by the Company for Cause (as defined below), vested and unpaid Earned Tranche RSUs shall automatically expire and be forfeited for no consideration.

**6.&nbsp;&nbsp;&nbsp;&nbsp;Change in Control.** Notwithstanding the foregoing <u>Section 1</u> and <u>Section 2</u>, in the event that the Company is subject to a Change in Control following an IPO and prior to the final day of the Performance Period, the following provisions shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Determination of Achievement</u>. As of such date determined by the Committee prior to the

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Closing Date, the Performance Period shall end and the Committee shall determine the level of achievement of the Stock Price Targets for any unearned Tranche RSUs using the same process as set forth in <u>Section 1</u> above, *<u>except that</u>* (i) the CIC Price (as defined below) shall be used in lieu of the 60-Day Average VWAP to determine the Stock Price Target achievement and (ii) if achievement falls between Stock Price Targets, a pro rata portion of Tranche RSUs will become Earned Tranche RSUs, calculated using straight-line interpolation between such Stock Price Targets. **<u>To illustrate the foregoing</u> <u>pro rata achievement</u>**, if Tranche 1 through Tranche 5 are achieved prior to the Change in Control, and in connection with the Change in Control the Stock Price is achieved at $120 (i.e., between the Stock Price Targets for Tranche 6 and Tranche 7), then 100% of the Tranche 6 RSUs shall become Earned Tranche RSUs and 50% of the Tranche 7 RSUs shall become Earned Tranche RSUs (such that, together with the Earned Tranche RSUs for Tranche 1 through Tranche 5, a total of 94% of the Award is earned as of the Change in Control).

Any RSUs that are not Earned Tranche RSUs on the Closing Date (the "***Unearned Tranche RSUs***") shall be subject to vesting pursuant to <u>Section 6(b)(iii)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting following a Change in Control</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;*Tranche RSUs earned prior to a Change in Control*. Tranche RSUs that became Earned Tranche RSUs prior to the Change in Control shall vest on the Closing Date as to a pro rata portion of the Earned Tranche RSUs scheduled to vest on the next Annual Vesting Date to occur following the Closing Date, subject to Participant's Continuous Qualifying Service through the Closing Date. The prorated portion of such Earned Tranche RSUs (the "***Pro Rata Portion***") that shall vest pursuant to the foregoing shall be the number of such Earned Tranche RSUs multiplied by a fraction, (1) the numerator of which is the number of days that have elapsed since the most recent Annual Vesting Date through the Closing Date and (2) the denominator of which is 365. If the Closing Date occurs prior to the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, the Earned Tranche RSUs shall become vested as to an additional 1/7 of such Earned Tranche RSUs on each Annual Vesting Date following the Closing Date (less the Pro Rata Portion, for the first Annual Vesting Date to occur following the Closing Date) through the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, subject to Participant remaining in Continuous Qualifying Service through each such vesting date, except as set forth above in <u>Section 4</u> and below in <u>Section 6(c)</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;*Tranche RSUs earned in connection with a Change in Control*. Tranche RSUs that become Earned Tranche RSUs in connection with a Change in Control pursuant to <u>Section 6(a)</u> above shall vest on the Closing Date as to a number of Earned Tranche RSUs equal to the sum of (A) (i) the number of Annual Vesting Dates that have occurred as of the Certification Date, multiplied by (ii) 1/7 of the total number of Earned Tranche RSUs, <u>plus</u> (B) the Pro Rata Portion, subject to Participant's Continuous Qualifying Service through such Certification Date, except as set forth above in <u>Section 4</u> and below in <u>Section 6(c)</u>. If the Closing Date occurs prior to the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, the Earned Tranche RSUs shall become vested as to an additional 1/7 of such Earned Tranche RSUs on each Annual Vesting Date following the Closing Date (less the Pro Rata Portion, for the first Annual Vesting Date to occur following the Closing Date) through the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, subject to Participant remaining in Continuous Qualifying Service through each such vesting date, except as set forth above in <u>Section 4</u> and below in <u>Section 6(c)</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;*Unearned Tranche RSUs.* Unearned Tranche RSUs shall vest on the Closing Date as to a number of Earned Tranche RSUs equal to (i) the number of Annual Vesting Dates that have occurred as of the Certification Date, multiplied by (ii) 1/7 of the total number of Unearned Tranche RSUs, subject to Participant's Continuous Qualifying Service through such Certification Date, except as set forth above in <u>Section 4</u> and below in <u>Section 6(c)</u>. If the Closing Date occurs prior to the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, the Unearned Tranche RSUs shall become vested as to an additional 1/7 of such Unearned Tranche RSUs on each Annual Vesting Date following the Closing Date through the seventh (7<sup>th</sup>) anniversary of the Vesting Commencement Date, subject to Participant remaining in Continuous Qualifying Service through each such vesting date, except as set forth above in <u>Section 4</u> and below in <u>Section 6(c)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;*Double-Trigger Acceleration*. Notwithstanding the foregoing <u>Section 6(b)</u>, in the event of Participant's CIC Covered Termination (as defined below), and subject to the Release Requirement, all RSUs subject to this Award (including unvested Earned Tranche RSUs and Unearned Tranche RSUs) shall accelerate in full and become vested on the date of Participant's CIC Covered Termination. To permit the foregoing acceleration if, other than within a period of twenty-four (24) months following a Change in Control, (x) the Company terminates Participant's Continuous Qualifying Service without Cause (as defined below) or (y) Participant terminates Participant's Continuous Qualifying Service for Good Reason (as defined below), this Award will remain outstanding, for a period of three (3) months following such termination (the "***3-Month CIC Window***"), provided that in no event will the Award remain outstanding beyond the expiration of the Performance Period, and in the event a Change in Control closes on or prior to the final day of the 3-Month CIC Window, all RSUs will vest in full upon the Closing Date. If a Change in Control is not completed on or prior to the final day of the 3-Month CIC Window, RSUs subject to the 3-Month CIC Window shall automatically expire and be forfeited for no consideration.

Notwithstanding anything herein to the contrary, upon a Change in Control in which the successor or acquiring corporation (if any) does not assume, convert, continue, replace or substitute this Award to the extent outstanding immediately prior to the Change in Control (including replacing this Award with a substantially comparable cash award) then, notwithstanding any other provision in the Plan, this Notice of Grant, this Vesting Appendix or the RSU Agreement to the contrary, 100% of all RSUs then subject to this Award shall accelerate and become vested effective immediately prior to the Change in Control (i.e., both satisfaction of the performance achievement condition under <u>Section 1</u> and the service condition under <u>Section 2</u> shall be waived). This Award shall not be subject to Section 11.1(f) of the Plan.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Certification.**

The Committee, in its sole and absolute discretion (which shall not be unreasonably withheld, conditioned, or delayed), shall determine and certify achievement of a Stock Price Target (to "***Certify***", a "***Certification***" and the date of such determination, the "***Certification Date***") (a) within fifteen (15) calendar days following the date that the Stock Price Target has been achieved, with respect to achievement based on the 60-Day Average VWAP, or (b) immediately prior to the Closing Date, with respect to achievement based on the CIC Price in connection with a Change in Control. The Committee's determination of the achievement of any Stock Price Target will be final, binding and conclusive on the Participant.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Adjustment.**

If a transaction described in Section 2.2 of the Plan or an adjustment pursuant to Section 2.2 of the Plan occurs, the Committee will adjust the Stock Price Targets and corresponding Tranche RSUs (in each case, to the extent not previously achieved), set forth above in the *Performance Table*, and the Earned Tranche RSUs (if any, and solely to the extent then-unsettled) in the same manner that adjustments are made pursuant to Section 2.2(c) of the Plan, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under this Award (and in a manner that will not provide Participant with any greater or lesser benefit or potential benefits than intended to be made available under this Award).

**9.&nbsp;&nbsp;&nbsp;&nbsp;Clawback.**

The RSUs, shares received in settlement of the RSUs, and any proceeds (gross of tax) received upon sale of such shares will be subject to clawback, recoupment, and forfeiture in accordance with the Company's clawback policy as in effect from time to time (including, without limitation, any policy adopted to satisfy the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010).

**10.&nbsp;&nbsp;&nbsp;&nbsp;No Other Arrangements.**

Participant's rights regarding the vesting of this Award are exclusively set forth in this Vesting Annex. Any other provisions, including acceleration provisions, set forth in any other arrangement between the Company

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and Participant, including, but not limited to, Participant's Change in Control and Severance Agreement with the Company, will not apply to this Award.

**11.&nbsp;&nbsp;&nbsp;&nbsp;Definitions.**

"***Cause***" means (i) Participant's willful and continued failure or refusal to perform his material duties, which remains uncured for a period of thirty (30) days following his receipt of written notice from the Company identifying the existence of and describing such refusal or failure; (ii) any act constituting fraud, embezzlement, gross negligence, theft, misappropriation, or a willful breach of fiduciary duty, in each case, by Participant in connection with his responsibilities as an officer or employee of the Company and that materially injures the reputation or business of the Company or any subsidiary; (iii) any act constituting sexual harassment by Participant in connection with his responsibilities as an officer or employee of the Company and that materially injures the reputation or business of the Company or any subsidiary; (iv) Participant's conviction of, or plea of guilty or nolo contendere to, any felony (other than driving offenses that do not result in death or serious bodily injury); (v) Participant's willful commission of an act that materially violates his obligations under the confidentiality, invention assignment or non-solicitation provisions of any written agreements between Participant and the Company; or (vi) Participant's violation of the Company's Code of Business Conduct (as in effect from time to time) that materially injures the business of the Company or any subsidiary.

For purposes of this definition of "Cause", no action or failure to act on Participant's part shall be considered "willful" unless done or omitted to be done, by him in bad faith and without the reasonable belief that his action or omission was in, or not opposed to, the best interests of the Company. Notwithstanding the foregoing, Participant shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of not less than three fourths (3/4ths) of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice to Participant and an opportunity for Participant, together with his counsel, to be heard before the Board), finding that in the good faith opinion of the Board that Participant was guilty of conduct set forth above in clause (i), (ii), (iii), (iv), (v) or (vi) of the first sentence of this definition of Cause and specifying the particulars thereof in detail.

"***Change in Control***" means an Acquisition, as defined in the Plan, with the effective date thereof, the "***Closing Date***".

"***CIC Covered Termination***" means Participant's Separation (as defined below) (A) within **three (3) months** preceding a Change in Control or (B) within **twenty-four (24) months** following a Change in Control resulting, in either case of (A) or (B), from (i) the Company terminating Participant's employment for any reason other than Cause or (ii) Participant's resignation of Continuous Qualifying Service for Good Reason (as defined below). A termination by the Company for Cause or due to Participant's death or disability, or a resignation by Participant without Good Reason shall not constitute a CIC Covered Termination.

"***CIC Price***" means the price per share of the Company's Class A common stock to be paid to the holder in accordance with the definitive agreement providing for the Change in Control (or, in the absence of such a definitive agreement, the closing price per share of the Company's Class A common stock as reported on the applicable national securities exchange or quotation system on which Company Class A Common Stock trades for the last trading day immediately preceding the Closing Date). In the event that the consideration in the Change in Control is not paid based on a price per share of the Company's Class A common stock to be paid to the holder, then the value of such consideration and the CIC Price shall be determined in good faith by the Committee after consulting, in good faith, with Participant.

"***Continuous Qualifying Service***" means Participant's continued employment with the Company (a) as its Chief Executive Officer or (b) solely as reasonably determined by the Committee in its good faith discretion, as the Company's Chairman, Executive Chairman or another C-suite level officer of the Company, (which determination to permit service in such non-CEO role may, but need not, result in a change to the vesting schedules applicable to this Award or in the forfeiture of any portion of this Award as determined by the Committee).

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"***Covered Termination***" means Participant's Separation that is not a CIC Covered Termination, but which results from (i) the Company terminating Participant's Continuous Qualifying Service for any reason other than Cause or (ii) Participant's resignation of employment for Good Reason. A termination or resignation without Good Reason or due to Participant's death or disability shall not constitute a Covered Termination.

"***Disability***" shall have the meaning given to such term in the Plan.

"***Good Reason***" means (a) a material breach by the Company of any material provision of the award agreement evidencing this Award or the award agreement evidencing the award for **14,480,169** "time-vested" RSUs granted to Participant on **June 30, 2025**; (b) a material reduction by the Company in Participant's base compensation or a material reduction by the Company in the target incentive opportunity percentage used to determine Participant's annual bonus opportunity; or (c) any requirement that Participant's principal place of employment move by more than 30 miles from its then-current location. Provided, however, that (i) Participant must first give the Company written notice of any occurrence of the event constituting the alleged breach within sixty (60) days following the first occurrence of such event in a written explanation specifying the basis for his belief that he is entitled to terminate his employment for Good Reason, (ii) the Company shall have thirty (30) days from the date on which such notice is provided to cure such event, and (iii) provided that the Company does not reasonably cure such event, Participant must actually resign his employment within thirty (30) days following the end of the cure period described in (ii). Otherwise, any claim of such circumstances as "Good Reason" shall be deemed irrevocably waived by Participant.

"***Release Requirement***" means Participant (or the executor of Participant's estate or other designated beneficiary (in the case of Participant's death) or Participant's representative (in the case of Participant's Disability), as applicable) (i) has timely executed, and not revoked, a general release of all known and unknown claims that Participant may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims in substantially the form attached hereto as **<u>Exhibit 1</u>** (the "***Release***"). The Company will deliver the Release to Participant within ten (10) days after Participant's Termination Date. Participant must execute and return the Release within the time period specified in the form and in all events within sixty (60) days following the termination event described in this Award, as applicable.

"***Separation***" means a "separation from service," as defined in the regulations under Section 409A of the Code.

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**<u>Exhibit 1</u>**

**Form of Release**

This Release ("***Release***") is entered into with, and delivered to, Figma, Inc. (the "***Company***"), by Dylan Field ("***you***"), in connection with the termination of your Continuous Qualifying Service under that certain (x) award agreement evidencing the award for 14,480,169 "time-vested" restricted stock units granted to you on June 30, 2025 (the "***RSU Award Agreement***") and (y) award agreement evidencing the award for 14,480,169 "performance-vested" restricted stock units granted to you on June 30, 2025 (together with the RSU Award Agreement, the "***Award Agreements***"), in each case, pursuant to the Figma, Inc. 2021 Executive Equity Incentive Plan. Capitalized terms used but not defined in this Release shall have the meanings given to them in the Award Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation</u> <u>Date</u>: Your Continuous Qualifying Service was terminated [by the Company without Cause or by you for Good Reason]<sup>1</sup> as of [Date] (the "***Separation Date***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Return of Company Property</u>: You hereby warrant to the Company that, as of the Separation Date, you have or will have returned to the Company all property or data of the Company of any type whatsoever that has been in your possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Post Employment Obligations</u>: You hereby acknowledge that: (a) you continue to be bound by the attached Employee Invention Assignment and Confidentiality Agreement (<u>Exhibit A</u> hereto); (b) as a result of your employment with the Company, you have had access to the Company's proprietary and/or confidential information, and you will continue to hold all such information in strictest confidence and not make use of it on behalf of anyone, and (c) you must, and by your signature below confirm that you shall, deliver to the Company, no later than the Separation Date, all documents and data of any nature containing or pertaining to such information, and not take with you, or otherwise retain in any respect, any such documents or data or any reproduction thereof. Notwithstanding, the Company will at all times abide by 18 U.S.C § 1833(b)(1), which states, in pertinent part: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity</u>: You acknowledge that you have access to your stock option and/or restricted stock unit details via Shareworks, which outlines the options and/or restricted stock units granted to you by the Company, including those that have vested (or, as to restricted stock units, have satisfied the time-based vesting requirement) up to the Separation Date. You further acknowledge that you have read and understand your rights under, as applicable, the Figma, Inc. 2021 Executive Equity Incentive Plan, the Company's Amended and Restated 2012 Equity Incentive Plan or any other applicable equity incentive plan of the Company (collectively, the "***Plans***") and the applicable award agreement(s), including with respect to the

<sup>1</sup> If the Continuous Qualifying Service is terminated due to death or Disability, the executor of the executive's estate or other designated beneficiary (in the case of the executive's death) or executive's representative (in the case of Participant's Disability) shall be a party to the release and the form of release shall be updated accordingly.

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exercise of your vested stock options (if any) and expiration of your restricted stock units (whether time-vested or performance-vested) (if any) or other equity-based awards (if any). If you do not purchase your vested options (if any) within the applicable time period as described in the Plan, those vested options will expire and you will no longer be able to purchase them. Any unvested stock options or restricted stock units that have not satisfied the applicable vesting requirement as of the Separation Date will terminate and be canceled on the Separation Date and you shall have no further rights to or interests in such stock options or restricted stock units, unless otherwise specified in the applicable award agreements. You understand that you can email [\*\*\*] with any inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>General Release and Waiver of Claims</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;a.&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the payments and benefits set forth in the Award Agreements in connection with the termination of your Continuous Qualifying Service, to the fullest extent permitted by law, you hereby release and waive any other claims you may have against the Company and its subsidiaries and affiliates (including any predecessors of any of the foregoing) and each of their owners, agents, officers, shareholders, employees, directors, attorneys, subscribers, successors and assigns (collectively "***Releasees***"), whether known or not known, including, without limitation, claims under any employment laws, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of your employment or your separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act, the California Labor Code, and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities 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;b.&nbsp;&nbsp;&nbsp;&nbsp;By signing below, you expressly waive any benefits of Section 1542 of the Civil Code of the State of California, which provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

&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.&nbsp;&nbsp;&nbsp;&nbsp;You and the Company do not intend to release any claims or rights with respect to your outstanding equity interests in the Company, including pursuant to the Award Agreements or any other equity or equity-based award agreement with the Company (other than any such equity interests forfeited and cancelled in connection with your termination of employment), your Change in Control and Severance Agreement with the Company, claims for accrued, vested benefits under any employee retirement plan of the Company or for reimbursement under any group health or disability plan in which you participated in accordance with the terms and conditions of such plans and applicable law, any claims or rights that may arise after the date you sign this Release, or to claims that you may not release as a matter of law, including but not limited to claims for indemnity under California Labor Code Section 2802, claims to receive workers' compensation or unemployment benefits, or any claims for enforcement of this Release. Further, nothing herein will be deemed to release any rights or remedies in connection with your right to indemnification by the Company pursuant to contract or applicable law or any claims you may have under any directors & officers liability insurance policy. To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the procedures set forth in the arbitration clause below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenant Not to Sue</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;a.&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by law, at no time subsequent to the execution of this Release will you pursue, or cause or knowingly permit the prosecution, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, of any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which you may now have, have ever had, or may in the future have against Releasees, which is based in whole or in part on any matter released by this Release.

&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.&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this section shall prohibit or impair you or the Company from complying with all applicable laws, nor shall this Release be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Protected Rights</u>: You understand that nothing in the General Release and Waiver of Claims and Covenant Not to Sue sections above, or otherwise in this Release, limits, impedes, or restricts your ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local government agency or commission ("***Government Agencies***"). You further understand that this Release does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Release does not limit your right to receive an award for information provided to any Government Agencies or prohibit you from providing truthful information in response to a subpoena or other legal process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-disparagement; Litigation Support</u>: Subject to the Protected Rights section above, and otherwise to the fullest extent permitted by applicable law, you agree not to disparage, libel, slander, or file, raise, broadcast, publish or otherwise communicate any claim not in good faith or that is disloyal, reckless or maliciously untrue (and specifically, made with knowledge of their falsity or with reckless disregard for the truth or falsity of the statements), pertaining to the Releasees and/or their products, services, agents, representatives, directors, officers, shareholders, attorneys, employees, vendors, affiliates, successors or assigns, in any manner that is in any way harmful to them or their business or their business or personal reputations, including, but not limited to, any statement posted on social media (including online company review sites) or otherwise on the Internet, whether or not made anonymously or with attribution. The Company agrees to instruct its executive officers and members of the Board of Directors of the Company not to disparage, libel, slander, or file, raise, broadcast, publish or otherwise communicate any claim not in good faith or that is disloyal, reckless or maliciously untrue (and specifically, made with knowledge of their falsity or with reckless disregard for the truth or falsity of the statements) pertaining to you in any manner that is in any way harmful to you or your business or personal reputation, including, but not limited to, any statement posted on social media or otherwise on the Internet, whether or not made anonymously or with attribution. You further agree, to the extent legally permissible, not to encourage, support, or participate in claims by any other person against the Releasees, provided that you and the Releasees will both respond accurately and fully to any question, inquiry or request for information when required by legal process. Nothing in this Release prevents you from discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that you have reason to believe is unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Arbitration</u>: You and the Company are parties to an Arbitration Agreement that you signed on or around DATE (the "***Arbitration Agreement***"); that Agreement will govern any dispute resolution between you and the Company and will remain in place following the Separation Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Attorneys' Fees</u>: If any action is brought to enforce the terms of this Release, the prevailing party will be entitled to recover its reasonable attorneys' fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>: Subject to the Protected Rights section above, and otherwise to the fullest extent permitted by applicable law, the contents, terms and conditions of this Release must be kept confidential by you and may not be disclosed except to your immediate family, accountant, financial advisor or attorney or pursuant to subpoena or court order. You agree that if you are asked for information concerning this Release, you will state only that you and the Company reached an amicable resolution of any disputes concerning your separation from the Company. Any breach of this confidentiality provision shall be deemed a material breach of this Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Admission of Liability</u>: This Release is not and shall not be construed or contended by you to be an admission or evidence of any wrongdoing or liability on the part of Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns. This Release shall be afforded the maximum protection allowable under California Evidence Code Section 1152 and/or any other state or federal provisions of similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Complete and Voluntary Agreement</u>: This Release, together with Exhibit A hereto, the Arbitration Agreement, the Award Agreements and your Change in Control and Severance Agreement with the Company, constitute the entire agreement between you and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter. You acknowledge that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Release for the purpose of inducing you to execute the Agreement, and you acknowledge that you have executed this Release in reliance only upon such promises, representations and warranties as are contained herein, and that you are executing this Release voluntarily, free of any duress or coercion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>: The provisions of this Release are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable. Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification; Counterparts; Electronic/PDF Signatures</u>: It is expressly agreed that this Release may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Release, executed by authorized representatives of each of the parties to this Release. This Release may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument. Execution of an electronic or PDF copy shall have the same force and effect as execution of an original, and a copy of a signature will be admissible in any legal proceeding as if it were an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>: This Release shall be governed by and construed in accordance with the laws of the State of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Review of Separation Agreement; Expiration of Offer</u>. [***<u>Include next 2 sentences for Employees Under 40</u>***: You understand that you have the right to consult with an attorney regarding this Release, and that you may take up to five business days to consider this Release (the "***Consideration Period***"). The offer set forth in this Release, if not accepted by you by 5:00 p.m. (PST) on the last day of the Consideration Period, will automatically expire. ***<u>Include rest of paragraph for Employees Over 40</u>***

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***<u>Years of Age</u>***: This Release is intended to satisfy the requirements of the Older Workers' Benefit Protection Act, 29 U.S.C. sec. 626 (f). You are advised to consult with an attorney prior to executing this Release. This Release does not waive or release any rights or claims you may have under the Age Discrimination in Employment Act that arise after the execution of this Release. In addition, this Release does not prohibit you from challenging the validity of the waiver and release claims set forth herein. You understand that you may take up to 21 calendar days to consider this Release (the "***Consideration Period***"). The offer set forth in this Release, if not accepted by you by 5:00 p.m. (PST) on the last day of the Consideration Period, will automatically expire. By signing below, you affirm that you were advised to consult with an attorney prior to signing this Release. You also agree that changes to this Release, whether material or immaterial, do not toll or restart the Consideration Period. You also understand you may revoke this Release within seven days of signing this document and that the separation compensation to be provided to you pursuant to the Award Agreements will be provided only after the expiration of that seven day revocation period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>: This Release is effective on the [***<u>Include for Employees Under 40</u>***: date it is signed by both parties / ***<u>Include for Employees Over 40 Years of Age</u>***: eighth (8th) day after you sign it and without revocation by you.

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

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If you agree to abide by the terms outlined in this Release, please sign and return it to me. I wish you the best in your future endeavors.

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| |
|:---|
| Sincerely, |
| &nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc. |
| By: |
| &nbsp;&nbsp;&nbsp;&nbsp; [Name] |
| &nbsp;&nbsp;&nbsp;&nbsp; [Title] |

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| |
|:---|
| READ, UNDERSTOOD AND AGREED |
| By: |
| Dylan Field |
| Date: |

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**EXHIBIT A**

**Employee Invention Assignment and Confidentiality Agreement**

[See Attached]

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**ANNEX B**

**<u>RESTRICTED STOCK UNIT AGREEMENT</u>**

Participant has been granted RSUs subject to the terms, restrictions and conditions of the Company's 2021 Executive Equity Incentive Plan (the "**Plan**"), the Notice of Restricted Stock Unit Award ("**Notice of Grant**") and this Restricted Stock Unit Agreement (this "**Agreement**"). Unless otherwise defined herein or in the Notice of Grant, the terms defined in the Plan shall have the same defined meanings in this Agreement.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Stockholder Rights</u>.** Until such time as Shares are issued in settlement of vested RSUs, Participant shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares. As a condition to the issuance of any Shares in settlement of vested RSUs, Participant agrees to enter into a joinder to be bound by any stockholders' agreement by and between the Company and its stockholders in force from time to time.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalents</u>.** Dividend equivalents, if any, shall not be credited to Participant in respect of Participant's RSUs, except as otherwise permitted by the Committee.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Transfer</u>.** The RSUs and any interest therein shall not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of, other than by will or by the laws of descent and distribution. Notwithstanding the foregoing, Participant may, in the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of Participant and receive any property distributable with respect to the RSUs upon the death of Participant provided that any such designation is made in compliance with the Restated Certificate and the Company's Amended and Restated Bylaws ("**Bylaws**"). Any transferee who receives an interest in the RSU or the underlying Shares upon the death of Participant shall acknowledge in writing that the RSU shall continue to be subject to the restrictions set forth in this Section 3. For the avoidance of doubt, this Section 3 shall not apply to any Shares issued pursuant to the settlement of any RSUs.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>.** If Participant's Continuous Qualifying Service with the Company terminates for any reason, all RSUs for which vesting is no longer possible under the terms of the Notice of Grant and this Agreement shall be forfeited to the Company forthwith, and all rights of Participant to the RSUs shall immediately terminate. In case of any dispute as to whether Termination has occurred, the Committee shall have sole discretion, which it shall exercise reasonably and in good faith, to determine whether Termination has occurred and the effective date of such Termination.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>.** The Company and Participant agree that the RSUs are granted under and governed by the Notice of Grant, this Agreement, and the provisions of the Plan (incorporated herein by reference). Participant (i) acknowledges receipt of a copy of each of the foregoing documents, (ii) represents that Participant has carefully read and is familiar with their provisions and (iii) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice of Grant.

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Transfer of Stock</u>.** Participant shall not assign, encumber or dispose of any interest in the Shares issued pursuant to this Agreement except (i) prior to the Company becoming subject to the reporting requirements of the Exchange Act (defined below), with the Company's prior written consent and in compliance with the provisions of Sections 9 and 10 of the Plan, (ii) in compliance with the Company's then-current insider trading policy and applicable securities laws and (iii) in compliance with the Restated Certificate and Bylaws. The restrictions on transfer also include a prohibition on any short position, any "put equivalent position" or any "call equivalent position" by the RSU holder with respect to the RSU itself as well as any shares issuable upon settlement of the RSU prior to the settlement thereof until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions Binding on Transferees</u>.** All transferees of Shares or any interest therein will receive and hold such Shares or interest subject to the provisions of this Agreement, including the transfer restrictions of Sections 3 and 6 and as set forth in the Restated Certificate and Bylaws, and the

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transferee shall acknowledge the restrictions in writing. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding of Tax</u>.** When the RSUs are vested and/or settled, the fair market value of the Shares shall be treated as income subject to withholding by the Company for income and employment taxes if Participant is or was an employee of the Company. Prior to any relevant taxable or tax withholding event, as applicable, Participant shall pay or make adequate arrangements satisfactory to the Company to satisfy any or all income tax, social insurance, payroll tax, fringe benefits tax, payment on account and other tax-related items related to the Participant's participation in this Plan and legally applicable to the Participant (collectively, "**Tax-Related Obligations**"). Tax-Related Obligations with respect to each settlement event for the RSUs shall be satisfied by withholding Shares that otherwise would be issued to Participant when Participant's RSUs are settled ("**Net Settlement"**), provided that if the Committee and Participant mutually agree in their good faith reasonable discretion that Net Settlement is not in the Company's best interests with respect to a future settlement event relating to all or any portion of the RSUs and (i) the Company provides advance written notice to Participant that Net Settlement shall not apply to all or any portion of such future settlement and (ii) following such notice Participant has a reasonable opportunity to adopt a valid 10b5-1 trading plan to be effective with regard to open market sales of shares to satisfy tax withholding in connection with such settlement event, then such tax withholding obligations may be satisfied via Participant's sale of shares otherwise issuable under the RSUs in either case, in compliance with the Company's insider trading policy and 10b5-1 trading plan policy, if applicable. Depending on the withholding method, the Company and/or a Parent or Subsidiary of the Company may withhold or account for Tax-Related Obligations by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case Participant may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares. In the case of Net Settlement, the Company shall issue the net number of Shares to Participant by deducting the Shares retained for Tax-Related Obligations from the Shares issuable upon vesting. For tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Obligations.

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A</u>.** For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a "separation from service" as defined in Section 409A of the Code and the regulations thereunder ("**Section 409A**"). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Participant's termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of termination of employment to be a "specified employee" under Section 409A, then the payment shall not be made or commence until the earlier of (i) the expiration of the six-month period measured from Participant's separation from service from the Company or (ii) the date of Participant's death following a separation from service; *<u>provided</u>*, *<u>however</u>*, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. The first payment thereof will include a catch-up payment covering the amount that would have otherwise been paid during the period between Participant's termination of employment and the first payment date but for the application of this provision, and the balance of the installments (if any) will be payable in accordance with their original schedule. Achievement of the Stock Price Targets prior to the final day of the Performance Period is intended to be a "substantial risk of forfeiture," within the meaning of Section 409A, and the settlements related thereto are each intended to be an exempt "short-term deferral," within the meaning of Section 409A and the Company intends that its tax position on any of its tax returns will be consistent with this intent absent a change in applicable law after the date hereof. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder comply with Section 409A. To the extent any payment under this Agreement may be classified as a "short-term deferral" within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. All payments made pursuant to the Notice of Grant and/or this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

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**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.** Participant acknowledges that there will be tax consequences upon vesting and/or settlement of the RSUs and/or disposition of the Shares, if any, received in connection therewith, and Participant should consult a tax adviser regarding Participant's tax obligations prior to the settlement or disposition.

**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws and Regulations</u>.** The issuance of Shares will be subject to and conditioned upon compliance by the Company and Participant (including any written representations, warranties and agreements as the Committee may request of Participant for compliance with applicable laws) with all applicable foreign and US state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's common stock may be listed or quoted at the time of the issuance or transfer. Participant may not be issued any Shares if the issuance would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. 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 to the lawful issuance and sale of any Shares shall relieve the Company of any liability in respect of the failure to issue or sell the Shares.

**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Legend on Certificates</u>.** The certificates representing the Shares issued hereunder shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, this Agreement or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which shares of the Company's Class A Common Stock are listed and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>.** The Company may assign any of its rights under this Agreement. This Agreement shall 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, this Agreement will be binding upon Participant and Participant's heirs, executors, administrators, legal representatives, successors and assigns.

**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Severability</u>.** The Plan and the Notice of Grant are incorporated herein by reference. The Plan, the Notice of Grant and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof (including, without limitation, any commitment to make any other form of equity award (such as stock options) that may have been set forth in any employment offer letter or other agreement between the parties); *provided*, *however*, that this Section 14 shall not apply to that certain notice of RSU award and applicable agreement between Participant and the Company, dated **June 30, 2025**, whereby the Company granted to Participant **14,480,169** "time-vested" RSUs. If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision will be enforced to the maximum extent possible and the other provisions will remain fully effective and enforceable.

**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Market Standoff Agreement</u>.** Participant agrees that, subject to any early release provisions that apply pro rata to stockholders of the Company according to their holdings of common stock (determined on an as-converted into common stock basis), and except as otherwise agreed by Participant and the Company, Participant will not, for a period of up to one hundred eighty (180) days following the closing of the Company's initial sale of its Class A Common Stock (such period, the "**Lock-up Period**") in a firm commitment underwritten public offering pursuant to a registration statement on Form S-1 under the Securities Act (an "**IPO**"), directly or indirectly sell, offer to sell, grant any option for the sale of, or otherwise dispose of any common stock or securities convertible into common stock, <u>except</u> <u>for:</u> (i) transfers of Shares permitted under Section 6 hereof so long as such transferee furnishes to the Company and the managing underwriter their written consent to be bound by this Section 15 as a condition precedent to such transfer; and (ii) sales of any securities to be included in the registration statement for the IPO. For the avoidance of doubt, the provisions of this Section shall only apply to the IPO. The restricted period shall in any event terminate two (2) years after the closing date of the IPO. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the Shares subject to this Section and to impose stop transfer instructions with respect to the Shares until the end of such period. Participant further agrees to enter into any agreement reasonably required by the

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underwriters to implement the foregoing restrictions on transfer. For the avoidance of doubt, the foregoing provisions of this Section shall not apply to any registration of securities of the Company (a) under an employee benefit plan or (b) in a merger, consolidation, business combination or similar transaction.

**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Employee, Director or Consultant</u>.** Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent or Subsidiary of the Company, to terminate Participant's Continuous Service, for any reason, with or without cause.

**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Information to Participants</u>.** If the Company is relying on an exemption from registration under Section 12(h)-1 of the Exchange Act and such information is required to be provided by Section 12(h)-1, the Company shall provide the information described in Rules 701(e)(3), (4) and (5) of the Securities Act by a method allowed under Section 12(h)-1 of the Exchange Act in accordance with Section 12(h)-1 of the Exchange Act, *<u>provided</u>*, that Participant agrees to keep the information confidential to the extent such information has not otherwise been publicly disclosed (other than a disclosure by Participant in violation of this Agreement).

**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Documents and Notices</u>.** Any document relating to participating in the Plan and/or notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery, electronic delivery or deposit in the U.S. Post Office or foreign postal service, by registered or certified mail, with postage and fees prepaid, addressed to the other party at the e-mail address, if any, provided for Participant by the Company or at such other address as such party may designate in writing from time to time to the other party.

**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Choice of Law and Venue</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied to contracts entered into and performed in such State. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of San Francisco County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed.

\* \* \* \* \* \* \* \* \* \*

## Exhibit 10.4

**Exhibit 10.4**

**FIGMA, INC.**

**2025 EQUITY INCENTIVE PLAN**

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>PURPOSE</u>**. The purpose of this Plan is to provide incentives to attract, retain, and motivate eligible persons whose present and potential contributions are important to the success of the Company, and any Parents, Subsidiaries, and Affiliates that exist now or in the future, by offering them an opportunity to participate in the Company's future performance through the grant of Awards. Capitalized terms not defined elsewhere in the text are defined in Section 28.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>SHARES SUBJECT TO THE PLAN</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Number of Shares Available</u>. Subject to Sections 2.6 and 21 and any other applicable provisions hereof, the total number of Shares reserved and available for grant and issuance pursuant to this Plan as of the date of adoption of the Plan by the Board, is 58,000,000 Shares, plus (a) any reserved Shares not issued or subject to outstanding awards granted under the Company's Amended and Restated 2012 Equity Incentive Plan and the Company's 2021 Executive Equity Incentive Plan (together, the "***Prior Plans***") on the Effective Date (as defined below), (b) Shares that are subject to awards granted under the Prior Plans that cease to be subject to such awards by forfeiture or otherwise after the Effective Date, (c) Shares issued under the Prior Plans before or after the Effective Date pursuant to the exercise of stock options that are, after the Effective Date, forfeited, (d) Shares issued under the Prior Plans that are repurchased by the Company at the original purchase price or are otherwise forfeited, and (e) Shares that are subject to stock options or other awards under the Prior Plans that are used to pay the exercise price of a stock option or withheld to satisfy the tax withholding obligations related to any award; <u>provided</u>, however, that any shares reserved and available for grant and issuance pursuant to subparts (a)-(e) of this Section 2.1 shall be issuable as Common Stock of the Company regardless of their series or class under the Prior Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Lapsed, Returned Awards</u>. Shares subject to Awards, and Shares issued under the Plan under any Award, will again be available for grant and issuance in connection with subsequent Awards under this Plan to the extent such Shares: (a) are subject to issuance upon exercise of an Option or SAR granted under this Plan but which cease to be subject to the Option or SAR for any reason other than exercise of the Option or SAR, (b) are subject to Awards granted under this Plan that are forfeited or are repurchased by the Company at the original issue price, (c) are subject to Awards granted under this Plan that otherwise terminate without such Shares being issued or (d) are surrendered pursuant to an Exchange Program. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the Plan. Shares used to pay the Exercise Price of an Award or withheld to satisfy the tax withholding obligations related to an Award will become available for grant and issuance in connection with subsequent Awards under this Plan. For the avoidance of doubt, Shares that otherwise become available for grant and issuance because of the provisions of this Section 2.2 will not include Shares subject to Awards that initially became available because of the substitution clause in Section 21.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Minimum Share Reserve</u>. At all times the Company will reserve and keep available a sufficient number of Shares as will be required to satisfy the requirements of all outstanding Awards granted under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Automatic Share Reserve Increase</u>. The number of Shares available for grant and issuance under the Plan will be increased on January 1<sup>st</sup> of each of the first ten (10) calendar years during

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the term of the Plan by the lesser of (a) five percent (5%) of the number of shares of all classes of the Company's common stock issued and outstanding on each December 31<sup>st</sup> immediately prior to the date of increase or (b) such number of Shares determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>ISO Limitation</u>. No more than 58,000,000 Shares will be issued pursuant to the exercise of ISOs granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Adjustment of Shares</u>. If the number or class of outstanding Shares is changed by a stock dividend, extraordinary dividend or distribution (whether in cash, shares, or other property, other than a regular cash dividend), recapitalization, stock split, reverse stock split, subdivision, combination, consolidation, reclassification, spin-off, or similar change in the capital structure of the Company, without consideration, then (a) the number and class of Shares reserved for issuance and future grant under the Plan set forth in Section 2.1, including Shares reserved under sub-clauses (a)-(e) of Section 2.1, (b) the Exercise Price of and number and class of Shares subject to outstanding Options and SARs, (c) the number and class of Shares subject to other outstanding Awards and (d) the maximum number and class of Shares that may be issued as ISOs set forth in Section 2.5, will be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with applicable securities or other laws, provided that fractions of a Share will not be issued.

If, by reason of an adjustment pursuant to this Section 2.6, a Participant's Award Agreement or other agreement related to any Award, or the Shares subject to such Award, covers additional or different shares of stock or securities, then such additional or different shares, and the Award Agreement or such other agreement in respect thereof, will be subject to all of the terms, conditions, and restrictions which were applicable to the Award or the Shares subject to such Award prior to such adjustment.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>ELIGIBILITY</u>**. ISOs may be granted only to Employees. All other Awards may be granted to Employees, Consultants, Directors, and Non-Employee Directors, provided that such Consultants, Directors, and Non-Employee Directors render bona fide services not in connection with the offer and sale of securities in a capital-raising transaction.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADMINISTRATION</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Committee Composition; Authority</u>. This Plan will be administered by the Committee or by the Board acting as the Committee. Subject to the general purposes, terms, and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry out this Plan, except, however, the Board will establish the terms for the grant of an Award to Non-Employee Directors. The Committee will have the authority to:

&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)&nbsp;&nbsp;&nbsp;&nbsp;construe and interpret this Plan, any Award Agreement, and any other agreement or document executed pursuant to 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;prescribe, amend, and rescind rules and regulations relating to this Plan or any Award;

&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)&nbsp;&nbsp;&nbsp;&nbsp;select persons to receive Awards;

&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the form and terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions include, but are not limited to, the Exercise Price, the time or times when Awards may vest and be exercised (which may be based on performance criteria) or settled, any vesting acceleration or waiver of forfeiture restrictions, the method to

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satisfy tax withholding obligations or any other tax liability legally due, and any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Committee will determine;

&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the number of Shares or other consideration subject to Awards;

&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the Fair Market Value in good faith and interpret the applicable provisions of this Plan and the definition of Fair Market Value in connection with circumstances that impact the Fair Market Value, if necessary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;determine whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under this Plan or any other incentive or compensation plan of the Company or any Parent, Subsidiary, or Affiliate;

&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)&nbsp;&nbsp;&nbsp;&nbsp;grant waivers of Plan or Award conditions;

&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)&nbsp;&nbsp;&nbsp;&nbsp;determine the vesting, exercisability, and payment of Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;correct any defect, supply any omission or reconcile any inconsistency in this Plan, any Award or any Award 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;determine whether an Award has been vested and/or earned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;determine the terms and conditions of any, and to institute any Exchange Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;reduce, waive or modify any criteria with respect to Performance Factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;adjust Performance Factors to take into account changes in law and accounting or tax rules as the Committee deems necessary or appropriate to reflect the impact of extraordinary or unusual items, events, or circumstances to avoid windfalls or hardships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;adopt terms and conditions, rules, and/or procedures (including the adoption of any subplan under this Plan) relating to the operation and administration of the Plan to facilitate compliance with local law and procedures outside of the United States or to qualify Awards for special tax treatment under laws of jurisdictions other than the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;exercise discretion with respect to Performance Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;make all other determinations necessary or advisable for the administration of this Plan; 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;(r)&nbsp;&nbsp;&nbsp;&nbsp;delegate any of the foregoing to a subcommittee or to one or more executive officers pursuant to a specific delegation as permitted by applicable law, including Section 157(c) of the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Committee Interpretation and Discretion</u>. Any determination made by the Committee with respect to any Award will be made in its sole discretion at the time of grant of the Award or, unless in contravention of any express term of the Plan or Award, at any later time, and such determination will be final and binding on the Company and all persons having an interest in any Award under the Plan.

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Any dispute regarding the interpretation of the Plan or any Award Agreement will be submitted by the Participant or Company to the Committee for review. The resolution of such a dispute by the Committee will be final and binding on the Company and the Participant. The Committee may delegate to one or more executive officers the authority to review and resolve disputes with respect to Awards held by Participants who are not Insiders, and such resolution will be final and binding on the Company and the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 16 of the Exchange Act</u>. Awards granted to Participants who are subject to Section 16 of the Exchange Act must be approved by two or more "non-employee directors" (as defined in the regulations promulgated under Section 16 of the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Documentation</u>. The Award Agreement for a given Award, the Plan, and any other documents may be delivered to, and accepted by, a Participant or any other person in any manner (including electronic distribution or posting) that meets applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Award Recipients Outside of the U.S</u>. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws and practices in countries outside of the United States in which the Company, its Subsidiaries, and Affiliates operate or have Employees or other individuals eligible for Awards, the Committee, in its sole discretion, will have the power and authority to: (a) determine which Subsidiaries and Affiliates will be covered by the Plan; (b) determine which individuals outside the United States are eligible to participate in the Plan, which may include individuals who provide services to the Company, Subsidiary or Affiliate under an agreement with a nation or agency; (c) modify the terms and conditions of any Award granted to individuals outside the United States or non-U.S. nationals to comply with applicable local laws, policies, customs, and practices; (d) establish subplans and modify exercise procedures, vesting conditions, and other terms and procedures to the extent the Committee determines such actions to be necessary or advisable for legal or administrative reasons (and such subplans and/or modifications will be attached to this Plan as appendices, if necessary); and (e) take any action, before or after an Award is made, that the Committee determines to be necessary or advisable to obtain approval or comply with any local governmental regulatory exemptions or approvals, <u>provided</u>, however, that no action taken under this Section 4.5 will increase the Share limitations contained in Section 2.1 hereof. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and no Awards will be granted or administered, that would violate the Exchange Act or any other applicable United States securities law, the Code, or any other applicable United States governing statute or law.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>OPTIONS</u>**. An Option is the right but not the obligation to purchase a Share, subject to certain conditions, if applicable. The Committee may grant Options to eligible Employees, Consultants, and Directors and will determine whether such Options will be Incentive Stock Options within the meaning of the Code ("***ISOs***") or Nonqualified Stock Options ("***NSOs***"), the number of Shares subject to the Option, the Exercise Price of the Option, the period during which the Option may vest and be exercised, and all other terms and conditions of the Option, subject to the following terms of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Option Grant</u>. Each Option granted under this Plan will identify the Option as an ISO or an NSO. An Option may be, but need not be, awarded upon satisfaction of such Performance Factors during any Performance Period as are set out in advance in the Participant's individual Award Agreement. If the Option is being earned upon the satisfaction of Performance Factors, then the Committee will: (a) determine the nature, length, and starting date of any Performance Period for each Option; and (b) select from among the Performance Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect to Options that are subject to different performance goals and other criteria.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Date of Grant</u>. The date of grant of an Option will be the date on which the Committee makes the determination to grant such Option, or a specified future date. The Award Agreement will be delivered to the Participant within a reasonable time after the granting of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exercise Period</u>. Options may be vested and exercisable within the times or upon the conditions as set forth in the Award Agreement governing such Option, <u>provided</u>, however, that no Option will be exercisable after the expiration of ten (10) years from the date the Option is granted and <u>provided</u> further that no ISO granted to a person who, at the time the ISO is granted, directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any Parent or Subsidiary ("***Ten Percent Stockholder***") will be exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the Committee determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exercise Price</u>. The Exercise Price of an Option will be determined by the Committee when the Option is granted, <u>provided</u> that: (a) the Exercise Price of an Option will be not less than one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant, and (b) the Exercise Price of any ISO granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%) of the Fair Market Value of the Shares on the date of grant. Payment for the Shares purchased may be made in accordance with Section 11 and the Award Agreement and in accordance with any procedures established by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Method of Exercise</u>. Any Option granted hereunder will be vested and exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Committee and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. An Option will be deemed exercised when the Company receives: (a) notice of exercise (in such form as the Committee may specify from time to time) from the person entitled to exercise the Option (and/or via electronic execution through the authorized third-party administrator), and (b) full payment for the Shares with respect to which the Option is exercised (together with applicable withholding taxes). Full payment may consist of any consideration and method of payment authorized by the Committee and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 2.6 of the Plan. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination of Service</u>. Except as otherwise provided in the Award Agreement or other applicable agreement between the Participant and the Company (or any Parent, Subsidiary or Affiliate, if applicable), if the Participant's Service terminates for any reason except for Cause or the Participant's death or Disability, then the Participant may exercise such Participant's Options only to the extent that such Options would have been exercisable by the Participant on the date Participant's Service terminates no later than three (3) months after the date Participant's Service terminates (or such shorter or longer time period as may be determined by the Committee, including as necessary to give effect to any provision in any applicable agreement between the Participant and the Company (or any Parent, Subsidiary or Affiliate, if applicable), providing for acceleration of the Participant's Options in

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connection with a Corporate Transaction, with any exercise of an ISO beyond three (3) months after the date Participant's employment terminates deemed to be the exercise of an NSO), but in any event no later than the expiration date of the Options.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Death</u>. Except as otherwise provided in the Award Agreement, if the Participant's Service terminates because of the Participant's death (or the Participant dies within three (3) months after Participant's Service terminates other than for Cause or because of the Participant's Disability), then the Participant's Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the date Participant's Service terminates and must be exercised by the Participant's legal representative, or authorized assignee, no later than twelve (12) months after the date Participant's Service terminates (or such shorter or longer time period as may be determined by the Committee), but in any event no later than the expiration date of the Options.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Disability</u>. Except as otherwise provided in the Award Agreement, if the Participant's Service terminates because of the Participant's Disability, then the Participant's Options may be exercised only to the extent that such Options would have been exercisable by the Participant on the date Participant's Service terminates and must be exercised by the Participant (or the Participant's legal representative or authorized assignee) no later than twelve (12) months after the date Participant's Service terminates (or such shorter or longer time period as may be determined by the Committee, with any exercise beyond (a) three (3) months after the date Participant's Service terminates when the termination of Service is for a Disability that is not a "permanent and total disability" as defined in Section 22(e)(3) of the Code or (b) twelve (12) months after the date Participant's Service terminates when the termination of Service is for a Disability that is a "permanent and total disability" as defined in Section 22(e)(3) of the Code, deemed to be exercise of an NSO), but in any event no later than the expiration date of the Options.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cause</u>. Unless otherwise determined by the Committee or provided in the Award Agreement, if the Participant's Service terminates for Cause, then Participant's Options (whether or not vested) will expire on the date of termination of Participant's Service if the Committee has reasonably determined in good faith that such cessation of Service has resulted in connection with an act or failure to act constituting Cause (or such Participant's Service could have been terminated for Cause (without regard to the lapsing of any required notice or cure periods in connection therewith) at the time such Participant terminated Service), or at such later time and on such conditions as are determined by the Committee, but in any event no later than the expiration date of the Options. Unless otherwise provided in the Award Agreement or other applicable agreement, Cause will have the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Limitations on ISOs</u>. With respect to Awards granted as ISOs, to the extent that the aggregate Fair Market Value of the Shares with respect to which such ISOs are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as NSOs. For purposes of this Section 5.7, ISOs will be taken into account in the order in which they were granted. The Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted. In the event that the Code or the regulations promulgated thereunder are amended after the Effective Date to provide for a different limit on the Fair Market Value of Shares permitted to be subject to ISOs, such different limit will be automatically incorporated herein and will apply to any Options granted after the effective date of such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Modification, Extension or Renewal</u>. The Committee may modify, extend, or renew outstanding Options and authorize the grant of new Options in substitution therefor, <u>provided</u> that any such action may not, without the written consent of a Participant, impair any of such Participant's rights

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under any Option previously granted. Any outstanding ISO that is modified, extended, renewed, or otherwise altered will be treated in accordance with Section 424(h) of the Code. Subject to Section 18 of this Plan, by written notice to affected Participants, the Committee may reduce the Exercise Price of outstanding Options without the consent of such Participants, <u>provided</u>, however, that the Exercise Price may not be reduced below the Fair Market Value on the date the action is taken to reduce the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.&nbsp;&nbsp;&nbsp;&nbsp;**<u>No Disqualification</u>. Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted, amended, or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422 of the Code or, without the consent of the Participant affected, to disqualify any ISO under Section 422 of the Code.

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTED STOCK UNITS</u>**. A Restricted Stock Unit ("***RSU***") is an award to an eligible Employee, Consultant, or Director covering a number of Shares that may be settled by issuance of those Shares (which may consist of Restricted Stock) or in cash. All RSUs will be made pursuant to an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Terms of RSUs</u>. The Committee will determine the terms of an RSU including, without limitation: (a) the number of Shares subject to the RSU, (b) the time or times during which the RSU may be settled, (c) the consideration to be distributed on settlement, and (d) the effect of the Participant's termination of Service on each RSU, <u>provided</u> that no RSU will have a term longer than ten (10) years. An RSU may be awarded upon satisfaction of such performance goals based on Performance Factors during any Performance Period as are set out in advance in the Participant's Award Agreement. If the RSU is being earned upon satisfaction of Performance Factors, then the Committee will: (i) determine the nature, length, and starting date of any Performance Period for the RSU; (ii) select from among the Performance Factors to be used to measure the performance, if any; and (iii) determine the number of Shares deemed subject to the RSU. Performance Periods may overlap and Participants may participate simultaneously with respect to RSUs that are subject to different Performance Periods and different performance goals and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Form and Timing of Settlement</u>. Payment of earned RSUs will be made as soon as practicable after the date(s) determined by the Committee and set forth in the Award Agreement. The Committee, in its sole discretion, may settle earned RSUs in cash, Shares, or a combination of both. The Committee may also permit a Participant to defer payment under a RSU to a date or dates after the RSU is earned, <u>provided</u> that the terms of the RSU and any deferral satisfy the requirements of Section 409A of the Code to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination of Service</u>. Except as may be set forth in the Participant's Award Agreement or any other agreement between the Participant and the Company (or any Parent, Subsidiary or Affiliate, if applicable), vesting ceases on such date Participant's Service terminates (unless determined otherwise by the Committee).

**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESTRICTED STOCK AWARDS</u>**. A Restricted Stock Award is an offer by the Company to sell to an eligible Employee, Consultant, or Director Shares that are subject to restrictions ("***Restricted Stock***"). The Committee will determine to whom an offer will be made, the number of Shares the

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Participant may purchase, the Purchase Price, the restrictions under which the Shares will be subject, and all other terms and conditions of the Restricted Stock Award, subject to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Restricted Stock Purchase Agreement</u>. All purchases under a Restricted Stock Award will be evidenced by an Award Agreement. Except as may otherwise be provided in an Award Agreement, a Participant accepts a Restricted Stock Award by signing and delivering to the Company an Award Agreement with full payment of the Purchase Price, within thirty (30) days from the date the Award Agreement was delivered to the Participant. If the Participant does not accept such Award within thirty (30) days, then the offer to purchase such Restricted Stock Award will terminate, unless the Committee determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Purchase Price</u>. The Purchase Price for Shares issued pursuant to a Restricted Stock Award will be determined by the Committee and may be less than Fair Market Value on the date the Restricted Stock Award is granted. Payment of the Purchase Price must be made in accordance with Section 11 of the Plan and the Award Agreement, and in accordance with any procedures established by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Terms of Restricted Stock Awards</u>. Restricted Stock Awards will be subject to such restrictions as the Committee may impose or are required by law. These restrictions may be based on completion of a specified period of Service or upon completion of Performance Factors, if any, during any Performance Period as set out in advance in the Participant's Award Agreement. Prior to the grant of a Restricted Stock Award, the Committee will: (a) determine the nature, length, and starting date of any Performance Period for the Restricted Stock Award; (b) select from among the Performance Factors to be used to measure performance goals, if any; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a Participant may participate simultaneously with respect to Restricted Stock Awards that are subject to different Performance Periods and having different performance goals and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination of Service</u>. Except as may be set forth in the Participant's Award Agreement or any other agreement between the Participant and the Company (or any Parent, Subsidiary or Affiliate, if applicable), vesting ceases on such date Participant's Service terminates (unless determined otherwise by the Committee).

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>STOCK BONUS AWARDS</u>**. A Stock Bonus Award is an award to an eligible Employee, Consultant, or Director of Shares. All Stock Bonus Awards will be made pursuant to an Award Agreement. No payment from the Participant will be required for Shares awarded pursuant to a Stock Bonus Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Terms of Stock Bonus Awards</u>. The Committee will determine the number of Shares to be awarded to the Participant under a Stock Bonus Award and any restrictions thereon. These restrictions may be based upon completion of a specified period of Service or upon satisfaction of performance goals based on Performance Factors during any Performance Period as set out in advance in the Participant's Stock Bonus Agreement. Prior to the grant of any Stock Bonus Award, the Committee will: (a) determine the restrictions to which the Stock Bonus Award is subject, including the nature, length, and starting date of any Performance Period for the Stock Bonus Award; (b) select from among the Performance Factors, if any, to be used to measure performance goals; and (c) determine the number of Shares that may be awarded to the Participant. Performance Periods may overlap and a Participant may participate simultaneously with respect to Stock Bonus Awards that are subject to different Performance Periods and different performance goals and other criteria.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Form of Payment to Participant</u>. Payment may be made in the form of cash, whole Shares, or a combination thereof, based on the Fair Market Value of the Shares earned under a Stock Bonus Award on the date of payment, as determined in the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination of Service</u>. Except as may be set forth in the Participant's Award Agreement, vesting ceases on such date Participant's Service terminates (unless determined otherwise by the Committee).

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>STOCK APPRECIATION RIGHTS</u>**. A Stock Appreciation Right ("***SAR***") is an award to an eligible Employee, Consultant, or Director that may be settled in cash or Shares (which may consist of Restricted Stock) having a value equal to (a) the difference between the Fair Market Value on the date of exercise over the Exercise Price, multiplied by (b) the number of Shares with respect to which the SAR is being settled (subject to any maximum number of Shares that may be issuable as specified in an Award Agreement). All SARs will be made pursuant to an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Terms of SARs</u>. The Committee will determine the terms of each SAR including, without limitation: (a) the number of Shares subject to the SAR, (b) the Exercise Price and the time or times during which the SAR may be exercised and settled, (c) the consideration to be distributed on exercise and settlement of the SAR, and (d) the effect of the Participant's termination of Service on each SAR. The Exercise Price of the SAR will be determined by the Committee when the SAR is granted and may not be less than Fair Market Value of the Shares on the date of grant. A SAR may be awarded upon satisfaction of Performance Factors, if any, during any Performance Period as are set out in advance in the Participant's individual Award Agreement. If the SAR is being earned upon the satisfaction of Performance Factors, then the Committee will: (i) determine the nature, length, and starting date of any Performance Period for each SAR; and (ii) select from among the Performance Factors to be used to measure the performance, if any. Performance Periods may overlap and Participants may participate simultaneously with respect to SARs that are subject to different Performance Factors and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exercise Period and Expiration Date</u>. A SAR will be exercisable within the times or upon the occurrence of events determined by the Committee and set forth in the Award Agreement governing such SAR. The SAR Agreement will set forth the expiration date, <u>provided</u> that no SAR will be exercisable after the expiration of ten (10) years from the date the SAR is granted. The Committee may also provide for SARs to become exercisable at one time or from time to time, periodically or otherwise (including, without limitation, upon the attainment during a Performance Period of performance goals based on Performance Factors), in such number of Shares or percentage of the Shares subject to the SAR as the Committee determines. Except as may be set forth in the Participant's Award Agreement, vesting ceases on the date Participant's Service terminates (unless determined otherwise by the Committee). Notwithstanding the foregoing, the rules of Section 5.6 also will apply to SARs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Form of Settlement</u>. Upon exercise of a SAR, a Participant will be entitled to receive payment from the Company in an amount determined by multiplying (a) the difference between the Fair Market Value of a Share on the date of exercise over the Exercise Price, by (b) the number of Shares with respect to which the SAR is exercised. At the discretion of the Committee, the payment from the Company for the SAR exercise may be in cash, in Shares of equivalent value, or in some combination thereof. The portion of a SAR being settled may be paid currently or on a deferred basis with such interest, if any, as the Committee determines, <u>provided</u> that the terms of the SAR and any deferral satisfy the requirements of Section 409A of the Code to the extent applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination of Service</u>. Except as may be set forth in the Participant's Award Agreement or any other agreement between the Participant and the Company (or any Parent, Subsidiary or Affiliate, if applicable), vesting ceases on the date Participant's Service terminates (unless determined otherwise by the Committee).

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>PERFORMANCE AWARDS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Types of Performance Awards</u>. A Performance Award is an award to an eligible Employee, Consultant, or Director that is based upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee, and may be settled in cash, Shares (which may consist of, without limitation, Restricted Stock), other property, or any combination thereof. Grants of Performance Awards will be made pursuant to an Award Agreement that cites Section 10 of the 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Shares</u>. The Committee may grant Awards of Performance Shares, designate the Participants to whom Performance Shares are to be awarded, and determine the number of Performance Shares and the terms and conditions of each such Award. Performance Shares will consist of a unit valued by reference to a designated number of Shares, the value of which may be paid to the Participant by delivery of Shares or, if set forth in the Award Agreement, of such property as the Committee will determine, including, without limitation, cash, Shares, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee. The amount to be paid under an Award of Performance Shares may be adjusted on the basis of such further consideration as the Committee will 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Units</u>. The Committee may grant Awards of Performance Units, designate the Participants to whom Performance Units are to be awarded, and determine the number of Performance Units and the terms and conditions of each such Award. Performance Units will consist of a unit valued by reference to a designated amount of property other than Shares, which value may be paid to the Participant by delivery of such property as the Committee will determine, including, without limitation, cash, Shares, other property, or any combination thereof, upon the attainment of performance goals, as established by the Committee, and other terms and conditions specified by the Committee.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash-Settled Performance Awards</u>. The Committee may also grant cash-settled Performance Awards to Participants under the terms of this Plan. Such awards will be based on the attainment of performance goals using the Performance Factors within this Plan that are established by the Committee for the relevant performance period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Terms of Performance Awards</u>. The Committee will determine, and each Award Agreement will set forth, the terms of each Performance Award including, without limitation: (a) the amount of any cash bonus, (b) the number of Shares deemed subject to an award of Performance Shares, (c) the Performance Factors and Performance Period that will determine the time and extent to which each award of Performance Shares will be settled, (d) the consideration to be distributed on settlement, and (e) the effect of the Participant's termination of Service on each Performance Award. In establishing Performance Factors and the Performance Period the Committee will: (i) determine the nature, length, and starting date of any Performance Period; (ii) select from among the Performance Factors to be used; and (iii) determine the number of Shares deemed subject to the award of Performance Shares. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. Prior to settlement, the Committee will determine the extent to which Performance Awards have

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been earned. Performance Periods may overlap and Participants may participate simultaneously with respect to Performance Awards that are subject to different Performance Periods and different performance goals and other criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination of Service</u>. Except as may be set forth in the Participant's Award Agreement or any other agreement between the Participant and the Company (or any Parent, Subsidiary or Affiliate, if applicable), vesting ceases on the date Participant's Service terminates (unless determined otherwise by the Committee).

**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>PAYMENT FOR SHARE PURCHASES</u>**. Payment from a Participant for Shares purchased pursuant to this Plan may be made in cash or by check or, where expressly approved for the Participant by the Committee and where permitted by law (and to the extent not otherwise set forth in the applicable Award 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;by cancellation of indebtedness of the Company to the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;by surrender of shares of the Company held by the Participant that have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which said Award will be exercised or settled;

&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)&nbsp;&nbsp;&nbsp;&nbsp;by waiver of compensation due or accrued to the Participant for services rendered or to be rendered to the Company or a Parent or Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;by consideration received by the Company pursuant to a broker-assisted or other form of cashless exercise program implemented by the Company in connection with the 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;by any combination of the foregoing; 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;by any other method of payment as is permitted by applicable law.

The Committee may limit the availability of any method of payment, to the extent the Committee determines, in its discretion, such limitation is necessary or advisable to comply with applicable law or facilitate the administration of the Plan.

**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>GRANTS TO NON-EMPLOYEE DIRECTORS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>General</u>. Non-Employee Directors are eligible to receive any type of Award offered under this Plan except ISOs. Awards pursuant to this Section 12 may be automatically made pursuant to policy adopted by the Board or made from time to time as determined in the discretion of the Board. No Non-Employee Director may receive Awards under the Plan that, when combined with cash compensation received for service as a Non-Employee Director, exceed Eight-Hundred Seventy Five Thousand dollars ($875,000) in value (as described below) in any calendar year, and One Million Seven-Hundred Fifty Thousand dollars ($1,750,000) in value (as described below) in the calendar year of his or her initial service as a Non-Employee Director. The value of Awards for purposes of complying with this maximum will be determined as follows: (a) for Options and SARs, grant date fair value will be calculated using the Company's regular valuation methodology for determining the grant date fair value of Options for financial reporting purposes, and (b) for all other Awards other than Options and SARs, grant date fair value will be determined by either (i) calculating the product of the Fair Market Value per Share on the date of grant and the aggregate number of Shares subject to the Award, or (ii) calculating the product using an average of the Fair Market Value over a number of trading days and the aggregate

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number of Shares subject to the Award as determined by the Committee. Awards granted to an individual while he or she was serving in the capacity as an Employee or while he or she was a Consultant but not a Non-Employee Director will not count for purposes of the limitations set forth in this Section 12.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Eligibility</u>. Awards pursuant to this Section 12 will be granted only to Non-Employee Directors. A Non-Employee Director who is elected or re-elected as a member of the Board will be eligible to receive an Award under this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Vesting, Exercisability and Settlement</u>. Except as set forth in Section 21, Awards will vest, become exercisable, and be settled as determined by the Board. With respect to Options and SARs, the Exercise Price granted to Non-Employee Directors will not be less than the Fair Market Value of the Shares at the time that such Option or SAR is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Election to Receive Awards in Lieu of Cash</u>. A Non-Employee Director may elect to receive his or her annual retainer payments and/or meeting fees from the Company in the form of cash or Awards or a combination thereof, if permitted, and as determined, by the Committee. Such Awards will be issued under the Plan. An election under this Section 12.4 will be filed with the Company on the form prescribed by the Company.

**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>WITHHOLDING TAXES</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Withholding Generally</u>. In connection with any tax or tax withholding event related to Awards granted under this Plan, the Company may require the Participant to remit to the Company (or to the Parent, Subsidiary or Affiliate, as applicable, employing the Participant or to which the Participant provides services) an amount sufficient to satisfy applicable U.S. and non-U.S. federal, state and local income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items (the "***Tax-Related Items***") related to the Participant's participation in the Plan and legally applicable to the Participant prior to the delivery of Shares, cash or other property pursuant to exercise or settlement of any Award or such other tax event. Whenever payments in satisfaction of Awards granted under this Plan are to be made in cash, such payment will be net of an amount sufficient to satisfy applicable withholding obligations for Tax-Related Items. Unless otherwise determined by the Committee, the Fair Market Value of the Shares will be determined as of the date that the taxes are required to be withheld and such Shares will be valued based on the value of the actual trade or, if there is none, the Fair Market Value of the Shares as of the previous trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Stock Withholding</u>. The Committee, or its delegate(s), as permitted by applicable law, in its sole discretion and pursuant to such procedures as it may specify from time to time and to limitations of local law, may require or permit a Participant to satisfy such Tax-Related Items legally applicable to the Participant, in whole or in part, by (without limitation) (a) paying cash, (b) having the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the Tax-Related Items to be withheld, (c) delivering to the Company already-owned shares having a Fair Market Value equal to the Tax-Related Items to be withheld, or (d) withholding from the proceeds of the sale of otherwise deliverable Shares acquired pursuant to an Award either through a voluntary sale or through a mandatory sale arranged by the Company. The Company may withhold or account for these Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding rates, including up to the maximum permissible statutory tax rate for the applicable tax jurisdiction, to the extent consistent with applicable laws.

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**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>TRANSFERABILITY</u>**. Unless determined otherwise by the Committee, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution. If the Committee makes an Award transferable, including, without limitation, by instrument to an inter vivos or testamentary trust in which the Awards are to be passed to beneficiaries upon the death of the trustor (settlor) or by gift or by domestic relations order to a Permitted Transferee, such Award will contain such additional terms and conditions as the Committee deems appropriate. All Awards will be exercisable: (a) during the Participant's lifetime only by the Participant or the Participant's guardian or legal representative; (b) after the Participant's death, by the legal representative of the Participant's heirs or legatees; and (c) in the case of all Awards except ISOs, by a Permitted Transferee.

**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>PRIVILEGES OF STOCK OWNERSHIP; RESTRICTIONS ON SHARES</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Voting and Dividends</u>. No Participant will have any of the rights of a stockholder with respect to any Shares until the Shares are issued to the Participant, except for any Dividend Equivalent Rights permitted by an applicable Award Agreement. Any Dividend Equivalent Rights will be subject to the same vesting or performance conditions as the underlying Award. In addition, the Committee may provide that any Dividend Equivalent Rights permitted by an applicable Award Agreement will be deemed to have been reinvested in additional Shares or otherwise reinvested. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid with respect to such Shares; <u>provided</u>, that if such Shares are Restricted Stock, then any new, additional or different securities the Participant may become entitled to receive with respect to such Shares by virtue of a stock dividend, stock split or any other change in the corporate or capital structure of the Company will be subject to the same restrictions as the Restricted Stock; <u>provided</u>, <u>further</u>, that the Participant will have no right to such stock dividends or stock distributions with respect to Unvested Shares, and any such dividends or stock distributions will be accrued and paid only at such time, if any, as such Unvested Shares become vested Shares. The Committee, in its discretion, may provide in the Award Agreement evidencing any Award that the Participant will be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Shares underlying an Award during the period beginning on the date the Award is granted and ending, with respect to each Share subject to the Award, on the earlier of the date on which the Award is exercised or settled or the date on which it is forfeited; <u>provided</u>, that no Dividend Equivalent Right will be paid with respect to the Unvested Shares, and such dividends or stock distributions will be accrued and paid only at such time, if any, as such Unvested Shares become vested Shares. Such Dividend Equivalent Rights, if any, will be credited to the Participant in the form of additional whole Shares as of the date of payment of such cash dividends on Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Restrictions on Shares</u>. At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) a right to repurchase (a "***Right of Repurchase***") a portion of any or all Unvested Shares held by a Participant following such Participant's termination of Service at any time within ninety (90) days (or such longer or shorter time determined by the Committee) after the later of the date Participant's Service terminates and the date the Participant purchases Shares under this Plan, for cash and/or cancellation of purchase money indebtedness, at the Participant's Purchase Price or Exercise Price, as the case may be.

**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTIFICATES</u>**. All Shares or other securities whether or not certificated, delivered under this Plan will be subject to such stock transfer orders, legends, and other restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable U.S. federal or state securities law, or any rules, regulations, and other requirements of the SEC or any stock exchange or automated

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quotation system upon which the Shares may be listed or quoted, and any non-U.S. exchange controls or securities law restrictions to which the Shares are subject.

**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>ESCROW; PLEDGE OF SHARES</u>**. To enforce any restrictions on a Participant's Shares, the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold in escrow until such restrictions have lapsed or terminated, and the Committee may cause a legend or legends referencing such restrictions to be placed on the certificates. Any Participant who is permitted to execute a promissory note as partial or full consideration for the purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral to secure the payment of the Participant's obligation to the Company under the promissory note; <u>provided</u>, however, that the Committee may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant's Shares or other collateral. In connection with any pledge of the Shares, the Participant will be required to execute and deliver a written pledge agreement in such form as the Committee will from time to time approve. The Shares purchased with the promissory note may be released from the pledge on a pro rata basis as the promissory note is paid.

**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>REPRICING; EXCHANGE AND BUYOUT OF AWARDS</u>**. Without prior stockholder approval the Committee may (a) reprice Options or SARs (and where such repricing is a reduction in the Exercise Price of outstanding Options or SARs, the consent of the affected Participants is not required provided written notice is provided to them, notwithstanding any adverse tax consequences to them arising from the repricing), and (b) with the consent of the respective Participants (unless not required pursuant to Section 5.9 of the Plan), pay cash or issue new Awards in exchange for the surrender and cancellation of any, or all, outstanding Awards.

**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>SECURITIES LAW AND OTHER REGULATORY COMPLIANCE</u>**. An Award will not be effective unless such Award is in compliance with all applicable U.S. and non-U.S. federal and state securities and exchange control and other laws, rules, and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or deliver certificates for Shares under this Plan prior to: (a) obtaining any approvals from governmental agencies that the Company determines are necessary or advisable and/or (b) completion of any registration or other qualification of such Shares under any U.S. and non-U.S. federal or state law or ruling of any governmental body that the Company determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect compliance with the registration, qualification, or listing requirements of any state or non-U.S. securities laws, exchange control laws, stock exchange, or automated quotation system, and the Company will have no liability for any inability or failure to do so.

**20.&nbsp;&nbsp;&nbsp;&nbsp;<u>NO OBLIGATION TO EMPLOY</u>**. Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any Participant any right to continue in the employ of, or to continue any other Service with, the Company or any Parent, Subsidiary, or Affiliate or limit in any way the right of the Company or any Parent, Subsidiary, or Affiliate to terminate Participant's Service at any time.

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**21.&nbsp;&nbsp;&nbsp;&nbsp;<u>CORPORATE TRANSACTIONS</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Assumption or Replacement of Awards by Successor</u>. In the event that the Company is subject to a Corporate Transaction, outstanding Awards acquired under the Plan shall be subject to the agreement evidencing the Corporate Transaction, which need not treat all outstanding Awards in an identical manner. Such agreement, without the Participant's consent, shall provide for one or more of the following with respect to all outstanding Awards as of the effective date of such Corporate 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The continuation of an outstanding Award by the Company (if the Company is the successor 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The assumption of outstanding Awards by the successor or acquiring entity (if any) in such Corporate Transaction (or by any of its Parents, if any), which assumption, will be binding on all Participants; <u>provided</u> that the Exercise Price and the number and nature of shares issuable upon exercise of any such Option or SAR, or upon the settlement of any Award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) and Section 409A of the Code. For the purposes of this Section 21, an Award will be considered assumed if, following the Acquisition or Other Combination, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the Corporate Transaction, the consideration (whether stock, cash, or other securities or property) received in the Corporate Transaction by holders of Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); <u>provided</u>, however, that if such consideration received in the Corporate Transaction is not solely common stock of the successor corporation or its Parent, the Committee may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or SAR or upon the settlement of an RSU, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the Corporate 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;The substitution by the successor or acquiring entity in such Corporate Transaction (or by its parents, if any) of equivalent awards with substantially the same terms for such outstanding Awards (except that the exercise price and the number and nature of shares issuable upon exercise of any such option or stock appreciation right, or any award that is subject to Section 409A of the Code, will be adjusted appropriately pursuant to Section 424(a) of the Code and/or Section 409A of the Code, as applicable).

&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)&nbsp;&nbsp;&nbsp;&nbsp;The full or partial acceleration of exercisability or vesting and accelerated expiration of an outstanding Award and lapse of the Company's right to repurchase or re-acquire shares acquired under an Award or lapse of forfeiture rights with respect to shares acquired under an Award.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The settlement of the full value of such outstanding Award (whether or not then vested or exercisable) in cash, cash equivalents, or securities of the successor entity (or its parent, if any) with a fair market value equal to the required amount, followed by the cancellation of such Awards; <u>provided</u> however, that such Award may be cancelled if such Award has no value, as determined by the Committee, in its discretion. Subject to Section 409A of the Code, such payment may be made in installments and may be deferred until the date or dates the Award would have become exercisable or vested. Such payment may be subject to vesting based on the Participant's continued Service, <u>provided</u> that the vesting schedule shall not be less favorable to the Participant than the schedule under which the Award would have become vested or exercisable. For purposes of this Section 21.1(e), the fair market

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value of any security shall be determined without regard to any vesting conditions that may apply to such security.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The termination in its entirety of any outstanding Award, without payment of any consideration.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Termination of any right to exercise any Option prior to vesting in the Shares subject to the Option (i.e., "early exercise"), such that following the closing of the transaction Options may only be exercised to the extent vested.

The Board shall have full power and authority to assign the Company's right to repurchase or re-acquire or forfeiture rights to such successor or acquiring corporation. In addition, in the event such successor or acquiring corporation (if any) refuses to assume, convert, replace or substitute Awards, as provided above, pursuant to a Corporate Transaction, the Committee will notify the Participant in writing or electronically that such Participant's Award will, if exercisable, be exercisable for a period of time determined by the Committee in its sole discretion, and such Award will terminate upon the expiration of such period. Awards need not be treated similarly in a Corporate Transaction and treatment may vary from Award to Award and/or from Participant to Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Assumption of Awards by the Company</u>. The Company, from time to time, also may substitute or assume outstanding awards granted by another company, whether in connection with an acquisition of such other company or otherwise, by either: (a) granting an Award under this Plan in substitution of such other company's award, or (b) assuming such award as if it had been granted under this Plan if the terms of such assumed award could be applied to an Award granted under this Plan. Such substitution or assumption will be permissible if the holder of the substituted or assumed award would have been eligible to be granted an Award under this Plan if the other company had applied the rules of this Plan to such grant. In the event the Company assumes an award granted by another company, the terms and conditions of such award will remain unchanged (<u>except</u> that the Purchase Price or the Exercise Price, as the case may be, and the number and nature of Shares issuable upon exercise or settlement of any such Award will be adjusted appropriately pursuant to Section 424(a) of the Code). In the event the Company elects to grant a new Option in substitution rather than assuming an existing option, such new Option may be granted with a similarly adjusted Exercise Price. Substitute Awards will not reduce the number of Shares authorized for grant under the Plan or authorized for grant to a Participant in a calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Non-Employee Directors' Awards</u>. Notwithstanding any provision to the contrary herein, in the event of a Corporate Transaction, the vesting of all Awards granted to Non-Employee Directors will accelerate and such Awards will become exercisable (as applicable) in full prior to the consummation of such event at such times and on such conditions as the Committee determines.

**22.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADOPTION AND STOCKHOLDER APPROVAL</u>**. This Plan will be submitted for the approval of the Company's stockholders, consistent with applicable laws, within twelve (12) months before or after the date this Plan is adopted by the Board.

**23.&nbsp;&nbsp;&nbsp;&nbsp;<u>TERM OF PLAN/GOVERNING LAW</u>**. Unless earlier terminated as provided herein, this Plan will become effective on the Effective Date and will terminate ten (10) years from the date this Plan is adopted by the Board. This Plan and all Awards granted hereunder will be governed by and construed in accordance with the laws of the State of Delaware (excluding its conflict of laws rules).

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**24.&nbsp;&nbsp;&nbsp;&nbsp;<u>AMENDMENT OR TERMINATION OF PLAN</u>**. The Board may at any time terminate or amend this Plan in any respect, including, without limitation, amendment of any form of Award Agreement or instrument to be executed pursuant to this Plan, <u>provided</u>, however, that the Board will not, without the approval of the stockholders of the Company, amend this Plan in any manner that requires such stockholder approval, <u>provided</u> further that a Participant's Award will be governed by the version of this Plan then in effect at the time such Award was granted. No termination or amendment of the Plan will affect any then-outstanding Award unless expressly provided by the Committee. In any event, no termination or amendment of the Plan or any outstanding Award may adversely affect any then outstanding Award without the consent of the Participant, unless such termination or amendment is necessary to comply with applicable law, regulation, or rule.

**25.&nbsp;&nbsp;&nbsp;&nbsp;<u>NONEXCLUSIVITY OF THE PLAN</u>**. Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the Company for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional compensation arrangements as it may deem desirable, including, without limitation, the granting of stock awards and bonuses otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

**26.&nbsp;&nbsp;&nbsp;&nbsp;<u>INSIDER TRADING POLICY</u>**. Each Participant who receives an Award will comply with any policy adopted by the Company from time to time covering transactions in the Company's securities by Employees, officers, and/or Directors of the Company, as well as with any applicable insider trading or market abuse laws to which the Participant may be subject.

**27.&nbsp;&nbsp;&nbsp;&nbsp;<u>ALL AWARDS SUBJECT TO COMPANY CLAWBACK OR RECOUPMENT POLICY</u>**. All Awards, subject to applicable law, will be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant's Service that is applicable to officers, Employees, Directors or other service providers, and in addition to any other remedies available under such policy and applicable law, may require the cancellation of outstanding Awards and the recoupment of any gains realized with respect to Awards.

**28.&nbsp;&nbsp;&nbsp;&nbsp;<u>DEFINITIONS</u>**. As used in this Plan, and except as elsewhere defined herein, the following terms will have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.1.&nbsp;&nbsp;&nbsp;&nbsp;**"***Affiliate***" means (a) any entity that, directly or indirectly, is controlled by, controls, or is under common control with, the Company, and (b) any entity in which the Company has a significant equity interest, in either case as determined by the Committee, whether now or hereafter existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.2.&nbsp;&nbsp;&nbsp;&nbsp;**"***Award***" means any award under the Plan, including any Option, Performance Award, Cash Award, Restricted Stock, Stock Bonus, Stock Appreciation Right, or Restricted Stock Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.3.&nbsp;&nbsp;&nbsp;&nbsp;**"***Award Agreement***" means, with respect to each Award, the written or electronic agreement between the Company and the Participant setting forth the terms and conditions of the Award, and country-specific appendix thereto for grants to non-U.S. Participants, which will be in substantially a form (which need not be the same for each Participant) that the Committee (or in the case of Award Agreements that are not used for Insiders, the Committee's delegate(s)) has from time to time approved, and will comply with and be subject to the terms and conditions of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.4.&nbsp;&nbsp;&nbsp;&nbsp;**"***Board***" means the Board of Directors of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.5.&nbsp;&nbsp;&nbsp;&nbsp;**"***Cause***" means, unless another definition is provided in an applicable Award Agreement, employment agreement or other applicable written agreement, termination because of (a) Participant's unauthorized disclosure or misuse of the Company or a Parent, Subsidiary or Affiliate's trade secrets or proprietary information, (b) Participant's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (c) Participant's committing an act of fraud against the Company or a Parent, Subsidiary or Affiliate, (d) Participant's gross negligence or willful misconduct in the performance of his or her duties that has had or will have a material adverse effect on the Company or Parent, Subsidiary or Affiliate's reputation or business, (e) Participant's act of dishonesty, theft, embezzlement, or misappropriation of assets or property of the Company or a Parent, Subsidiary or Affiliate, (f) any material breach by the Participant of any provision of any Company policy or any agreement between the Company or any Parent, Subsidiary or Affiliate and the Participant, (g) any misconduct by the Participant which is materially injurious to the financial condition or business reputation of, or is otherwise materially injurious to, the Company or a Parent, Subsidiary or Affiliate, or (h) Participant's failure to cooperate with the Company in any internal or external investigation or formal proceeding if the Company has requested Participant's reasonable cooperation. The determination as to whether Cause for a Participant's termination exists will be made by the Company and will be final and binding on the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.6.&nbsp;&nbsp;&nbsp;&nbsp;**"***Code***" means the United States Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.7.&nbsp;&nbsp;&nbsp;&nbsp;**"***Committee***" means the Compensation Committee of the Board or those persons to whom administration of the Plan, or part of the Plan, has been delegated as permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.8.&nbsp;&nbsp;&nbsp;&nbsp;**"***Common Stock***" means the Class A common stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.9.&nbsp;&nbsp;&nbsp;&nbsp;**"***Company***" means Figma, Inc., a Delaware corporation, or any successor corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.10.&nbsp;&nbsp;&nbsp;&nbsp;**"***Consultant***" means any natural person, including an advisor or independent contractor, who is engaged to render services to the Company or a Parent, Subsidiary, or Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.11.&nbsp;&nbsp;&nbsp;&nbsp;** "***Corporate Transaction***" means the occurrence of any of the following events: (a) any "Person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) acquires "beneficial ownership" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company's then-outstanding voting securities, provided, however, that for purposes of this subclause (a) the acquisition of additional securities by any one Person who is considered to own more than fifty percent (50%) of the total voting power of the securities of the Company will not be considered a Corporate Transaction; (b) the consummation of the sale or disposition by the Company of all or substantially all of the Company's assets; (c) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger 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 parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; (d) any other transaction which qualifies as a "corporate transaction" under Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of capital stock of the Company), or (e) a change in the effective control of the Company that occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the Board

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whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purpose of subclause (e), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Corporate Transaction.

For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company.

Notwithstanding the foregoing, if a holder of shares of Class B common stock of the Company (a "***Class B Holder***") acquires "beneficial ownership" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company's then-outstanding voting securities, such acquisition of voting power will not constitute a Corporate Transaction unless the applicable Class B Holder (alone or as part of a group (as determined by the Board)) also acquires greater than fifty percent (50%) of the Company's then outstanding securities (without giving effect to the voting power of the shares of outstanding Class B common stock in excess of the voting power of the Common Stock). In addition, if a Class B Holder (alone or as part of a group (as determined by the Board)) holds more than fifty percent (50%) of the voting power of the Company and, for any reason, such Class B Holder's (or such group's) voting power decreases to fifty percent (50%) or lower, then such loss of voting power will not constitute a Corporate Transaction unless such loss in voting power: (i) is due to an acquisition of shares by an unrelated person and (ii) such unrelated person's ownership (alone or as part of a group (as determined by the Board)), following such acquisition of shares, exceeds fifty percent (50%) of the voting power of the Company's then outstanding voting securities.

Notwithstanding the foregoing, to the extent that any amount constituting deferred compensation (as defined in Section 409A of the Code) would become payable under this Plan by reason of a Corporate Transaction, such amount will become payable only if the event constituting a Corporate Transaction would also qualify as a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, each as defined within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final Treasury Regulations and IRS guidance that has been promulgated or may be promulgated thereunder from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.12.&nbsp;&nbsp;&nbsp;&nbsp;**"***Director***" means a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.13.&nbsp;&nbsp;&nbsp;&nbsp;**"***Disability***" means in the case of ISOs, total and permanent disability as defined in Section 22(e)(3) of the Code and in the case of other Awards, that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.14.&nbsp;&nbsp;&nbsp;&nbsp;**"***Dividend Equivalent Right***" means the right of a Participant, granted at the discretion of the Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash, stock, or other property dividends for each Share represented by an Award held by such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.15.&nbsp;&nbsp;&nbsp;&nbsp;**"***Effective Date***" means the day immediately prior to the Company's IPO Registration Date, subject to approval of the Plan by the Company's stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.16.&nbsp;&nbsp;&nbsp;&nbsp;**"***Employee***" means any person, including officers and Directors, providing services as an employee to the Company or any Parent, Subsidiary, or Affiliate. Neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.17.&nbsp;&nbsp;&nbsp;&nbsp;**"***Exchange Act***" means the United States Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.18.&nbsp;&nbsp;&nbsp;&nbsp;**"***Exchange Program***" means a program pursuant to which (a) outstanding Awards are surrendered, cancelled, or exchanged for cash, the same type of Award, or a different Award (or combination thereof); or (b) the Exercise Price of an outstanding Award is increased or reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.19.&nbsp;&nbsp;&nbsp;&nbsp;**"***Exercise Price***" means, with respect to an Option, the price at which a holder may purchase the Shares issuable upon exercise of an Option and with respect to a SAR, the price at which the SAR is granted to the holder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.20.&nbsp;&nbsp;&nbsp;&nbsp;**"***Fair Market Value***" means, as of any date, the value of a Share, determined as follows:

&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in *The Wall Street* Journal or such other source as the Committee deems reliable;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Common Stock is publicly traded but is neither listed nor admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported in *The Wall Street Journal* or such other source as the Committee deems reliable;

&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of an Option or SAR grant made on the IPO Registration Date, the price per share at which Shares are initially offered for sale to the public by the Company's underwriters in the initial public offering of Shares as set forth in the Company's final prospectus included within the registration statement on Form S-1 filed with the SEC under the Securities Act; 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;by the Board or the Committee in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.21.&nbsp;&nbsp;&nbsp;&nbsp;**"***Insider***" means an officer or Director of the Company or any other person whose transactions in the Company's Common Stock are subject to Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.22.&nbsp;&nbsp;&nbsp;&nbsp;**"***IPO Registration Date***" means the date on which the Company's registration statement on Form S-1 in connection with its initial public offering of common stock is declared effective by the SEC under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.23.&nbsp;&nbsp;&nbsp;&nbsp;**"***IRS***" means the United States Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.24.&nbsp;&nbsp;&nbsp;&nbsp;**"***Non-Employee Director***" means a Director who is not an Employee of the Company or any Parent, Subsidiary, or Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.25.&nbsp;&nbsp;&nbsp;&nbsp;**"***Option***" means an award of an option to purchase Shares pursuant to Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.26.&nbsp;&nbsp;&nbsp;&nbsp;**"***Parent***" means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if each of such corporations other than the Company owns stock

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possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.27.&nbsp;&nbsp;&nbsp;&nbsp;**"***Participant***" means a person who holds an Award under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.28.&nbsp;&nbsp;&nbsp;&nbsp;**"***Performance Award***" means an Award as defined in Section 10 and granted under the Plan, the payment of which is contingent upon achieving certain performance goals established by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.29.&nbsp;&nbsp;&nbsp;&nbsp;**"***Performance Factors***" means any of the factors selected by the Committee and specified in an Award Agreement, from among the following measures, either individually, alternatively or in any combination, applied to the Company as a whole or any business unit or Subsidiary, either individually, alternatively, or in any combination, on a GAAP or non-GAAP basis, and measured, to the extent applicable on an absolute basis or relative to a pre-established target, to determine whether the performance goals established by the Committee with respect to applicable Awards have been satisfied:

&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)&nbsp;&nbsp;&nbsp;&nbsp;profit before tax;

&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)&nbsp;&nbsp;&nbsp;&nbsp;billings;

&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)&nbsp;&nbsp;&nbsp;&nbsp;revenue;

&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)&nbsp;&nbsp;&nbsp;&nbsp;net revenue;

&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)&nbsp;&nbsp;&nbsp;&nbsp;earnings (which may include earnings before interest and taxes, earnings before taxes, net earnings, stock-based compensation expenses, depreciation, and amortization);

&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)&nbsp;&nbsp;&nbsp;&nbsp;operating income;

&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)&nbsp;&nbsp;&nbsp;&nbsp;operating margin;

&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)&nbsp;&nbsp;&nbsp;&nbsp;operating profit;

&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)&nbsp;&nbsp;&nbsp;&nbsp;controllable operating profit or net operating profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;net profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;gross margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;operating expenses or operating expenses as a percentage of revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp; net income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;earnings per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;total stockholder return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;return on assets or net assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;the Company's stock price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;growth in stockholder value relative to a pre-determined index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;return on equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;return on invested capital;

&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)&nbsp;&nbsp;&nbsp;&nbsp;cash flow (including free cash flow or operating cash flows);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;cash conversion cycle;

&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)&nbsp;&nbsp;&nbsp;&nbsp;economic value added;

&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)&nbsp;&nbsp;&nbsp;&nbsp;individual confidential business objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;contract awards or backlog;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;overhead or other expense reduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)&nbsp;&nbsp;&nbsp;&nbsp;credit rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc)&nbsp;&nbsp;&nbsp;&nbsp;strategic plan development and implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd)&nbsp;&nbsp;&nbsp;&nbsp;succession plan development and implementation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)&nbsp;&nbsp;&nbsp;&nbsp;improvement in workforce diversity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)&nbsp;&nbsp;&nbsp;&nbsp;customer indicators and/or satisfaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)&nbsp;&nbsp;&nbsp;&nbsp;new product invention or innovation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)&nbsp;&nbsp;&nbsp;&nbsp;attainment of research and development milestones;

&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)&nbsp;&nbsp;&nbsp;&nbsp;improvements in productivity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)&nbsp;&nbsp;&nbsp;&nbsp;bookings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)&nbsp;&nbsp;&nbsp;&nbsp;attainment of objective operating goals and employee metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll)&nbsp;&nbsp;&nbsp;&nbsp;sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm)&nbsp;&nbsp;&nbsp;&nbsp;expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)&nbsp;&nbsp;&nbsp;&nbsp;balance of cash, cash equivalents, and marketable 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;(oo)&nbsp;&nbsp;&nbsp;&nbsp;completion of an identified special project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)&nbsp;&nbsp;&nbsp;&nbsp;completion of a joint venture or other corporate 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;(qq)&nbsp;&nbsp;&nbsp;&nbsp;employee satisfaction and/or retention;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)&nbsp;&nbsp;&nbsp;&nbsp;research and development expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)&nbsp;&nbsp;&nbsp;&nbsp;working capital targets and changes in working capital; 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;(tt)&nbsp;&nbsp;&nbsp;&nbsp;any other metric that is capable of measurement as determined by the Committee.

The Committee may provide for one or more equitable adjustments to the Performance Factors to preserve the Committee's original intent regarding the Performance Factors at the time of the initial award grant, such as but not limited to, adjustments in recognition of unusual or non-recurring items such as acquisition related activities or changes in applicable accounting rules. It is within the sole discretion of the Committee to make or not make any such equitable adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.30.&nbsp;&nbsp;&nbsp;&nbsp;**"***Performance Period***" means one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the attainment of one or more Performance Factors will be measured for the purpose of determining a Participant's right to, and the payment of, a Performance Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.31.&nbsp;&nbsp;&nbsp;&nbsp;**"***Performance Share***" means an Award as defined in Section 10 and granted under the Plan, the payment of which is contingent upon achieving certain performance goals established by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.32.&nbsp;&nbsp;&nbsp;&nbsp;**"***Performance Unit***" means an Award as defined in Section 10 and granted under the Plan, the payment of which is contingent upon achieving certain performance goals established by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.33.&nbsp;&nbsp;&nbsp;&nbsp;**"***Permitted Transferee***" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships) of the Employee, any person sharing the Employee's household (other than a tenant or employee), a trust in which these persons (or the Employee) have more than 50% of the beneficial interest, a foundation in which these persons (or the Employee) control the management of assets, and any other entity in which these persons (or the Employee) own more than 50% of the voting interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.34.&nbsp;&nbsp;&nbsp;&nbsp;**"***Plan***" means this Figma, Inc. 2025 Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.35.&nbsp;&nbsp;&nbsp;&nbsp;**"***Purchase Price***" means the price to be paid for Shares acquired under the Plan, other than Shares acquired upon exercise of an Option or SAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.36.&nbsp;&nbsp;&nbsp;&nbsp;**"***Restricted Stock Award***" means an Award as defined in Section 6 and granted under the Plan, or issued pursuant to the early exercise of an Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.37.&nbsp;&nbsp;&nbsp;&nbsp;**"***Restricted Stock Unit***" means an Award as defined in Section 9 and granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.38.&nbsp;&nbsp;&nbsp;&nbsp;**"***SEC***" means the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.39.&nbsp;&nbsp;&nbsp;&nbsp;**"***Securities Act***" means the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.40.&nbsp;&nbsp;&nbsp;&nbsp;**"***Service***" means service as an Employee, Consultant, Director, or Non-Employee Director, to the Company or a Parent, Subsidiary, or Affiliate, subject to such further limitations as may

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be set forth in the Plan or the applicable Award Agreement. An Employee will not be deemed to have ceased to provide Service in the case of any leave of absence approved by the Company or a Parent, Subsidiary, or Affiliate, as applicable. In the case of any Employee on an approved leave of absence or a reduction in hours worked (for illustrative purposes only, a change in schedule from that of full-time to part-time), the Committee may make such provisions respecting suspension of or modification to vesting of the Award while on leave from the employ of the Company or a Parent, Subsidiary or Affiliate or during such change in working hours as it may deem appropriate, including suspension of or modification to vesting of the Award (including pursuant to a formal policy adopted from time to time by the Company or a Parent, Subsidiary, or Affiliate), except that in no event may an Award vest or be exercised after the expiration of the term set forth in the applicable Award Agreement. Unless the Committee provides otherwise (including pursuant to a formal policy adopted from time to time by the Company or a Parent, Subsidiary, or Affiliate), to the extent permitted under applicable law, vesting of Awards granted hereunder will be suspended during any leave of absence. A change in status between an Employee, Consultant, Director or Non-Employee Director shall not terminate the Participant's Service, unless determined by the Committee in its discretion or to the extent set forth in the applicable Award Agreement. The Committee will have sole discretion to determine whether a Participant has ceased to provide Service and the effective date on which the Participant ceased to provide Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.41.&nbsp;&nbsp;&nbsp;&nbsp;**"***Shares***" means shares of the Common Stock and the common stock of any successor entity of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.42.&nbsp;&nbsp;&nbsp;&nbsp;**"***Stock Appreciation Right***" means an Award defined in Section 8 and granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.43.&nbsp;&nbsp;&nbsp;&nbsp;**"***Stock Bonus***" means an Award defined in Section 7 and granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.44.&nbsp;&nbsp;&nbsp;&nbsp;**"***Subsidiary***" means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.45.&nbsp;&nbsp;&nbsp;&nbsp;**"***Treasury Regulations***" means regulations promulgated by the United States Treasury Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.46.&nbsp;&nbsp;&nbsp;&nbsp;**"***Unvested Shares***" means Shares that have not yet vested or are subject to a right of repurchase in favor of the Company (or any successor thereto).

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**FIGMA, INC.**

**2025 EQUITY INCENTIVE PLAN**

**GLOBAL NOTICE OF STOCK OPTION GRANT**

You ("***Optionee***") have been granted an option to purchase shares of Common Stock of the Company (the "***Option***") under the Figma, Inc. (the "***Company***") 2025 Equity Incentive Plan (the "***Plan***") subject to the terms and conditions of the Plan, this Global Notice of Stock Option Grant (this "***Notice***"), and the Global Stock Option Agreement, including, if Optionee is a citizen of, resident of, or works outside of the U.S., any additional terms and conditions set forth in Addendum A and Addendum B attached thereto (both addenda collectively, together with the Global Stock Option Agreement, the "***Option Agreement***").

Unless otherwise defined herein, the terms defined in the Plan will have the same meanings in this Notice and the electronic representation of this Notice established and maintained by the Company or a third party designated by the Company.

**Name**:

**Address**:

**Grant Number**:

**Date of Grant**:

**Vesting Commencement Date**:

**Exercise Price per Share**:

**Total Number of Shares**:

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| | |
|:---|:---|
| **Type of Option**: | __ Non-Qualified Stock Option |
|  | __ Incentive Stock Option |
| **Expiration Date**: | ________ __, 20__; the Option expires earlier if Optionee's Service terminates earlier, as described in the Option Agreement. |
| **Vesting Schedule**: | Subject to the limitations set forth in this Notice, the Plan, and the Option Agreement, the Option will vest in accordance with the following schedule: [*insert applicable vesting schedule, which may be time-based, performance based or combination of both]*] |

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By accepting (whether in writing, electronically, or otherwise) the Option, Optionee acknowledges and agrees to the following:

1)Optionee understands that Optionee's Service is for an unspecified duration, can be terminated at any time (*i.e.*, is "at-will") except where otherwise prohibited by applicable law, and that nothing in this Notice, the Option Agreement, or the Plan changes the nature of that relationship. Optionee acknowledges that the vesting of the Option pursuant to this Notice is subject to Optionee's continuing Service as an Employee, Director of Consultant. To the extent permitted by applicable law. Optionee agrees and acknowledges that the Vesting Schedule may change prospectively in the event that Optionee's Service status changes between full- and part-time and/or in the event Optionee is on a leave of absence, in accordance with Company policies relating to

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work schedules and vesting of the Option or as determined by the Committee to the extent permitted by applicable law. Furthermore, the period during which Optionee may exercise the Option after termination of Service, if any, will commence on the Termination Date (as defined in the Option Agreement). Optionee acknowledges that there may be adverse tax consequences in connection with the Option (including upon grant or exercise of the Option or disposition of the Shares) and that Optionee should consult a tax adviser appropriately qualified in the jurisdictions in which Optionee is subject to tax generally about the taxation of the Option.

2)This grant is made under and governed by the Plan, the Option Agreement, and this Notice, and this Notice is subject to the terms and conditions of the Option Agreement and the Plan, both of which are incorporated herein by reference. Optionee has read the Notice, the Option Agreement and, the Plan.

3)Optionee has read the Company's Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Optionee acquires or disposes of the Company's securities.

4)By accepting the Option, Optionee consents to electronic delivery and participation as set forth in the Option Agreement.

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| | |
|:---|:---|
| **OPTIONEE** | **FIGMA, INC.** |
| Signature: | By: |
| Print Name: | Its:  |

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**FIGMA, INC.**

**2025 EQUITY INCENTIVE PLAN**

**GLOBAL STOCK OPTION AGREEMENT**

Unless otherwise defined in this Global Stock Option Agreement including, if Optionee is a citizen of, resident of, or works outside of the U.S., any additional terms and conditions set forth in Addendum A and Addendum B attached thereto (both addenda collectively, together with this Global Stock Option Agreement, this "***Option Agreement***"), any capitalized terms used herein will have the same meaning ascribed to them in the Figma, Inc. 2025 Equity Incentive Plan (the "***Plan***").

Optionee has been granted an option to purchase Shares (the "***Option***") of Figma, Inc. (the "***Company***"), subject to the terms, restrictions, and conditions of the Plan, the Global Notice of Stock Option Grant (the "***Notice***"), and this Option Agreement. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of the Notice or this Option Agreement, the terms and conditions of the Plan will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting</u>.** Subject to the applicable provisions of the Plan and this Option Agreement, the Option may be exercised, in whole or in part, in accordance with the Vesting Schedule set forth in the Notice. Optionee acknowledges and agrees that the Vesting Schedule may change prospectively in the event Optionee's Service status changes between full and part-time and/or in the event Optionee is on a leave of absence, in accordance with Company policies relating to work schedules and vesting of the Option or as determined by the Committee. Optionee acknowledges that the vesting of the Option pursuant to this Notice and Agreement is subject to Optionee's continuing Service as an Employee, Director or Consultant. In case of any dispute as to whether and when termination of Service has occurred, the Committee will have sole discretion to determine whether such termination of Service has occurred and the effective date of such termination (including whether Optionee may still be considered to be providing services while on an approved leave of absence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Option</u>.** Optionee has been granted an Option for the number of Shares set forth in the Notice at the exercise price per Share in U.S. Dollars set forth in the Notice (the "***Exercise Price***"). If designated in the Notice as an Incentive Stock Option ("***ISO***"), the Option is intended to qualify as an Incentive Stock Option under Section 422 of the Code. However, if the Option is intended to be an ISO, to the extent that it exceeds the U.S. $100,000 rule of Code Section 422(d) it will be treated as a Nonqualified Stock Option ("***NSO***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination 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;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General Rule</u>. If Optionee's Service terminates for any reason except death or Disability, and other than for Cause, then the Option will expire at the close of business at Company headquarters on the date three (3) months after Optionee's Termination Date (as defined below) (with any exercise beyond three (3) months after the Termination Date deemed to be the exercise of an NSO). The Company determines the Termination Date for all purposes under this Option 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;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Death; Disability</u>. If Optionee dies before Optionee's Service terminates (or Optionee dies within three (3) months of Optionee's termination of Service other than for Cause), then the Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of death (subject to the expiration details in Section 7). If Optionee's Service terminates because of Optionee's Disability, then the Option will expire at the close of business at Company headquarters on

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the date twelve (12) months after Optionee's Termination Date (subject to the expiration details in Section 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cause</u>. Unless otherwise determined by the Committee, the Option (whether or not vested) will terminate immediately upon Optionee's cessation of Services if the Company reasonably determines in good faith that such cessation of Services has resulted in connection with an act or failure to act constituting Cause (or Optionee's Services could have been terminated for Cause) (without regard to the lapsing of any required notice or cure periods in connection therewith) at the time Optionee terminated Services), then Optionee's Options (whether or not vested) shall expire effective as of such Optionee's Termination Date, or at such later time and on such conditions as are determined by the Committee, but in any event no later than the expiration date of the Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Notification of Exercise Periods</u>. Optionee is responsible for keeping track of these exercise periods following Optionee's termination of Service for any reason. The Company will not provide further notice of such periods. In no event will the Option be exercised later than the Expiration Date 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination</u>. For purposes of this Option, Optionee's Service will be considered terminated as of the date Optionee is no longer providing active services to the Company, its Parent or one of its Subsidiaries or Affiliates (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Optionee is employed or otherwise rendering services or the terms of Optionee's employment or other service agreement, if any) and will not be extended by any notice period (*e.g.*, Optionee's period of Service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where Optionee is employed or otherwise rendering services or the terms of Optionee's employment or other service agreement, if any) (the "***Termination Date***") . The Committee will have the exclusive discretion to determine when Optionee is no longer actively providing services for purposes of Optionee's Option. For the avoidance of doubt, Service during only a period prior to a vesting date (but where Service has terminated prior to the vesting date) does not entitle Optionee to vest in a pro-rata portion of the Option on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise of Option</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Exercise</u>. The Option is exercisable during its term in accordance with the Vesting Schedule set forth in the Notice and the applicable provisions of the Plan and this Option Agreement. In the event of Optionee's death, Disability, termination for Cause, or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice, and this Option Agreement. The Option may not be exercised for a fraction of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Exercise</u>. The Option is exercisable by delivery of an exercise notice in a form specified by the Company (the "***Exercise Notice***"), which will state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the "***Exercised Shares***"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice will be delivered in person, via the Company's equity management platform, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any Tax-Related Items (as defined in Section 9 below). The Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such

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aggregate Exercise Price and satisfaction of any withholding obligations or rights related to applicable Tax-Related Items as described in Section 9 below. No Shares will be issued pursuant to the exercise of the Option unless such issuance and exercise complies with all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance, for United States income tax purposes the Exercised Shares will be considered transferred to Optionee on the date the Option is exercised with respect to such Exercised 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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise by Another</u>. If another person wants to exercise the Option after it has been transferred to him or her in compliance with this Option Agreement, that person must prove to the Company's satisfaction that he or she is entitled to exercise the Option. That person must also complete the proper Exercise Notice form (as described above) and pay the Exercise Price (as described below) and satisfy any withholding obligations or rights related to applicable Tax-Related Items (as described in Section 8 below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Payment</u>.** Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Optionee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Optionee's personal check (or readily available funds), wire transfer, or a cashier's check;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;certificates for shares of Company stock that Optionee owns, along with any forms needed to effect a transfer of those shares to the Company; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the Exercise Price. Instead of surrendering shares of Company stock, Optionee may attest to the ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the Option shares issued to Optionee. However, Optionee may not surrender, or attest to the ownership of, shares of Company stock in payment of the Exercise Price of Optionee's Option if Optionee's action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;cashless exercise through irrevocable directions to a securities broker approved by the Company to sell all or part of the Shares covered by the Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Exercise Price and any withholding obligations or rights related to applicable Tax-Related Items. The balance of the sale proceeds, if any, will be delivered to Optionee. The directions must be given by signing a special notice of exercise form provided by the Company; 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;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any other method authorized by the Company;

provided, however, that the Company may restrict the available methods of payment to facilitate compliance with applicable law or administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Stockholder Rights</u>**. Unless and until such time as Shares are issued following exercise of vested Options, Optionee will have no ownership of the Shares subject to the Option and will have no rights to dividends or to vote such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of Option</u>.** In general, except as provided below, only Optionee may exercise this Option prior to Optionee's death. Optionee may not transfer or assign this Option, except as provided below. For instance, Optionee may not sell this Option or use it as security for a loan.

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If Optionee attempts to do any of these things, this Option will immediately become invalid. However, if Optionee is a U.S. taxpayer, Optionee may dispose of this Option in Optionee's will. If Optionee is a U.S. taxpayer and this Option is designated as a NSO in the Notice of Grant, then the Committee may, in its sole discretion, allow Optionee to transfer this Option as a gift to one or more family members. For purposes of this Agreement, "family member" means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in- law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law (including adoptive relationships), any individual sharing Optionee's household (other than a tenant or employee), a trust in which one or more of these individuals have more than 50% of the beneficial interest, a foundation in which Optionee or one or more of these persons control the management of assets, and any entity in which Optionee or one or more of these persons own more than 50% of the voting interest. The Committee will allow Optionee to transfer this Option only if both Optionee and the transferee(s) execute the forms prescribed by the Committee, which include the consent of the transferee(s) to be bound by this Agreement. The terms of the Plan and this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term of Option</u>.** The Option will in any event expire on the expiration date set forth in the Notice, which date is no more than ten (10) years after the Date of Grant (five (5) years after the Date of Grant if this option is designated as an ISO in the Notice of Stock Option Grant and Section 5.3 of the Plan applies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility for Taxes</u>. Optionee acknowledges that, regardless of any action taken by the Company or, if different, a Parent, Subsidiary, or Affiliate employing or otherwise retaining Optionee (the "***Service Recipient***"), the ultimate liability for any and all U.S. and non-U.S. federal, state, and local income tax, social insurance, payroll tax, fringe benefits tax, payment on account, or other tax related items related to the Option and Optionee's participation in the Plan and legally or deemed legally applicable to Optionee including, as applicable, obligations of the Company or the Service Recipient (all the foregoing tax-related items, "***Tax-Related Items***") is and remains Optionee's responsibility and may exceed the amount actually withheld by the Company or the Service Recipient, if any. Optionee further acknowledges that the Company and/or the Service Recipient (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this Option, including, but not limited to, the grant, vesting, or exercise of this Option; the subsequent sale of Shares acquired pursuant to such exercise; and the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of this Option to reduce or eliminate Optionee's liability for Tax-Related Items or achieve any particular tax result. Further, if Optionee is subject to Tax-Related Items in more than one jurisdiction, Optionee acknowledges that the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. *OPTIONEE SHOULD CONSULT A TAX ADVISER APPROPRIATELY QUALIFIED IN THE COUNTRY OR COUNTRIES IN WHICH OPTIONEE RESIDES OR IS SUBJECT TO TAXATION.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding.</u> In connection with any relevant taxable or tax withholding event, as applicable, Optionee agrees to make arrangements satisfactory to the Company and/or the Service Recipient to satisfy all Tax-Related Items. In this regard, Optionee authorizes the Company and/or the Service Recipient, or their respective agents, at their discretion, to satisfy any withholding obligations or rights for Tax-Related Items by one or a combination of the following, all under such rules

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as may be established by the Committee and in compliance with the Company's Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)withholding from Optionee's wages or other cash compensation payable to Optionee by the Company and/or the Service Recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)withholding from proceeds of the sale of Shares acquired at exercise of this Option either through a voluntary sale or through a mandatory sale arranged by the Company (on Optionee's behalf pursuant to this authorization and without further consent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)withholding Shares to be issued upon exercise of the Option, provided the Company only withholds the number of Shares necessary to satisfy no more than the maximum applicable statutory withholding amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)Optionee's payment of a cash amount (including by check representing readily available funds or a wire transfer); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any other arrangement approved by the Committee and permitted under applicable law;

all under such rules as may be established by the Committee and in compliance with the Company's Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided, however, that if Optionee is a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale under (ii) above (unless the Committee as constituted in accordance with Rule 16b-3 of the Exchange Act shall establish an alternate method from alternatives (i) – (v) above prior to the Tax-Related Items withholding event).

The Company may withhold or account for Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding rates, including maximum or minimum statutory rated for Optionee's tax jurisdiction(s). In the event of over-withholding, Optionee will have no entitlement to the equivalent amount in Shares and may receive a refund of any over-withheld amount in cash in accordance with applicable law, or if not refunded, Optionee may need to seek a refund from the local tax authorities. In the event of under-withholding, Optionee may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Service Recipient.

If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Optionee is deemed to have been issued the full number of Exercised Shares; notwithstanding that a number of the Shares is held back solely for the purpose of satisfying the withholding obligation for Tax-Related Items.

Finally, Optionee agrees to pay to the Company and/or the Service Recipient any amount of Tax-Related Items that the Company and/or the Service Recipient may be required to withhold or account for as a result of Optionee's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if Optionee fails to comply with Optionee's obligations in connection with the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Disqualifying Disposition of ISO Shares</u>. If Optionee is subject to Tax-Related Items in the United States and sells or otherwise disposes of any of the Shares acquired

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pursuant to an ISO on or before the later of (i) two (2) years after the Date of Grant, or (ii) one (1) year after the exercise date, Optionee will immediately notify the Company in writing of such disposition. Optionee agrees that he or she may be subject to income tax withholding by the Company on the compensation income recognized from such early disposition of ISO Shares by payment in cash or out any wages or other cash compensation paid to Optionee by the Company and/or the Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>.** By accepting the Option, Optionee acknowledges, understands and agrees that:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Company, it is discretionary in nature, and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is operated and the Option is granted solely by the Company, and only the Company is a party to this Agreement; accordingly, any rights Optionee may have under this Agreement may be raised only against the Company but not any Parent, Subsidiary or Affiliate (including, but not limited to, the Service Recipient);

&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)&nbsp;&nbsp;&nbsp;&nbsp;no Parent, Subsidiary or Affiliate (including, but not limited to, the Service Recipient) has any obligation to make any payment of any kind to Optionee under 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;the grant of the Option is exceptional, voluntary, and occasional, and does not create any contractual or other right to receive future grants of options, or benefits in lieu of options, even if options have been granted in the past;

&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)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future options or other grants, if any, will be at the sole discretion of the Company;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Optionee is voluntarily participating in the 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Option and the Shares subject to the Option, and the income and value of same, are not intended to replace any pension or retirement rights or compensation;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Option and the Shares subject to the Option, and the income and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement, or welfare benefits or similar payments;

&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)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Company, the Option, and the Shares subject to the Option, and the income and value of same, are not granted as consideration for, or in connection with, the service Optionee may provide as a director of a Parent, Subsidiary, or Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty; if the underlying Shares do not increase in value, the Option will have no value; if Optionee exercises the Option and acquires Shares, the value of such Shares may increase or decrease, even below the Exercise Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages will arise from forfeiture of the Option resulting from Optionee's termination of Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of applicable laws in the jurisdiction where

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Optionee is employed or otherwise rendering services or the terms of Optionee's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Company or imposed by applicable law; and in consideration of the grant of the Option to which Optionee is otherwise not entitled, Optionee irrevocably agrees never to institute any claim against the Service Recipient, the Company, and any Parent, Subsidiary, or Affiliate; waives his or her ability, if any, to bring any such claim; and releases the Service Recipient, the Company, and any Parent, Subsidiary, or Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Optionee will be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise provided in the Plan or by the Company in its discretion, the Option and the benefits evidenced by this Option Agreement do not create any entitlement to have the Option or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction affecting the Shares; 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;neither the Company, the Service Recipient nor any other Parent, Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between Optionee's local currency and the United States Dollar that may affect the value of the Option or of any amounts due to Optionee pursuant to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>.** The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Optionee's participation in the Plan or Optionee's acquisition or sale of the underlying Shares. Optionee acknowledges, understands, and agrees that he or she should consult with his or her own personal tax, legal, and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>.** The Company reserves the right to impose other requirements on Optionee's participation in the Plan, on the Option, and on any Shares purchased upon exercise of the Option, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Optionee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>.** The Company and Optionee agree that the Option is granted under and governed by the Notice, this Option Agreement and the Plan (incorporated herein by reference). Optionee: (a) acknowledges receipt of a copy of the Plan and the Plan prospectus, (b) represents that Optionee has carefully read and is familiar with their provisions, and (c) hereby accepts the Option subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Enforcement of Rights</u>.** This Option Agreement, the Plan, and the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments, or negotiations concerning the purchase of the Shares hereunder are superseded. No adverse modification of, or adverse amendment to, this Option Agreement, nor any waiver of any rights under this Option Agreement, will be effective unless in writing and signed by the parties to this Option Agreement (which writing and signing may be electronic). The failure by either party to enforce any rights under this Option Agreement will not be construed as a waiver of any rights of such party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addenda</u>.** Notwithstanding any provisions in this Global Stock Option Agreement, the Option shall be subject to any additional terms and conditions set forth in Addendum A attached hereto if Optionee's country of residence or work is other than the United States, including the additional terms and conditions (if any) set forth beneath the name of such country in Addendum B. Moreover, if Optionee relocates to a country other than the United States, the additional terms and conditions set forth in Addendum A, including the additional terms and conditions (if any) set forth beneath the name of such country on Addendum B, will apply to Optionee to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. Addendum A and Addendum B constitute part of this Agreement to the extent applicable to Optionee from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws and Regulations</u>.** The issuance of Shares and the sale of Shares will be subject to and conditioned upon compliance by the Company and Optionee with all applicable state, federal, local and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's Shares may be listed or quoted at the time of such issuance or transfer. Optionee understands that the Company is under no obligation to register or qualify the Common Stock with any state, federal, or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, Optionee agrees that the Company will have unilateral authority to amend the Plan and this Agreement without Optionee's consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this Agreement will be endorsed with appropriate legends, if any, determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>.** If one or more provisions of this Option Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision will be excluded from this Option Agreement, (b) the balance of this Option Agreement will be interpreted as if such provision were so excluded and (c) the balance of this Option Agreement will be enforceable in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law and Venue</u>.** This Option Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto will be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to such state's conflict of laws rules.

Any and all disputes relating to, concerning or arising from this Option Agreement, or relating to, concerning or arising from the relationship between the parties evidenced by the Plan or this Option Agreement, will be brought and heard exclusively in the United States District Court for the District of Northern California or the San Francisco Superior Court. Each of the parties hereby represents and agrees that such party is subject to the personal jurisdiction of said courts; hereby irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning, or arising from such dispute, and waives, to the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning, or arising from such dispute which is brought in such courts is improper or that such proceedings have been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Employee, Director or Consultant</u>.** Nothing in this Option Agreement shall create a right to employment or other Service or be interpreted as forming or amending an employment, service contract or relationship with the Company and this Option Agreement shall not

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affect in any manner whatsoever any right or power of the Company, or any Parent, Subsidiary or Affiliate, including the Service Recipient, as applicable, to terminate Optionee's Service, for any reason, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent to Electronic Delivery of All Plan Documents and Disclosures</u>.** By Optionee's acceptance of the Notice (whether in writing or electronically), Optionee and the Company agree that the Option is granted under and governed by the terms and conditions of the Plan, the Notice, and this Option Agreement. Optionee has reviewed the Plan, the Notice, and this Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Notice and Agreement, and fully understands all provisions of the Plan, the Notice, and this Option Agreement. Optionee hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice, and this Option Agreement. Optionee further agrees to notify the Company upon any change in Optionee's residence address. By acceptance of the Option, Optionee agrees 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 and consents to the electronic delivery of the Notice, this Option Agreement, the Plan, account statements, Plan prospectuses required by the U.S. Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements), or other communications or information related to the Option and current or future participation in the Plan. Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail, or such other delivery determined at the Company's discretion. Optionee acknowledges that Optionee may receive from the Company a paper copy of any documents delivered electronically at no cost if Optionee contacts the Company by telephone, through a postal service, or electronic mail to Stock Administration. Optionee further acknowledges that Optionee will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, Optionee understands that Optionee must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also, Optionee understands that Optionee's consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if Optionee has provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service, or electronic mail to Stock Administration. Finally, Optionee understands that Optionee is not required to consent to electronic delivery if local laws prohibit such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading Restrictions/Market Abuse Laws</u>.** Optionee acknowledges that, depending on Optionee's country, Optionee may be subject to insider trading restrictions and/or market abuse laws, which may affect Optionee's ability to acquire or sell the Shares or rights to Shares under the Plan during such times as Optionee is considered to have "inside information" regarding the Company (as defined by the laws in Optionee's country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Optionee acknowledges that it is Optionee's responsibility to comply with any applicable restrictions and understands that Optionee should consult his or her personal legal advisor on such matters. In addition, Optionee acknowledges that he or she has read the Company's Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Optionee acquires or disposes of the Company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lock-Up Agreement</u>**. In connection with the initial public offering of the Company's securities and upon request of the Company or the underwriters managing any underwritten offering of the Company's securities, Optionee hereby agrees not to sell, make any short sale of, loan, grant any

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option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration), except pursuant to a transfer for no consideration in accordance with Section 7 above, without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last seventeen (17) days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any Financial Industry Regulatory Authority rules, the restrictions imposed by this Section shall continue to apply until the end of the third trading day following the expiration of the fifteen (15)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond two hundred sixteen (216) days after the effective date of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Company Clawback or Recoupment</u>.** To the extent permitted by applicable law, the Option will be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Optionee's employment or other Service that is applicable to Optionee. In addition to any other remedies available under such policy and applicable law, the Company may require the cancellation of Optionee's Option (whether vested or unvested) and the recoupment of any gains realized with respect to Optionee's Option.

**BY ACCEPTING THIS OPTION, OPTIONEE AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.**

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**ADDENDUM A**

**TO THE GLOBAL STOCK OPTION AGREEMENT**

**ADDITIONAL TERMS FOR NON-U.S. OPTIONEES**

Capitalized terms used but not defined in this Addendum A shall have the meanings ascribed to them in the Notice, the Global Stock Option Agreement (the "***Option Agreement***"), and/or the Plan, as applicable.

In accepting this Option, Optionee acknowledges, understands and agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;***<u>Data Privacy Information and Consent</u>. The Company is located at 760 Market Street, 10***<sup>th</sup> ***Floor, San Francisco, California 94102, United States, and grants awards to employees and other service providers of the Company and its Parent and Subsidiaries, at the Company's sole discretion. If Optionee would like to participate in the Plan, please review the following information about the Company's data processing practices.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Collection and Usage</u>. The Company , the Service Recipient and its other Subsidiaries, Parent or affiliates collect, process, transfer and use personal data about Optionee that is necessary for the purpose of implementing, administering and managing the Plan. This personal data may include Optionee's name, home address, email address, and telephone number, date of birth, social insurance number, passport, or other identification number, salary, nationality and citizenship, job title, any shares or directorships held in the Company, details of all awards or other entitlements to Shares, granted, canceled, exercised, vested, unvested or outstanding in Optionee's favor and any other personal information that could identify Optionee (collectively, without limitation, "Data"), which the Company receives from Optionee or the Service Recipient. If the Company offers Optionee an award under the Plan, then the Company will collect Optionee's Data for purposes of allocating stock and implementing, administering and managing the Plan and will process such Data in accordance with the Company's then-current data privacy policies, which are made available to Optionee upon commencement of service and also available upon 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;**1.2&nbsp;&nbsp;&nbsp;&nbsp;*<u>Stock Plan Administration Service Providers</u>. The Company transfers Data to its current independent stock-plan administrator, by Morgan Stanley (including its affiliated companies) ("Shareworks"), to provide share administration and brokerage services in connection with the Plan to assist in implementation, administration and management of the Plan. The Company and Shareworks, together with their successors and assigns, will receive, possess, use and transfer the Data as contemplated hereby. Optionee acknowledges that he or she may access his or her account through Shareworks and his or her use of the services provided by Shareworks is subject to the privacy policy located at https://www.morganstanley.com/privacy-pledge. In the future, the Company may select a different service provider and share Optionee's Data with another company that serves in a similar manner. Optionee understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients' country (e.g., the United States) may have different data privacy laws and protections than Optionee's country. The Company's service provider may open an account for Optionee to receive Shares. Optionee will be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Optionee's ability to participate in the Plan. Optionee understands that Optionee may request a list with the names and addresses of any potential recipients of the Data by contacting Optionee's local human resources representative, only if applicable laws and regulations entitle Optionee to do so. Optionee authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing,***

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***administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Optionee's participation in the 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;**1.3&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Retention</u>. The Company will use Optionee's Data only as long as is necessary to implement, administer and manage Optionee's participation in the Plan or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor and securities laws. When the Company no longer needs Optionee's Data, the Company will remove it from its systems. If the Company keeps Optionee's Data longer, it would be to satisfy legal or regulatory obligations and the Company's legal basis would be relevant laws or regulations. Optionee understands that Optionee may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Optionee's local human resources representative.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4&nbsp;&nbsp;&nbsp;&nbsp;*<u>Consent; Voluntariness and Consequences of Denial or Withdrawal</u>. Where permitted by applicable local law in the country where Optionee resides, consent is a requirement for participation in the Plan. In such cases, by accepting this grant, Optionee hereby agrees with the data processing practices as described in this notice and grants such consent to the processing and transfer of Optionee's Data as described in this Agreement and as necessary for the purpose of administering the Plan. Optionee's participation in the Plan and Optionee's grant of consent is purely voluntary. Optionee may deny or withdraw Optionee's consent at any time; provided that if Optionee does not consent, or if Optionee withdraws Optionee's consent, Optionee cannot participate in the Plan unless required by applicable law. This would not affect Optionee's salary as an employee or Optionee's career; Optionee would merely forfeit the opportunities associated with the 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;**1.5&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Subject Rights</u>. Optionee has a number of rights under data privacy laws in Optionee's country. Depending on where Optionee is based, Optionee's rights may include the right to (i) request access or copies of Optionee's Data the Company processes, (ii) have the Company rectify Optionee's incorrect Data and/or delete Optionee's Data, (iv) restrict processing of Optionee's Data, (v) have portability of Optionee's Data, (vi) lodge complaints with the competent tax authorities in Optionee's country and/or (vii) obtain a list with the names and addresses of any potential recipients of Optionee's Data. To receive clarification regarding Optionee's rights or to exercise Optionee's rights please contact the Company at 760 Market Street, 10***<sup>th</sup> ***Floor, San Francisco, California 94102, United States, Attn: Stock Administration.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6&nbsp;&nbsp;&nbsp;&nbsp;*<u>GDPR Compliance</u>. If Optionee resides and/or works in a member country of the European Union and/or the European Economic Area and/or the United Kingdom, the following provisions supplement this Section 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;***To the satisfaction and on the direction of the Committee, all operations of the Plan and the Option (at the time of its grant and as necessary thereafter) shall include or be supported by appropriate agreements, notifications and arrangements in respect of Data and its use and processing under the Plan, in order to secure (a) the reasonable freedom of the Service Recipient, the Company and any Parent or Subsidiary, as appropriate, to operate the Plan and for connected purposes, and (b) compliance with the data-protection requirements applicable from time to time, including, if applicable, and without limitation, Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Optionee has certain rights under data protection legislation as summarized below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Right of Access. Optionee has the right to obtain confirmation as to whether or not Optionee's Data is being processed, and, where that is the case, to request access to the Data, as well as certain information on how we are processing such Data.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Right to Rectification. Optionee has the right to obtain the rectification of inaccurate Data. Considering the purpose of the processing, Optionee may also, in some cases, be entitled to supplemental information regarding incomplete Data.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Right to Erasure (Right to be Forgotten). Optionee may, in certain circumstances, have Optionee's Data deleted, for example if Optionee's personal information is no longer necessary in relation to the purpose for which it was collected, if Optionee has objected to the processing of Data and the Company does not have a legitimate interest which outweighs Optionee's interest, if the Data has been processed unlawfully, or if the Data must be deleted to comply with a legal obligation.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Right to Restriction of Processing. Optionee may require that the Company restrict the processing of Optionee's Data in certain cases, for example where the Company no longer needs Optionee's Data but Optionee needs it to determine, enforce or defend legal claims or Optionee has objected to processing based on the Company's legitimate interest in order to enable the Company to check if its interest overrides Optionee's interest.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Right to Data Portability. In some circumstances, Optionee may be entitled to receive Optionee's Data which Optionee provided to the Company in a structured, commonly used and machine-readable format and Optionee has the right to transmit the Data to another controller.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Right to Object. Optionee has the right to object to the processing of Optionee's Data in certain circumstances, for example where the processing is based on the Company's legitimate interest. If so, in order to continue processing, the Company must be able to show compelling legitimate grounds that override Optionee's interests, rights and freedoms.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***Optionee's rights will in each case be subject to the restrictions set out in applicable data protection laws. Further information on these rights, and the circumstances in which they may arise in connection with the Company's processing of Optionee's Data, can be obtained by contacting Optionee's local human resources representative. If Optionee wants to review, verify, correct or request erasure of Optionee's Data, object to the processing of Optionee's Data, or request that the Company transfer a copy of Optionee's Data to another party, please contact Optionee's local human resources representative.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***The Company agrees to ensure that Data transferred outside the European Economic Area will be done pursuant to a lawful transfer mechanism (for example, European Commission approved model contract clauses).***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***The Company will separately provide the Optionee with information in a data privacy notice on the collection, processing and transfer of Optionee's Data, including the grounds for processing.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;***If Optionee has any grievance, issue or problem in respect of the handling or processing of Optionee's Data in any way, Optionee has the right to lodge a complaint to the national data protection agency for Optionee's country of residence.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Language</u>.** Optionee acknowledges that Optionee is proficient in the English language, or has consulted with an advisor who is proficient in the English language, so as to enable Optionee to understand the provisions of this Option Agreement and the Plan. Furthermore, if Optionee has received this Option Agreement, or any other document related to the Option and/or the Plan translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exchange Control, Tax and Foreign Asset/Account Reporting Requirements</u>.** Depending upon the country to which laws Optionee is subject, Optionee acknowledges that there may be certain exchange control, foreign asset /account or tax reporting requirements which may affect Optionee's ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends or sale proceeds arising from the sale of Shares) in a brokerage account outside Optionee's country. Optionee may also be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to Optionee's country through a designated bank or broker within a certain time after receipt. Optionee is responsible for knowledge of and compliance with any such regulations and Optionee should speak with Optionee's personal tax, legal and financial advisors regarding this matter.

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**ADDENDUM B**

**TO THE GLOBAL STOCK OPTION AGREEMENT**

**COUNTRY SPECIFIC TERMS AND CONDITIONS**

***Terms and Conditions***

This Addendum B includes additional terms and conditions that govern the Option granted to Optionee under the Plan if Optionee resides and/or works outside of the United States.

If Optionee is a citizen or resident of a country other than the one in which Optionee is currently working and/or residing, transfers to another country after the Date of Grant, is a consultant, changes employment status to a consultant position or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the additional terms and conditions contained herein shall be applicable to Optionee. References to Optionee's Service Recipient shall include any entity that engages Optionee's Service.

***Notifications***

This Addendum B also includes information regarding exchange controls and certain other issues of which Optionee should be aware with respect to Optionee's participation in the Plan. The information is provided solely for the convenience of Optionee and is based on the laws in effect in the respective countries as of **June 2025**. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Optionee not rely on the information noted herein as the only source of information relating to the consequences of Optionee's participation in the Plan because the information may be out of date by the time Optionee exercises this Option or sells any exercised Shares.

Optionee is responsible for complying with all applicable tax, foreign asset reporting and/or exchange control rules that may apply in connection with participation in the Plan and/or the transfer of proceeds acquired thereunder. Prior to exercise of the Options or transfer of funds from or into Optionee's country, Optionee should consult the local bank and/or Optionee's exchange control advisor, as interpretations of the applicable regulations may vary; additionally, exchange control rules and regulations are subject to change without notice.

In addition, the information contained in this Addendum B is general in nature and may not apply to Optionee's particular situation, and the Company is not in a position to assure Optionee of any particular result. Accordingly, Optionee is advised to seek appropriate professional advice as to how the applicable laws in Optionee's country may apply to Optionee's situation.

Finally, Optionee understands that if Optionee is a citizen or resident of a country other than the one in which Optionee is currently residing and/or working, transfers to another country after the Date of Grant, or is considered a resident of another country for local law purposes, the notifications contained herein may not be applicable to Optionee in the same manner.

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**<u>AUSTRALIA</u>**

***Notifications***

**Securities Law Information**. If Optionee acquires Shares under the Plan and offers such Shares for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law. Optionee should obtain legal advice regarding Optionee's disclosure obligations prior to making any such offer.

**Tax Information**. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "Act") applies (subject to the conditions of the Act).

**Exchange Control Information**. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and international fund transfers. The Australian bank assisting with the transactions will file the report on Optionee's behalf. If an Australian bank is not involved in the transfer, Optionee will be required to file the report.

**<u>BELGIUM</u>**

***Terms and Conditions***

**Timing of Acceptance**. Optionee agrees that Optionee will not accept the Option until a date that is on or after the 61st day on which it is offered to Optionee. The date of offer is the date on which the Company communicates the material terms (i.e., the Exercise Price and number of Shares subject to the Option) to Optionee. Any acceptance inadvertently given by Optionee before the 61st day following the offer date shall be considered effective as of the 61st day following the offer date.

***Notifications***

**Exchange Control Information**. Optionee is required to report any security or bank account (including brokerage accounts) Optionee maintains outside of Belgium on Optionee's annual tax return. The first time Optionee reports the foreign security and/or bank account on Optionee's annual income tax return, Optionee will have to provide the National Bank of Belgium Central Contact Point with the account number, the name of the bank, and the country in which the account was opened in a separate form. The form, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium (www.nbb.be) under the caption *Kredietcentrales / Centrales des crédits*.

**Stock Exchange Tax Information**. A stock exchange tax applies to transactions executed by Belgian residents through a non-Belgian financial intermediary, such as a U.S. broker. The stock exchange tax will apply when Shares acquired pursuant to the exercise of the Option are sold.

**Annual Securities Accounts Tax**. An annual securities accounts tax may be payable if the total average value of securities held in a Belgian or foreign securities account (e.g., Shares acquired under the Plan) exceeds a certain threshold on four reference dates within the relevant reporting period (i.e., December 31, March 31, June 30 and September 30). In such case, the tax will be due on the value of the qualifying securities held in such account.

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**<u>CANADA</u>**

***Terms and Conditions***

**Method of Payment**. Notwithstanding any provision of the Option Agreement or the Plan to the contrary, Optionee is prohibited from surrendering Shares that Optionee already owns or using a "net exercise" arrangement to pay the Exercise Price in connection with the exercise of this Option. The Company reserves the right to permit this method of payment depending upon the development of local law.

**Withholding Method**. Notwithstanding any provisions of this Option Agreement or the Plan to the contrary, the Company and the Service Recipient, or their respective agents, will not satisfy their withholding obligations, if any, with regard to Tax-Related Items by withholding in Shares to be issued upon exercise of the Option.

***Notifications***

**Non-Qualified Securities**. All or a portion of the Shares subject to the Option may be "non-qualified securities" within the meaning of the Income Tax Act (Canada). The Company shall provide Optionee with additional information and/or appropriate notification regarding the characterization of the Option for Canadian income tax purposes as may be required by the Income Tax Act (Canada) and the regulations thereunder.

**Securities Law Information**. Optionee will not be permitted to sell or otherwise dispose of any Shares acquired upon exercise of this Option within Canada. Optionee will only be permitted to sell or dispose of any Shares acquired under the Plan if such sale or disposal takes place outside of Canada.

**<u>FRANCE</u>**

***Terms and Conditions***

**Language Consent**. The parties acknowledge that it is their express wish that the Option Agreement, as well as all documents, notices and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

*Les parties reconnaissent avoir expressemente souhaité que la convention [Agreement], ainsi que de tous les documents, avis donnés et procédures judiciaries executés donnés ou intentés en vertu de, ou lié, directement ou indirectement, relativement à la présente convention, so ient rediges en langue anglaise.*

***Notifications***

**Tax Information**. This Option is not intended to be a French tax-qualified award.

**Exchange Control Information**. The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the Customs and Excise Authorities when the value of such cash or securities is equal to or greater than a certain amount. Optionee should consult with a personal legal advisor for further details regarding this requirement.

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**<u>GERMANY</u>**

***Notifications***

**Exchange Control Information.** Certain transactions related to the Option must be reported to the German Federal Bank (*Bundesbank*) if the value of the transaction exceeds EUR 50,000 (the "***Threshold***"), including if Optionee makes a payment of Exercise Price in excess of the Threshold. If Optionee acquires Shares with a value in excess of the Threshold, the Parent or Subsidiary employing Optionee will generally not report the acquisition of such Shares, and Optionee may personally be obligated to report it to the Bundesbank.

In addition, Optionee will be required to report (i) any payment Optionee makes or receives, (ii) any Shares withheld or sold by the Company to satisfy any withholding obligations for Tax-Related Items, and (iii) any sale proceeds received when Optionee subsequently sells the Shares, in either case if the value of the Shares exceeds the Threshold. Note that, if Optionee reports the receipt of sale proceeds, Optionee would not need to file a separate report when repatriating the sale proceeds to Germany.

The report must be filed with the Bundesbank, either electronically using the "General Statistics Reporting Portal" (*Allgemeines Meldeportal Statistik*) available via the Bundesbank's website (www.bundesbank.de) or by such other method (*e.g.*, email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such other time as is permitted or required by the Bundesbank.

**<u>IRELAND</u>**

***Notifications***

**Director Notification Requirement.** Directors, shadow directors or secretaries of an Irish Parent, Subsidiary or Affiliate must notify the Irish Parent, Subsidiary or Affiliate in writing when receiving or disposing of an interest in the Company (e.g., the Option, Shares, etc.), or when becoming aware of the event giving rise to the notification requirement or when becoming a director or secretary if such an interest exists at the time, but only to the extent such individuals own 1% or more of the total Common Stock. If applicable, this notification requirement also applies with respect to the interests of the spouse or children under the age of 18 of the director, shadow director or secretary (whose interests will be attributed to the director, shadow director or secretary).

**<u>JAPAN</u>**

***Notifications***

**Exchange Control Information**. If Optionee acquires Shares valued at more than JPY 100,000,000 in a single transaction, Optionee must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within 20 days after the acquisition of the Shares.

In addition, if Optionee pays more than JPY 30 million in a single transaction for the purchase of Shares when Optionee exercises the Option, Optionee must file a Payment Report with the Ministry of Finance through the Bank of Japan within 20 days of the date that the payment is made. The precise reporting requirements vary depending on whether or not the relevant payment is made through a bank in Japan.

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Please note that a Payment Report is required independently from a Securities Acquisition Report; therefore, Optionee must file both a Payment Report and a Securities Acquisition Report if the total amount that Optionee pays in a single transaction for exercising the Option and purchasing Shares exceeds JPY 100,000,000.

**<u>SINGAPORE</u>**

***Terms and Conditions***

**Sale of Shares**. For any portion of the Option that is exercised within six months of the Date of Grant, Optionee agrees that Optionee will not dispose of the Shares acquired prior to the six-month anniversary of the Date of Grant, unless such sale or offer in Singapore is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the of the Singapore Securities and Futures Act (Chapter 289, 2006 Ed.) ("***SFA***"), or any other applicable provisions of the SFA.

***Notifications***

**Securities Law Information**. The Option is being granted to Optionee pursuant to the "Qualifying Person" exemption under section 273(1)(f) of SFA and not with a view to the Option being subsequently offered for sale to any other party. The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.

**Director Notification Requirement**. If Optionee is a director, alternate director, substitute director or shadow director of a Singapore Parent, Subsidiary or Affiliate, Optionee must notify the Singapore Parent, Subsidiary or Affiliate in writing within two (2) business days of (i) becoming the registered holder of or acquiring an interest (e.g., the Option, Shares, etc.) in the Company or any subsidiary, or becoming an alternate director, substitute director or shadow director (as the case may be), whichever occurs last, or (ii) any change in a previously disclosed interest (e.g., sale of Shares).

**<u>SWEDEN</u>**

***Terms and Conditions***

**Responsibility for Taxes**. The following provisions supplement Section 9 (Taxes) of the Option Agreement:

Without limiting the Company's and the Service Recipient's authority to satisfy their withholding obligations for Tax-Related Items as set forth in Section 9 of the Option Agreement, in accepting this Option, Optionee authorizes the Company and/or the Service Recipient to withhold Shares or to sell Shares otherwise deliverable to Optionee upon exercise to satisfy Tax-Related Items, regardless of whether the Company and/or the Service Recipient has an obligation to withhold such Tax-Related Items.

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**<u>UNITED KINGDOM</u>**

***Terms and Conditions***

**Responsibility for Taxes**. The following provisions supplement Section 9 (Taxes) of the Option Agreement:

Without limitation to Section 9 of the Option Agreement, Optionee agrees that Optionee is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or, if different, the Service Recipient or by HM Revenue & Customs ("***HRMC***") (or any other tax authority or any other relevant authority). Optionee also agrees to indemnify and keep indemnified the Company and, if different, the Service Recipient against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on Optionee's behalf.

Notwithstanding the foregoing, if Optionee is a director or executive officer of the Company (as within the meaning of Section 13(k) of the Exchange Act), Optionee acknowledges that Optionee may not be able to indemnify the Company for the amount of any Tax-Related Items not collected from or paid by Optionee, in case the indemnification could be considered to be a loan. In this case, the Tax-Related Items not collected or paid may constitute a benefit to Optionee on which additional income tax and National Insurance contributions ("***NICs***") may be payable. Optionee acknowledges that Optionee will be personally responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying to the Company and/or the Service Recipient (as appropriate) the amount of any NICs due on this additional benefit, which may also be recovered from Optionee by any of the means referred to in Section 9 of the Option Agreement.

**Section 431 Election**. Optionee agrees that Optionee is required, as a condition of the exercise of this Option, to enter into a joint election with the Company or the Service Recipient pursuant to section 431 of Income Tax (Earnings and Pensions) Act 2003 (or such other election as the Company may direct for the same purpose) electing that the fair market value of the Shares to be acquired on exercise of the Option be calculated as if they were not "restricted securities." Optionee must enter into the form of election attached to this Addendum B concurrent with the execution of the Agreement.

**Joint Election for Transfer of Liability for Service Recipient NICs**. As a condition of Optionee's participation in the Plan and the exercise of the Option and receipt of any benefit in connection with the Option, Optionee agrees to accept liability for any secondary Class 1 National Insurance contributions ("***NICs***") which may be payable by the Service Recipient in connection with any event giving rise to tax liability in relation to the Option (the "***Service Recipient NICs***"). The Service Recipient NICs may be collected by the Company or, if different, the Service Recipient using any of the methods described in Section 9 of the Option Agreement. Without prejudice to the foregoing, Optionee agrees to execute a joint election with the Company or the Service Recipient (a "***Joint Election***"), the form of such Joint Election being formally approved by HMRC, and any other consent or elections required to accomplish the transfer of the Service Recipient NICs to Optionee. Optionee further agrees to execute such other elections as may be required by any successor to the Company and/or the Service Recipient for the purpose of continuing the effectiveness of Optionee's Joint Election.

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Employee Number: ###EMPLOYEE_NUMBER###

**United Kingdom**

**Section 431 Joint Election Form**

**Joint Election under s431 ITEPA 2003** 

**for full disapplication of Chapter 2 Income Tax (Earnings and Pensions) Act 2003**

**One Part Election**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Between**

the Employee&nbsp;&nbsp;&nbsp;&nbsp;**###OPTIONEE_NAME###**

whose National Insurance Number is&nbsp;&nbsp;&nbsp;&nbsp;[_____________________]

and

the Company (who is the Employee's Service Recipient) **Figma UK Limited**

of Company Registration Number&nbsp;&nbsp;&nbsp;&nbsp;**12523488**

**2.&nbsp;&nbsp;&nbsp;&nbsp;Purpose of Election**

This joint election is made pursuant to section 431(1) Income Tax (Earnings and Pensions) Act 2003 ("**<u>ITEPA</u>**") and applies where employment-related securities, which are restricted securities by reason of section 423 ITEPA, are acquired.

The effect of an election under section 431(1) is that, for the purposes of income tax and National Insurance contributions ("**NICs**"), the employment-related securities and their market value will be treated as if they were not restricted securities and that sections 425 to 430 ITEPA do not apply. Additional income tax will be payable as a result of this election (with PAYE withholding and NICs being applicable where the securities are Readily Convertible Assets).

**Should the value of the securities fall following the acquisition, it is possible that income tax/NICs that would have arisen because of any future chargeable event (in the absence of an election) would have been less than the income tax/NICs due by reason of this election. Should this be the case, there is no income tax/NICs relief available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.**

**3.&nbsp;&nbsp;&nbsp;&nbsp;Application**

This joint election is made not later than 14 days after the date of acquisition of the securities by the employee and applies to:

Number of securities&nbsp;&nbsp;&nbsp;&nbsp;All securities

Description of securities&nbsp;&nbsp;&nbsp;&nbsp;Common Stock

Name of issuer of securities&nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc.

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To be acquired by the Employee on or after the date of this Election under the terms of the Figma, Inc. 2025 Equity Incentive Plan.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Extent of Application**

This election disapplies S.431(1) ITEPA: All restrictions attaching to the securities.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Declaration**

This election will become irrevocable upon the later of its signing or the acquisition (and each subsequent acquisition) of employment-related securities to which this election applies.

In signing this joint election, we agree to be bound by its terms as stated above.

###REQUIRED_SIGNATURE###&nbsp;&nbsp;&nbsp;&nbsp;###ACCEPTANCE_DATE###

………………………………………..&nbsp;&nbsp;&nbsp;&nbsp;….….……….

Signature (Employee)&nbsp;&nbsp;&nbsp;&nbsp;Date

###ACCEPTANCE_DATE###

……………………………………….&nbsp;&nbsp;&nbsp;&nbsp;….…..………

Signature (for and on behalf of the Company)&nbsp;&nbsp;&nbsp;&nbsp;Date

………………………….………………

Position in company

*Note:&nbsp;&nbsp;&nbsp;&nbsp;Where the election is in respect of multiple acquisitions, prior to the date of any subsequent acquisition of a security it may be revoked by agreement between the employee and Service Recipient in respect of that and any later acquisition.*

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**FIGMA, INC.**

**2025 EQUITY INCENTIVE PLAN**

**GLOBAL NOTICE OF RESTRICTED STOCK UNIT AWARD**

You ("***Participant***") have been granted an award of Restricted Stock Units ("***RSUs***") under the Figma, Inc. (the "***Company***") 2025 Equity Incentive Plan (the "***Plan***"), subject to the terms and conditions of the Plan, this Global Notice of Restricted Stock Unit Award (the "***Notice***") and the attached Global Restricted Stock Unit Award Agreement, including, if Participant is a citizen of, resident of, or works outside of the U.S., any additional terms and conditions set forth in <u>Addendum A</u> and <u>Addendum B</u> attached thereto (both addenda collectively, together with the Global Restricted Stock Unit Award Agreement, the "***Agreement***").

Unless otherwise defined herein, the terms defined in the Plan will have the same meanings in this Notice and the electronic representation of this Notice established and maintained by the Company or a third party designated by the Company.

**Name:**

**Address:**

**Grant Number**:

**Number of RSUs:**

**Date of Grant:**

**Vesting Commencement Date:**

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| | |
|:---|:---|
| **Expiration Date:** | The earlier to occur of: (a) the date on which settlement of all RSUs granted hereunder occurs, and (b) the tenth anniversary of the Date of Grant. This RSU expires earlier if Participant's Service terminates earlier, as described in the Agreement. |
| **Vesting Schedule:** | Subject to the limitations set forth in this Notice, the Plan, and the Agreement, the RSUs will vest in accordance with the following schedule*: [insert applicable vesting schedule, which may be time-based, performance-based or a combination of both]* |

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By accepting (whether in writing, electronically or otherwise) the RSUs, Participant acknowledges and agrees to the following:

1)Participant understands that Participant's Service is for an unspecified duration, can be terminated at any time (*i.e.*, is "at-will"), except where otherwise prohibited by applicable law, and that nothing in this Notice, the Agreement, or the Plan changes the nature of that relationship. Participant acknowledges that the vesting of the RSUs pursuant to this Notice is subject to Participant's continuing Service as an Employee, Director or Consultant. To the extent permitted by applicable law, Participant agrees and acknowledges that the Vesting Schedule may change prospectively in the event that Participant's Service status changes between full- and part-time and/or in the event Participant is on a leave of absence, in accordance with Company policies

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relating to work schedules and vesting of the RSUs or as determined by the Committee. Participant acknowledges that there may be adverse tax consequences in connection with the award of RSUs (including upon grant or settlement of the RSUs or disposition of the Shares) and that Participant should consult a tax adviser appropriately qualified in the jurisdictions in which Participant is subject to tax generally about the taxation of the RSUs.

2)This grant is made under and governed by the Plan, the Agreement, and this Notice, and this Notice is subject to the terms and conditions of the Agreement and the Plan, both of which are incorporated herein by reference. Participant has read the Notice, the Agreement, and the Plan .

3)Participant has read the Company's Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Participant acquires or disposes of the Company's securities.

4)By accepting the RSUs, Participant consents to electronic delivery and participation as set forth in the Agreement.

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| | |
|:---|:---|
| **PARTICIPANT** | **FIGMA, INC.** |
| Signature: | By: |
| Print Name: | Its:  |

---

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**FIGMA, INC.**

**2025 EQUITY INCENTIVE PLAN**

**GLOBAL RESTRICTED STOCK UNIT AWARD AGREEMENT**

Unless otherwise defined in this Global Restricted Stock Unit Award Agreement including, if Participant is a citizen of, resident of, or works outside of the U.S., any additional terms and conditions set forth in <u>Addendum A</u> and <u>Addendum B</u> attached thereto (both addenda collectively, together with this Global Restricted Stock Unit Award Agreement, this "***Agreement***"), any capitalized terms used herein will have the same meaning ascribed to them in the Figma, Inc. 2025 Equity Incentive Plan (the "***Plan***").

Participant has been granted Restricted Stock Units ("***RSUs***") subject to the terms, restrictions, and conditions of the Plan, the Global Notice of Restricted Stock Unit Award (the "***Notice***"), and this Agreement. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of the Notice or this Agreement, the terms and conditions of the Plan will prevail.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement</u>.** Settlement of RSUs shall be made no later than March 15 of the calendar year following the calendar year in which all or a portion of such RSUs vest (or, if later, at such time as may be permitted under 1.409A-1(b)(4) as a "short-term deferral"). Settlement of RSUs shall be in Shares. Settlement means the delivery to Participant of the Shares vested under the RSUs. No fractional RSUs or rights for fractional Shares will be created pursuant to this Agreement.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Stockholder Rights</u>.** Unless and until such time as Shares are issued in settlement of vested RSUs, Participant will have no ownership of the Shares allocated to the RSUs and will have no rights to dividends or to vote such Shares.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalents</u>.** Dividend equivalents, if any (whether in cash or Shares), will not be credited to Participant, except as permitted by the Committee.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Transferability of RSUs</u>.** The RSUs and any interest therein will not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any manner other than by will or by the laws of descent or distribution or court order or unless otherwise permitted by the Committee on a case-by-case basis.

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination; Leave of Absence; Change in Status</u>.** If Participant's Service terminates for any reason, all unvested RSUs will be forfeited to the Company immediately, and all rights of Participant to such RSUs automatically terminate without payment of any consideration to Participant. Participant's Service will be considered terminated as of the date Participant is no longer providing active services (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or otherwise rendering services or the terms of Participant's employment or other service agreement, if any) and will not, subject to the laws applicable to Participant's RSUs, be extended by any notice period mandated under local laws (e.g., Service would not include a period of "garden leave" or similar period mandated under employment laws in the jurisdiction where Participant is employed or otherwise rendering services or the terms of Participant's employment or other service agreement, if any). For the avoidance of doubt, Service during only a period prior to a vesting date (but where Service has terminated prior to the vesting date) does not entitle Participant to vest in a pro-rata portion of the RSUs on such date. Participant acknowledges and agrees that the Vesting Schedule may change prospectively in the event Participant's Service status changes between full- and part-time status and/or in the event Participant is on a leave of absence in accordance the Company's policies relating to work schedules and vesting of awards or as determined by

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the Committee. Participant acknowledges that the vesting of the Shares pursuant to this Notice and Agreement is subject to Participant's continued Service. In case of any dispute as to whether and when termination of Service has occurred, the Committee will have sole discretion to determine whether such termination of Service has occurred and the effective date of such termination (including whether Participant may still be considered to be providing services while on an approved leave of absence).

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsibility for Taxes</u>. To the extent permitted by applicable law, Participant acknowledges that, regardless of any action taken by the Company or, if different, a Parent, Subsidiary or Affiliate employing or otherwise retaining Participant (the "***Service Recipient***"), the ultimate liability for any and all U.S. and non-U.S. federal, state, and local income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the RSUs and Participant's participation in the Plan and legally or deemed legally applicable to Participant including, as applicable, obligations of the Company or the Service Recipient (all the foregoing tax-related items, "***Tax-Related Items***") is and remains Participant's responsibility and may exceed the amount actually withheld by the Company or the Service Recipient, if any. Participant further acknowledges that the Company and/or the Service Recipient (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the RSUs, including, but not limited to, the grant, vesting or settlement of the RSUs and the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends, and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the RSUs to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction, Participant acknowledges that the Company and/or the Service Recipient (or former service recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction. *PARTICIPANT SHOULD CONSULT A TAX ADVISER APPROPRIATELY QUALIFIED IN THE COUNTRY OR COUNTRIES IN WHICH PARTICIPANT RESIDES OR IS SUBJECT TO TAXATION.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. In connection with any relevant taxable or tax withholding event, to the extent permitted by applicable law and as applicable, Participant agrees to make arrangements satisfactory to the Company and/or the Service Recipient to satisfy all Tax-Related Items. In this regard, Participant authorizes the Company and/or the Service Recipient, or their respective agents, at their discretion, to satisfy any withholding obligations or rights for Tax-Related Items by one or a combination of 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;(i)withholding from Participant's wages or other cash compensation payable to Participant by the Company and/or the Service Recipient;

&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)withholding from proceeds of the sale of Shares acquired upon settlement of the RSUs either through a voluntary sale or through a mandatory sale arranged by the Company (on Participant's behalf pursuant to this authorization and without further consent);

&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)withholding Shares to be issued upon settlement of the RSUs, provided the Company only withholds the number of Shares necessary to satisfy no more than the maximum applicable statutory withholding amounts;

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&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)Participant's payment of a cash amount (including by check representing readily available funds or a wire transfer); 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;(v)any other arrangement approved by the Committee and permitted under applicable law;

all under such rules as may be established by the Committee and in compliance with the Company's Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided however, that if Participant is a Section 16 officer of the Company under the Exchange Act, then the method of withholding shall be a mandatory sale under (ii) above (unless the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) shall establish an alternate method prior to the taxable or withholding event).

The Company may withhold or account for Tax-Related Items by considering applicable statutory withholding rates or other applicable withholding rates, including maximum or minimum statutory rates for Participant's tax jurisdiction(s). In the event of over-withholding, Participant will have no entitlement to the equivalent amount in Shares and may receive a refund of any over-withheld amount in cash in accordance with applicable law, or if not refunded, Participant may need to seek a refund from the local tax authorities. In the event of under-withholding, Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Service Recipient.

If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, Participant is deemed to have been issued the full number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares is held back solely for the purpose of satisfying the withholding obligation for Tax-Related Items.

Finally, Participant agrees to pay to the Company and/or the Service Recipient any amount of Tax-Related Items that the Company and/or the Service Recipient may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company has no obligation to deliver Shares or proceeds from the sale of Shares to Participant until Participant has satisfied the obligations in connection with the Tax-Related Items as described in this Section.

**7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>.** By accepting the RSUs, Participant acknowledges, understands and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is operated and the RSUs are granted solely by the Company, and only the Company is a party to this Agreement; accordingly, any rights Participant may have under this Agreement may be raised only against the Company but not any Parent, Subsidiary or Affiliate (including, but not limited to, the Service Recipient);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;no Parent, Subsidiary or Affiliate (including, but not limited to, the Service Recipient) has any obligation to make any payment of any kind to Participant under this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the grant of the RSUs is exceptional, voluntary, and occasional, and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future RSUs or other grants, if any, will be at the sole discretion of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the RSUs and the Shares subject to the RSUs, and the income and value of same, are not intended to replace any pension or retirement rights or compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the RSUs and the Shares subject to the RSUs, and the income and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement, or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Company, the RSUs, and the Shares subject to the RSUs, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of a Parent, Subsidiary, or Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying Shares is unknown, indeterminable, and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;if Participant acquires Shares upon settlement of the RSUs, the value of such Shares may increase or decrease in value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages will arise from forfeiture of the RSUs resulting from Participant's termination of Service (regardless of the reason for such termination and whether or not later found to be invalid or in breach of applicable laws in the jurisdiction where Participant is employed or otherwise rendering services or the terms of Participant's employment or other service agreement, if any) or from the application of any clawback or recoupment policy adopted by the Company or imposed by applicable law; and in consideration of the grant of the RSUs to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Service Recipient, the Company, and any Parent, Subsidiary or Affiliate; waives his or her ability, if any, to bring any such claim; and releases the Service Recipient, the Company, and any Parent, Subsidiary, or Affiliate from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant will be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise provided in the Plan or by the Company in its discretion, the RSUs and the benefits evidenced by this Agreement do not create any entitlement to have the RSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any Corporate Transaction affecting the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;neither the Company, the Service Recipient nor any other Parent, Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the RSUs or of any amounts due to Participant pursuant to the vesting of the RSUs or the subsequent sale of any Shares acquired upon settlement.

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**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>.** The Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant acknowledges, understands and agrees he or she should consult with his or her own personal tax, legal, and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>.** The Company reserves the right to impose other requirements on Participant's participation in the Plan, on the RSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement</u>.** The Company and Participant agree that the RSUs are granted under and governed by the Notice, this Agreement, and the Plan (incorporated herein by reference). Participant: (a) acknowledges receipt of a copy of the Plan and the Plan prospectus, (b) represents that Participant has carefully read and is familiar with their provisions, and (c) hereby accepts the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice.

**11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement; Enforcement of Rights</u>.** This Agreement, the Plan, and the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments, or negotiations concerning the purchase of the Shares hereunder are superseded. No adverse modification of or adverse amendment to this Agreement, nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the parties to this Agreement (which writing and signing may be electronic). The failure by either party to enforce any rights under this Agreement will not be construed as a waiver of any rights of such party.

**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addenda</u>.** Notwithstanding any provisions in this Global Restricted Stock Unit Award Agreement, the RSUs shall be subject to any additional terms and conditions set forth in Addendum A attached hereto if Participant's country of residence or work is other than the United States, including the additional terms and conditions (if any) set forth beneath the name of such country in Addendum B. Moreover, if Participant relocates to a country other than the United States, the additional terms and conditions set forth in Addendum A, including the additional terms and conditions (if any) set forth beneath the name of such country on Addendum B, will apply to Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. Addendum A and Addendum B constitute part of this Agreement to the extent applicable to Participant from time to time.

**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws and Regulations</u>.** The issuance of Shares and the sale of Shares will be subject to and conditioned upon compliance by the Company and Participant with all applicable state, federal, local and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's Shares may be listed or quoted at the time of such issuance or transfer. Participant understands that the Company is under no obligation to register or qualify the Common Stock with any state, federal, or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. Further, Participant agrees that the Company will have unilateral authority to amend the Plan and this Agreement without Participant's consent to the extent necessary to comply with securities or other laws applicable to issuance of Shares. Finally, the Shares issued pursuant to this Agreement will be endorsed with appropriate legends, if any, determined by the Company.

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**14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>.** If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision will be excluded from this Agreement, (b) the balance of this Agreement will be interpreted as if such provision were so excluded and (c) the balance of this Agreement will be enforceable in accordance with its terms.

**15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law and Venue</u>.** This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto will be governed, construed, and interpreted in accordance with the laws of the State of Delaware, without giving effect to such state's conflict of laws rules.

Any and all disputes relating to, concerning or arising from this Agreement, or relating to, concerning or arising from the relationship between the parties evidenced by the Plan or this Agreement, will be brought and heard exclusively in the United States District Court for the District of Northern California or the San Francisco Superior Court. Each of the parties hereby represents and agrees that such party is subject to the personal jurisdiction of said courts; hereby irrevocably consents to the jurisdiction of such courts in any legal or equitable proceedings related to, concerning, or arising from such dispute, and waives, to the fullest extent permitted by law, any objection which such party may now or hereafter have that the laying of the venue of any legal or equitable proceedings related to, concerning, or arising from such dispute which is brought in such courts is improper or that such proceedings have been brought in an inconvenient forum.

**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Employee, Director or Consultant</u>.** Nothing in this Agreement shall create a right to employment or other Service or be interpreted as forming or amending an employment, service contract or relationship with the Company and this Agreement shall not affect in any manner whatsoever any right or power of the Company, or any Parent, Subsidiary or Affiliate, including the Service Recipient, as applicable, to terminate Participant's Service, for any reason, with or without Cause.

**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent to Electronic Delivery of All Plan Documents and Disclosures</u>.** By Participant's acceptance of the Notice (whether in writing or electronically), Participant and the Company agree that the RSUs are granted under and governed by the terms and conditions of the Plan, the Notice, and this Agreement. Participant has reviewed the Plan, the Notice, and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice and Agreement, and fully understands all provisions of the Plan, the Notice, and this Agreement. Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice, and this Agreement. Participant further agrees to notify the Company upon any change in Participant's residence address. By acceptance of the RSUs, Participant agrees 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 and consents to the electronic delivery of the Notice, this Agreement, the Plan, account statements, Plan prospectuses required by the U.S. Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements), or other communications or information related to the RSUs and current or future participation in the Plan. Electronic delivery may include the delivery of a link to the Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail, or such other delivery determined at the Company's discretion. Participant acknowledges that Participant may receive from the Company a paper copy of any documents delivered electronically at no cost if Participant contacts the Company by telephone, through a postal service, or electronic mail to Stock Administration. Participant further acknowledges that Participant will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, Participant

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understands that Participant must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also, Participant understands that Participant's consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if Participant has provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service, or electronic mail to Stock Administration. Finally, Participant understands that Participant is not required to consent to electronic delivery if local laws prohibit such consent.

**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading Restrictions/Market Abuse Laws</u>.** Participant acknowledges that, depending on Participant's country of residence, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to, directly or indirectly, acquire or sell the Shares or rights to Shares under the Plan during such times as Participant is considered to have "inside information" regarding the Company (as defined by the laws in Participant's country). Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions and understands that Participant should consult his or her personal legal advisor on such matters. In addition, Participant acknowledges that he or she read the Company's Insider Trading Policy, and agrees to comply with such policy, as it may be amended from time to time, whenever Participant acquires or disposes of the Company's securities.

**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Code Section 409A</u>.** For purposes of this Agreement, a termination of employment will be determined consistent with the rules relating to a "separation from service" as defined in Section 409A of the Internal Revenue Code and the regulations thereunder ("***Section 409A***"). Notwithstanding anything else provided herein, to the extent any payments provided under this Agreement in connection with Participant's termination of employment constitute deferred compensation subject to Section 409A, and Participant is deemed at the time of such termination of employment to be a "specified employee" under Section 409A, then such payment will not be made or commence until the earlier of (a) the expiration of the six (6) month period measured from Participant's separation from service to the Service Recipient or the Company, or (b) the date of Participant's death following such a separation from service; provided, however, that such deferral will only be effected to the extent required to avoid adverse tax treatment to Participant including, without limitation, the additional tax for which Participant would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. To the extent any payment under this Agreement may be classified as a "short-term deferral" within the meaning of Section 409A, such payment will be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

**20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Lock-Up Agreement</u>**. In connection with the initial public offering of the Company's securities and upon request of the Company or the underwriters managing any underwritten offering of the Company's securities, Participant hereby agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration), except pursuant to a transfer for no consideration in accordance with Section 4 above, without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last seventeen (17) days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces

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that it will release earnings results during the sixteen (16)-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any Financial Industry Regulatory Authority rules, the restrictions imposed by this Section shall continue to apply until the end of the third trading day following the expiration of the fifteen (15)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond two hundred sixteen (216) days after the effective date of the registration statement.

**21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award Subject to Company Clawback or Recoupment</u>.** To the extent permitted by applicable law, the RSUs will be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of Participant's employment or other Service that is applicable to Participant. In addition to any other remedies available under such policy and applicable law, the Company may require the cancellation of Participant's RSUs (whether vested or unvested) and the recoupment of any gains realized with respect to Participant's RSUs.

BY ACCEPTING THIS GRANT OF RSUS, PARTICIPANT AGREES TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

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**ADDENDUM A**

**TO THE GLOBAL RESTRICTED STOCK UNIT AWARD AGREEMENT**

**ADDITIONAL TERMS FOR PARTICIPANT OUTSIDE THE UNITED STATES**

Capitalized terms used but not defined in this Addendum A shall have the meanings ascribed to them in the Notice, the Global Restricted Stock Unit Award Agreement (the "***RSU Agreement***"), and/or the Plan, as applicable.

In accepting the RSUs, Participant acknowledges, understands and agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Privacy Information and Consent</u>****.* ***The Company is located at 760 Market Street, Floor 10, San Francisco, California 94105, United States, and grants awards to employees of the Company and its Subsidiaries, Parent and Affiliates, at the Company's sole discretion. If Participant would like to participate in the Plan, Participant must review the following information about the Company's data processing practices.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Collection and Usage</u>. The Company, the Service Recipient and its other Subsidiaries, Parent or Affiliates collect, process, transfer and use personal data about Participant that is necessary for the purpose of implementing, administering and managing the Plan. This personal data may include Participant's name, home address, email address and telephone number, date of birth, social insurance number, passport or other identification number, salary, nationality and citizenship, job title, any Shares or directorships held in the Company, and details of all awards or other entitlements to Shares granted, canceled, settled, vested, unvested or outstanding in Participant's favor (collectively, without limitation, "Data"), which the Company receives from Participant or the Service Recipient. If the Company offers Participant an award under the Plan, then the Company will collect Participant's Data for purposes of allocating Shares and implementing, administering and managing the Plan and will process such Data in accordance with the Company's then-current data privacy policies, which are made available to Participant upon commencing employment and also available upon request. The legal basis, where required, for the processing of Data is Participant's consent.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2&nbsp;&nbsp;&nbsp;&nbsp;*<u>Stock Plan Administration Service Providers</u>. The Company transfers Data to Shareworks by Morgan Stanley (including its affiliated companies) ("Shareworks"), a a third-party stock plan administrator, and other third parties based in the United States, which assists the Company with the implementation, administration and management of the Plan. In the future, the Company may select a different service provider and share Participant's Data with such other provider that serves in a similar manner. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients' country (e.g., the United States) may have different data privacy laws and protections than Participant's country. The Company's service provider may open an account for Participant to receive Shares. Participant may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to Participant's ability to participate in the Plan. Participant understands that Participant may request a list with the names and addresses of any potential recipients of the Data by contacting Participant's local human resources representative, only if permitted by applicable laws and regulations. Participant authorizes the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing Participant's participation in the Plan.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Retention</u>. The Company will hold and use Participant's Data only as long as is necessary to implement, administer and manage Participant's participation in the Plan or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor, and securities laws. When the Company no longer needs Participant's Data, the Company will remove it from its systems. If the Company keeps Participant's Data longer, it would be to satisfy legal or regulatory obligations and the Company's legal basis would be relevant laws or regulations. Participant understands that Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing Participant's local human resources representative.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4&nbsp;&nbsp;&nbsp;&nbsp;*<u>Consent; Voluntariness and Consequences of Denial or Withdrawal</u>. Where permitted by applicable local law in the country where Participant resides, consent is a requirement for participation in the Plan. In such cases, by accepting this grant, Participant hereby agrees with the data processing practices as described in this notice and grants such consent to the processing and transfer of Participant's Data as described in this Addendum A and as necessary for the purpose of administering the Plan. Participant's participation in the Plan and Participant's grant of consent is purely voluntary. Participant may deny or withdraw Participant's consent at any time; provided that if Participant does not consent, or if Participant withdraws Participant's consent, Participant cannot participate in the Plan unless required by applicable law. This would not affect Participant's salary as an employee or Participant's career; the only consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant RSUs or other equity awards to Participant or administer or maintain such awards.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5&nbsp;&nbsp;&nbsp;&nbsp;*<u>Data Subject Rights</u>. Participant may have a number of rights under data privacy laws in Participant's country. Depending on where Participant is based, Participant's rights may include the right to (i) request access or copies of Participant's Data the Company processes, (ii) have the Company rectify Participant's incorrect Data and/or delete Participant's Data, (iii) restrict processing of Participant's Data, (iv) have portability of Participant's Data, (v) lodge complaints with the competent tax authorities in Participant's country and/or (vii) obtain a list with the names and addresses of any potential recipients of Participant's Data. To receive clarification regarding Participant's rights or to exercise Participant's rights, Participant can contact the Company at 760 Market Street, Floor 10, San Francisco, California 94105, United States, Attn: Stock Administration.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6&nbsp;&nbsp;&nbsp;&nbsp;*<u>Special Data Provisions for Participants Residing and/or Working in Member</u> <u>Countries of the European Union and/or the European Economic Area and/or the United Kingdom</u>. If Participant resides and/or works in a member country of the European Union and/or the European Economic Area and/or the United Kingdom, the following provisions supplement this Section 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>GDPR Compliance</u>. To the satisfaction and on the direction of the Committee, all operations of the Plan and the RSUs (at the time of its grant and as necessary thereafter) shall include or be supported by appropriate agreements, notifications and arrangements in respect of Data and its use and processing under the Plan, in order to secure (I) the reasonable freedom of the Service Recipient, the Company and any Parent or Subsidiary (together, the "Group"), as appropriate, to operate the Plan and for connected purposes, and (II) compliance with the data-protection requirements applicable from time to time, including, if applicable, and without limitation, Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Participant has certain rights under data protection legislation as summarized below:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Right of access: Participant has the right to obtain confirmation as to whether or not Participant's Data is being processed, and, where that is the case, to request access to the Data, as well as certain information on how we are processing such Data.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Right to rectification: Participant has the right to obtain the rectification of inaccurate Data. Considering the purpose of the processing, Participant may also, in some cases, be entitled to supplemental information regarding incomplete Data.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Right to erasure (right to be forgotten): Participant may, in certain circumstances, have Participant's Data deleted, for example if Participant's personal information is no longer necessary in relation to the purpose for which it was collected, if Participant has objected to the processing of Data and the Company does not have a legitimate interest which outweighs Participant's interest, if the Data has been processed unlawfully, or if the Data must be deleted to comply with a legal obligation.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Right to restriction of processing: Participant may require that the Company restrict the processing of Participant's Data in certain cases, for example where the Company no longer needs Participant's Data but Participant needs it to determine, enforce or defend legal claims or Participant has objected to processing based on the Company's legitimate interest in order to enable the Company to check if its interest overrides Participant's interest.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Right to data portability: In some circumstances, Participant may be entitled to receive Participant's Data which Participant provided to the Company in a structured, commonly used and machine-readable format and Participant has the right to transmit the Data to another controller.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Right to object: Participant has the right to object to the processing of Participant's Data in certain circumstances, for example where the processing is based on the Company's legitimate interest. If so, in order to continue processing, the Company must be able to show compelling legitimate grounds that override Participant's interests, rights and freedoms.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Participant's rights will in each case be subject to the restrictions set out in applicable data protection laws. Further information on these rights, and the circumstances in which they may arise in connection with the Company's processing of Participant's Data, can be obtained by contacting Participant's local human resources representative. If Participant wants to review, verify, correct or request erasure of Participant's Data, object to the processing of Participant's Data, or request that the Company transfer a copy of Participant's Data to another party, Participant can contact Participant's local human resources representative.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to ensure that Data transferred outside the European Economic Area will be done pursuant to a lawful transfer mechanism (for example, European Commission approved model contract clauses).***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The Company will separately provide Participant with information in a data privacy notice on the collection, processing and transfer of Participant's Data, including the grounds for processing.***

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;If Participant has any grievance, issue or problem in respect of the handling or processing of Participant's Data in any way, Participant has the right to lodge a complaint to the national data protection agency for Participant's country of residence.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>.** Participant acknowledges that Participant is proficient in the English language, or has consulted with an advisor who is proficient in the English language, so as to enable Participant to understand the provisions of this RSU Agreement and the Plan. Furthermore, if Participant has received this RSU Agreement, or any other document related to the RSUs and/or the Plan translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange Control, Tax and Foreign Asset/Account Reporting Requirements</u>**. Depending upon the country to which laws Participant is subject, Participant acknowledges that there may be certain exchange control, foreign asset /account or tax reporting requirements which may affect Participant's ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends or sale proceeds arising from the sale of Shares) in a brokerage account outside Participant's country. Participant may also be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to Participant's country through a designated bank or broker within a certain time after receipt. Participant is responsible for knowledge of and compliance with any such regulations and Participant should speak with Participant's personal tax, legal and financial advisors regarding this matter.

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**ADDENDUM B**

**TO THE GLOBAL RESTRICTED STOCK UNIT AGREEMENT**

**COUNTRY SPECIFIC TERMS AND CONDITIONS**

***Terms and Conditions***

This Addendum B includes additional terms and conditions that govern the RSUs granted to Participant under the Plan if Participant resides and/or works outside of the United States.

If Participant is a citizen or resident of a country other than the one in which Participant is currently working and/or residing, transfers to another country after the Date of Grant, is a Consultant, changes employment status to a Consultant position or is considered a resident of another country for local law purposes, the Company shall, in its discretion, determine the extent to which the additional terms and conditions contained herein shall be applicable to Participant. References to Participant's Service Recipient shall include any entity that engages Participant's Service.

***Notifications***

This Addendum B also includes information regarding exchange controls and certain other issues of which Participant should be aware with respect to Participant's participation in the Plan. The information is provided solely for the convenience of Participant and is based on the securities, exchange control and other laws in effect in the respective countries as of **June 2025**. Such laws are often complex and change frequently. As a result, the Company strongly recommends that Participant not rely on the information noted herein as the only source of information relating to the consequences of Participant's participation in the Plan because the information may be out of date by the time Participant vests or settles in the RSUs or sells any acquired Shares.

Participant is responsible for complying with all applicable tax, foreign asset reporting and/or exchange control rules that may apply in connection with participation in the Plan and/or the transfer of proceeds acquired thereunder. Prior to settlement of the RSUs or transfer of funds from or into Participant's country, Participant should consult the local bank and/or Participant's exchange control advisor, as interpretations of the applicable regulations may vary; additionally, exchange control rules and regulations are subject to change without notice.

In addition, the information contained in this Addendum B is general in nature and may not apply to Participant's particular situation, and the Company is not in a position to assure Participant of any particular result. Accordingly, Participant is advised to seek appropriate professional advice as to how the applicable laws in Participant's country may apply to Participant's situation.

Finally, Participant understands that if Participant is a citizen or resident of a country other than the one in which Participant is currently residing and/or working, transfers to another country after the Date of Grant, or is considered a resident of another country for local law purposes, the notifications contained herein may not be applicable to Participant in the same manner.

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**<u>AUSTRALIA</u>**

***Notifications***

**Securities Law Information.** The offer of the RSUs is being made under Division 1A, Part 7.12 of the *Corporations Act 2001 (Cth)*.

**Tax Information**. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "Act") applies (subject to conditions in the Act).

**Exchange Control Information**. Exchange control reporting is required for cash transactions exceeding AUD 10,000 and international fund transfers. The Australian bank assisting with the transactions will file the report on Participant's behalf. If an Australian bank is not involved in the transfer, Participant will be required to file the report.

**<u>AUSTRIA</u>**

***Notifications***

**Exchange Control Information.** If Participant holds securities (including Shares acquired under the Plan) or cash (including proceeds from the sale of Shares) outside of Austria, Participant may be subject to reporting obligations to the Austrian National Bank. If the value of the Shares meets or exceeds a certain threshold, Participant must report the securities held on a quarterly basis to the Austrian National Bank as of the last day of the quarter, on or before the 15th day of the month following the end of the calendar quarter.

If Participant sells Shares, or receives any cash dividends, Participant may have exchange control obligations if Participant holds the cash proceeds outside of Austria. If the transaction volume of all accounts abroad meets or exceeds a certain threshold, Participant must report to the Austrian National Bank the movements and balances of all accounts on a monthly basis, as of the last day of the month, on or before the 15th day of the following month, on the prescribed forms.

**<u>BELGIUM</u>**

***Notifications***

**Foreign Asset/Account Reporting Information**. Participant is required to report any security or bank account (including brokerage accounts) Participant maintains outside of Belgium on Participant's annual tax return. The first time Participant reports the foreign security and/or bank account on Participant's annual income tax return, Participant will have to provide the National Bank of Belgium Central Contact Point with the account number, the name of the bank, and the country in which the account was opened in a separate form. The form, as well as additional information on how to complete it, can be found on the website of the National Bank of Belgium (www.nbb.be) under the caption *Kredietcentrales / Centrales des crédits*.

**Stock Exchange Tax Information**. A stock exchange tax applies to transactions executed by Belgian residents through a non-Belgian financial intermediary, such as a U.S. broker. The stock exchange tax will apply when Shares acquired pursuant to the RSUs are sold.

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**Annual Securities Accounts Tax**. An annual securities accounts tax may be payable if the total average value of securities held in a Belgian or foreign securities account (e.g., Shares acquired under the Plan) exceeds a certain threshold on four reference dates within the relevant reporting period (i.e., December 31, March 31, June 30 and September 30). In such case, the tax will be due on the value of the qualifying securities held in such account.

**<u>BRAZIL</u>**

***Terms and Conditions***

**Nature of Grant**. The following provision supplements Section 7 (Nature of Grant) of the RSU Agreement:

By accepting the RSUs, Participant acknowledges, understands and agrees that (i) Participant is making an investment decision, and (ii) the value of the underlying Shares is not fixed and may increase or decrease without compensation to Participant.

**Compliance with Law**. By accepting the RSUs, Participant is required to comply with applicable Brazilian laws and to report and pay applicable Tax-Related Items associated with the vesting and settlement of the RSUs, the subsequent sale of the Shares acquired at vesting and settlement or the receipt of any dividends.

***Notifications***

**Exchange Control Information**. A declaration of assets and rights held outside of Brazil may need to be filed once a year with the Central Bank of Brazil if assets or rights with an aggregate value exceeding USD 1,000,000 are held on December 31 of each year. Shares acquired under the Plan that are held outside of Brazil (e.g., in a non-Brazilian brokerage account) are among the assets and rights that must be reported. If the aggregate value exceeds USD 100,000,000 at the end of each quarter, the declaration has to be filed on the month following the end of each quarter.

**Tax on Financial Transaction (IOF)**. Repatriation of funds (e.g., the proceeds from the sale of Shares) into Brazil and the conversion of USD into BRL associated with such fund transfers may be subject to the Tax on Financial Transactions. It is Participant's responsibility to comply with any applicable Tax on Financial Transactions arising from Participant's participation in the Plan.

**<u>CANADA</u>**

***Terms and Conditions***

**Labor Matters**. The following provision supplements Section 5 (Termination; Leave of Absence; Change in Status) of the RSUs Agreement:

For purposes of this Agreement, Participant's employment or other service relationship will be deemed terminated, and Participant's right (if any) to earn, seek damages in lieu of, vest in or otherwise benefit from any portion of the RSUs pursuant to this Agreement will be measured by, the date that is the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the date that Participant is no longer actively providing service to the Company, the Service Recipient or any Parent, Subsidiary or Affiliate; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the date that Participant receives notice of termination from the Service Recipient.

In each case, this determination applies regardless of any notice period or period of pay in lieu of such notice required under local law (including, but not limited to, statutory law, regulatory law and/or common law).

The Company shall have the exclusive discretion to determine the date of Participant's termination of Service for purposes of the RSUs. Participant acknowledges and agrees that Participant's period of service will be determined in the Company's sole discretion, without regard to any period of statutory, contractual, common law, civil law or other notice of termination or any period of salary continuance or deemed employment, regardless of whether Participant's termination is otherwise lawful.

Participant will not earn or be entitled to any pro-rated vesting for that portion of time before the date on which Participant's employment or other service relationship is terminated, nor will Participant be entitled to any compensation for lost vesting.

Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to vesting during a statutory notice period, Participant acknowledges that Participant's right to vest in the RSUs under the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period. However, Participant will not earn or be entitled to any pro-rated vesting if the vesting date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting.

**Form of Settlement**. Notwithstanding any discretion in the Plan, the RSUs are payable in Shares only.

***Notifications***

**Securities Law Information**. Participant is permitted to sell Shares acquired upon the vesting and settlement of the RSUs through the designated broker appointed under the Plan, if any, provided the resale of Shares acquired under the Plan takes place outside of Canada through the facilities of a stock exchange on which the Shares are listed.

**<u>FRANCE</u>**

***Terms and Conditions***

**Language Consent**. By accepting the award of RSUs, Participant confirms having read and understood the documents relating to the award (the Plan and the Agreement), which were provided in English. Participant accepts the terms of those documents accordingly.

*Consentement Relatif à la Langue Utilisée. En acceptant l'attribution, Participant confirme avoir lu et compris les documents relatifs à cette attribution (le Plan et le Contrat d'Attribution), qui lui ont été remis en langue anglaise. Participant accepte les termes de ces documents en conséquence.* 

***Notifications***

**Non-Qualified Nature of Award**. The RSUs granted under this Agreement are not intended to be French tax-qualified restricted stock units granted under Sections L. 225-197-1 to L. 225-197-5 and Sections L. 22-10-59 to L. 22-10-60 of the French Commercial Code, as amended.

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**Exchange Control Information**. The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the Customs and Excise Authorities when the value of such cash or securities is equal to or greater than a certain amount. Participant should consult with a personal legal advisor for further details regarding this requirement.

**<u>GERMANY</u>**

***Notifications***

**Exchange Control Information.** Cross-border payments (including related to proceeds realized upon the sale of Shares) and certain other transactions with a value in excess of EUR 50,000 must be reported monthly to the German Federal Bank (*Bundesbank*). In addition, Participant may be required to report to the Bundesbank the acquisition of Shares at settlement of the RSUs and/or if the Company withholds or sells Shares to cover Tax-Related Items, in either case if the Shares have a value in excess of EUR 50,000.

The report must be submitted monthly or within such other timing as if permitted or required by the Bundesbank. The report must be filed with the Bundesbank, either electronically using the "General Statistics Reporting Portal" ("*Allgemeines Meldeportal Statistik*") available via Bundesbank's website (www.bundesbank.de) or by such other method (*e.g.*, email or telephone) as is permitted or required by the Bundesbank.

**<u>INDIA</u>**

***Notifications***

**Exchange Control Information**. Participant must repatriate the cash proceeds received upon the sale of Shares and receipt of any dividends, and convert such proceeds into local currency to India within specified timeframes as required under applicable regulations. Participant must obtain a foreign inward remittance certificate ("***FIRC***") from the bank where Participant deposits the foreign currency and must maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India, the Company or the Service Recipient requests proof of repatriation. Participant may be required to provide information to the Company and/or the Service Recipient to make any applicable filings under exchange control laws in India. Because exchange control restrictions in India change frequently, Participant should consult with a personal advisor before taking any action under the Plan.

**<u>IRELAND</u>**

***Notifications***

**Director Notification Obligation**. Directors, shadow directors or secretaries of an Irish Parent, Subsidiary or Affiliate must notify the Irish Parent, Subsidiary or Affiliate in writing when receiving or disposing of an interest in the Company (e.g., RSUs granted under the Plan, Shares, etc.), or when becoming aware of the event giving rise to the notification requirement or when becoming a director or secretary if such an interest exists at the time, but only to the extent such individuals own 1% or more of the total Common Stock. If applicable, this notification requirement also applies with respect to the interests of the spouse or children under the age of 18 of the director, shadow director or secretary (whose interests will be attributed to the director, shadow director or secretary).

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**<u>JAPAN</u>**

***Notifications***

**Exchange Control Information.** If Participant acquires Shares valued at more than JPY 100,000,000 in a single transaction, Participant must file a "Securities Acquisition Report" with the Ministry of Finance through the Bank of Japan within 20 days of acquiring such Shares.

**<u>SINGAPORE</u>**

***Terms and Conditions***

**Sale Restriction*.*** Participant agrees that any Shares acquired pursuant to the RSUs will not be offered for sale in Singapore prior to the six-month anniversary of the Date of Grant, unless such sale or offer is made pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("***SFA***"), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.

***Notifications***

**Securities Law Information**. The RSUs are being granted pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the SFA. The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Hence, statutory liability under the SFA in relation to the content of prospectuses will not apply.

**Director Notification Requirement**. If Participant is a director, alternate director, substitute director or shadow director<sup>1</sup> of a Singapore Parent, Subsidiary or Affiliate, Participant must notify the Singapore Parent, Subsidiary or Affiliate in writing within two (2) business days of (i) becoming the registered holder of or acquiring an interest (e.g., RSUs, Shares, etc.) in the Company or any subsidiary, or becoming an alternate director, substitute director or shadow director (as the case may be), whichever occurs last, or (ii) any change in a previously disclosed interest (e.g., sale of Shares).

**<u>SWEDEN</u>**

***Terms and Conditions***

**Responsibility for Taxes**. The following provision supplements Section 6 (Taxes) of the RSU Agreement:

Without limiting the Company's and the Service Recipient's authority to satisfy their withholding obligations for Tax-Related Items as set forth in Section 6 of the Agreement, in accepting the grant of RSUs, Participant authorizes the Company and/or the Service Recipient to withhold Shares or to sell Shares otherwise deliverable to Participant upon vesting/settlement to satisfy Tax-Related Items, regardless of whether the Company and/or the Service Recipient have an obligation to withhold such Tax-Related Items.

<sup>1</sup> A shadow director is an individual who is not on the board of directors of the Singapore Parent, Subsidiary or Affiliate but who has sufficient control so that the board of directors of the Singapore Parent, Subsidiary or Affiliate acts in accordance with the directions or instructions of the individual.

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**<u>UNITED KINGDOM</u>**

***Terms and Conditions***

**Responsibility for Taxes.** This section supplements Section 6 (Taxes) of the RSU Agreement:

Without limitation to Section 6 of the RSU Agreement, Participant agrees that Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items, as and when requested by the Company or, if different, the Service Recipient or by HM Revenue & Customs ("***HRMC***") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Company and, if different, the Service Recipient against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on Participant's behalf.

Notwithstanding the foregoing, if Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), Participant acknowledges that Participant may not be able to indemnify the Company for the amount of any Tax-Related Items not collected from or paid by Participant, in case the indemnification could be considered to be a loan. In this case, the Tax-Related Items not collected or paid may constitute a benefit to Participant on which additional income tax and National Insurance contributions ("***NICs***") may be payable. Participant acknowledges that Participant will be personally responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying to the Company and/or the Service Recipient (as appropriate) the amount of any NICs due on this additional benefit, which may also be recovered from Participant by any of the means referred to in Section 6 of the RSU Agreement.

**Section 431 Election**. As a condition of Participant's participation in the Plan and the vesting of the RSUs, Participant agrees that, jointly with the Service Recipient, Participant shall enter into a joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ("***ITEPA 2003***") in respect of computing any tax charge on the acquisition of "Restricted Securities" (as defined in Sections 423 and 424 of ITEPA 2003), and that Participant will not revoke such election at any time. This election will be to treat any Shares acquired pursuant to the settlement of the RSUs as if such Shares were not "Restricted Securities" (for U.K. tax purpose only). Participant must enter into the form of 431 election attached to this Addendum B concurrent with the execution of the RSU Agreement.

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Employee Number: ###EMPLOYEE_NUMBER###

**United Kingdom**

**Section 431 Joint Election Form**

**Joint Election under s431 ITEPA 2003** 

**for full disapplication of Chapter 2 Income Tax (Earnings and Pensions) Act 2003**

**One Part Election**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Between**

the Employee&nbsp;&nbsp;&nbsp;&nbsp;**###PARTICIPANT_NAME###**

whose National Insurance Number is&nbsp;&nbsp;&nbsp;&nbsp;[_____________________]

and

the Company (who is the Employee's employer) **Figma UK Limited**

of Company Registration Number&nbsp;&nbsp;&nbsp;&nbsp;**12523488**

**2.&nbsp;&nbsp;&nbsp;&nbsp;Purpose of Election**

This joint election is made pursuant to section 431(1) Income Tax (Earnings and Pensions) Act 2003 ("**<u>ITEPA</u>**") and applies where employment-related securities, which are restricted securities by reason of section 423 ITEPA, are acquired.

The effect of an election under section 431(1) is that, for the purposes of income tax and National Insurance contributions ("**NICs**"), the employment-related securities and their market value will be treated as if they were not restricted securities and that sections 425 to 430 ITEPA do not apply. Additional income tax will be payable as a result of this election (with PAYE withholding and NICs being applicable where the securities are Readily Convertible Assets).

**Should the value of the securities fall following the acquisition, it is possible that income tax/NICs that would have arisen because of any future chargeable event (in the absence of an election) would have been less than the income tax/NICs due by reason of this election. Should this be the case, there is no income tax/NICs relief available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.**

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**3.&nbsp;&nbsp;&nbsp;&nbsp;Application**

This joint election is made not later than 14 days after the date of acquisition of the securities by the employee and applies to:

Number of securities&nbsp;&nbsp;&nbsp;&nbsp;All securities

Description of securities&nbsp;&nbsp;&nbsp;&nbsp;Common Stock

Name of issuer of securities&nbsp;&nbsp;&nbsp;&nbsp;Figma, Inc.

To be acquired by the Employee on or after the date of this Election under the terms of the Figma, Inc. 2025 Equity Incentive Plan.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Extent of Application**

This election disapplies S.431(1) ITEPA: All restrictions attaching to the securities.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Declaration**

This election will become irrevocable upon the later of its signing or the acquisition (and each subsequent acquisition) of employment-related securities to which this election applies.

In signing this joint election, we agree to be bound by its terms as stated above.

###REQUIRED_SIGNATURE###&nbsp;&nbsp;&nbsp;&nbsp;###ACCEPTANCE_DATE###

………………………………………..&nbsp;&nbsp;&nbsp;&nbsp;….….……….

Signature (Employee)&nbsp;&nbsp;&nbsp;&nbsp;Date

###ACCEPTANCE_DATE###

……………………………………….&nbsp;&nbsp;&nbsp;&nbsp;….…..………

Signature (for and on behalf of the Company)&nbsp;&nbsp;&nbsp;&nbsp;Date

………………………….………………

Position in company

*Note:&nbsp;&nbsp;&nbsp;&nbsp;Where the election is in respect of multiple acquisitions, prior to the date of any subsequent acquisition of a security it may be revoked by agreement between the employee and employer in respect of that and any later acquisition.*

## Exhibit 10.5

**Exhibit 10.5**

**FIGMA, INC.**

**2025 EMPLOYEE STOCK PURCHASE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE.** Figma, Inc. adopted the Plan effective as of the Effective Date. The purpose of this Plan is to provide eligible employees of the Company and the Participating Corporations with a means of acquiring an equity interest in the Company, to enhance such employees' sense of participation in the affairs of the Company. Capitalized terms not defined elsewhere in the text are defined in Section 28.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;ESTABLISHMENT OF PLAN.** The Company proposes to grant rights to purchase shares of Common Stock to eligible employees of the Company and its Participating Corporations pursuant to this Plan. The Company intends this Plan to qualify as an "employee stock purchase plan" under Section 423 of the Code (including any amendments to or replacements of such Section), and this Plan shall be so construed, although the Company makes no undertaking or representation to maintain such qualification. Any term not expressly defined in this Plan but defined for purposes of Section 423 of the Code shall have the same definition herein. In addition, this Plan authorizes the grant of options under a Non-Section 423 Component that is not intended to meet Section 423 requirements, provided, to the extent necessary under Section 423 of the Code, the other terms and conditions of the Plan are met.

Subject to Section 14, a total of Eleven Million, Six Hundred Thousand (11,600,000) shares of Common Stock are reserved for issuance under this Plan. In addition, the number of shares of Common Stock available for grant and issuance under the Plan will be increased on January 1<sup>st</sup> of each of the first ten (10) calendar years during the term of the Plan by the lesser of (a) one percent (1%) of the number of shares of all classes of the Company's common stock issued and outstanding on each December 31<sup>st</sup> immediately prior to the date of increase or (b) such number of shares of Common Stock determined by the Board. Subject to Section 14, no more than One Hundred Million (100,000,000) shares of Common Stock may be issued over the term of this Plan. For the avoidance of any uncertainty, shares of Common Stock withheld to satisfy tax withholding obligations shall not reduce the number of shares of Common Stock available for grant pursuant to the Plan and shall again be made available for grant pursuant to the Plan. The number of shares initially reserved for issuance under this Plan and the maximum number of shares that may be issued under this Plan shall be subject to adjustments effected in accordance with Section 14. Any or all such shares may be granted under the Section 423 Component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATION.** The Plan will be administered by the Committee. The Committee may delegate administrative tasks under the Plan to a subcommittee or to one or more officers to assist with the administration of the Plan pursuant to specific delegation as permitted by applicable law. Subject to the provisions of this Plan and the limitations of Section 423 of the Code or any successor provision in the Code, all questions of interpretation or application of this Plan shall be determined by the Committee and its decisions shall be final and binding upon all eligible employees and Participants. The Committee will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility (including that the Committee may determine that an employee of a third party agency who is providing services to a Participating Corporation at the direction of the Participating Corporation is eligible

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to participate in an Offering Period under the Non-Section 423 Component of this Plan), to designate the Participating Corporations, to determine whether Participating Corporations shall participate in the Section 423 Component or Non-Section 423 Component and to decide upon any and all claims filed under the Plan. Every finding, decision and determination made by the Committee will, to the full extent permitted by law, be final and binding upon all parties. Notwithstanding any provision to the contrary in this Plan, the Committee may adopt rules, sub-plans, and/or procedures relating to the operation and administration of the Plan designed to facilitate compliance with local laws, regulations or customs or to achieve tax, securities law or other objectives for eligible employees outside of the United States. Further, the Committee is specifically authorized to adopt rules and procedures regarding the application of the definition of Compensation (as defined below) to Participants on payrolls outside of the United States, handling of Contributions, taking / making of other Contributions to the Plan, establishment of bank or trust accounts to hold Contributions, payment of interest, establishment of the exchange rate applicable to Contributions made in a currency other than U.S. dollars, obligations to pay payroll tax, determination of beneficiary designation requirements, tax withholding procedures, and handling of stock certificates that vary with applicable local requirements.

The Committee will have the authority to determine the Fair Market Value of the Common Stock (which determination shall be final, binding and conclusive for all purposes) in accordance with Section 8 below and to interpret Section 8 of the Plan in connection with circumstances that impact the Fair Market Value. Members of the Committee shall receive no compensation for their services in connection with the administration of this Plan, other than standard fees as established from time to time by the Board for services rendered by Board members serving on Board committees. All expenses incurred in connection with the administration of this Plan shall be paid by the Company. For purposes of this Plan, the Committee may designate separate offerings under the Plan (the terms of which need not be identical) in which eligible employees of one or more Participating Corporations will participate, and the provisions of the Plan will separately apply to each such separate offering even if the dates of the applicable Offering Periods of each such offering are identical. To the extent permitted by Section 423 of the Code, the terms of each separate offering under the Plan need not be identical, provided that the rights and privileges established with respect to a particular offering are applied in an identical manner to all employees of every Participating Corporation whose employees are granted options under that particular offering. The Committee may establish rules to govern the terms of the Plan and the offering that will apply to Participants who transfer employment between the Company and Participating Corporations or between Participating Corporations, in accordance with requirements under Section 423 of the Code to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;ELIGIBILITY.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;Any employee of the Company or the Participating Corporations is eligible to participate in an Offering Period under this Plan, except that one or more of the

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following categories of employees may be excluded from coverage under the Plan if determined by the Committee (other than where such exclusion is prohibited by applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;employees who do not meet eligibility requirements that the Committee may choose to impose (within the limits permitted by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;employees who are not employed by the Company or a Participating Corporation prior to the beginning of such Offering Period or prior to such other time period as specified by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;employees who have been employed less than two (2) 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;employees who are customarily employed for twenty (20) or less hours per week;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;employees who are customarily employed for five (5) months or less in a calendar 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;(a) employees who are "highly compensated employees" of the Company or any Participating Corporation (within the meaning of Section 414(q) of the Code), or (b) any employees who are "highly compensated employees" with compensation above a specified level, who is an officer and/or is subject to the disclosure requirements of Section 16(a) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;employees who are citizens or residents of a foreign jurisdiction (without regard to whether they are also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (i) such employee's participation is prohibited under the laws of the jurisdiction governing such employee, or (ii) compliance with the laws of the foreign jurisdiction would violate the requirements of Section 423 of the Code; 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;individuals who provide services to the Company or any of its Participating Corporations who are reclassified as common law employees for any reason except for federal income and employment tax purposes.

The foregoing notwithstanding, an individual shall not be eligible if his or her participation in the Plan is prohibited by the law of any country that has jurisdiction over him or her, if complying with the laws of the applicable country would cause the Plan to violate Section 423 of the Code, or if he or she is subject to a collective bargaining agreement that does not provide for participation in the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;No employee who, together with any other person whose stock would be attributed to such employee pursuant to Section 424(d) of the Code, owns stock or holds options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or its Parent or Subsidiary or who, as a result of being granted an option under this Plan with respect to such Offering Period, would own stock or

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hold options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or its Parent or Subsidiary shall be granted an option to purchase Common Stock under the Plan. Notwithstanding the foregoing, the rules of Section 424(d) of the Code shall apply in determining share ownership and the extent to which shares held under outstanding equity awards are to be treated as owned by the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;OFFERING DATES.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;Each Offering Period of this Plan may be of up to twenty-seven (27) months duration and shall commence and end at the times designated by the Committee. Each Offering Period shall consist of one or more Purchase Periods during which Contributions made by Participants are accumulated 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The initial Offering Period shall commence on the Effective Date and shall consist of a single Purchase Period ending with the Purchase Date that occurs on November 15, 2025. A six (6) month Offering Period shall commence on each May 16 and November 16 after the start of the initial Offering Period, with each such Offering Period also consisting of a single (6)-month Purchase Period, ending on May 15 and November 15, except as otherwise provided by an applicable sub-plan, or on such other date determined by the Committee. The Committee may at any time establish a different duration for an Offering Period or Purchase Period to be effective after the next scheduled Purchase Date, up to a maximum duration of twenty-seven (27) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;PARTICIPATION IN 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any employee who is an eligible employee determined in accordance with Section 4 will be eligible to participate in this Plan, subject to the requirement of Section 6(b) hereof and the other terms and provisions of 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;A Participant may elect to participate in this Plan by submitting an enrollment agreement prior to the commencement of the Offering Period (or such earlier date as the Committee may determine) to which such agreement relates.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Once an employee becomes a Participant in an Offering Period, then such Participant will automatically participate in each subsequent Offering Period commencing immediately following the last day of the prior Offering Period unless the Participant withdraws or is deemed to withdraw from this Plan or terminates further participation in an Offering Period as set forth in Section 11 below. A Participant who is continuing participation pursuant to the preceding sentence is not required to file any additional enrollment agreement in order to continue participation in this Plan, but participation in any subsequent Offering Period will be governed by the Plan and enrollment agreement and other terms in effect on the Offering Date for such relevant Offering Period; a Participant who is not continuing participation pursuant to the preceding sentence is required to file an enrollment agreement prior to the commencement of the Offering Period (or such earlier date as the Committee may determine) to which such agreement relates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;GRANT OF OPTION ON ENROLLMENT.** Becoming a Participant with respect to an Offering Period will constitute the grant (as of the Offering Date) by the Company to such Participant of an option to purchase on the Purchase Date up to that number of shares of Common Stock determined by a fraction, the numerator of which is the amount accumulated in such Participant's Contribution account during such Purchase Period and the denominator of which is the lower of (i) eighty-five percent (85%) of the Fair Market Value of a share of Common Stock on the Offering Date (but in no event less than the par value of a share of the Common Stock), or (ii) eighty-five percent (85%) of the Fair Market Value of a share of the Common Stock on the Purchase Date; <u>provided</u>, <u>further</u>, that the number of shares of Common Stock subject to any option granted pursuant to this Plan shall not exceed the lesser of (x) the maximum number of shares set by the Committee pursuant to Section 10(b) below with respect to the applicable Purchase Date, or (y) the maximum number of shares which may be purchased pursuant to Section 10(a) below with respect to the applicable Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;PURCHASE PRICE.** The Purchase Price per share at which a share of Common Stock will be sold in any Offering Period shall be eighty-five percent (85%) of the lesser of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Fair Market Value on the Offering Date; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Fair Market Value on the Purchase Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT OF PURCHASE PRICE; CONTRIBUTION CHANGES; SHARE ISSUANCES.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Price shall be accumulated by regular payroll deductions made during each Offering Period, unless the Committee determines that Contributions may be made in another form (including but not limited to with respect to categories of Participants outside the United States where Contributions must be made in another form due to local legal requirements). The Contributions are made as a percentage of the Participant's Compensation in one percent (1%) increments not less than one percent (1%), nor greater than fifteen percent (15%) or such lower limit set by the Committee; <u>provided</u>, however, <u>that for the Purchase Period</u> <u>within the initial Offering Period the maximum permissible amount of Contributions for a</u> <u>Participant shall be sixty percent (60%) of such Participant's Compensation or such lower limit</u> <u>set by the Committee</u>. "***Compensation***" shall mean base salary or regular hourly wages or remuneration; however, the Committee shall have discretion to adopt a definition of Compensation from time to time that includes all cash compensation reported on the employee's Form W-2 or corresponding local country tax return, including without limitation base salary or regular hourly wages, bonuses, commissions, overtime, shift premiums, pay during leaves of absence, and draws against commissions (or in foreign jurisdictions, equivalent cash compensation). For purposes of determining a Participant's Compensation, any election by such Participant to reduce his or her regular cash remuneration under Sections 125 or 401(k) of the Code (or in foreign jurisdictions, equivalent deductions) shall be treated as if the Participant did not make such election. Contributions shall commence on the first payday following the last Purchase Date (with respect to the initial Offering Period, as soon as practicable following the effective date of filing with the U.S. Securities and Exchange Commission a securities registration statement for the Plan) and shall continue to the end of the Offering Period unless

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sooner altered or terminated as provided in this Plan. Notwithstanding the foregoing, the terms of any sub-plan may permit matching shares without the payment of any purchase price.

&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)&nbsp;&nbsp;&nbsp;&nbsp;A Participant may decrease the rate of Contributions during an Offering Period by filing with the Company or a third party designated by the Company a new enrollment agreement, with the new rate to become effective no later than the second payroll period commencing after the Company's receipt of the authorization and continuing for the remainder of the Offering Period unless changed as described below. A decrease in the rate of Contributions may be made once during any Offering Period, or more frequently under rules determined by the Committee. A Participant may increase or decrease the rate of Contributions for any subsequent Offering Period by filing with the Company or a third party designated by the Company a new enrollment agreement prior to the beginning of such Offering Period, or such other time period as specified by the Committee.

&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)&nbsp;&nbsp;&nbsp;&nbsp;A Participant may reduce his or her Contribution percentage to zero during an Offering Period by filing with the Company or a third party designated by the Company a request for cessation of Contributions. Such reduction shall be effective beginning no later than the second payroll period after the Company's receipt of the request and no further Contributions will be made for the duration of the Offering Period. Contributions credited to the Participant's account prior to the effective date of the request shall be used to purchase shares of Common Stock in accordance with Subsection (e) below. A reduction of the Contribution percentage to zero shall be treated as such Participant's withdrawal from such Offering Period and the Plan, effective as of the day after the next Purchase Date following the filing date of such request with the Company.

&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)&nbsp;&nbsp;&nbsp;&nbsp;All Contributions made for a Participant are credited to his or her book account under this Plan and are deposited with the general funds of the Company, except to the extent local legal restrictions outside the United States require segregation of such Contributions. No interest accrues on the Contributions, except to the extent required due to local legal requirements. All Contributions received or held by the Company may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such Contributions, except to the extent necessary to comply with local legal requirements outside the United States.

&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)&nbsp;&nbsp;&nbsp;&nbsp;On each Purchase Date, so long as this Plan remains in effect and provided that the Participant has not submitted a signed and completed withdrawal form before that date which notifies the Company that the Participant wishes to withdraw from that Offering Period under this Plan and have all Contributions accumulated in the account maintained on behalf of the Participant as of that date returned to the Participant, the Company shall apply the funds then in the Participant's account to the purchase of whole shares of Common Stock reserved under the option granted to such Participant with respect to the Offering Period to the extent that such option is exercisable on the Purchase Date. The Purchase Price per share shall be as specified in Section 8 of this Plan. Any fractional share, as calculated under this Subsection (e), shall be rounded down to the next lower whole share, unless the Committee determines with respect to all Participants that any fractional share shall be credited as a fractional share. Any amount

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remaining in a Participant's account on a Purchase Date which is less than the amount necessary to purchase a full share of the Common Stock shall be refunded without interest (except to the extent necessary to comply with local legal requirements outside the United States); however, the Committee may determine that such amounts should be carried forward without interest (except to the extent necessary to comply with local legal requirements outside the United States) into the next Purchase Period or Offering Period, as the case may be. In the event that this Plan has been oversubscribed, all funds not used to purchase shares on the Purchase Date shall be returned to the Participant, without interest (except to the extent required due to local legal requirements outside the United States). No Common Stock shall be purchased on a Purchase Date on behalf of any employee whose participation in this Plan has terminated prior to such Purchase Date, except to the extent required due to local legal requirements outside the United States.

&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)&nbsp;&nbsp;&nbsp;&nbsp;As promptly as practicable after the Purchase Date, the Company shall issue shares for the Participant's benefit representing the shares purchased upon exercise of his or her option.

&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)&nbsp;&nbsp;&nbsp;&nbsp;During a Participant's lifetime, his or her option to purchase shares hereunder is exercisable only by him or her. The Participant will have no interest or voting right in shares covered by his or her option until such option has been exercised.

&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)&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable U.S. or non-U.S. federal, state, or local law, a Participant shall make arrangements satisfactory to the Company and the Participating Corporation employing the Participant for the satisfaction of any withholding tax obligations that arise in connection with the Plan. The Company or any Subsidiary or Affiliate, as applicable, may withhold, by any method permissible under the applicable law, the amount necessary for the Company or Subsidiary or Affiliate, as applicable, to meet applicable withholding obligations, including any withholding required to make available to the Company or Subsidiary or Affiliate, as applicable, any tax deductions or benefits attributable to the sale or early disposition of shares of Common Stock by a Participant. The Company shall not be required to issue any shares of Common Stock under the Plan until such obligations are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;LIMITATIONS ON SHARES TO BE PURCHASED.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;Any other provision of the Plan notwithstanding, no Participant shall purchase Common Stock with a Fair Market Value in excess of the following limit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the case of Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;In the case of Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the

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Company or any Parent or Subsidiary) in the current calendar year and in the immediately preceding calendar 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the case of Common Stock purchased during an Offering Period that commenced two calendar years prior, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any Parent or Subsidiary) in the current calendar year and in the two immediately preceding calendar years.

For purposes of this Subsection (a), the Fair Market Value of Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Common Stock under the Plan, then his or her Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such Contributions, the Company must apply the rate in effect immediately prior to such suspension.

&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)&nbsp;&nbsp;&nbsp;&nbsp;In no event shall a Participant be permitted to purchase more than Two-Thousand Five-Hundred (2,500) shares on any one Purchase Date or such lesser number as the Committee shall determine. If a lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;If the number of shares to be purchased on a Purchase Date by all Participants exceeds the number of shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of shares to be purchased under a Participant's option to each Participant affected.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Any Contributions accumulated in a Participant's account which are not used to purchase stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.&nbsp;&nbsp;&nbsp;&nbsp;WITHDRAWAL.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;Each Participant may withdraw from an Offering Period under this Plan pursuant to a method specified for such purpose by the Company. Such withdrawal may be elected at any time prior to the end of an Offering Period, or such other time period as specified by the Committee.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;Upon withdrawal from this Plan, the accumulated Contributions shall generally be returned to the withdrawn Participant, without interest (except to the extent required due to local legal requirements outside the United States), unless otherwise allowed in the enrollment agreement, and his or her interest in this Plan shall terminate. In the event a Participant voluntarily elects to withdraw from this Plan, he or she may not resume his or her participation in this Plan during the same Offering Period, but he or she may participate in any Offering Period under this Plan which commences on a date subsequent to such withdrawal by filing a new enrollment agreement in the same manner as set forth in Section 6 above for initial participation in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.&nbsp;&nbsp;&nbsp;&nbsp;TERMINATION OF EMPLOYMENT.** Termination of a Participant's employment for any reason, including retirement, death, disability, or the failure of a Participant to remain an eligible employee of the Company or of a Participating Corporation, immediately terminates his or her participation in this Plan. In such event, accumulated Contributions credited to the Participant's account will be returned to him or her or, in the case of his or her death, to his or her estate (as determined by the Company), without interest (except to the extent required due to local legal requirements outside the United States). For purposes of this Section 12, an employee will not be deemed to have terminated employment or failed to remain in the continuous employ of the Company or of a Participating Corporation in the case of sick leave, military leave, or any other leave of absence approved by the Company; <u>provided</u> that such leave is for a period of not more than ninety (90) days or reemployment upon the expiration of such leave is guaranteed by contract or statute. The Company will have sole discretion to determine whether a Participant has terminated employment and the effective date on which the Participant terminated employment, regardless of any notice period or garden leave required under local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.&nbsp;&nbsp;&nbsp;&nbsp;RETURN OF CONTRIBUTIONS.** In the event a Participant's interest in this Plan is terminated by withdrawal, termination of employment or otherwise, or in the event this Plan is terminated by the Board, the Company shall deliver to the Participant all accumulated Contributions credited to such Participant's account. No interest shall accrue on the Contributions of a Participant in this Plan (except to the extent required due to local legal requirements outside the United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.&nbsp;&nbsp;&nbsp;&nbsp;CAPITAL CHANGES.** If the number and class of outstanding shares is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in the capital structure of the Company, without consideration, then the Committee shall adjust the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each option under the Plan which has not yet been exercised, and the numerical limits of Sections 2 and 10 shall be proportionately adjusted, subject to any required action by the Board or the stockholders of the Company and in compliance with the applicable securities laws; provided that fractions of a share will not be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.&nbsp;&nbsp;&nbsp;&nbsp;NONASSIGNABILITY.** Neither Contributions credited to a Participant's account nor any rights with regard to the exercise of an option or to receive shares under this

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Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 22 below) by the Participant. Any such attempt at assignment, transfer, pledge or other disposition shall be void and without effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.&nbsp;&nbsp;&nbsp;&nbsp;USE OF PARTICIPANT FUNDS AND REPORTS.** The Company may use all Contributions received or held by it under the Plan for any corporate purpose, and the Company will not be required to segregate Participant Contributions (except to the extent required due to local legal requirements outside the United States). Until shares are issued, Participants will only have the rights of an unsecured creditor unless otherwise required under local law. Each Participant shall receive, or have access to, promptly after the end of each Purchase Period a report of his or her account setting forth the total Contributions accumulated, the number of shares purchased, the per share price thereof and the remaining cash balance, if any, carried forward to the next Purchase Period or Offering Period, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.&nbsp;&nbsp;&nbsp;&nbsp;NOTICE OF DISPOSITION.** Each U.S. taxpayer Participant shall notify the Company in writing if the Participant disposes of any of the shares purchased in any Offering Period pursuant to this Plan if such disposition occurs within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such shares were purchased (the "***Notice Period***"). The Company may, at any time during the Notice Period, place a legend or legends on any certificate representing shares acquired pursuant to this Plan requesting the Company's transfer agent to notify the Company of any transfer of the shares. The obligation of the Participant to provide such notice shall continue notwithstanding the placement of any such legend on the certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.&nbsp;&nbsp;&nbsp;&nbsp;NO RIGHTS TO CONTINUED EMPLOYMENT.** Neither this Plan nor the grant of any option hereunder shall confer any right on any employee to remain in the employ of the Company or any Participating Corporation, or restrict the right of the Company or any Participating Corporation to terminate such employee's employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.&nbsp;&nbsp;&nbsp;&nbsp;EQUAL RIGHTS AND PRIVILEGES.** All eligible employees granted an option under the Section 423 Component of this Plan shall have equal rights and privileges with respect to this Plan or within any separate offering under the Plan so that this Plan qualifies as an "employee stock purchase plan" within the meaning of Section 423 or any successor provision of the Code and the related regulations. Any provision of this Plan which is inconsistent with Section 423 or any successor provision of the Code, without further act or amendment by the Company, the Committee or the Board, shall be reformed to comply with the requirements of Section 423. This Section 19 shall take precedence over all other provisions in this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.&nbsp;&nbsp;&nbsp;&nbsp;NOTICES.** All notices or other communications by a Participant to the Company under or in connection with this Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.&nbsp;&nbsp;&nbsp;&nbsp;TERM; STOCKHOLDER APPROVAL.** This Plan will become effective on the Effective Date. This Plan shall be approved by the stockholders of the Company, in any

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manner permitted by applicable corporate law, within twelve (12) months before or after the date this Plan is adopted by the Board. No purchase of shares that are subject to such stockholder approval before becoming available under this Plan shall occur prior to stockholder approval of such shares and the Board or Committee may delay any Purchase Date and postpone the commencement of any Offering Period subsequent to such Purchase Date as deemed necessary or desirable to obtain such approval (provided that if a Purchase Date would occur more than six (6) months after commencement of the Offering Period to which it relates, then such Purchase Date shall not occur and instead such Offering Period shall terminate without the purchase of such shares and Participants in such Offering Period shall be refunded their Contributions without interest). This Plan shall continue until the earlier to occur of (a) termination of this Plan by the Board (which termination may be effected by the Board at any time pursuant to Section 25 below), (b) issuance of all of the shares of Common Stock reserved for issuance under this Plan, or (c) the tenth anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.&nbsp;&nbsp;&nbsp;&nbsp;DESIGNATION OF BENEFICIARY.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;If authorized by the Committee, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant's account under this Plan in the event of such Participant's death prior to a Purchase Date. Such form shall be valid only if it was filed with the Company or a third party designated by the Company at the prescribed location before the Participant's death.

&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)&nbsp;&nbsp;&nbsp;&nbsp;If authorized by the Company, such designation of beneficiary may be changed by the Participant at any time by written notice filed with the Company or a third party designated by the Company at the prescribed location before the Participant's death. In the event of the death of a Participant and in the absence of a beneficiary validly designated under this Plan who is living at the time of such Participant's death, the Company shall deliver such cash to the executor or administrator of the estate of the Participant or to the legal heirs of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS UPON ISSUANCE OF SHARES; LIMITATION ON SALE OF SHARES.** Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of U.S. or non-U.S. laws, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, and the requirements of any stock exchange or automated quotation system upon which the shares may then be listed, exchange control restrictions and/or securities law restrictions outside the United States, and shall be further subject to the approval of counsel for the Company with respect to such compliance. Shares may be held in trust or subject to further restrictions as permitted by any subplan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.&nbsp;&nbsp;&nbsp;&nbsp;APPLICABLE LAW.** The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.&nbsp;&nbsp;&nbsp;&nbsp;AMENDMENT OR TERMINATION.** The Committee, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and for any reason. Unless otherwise required by applicable law, if the Plan is terminated, the Committee, in its

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discretion, may elect to terminate all outstanding Offering Periods either immediately or upon completion of the purchase of shares of Common Stock on the next Purchase Date (which may be sooner than originally scheduled, if determined by the Committee in its discretion), or may elect to permit Offering Periods to expire in accordance with their terms (and subject to any adjustment pursuant to Section 14). If an Offering Period is terminated prior to its previously-scheduled expiration, all amounts then credited to Participants' accounts for such Offering Period, which have not been used to purchase shares of Common Stock, shall be returned to those Participants (without interest thereon, except as otherwise required under local laws) as soon as administratively practicable. Further, the Committee will be entitled to change the Purchase Periods and Offering Periods, limit the frequency and/or number of changes in the amount contributed during an Offering Period, establish the exchange ratio applicable to amounts contributed in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the administration of the Plan, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with amounts contributed from the Participant's Compensation, and establish such other limitations or procedures as the Committee determines in its sole discretion advisable which are consistent with the Plan. Such actions will not require stockholder approval or the consent of any Participants. However, no amendment shall be made without approval of the stockholders of the Company (obtained in accordance with Section 21 above) within twelve (12) months of the adoption of such amendment (or earlier if required by Section 21) if such amendment would: (a) increase the number of shares that may be issued under this Plan; or (b) change the designation of the employees (or class of employees) eligible for participation in this Plan. In addition, in the event the Board or Committee determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the Board or Committee may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the Plan to reduce or eliminate such accounting consequences including, but not limited to: (i) amending the definition of Compensation, including with respect to an Offering Period underway at the time; (ii) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price; (iii) shortening any Offering Period by setting a Purchase Date, including an Offering Period underway at the time of the Committee's action; (iv) reducing the maximum percentage of Compensation a participant may elect to set aside as Contributions; and (v) reducing the maximum number of shares a Participant may purchase during any Offering Period. Such modifications or amendments will not require approval of the stockholders of the Company or the consent of any Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.&nbsp;&nbsp;&nbsp;&nbsp;CORPORATE TRANSACTIONS.** In the event of a Corporate Transaction, the Offering Period for each outstanding option to purchase Common Stock will be shortened by setting a new Purchase Date and will end on the new Purchase Date. The new Purchase Date shall occur on or prior to the consummation of the Corporate Transaction, as determined by the Board or Committee, and the Plan shall terminate on the consummation of the Corporate Transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.&nbsp;&nbsp;&nbsp;&nbsp;CODE SECTION 409A; TAX QUALIFICATION.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;Options granted under the Plan generally are exempt from the application of Section 409A of the Code. However, options granted to U.S. taxpayers which are not intended to meet the Code Section 423 requirements are intended to be exempt from the application of Section 409A of the Code under the short-term deferral exception and any ambiguities shall be construed and interpreted in accordance with such intent. Subject to Subsection (b), options granted to U.S. taxpayers outside of the Code Section 423 requirements shall be subject to such terms and conditions that will permit such options to satisfy the requirements of the short-term deferral exception available under Section 409A of the Code, including the requirement that the shares of Common Stock subject to an option be delivered within the short-term deferral period. Subject to Subsection (b), in the case of a Participant who would otherwise be subject to Section 409A of the Code, to the extent the Committee determines that an option or the exercise, payment, settlement or deferral thereof is subject to Section 409A of the Code, the option shall be granted, exercised, paid, settled or deferred in a manner that will comply with Section 409A of the Code, including Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding the foregoing, the Company shall have no liability to a Participant or any other party if the option 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 with respect 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Although the Company may endeavor to (i) qualify an option for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment (*e.g.*, under Section 409A of the Code), the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including Subsection (a). The Company shall be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS.**

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Affiliate***" means any entity, other than a Subsidiary or Parent, (i) that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) in which the Company has a significant equity interest, in either case as determined by the Committee, whether now or hereafter existing.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Board***" shall mean the Board of Directors of the Company.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Code***" shall mean the U.S. Internal Revenue Code of 1986, as amended.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Committee***" shall mean the Compensation Committee of the Board that consists exclusively of one or more members of the Board appointed by the Board.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Common Stock***" shall mean the Class A common stock of the Company.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Company***" shall mean Figma, Inc.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Contributions***" means payroll deductions taken from a Participant's Compensation and used to purchase shares of Common Stock under the Plan and, to the extent payroll deductions are not permitted by applicable laws (as determined by the Committee in its sole discretion), contributions by other means, provided, however, that allowing such other contributions does not jeopardize the qualification of the Plan as an "employee stock purchase plan" under Section 423 of the 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;"***Corporate Transaction***" means the occurrence of any of the following events: (a) any "Person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) acquires "beneficial ownership" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company's then-outstanding voting securities, provided, however, that for purposes of this subclause (a) the acquisition of additional securities by any one Person who is considered to own more than fifty percent (50%) of the total voting power of the securities of the Company will not be considered a Corporate Transaction; (b) the consummation of the sale or disposition by the Company of all or substantially all of the Company's assets; (c) the consummation of a merger or consolidation of the Company with any other corporation, other than a merger 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 parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation; (d) any other transaction which qualifies as a "corporate transaction" under Section 424(a) of the Code wherein the stockholders of the Company give up all of their equity interest in the Company (except for the acquisition, sale or transfer of all or substantially all of the outstanding shares of capital stock of the Company); or (e) a change in the effective control of the Company that occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by members of the Board whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purpose of subclause (e), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Corporate Transaction.

For purposes of this definition, Persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase, or acquisition of stock, or similar business transaction with the Company.

Notwithstanding the foregoing, if a holder of shares of Class B common stock of the Company (a "***Class B Holder***") acquires "beneficial ownership" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company's then-outstanding voting securities, such acquisition of voting power will not constitute a Corporate Transaction unless the applicable Class B Holder (alone or as part of a group (as determined by the Board)) also

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acquires greater than fifty percent (50%) of the Company's then outstanding securities (without giving effect to the voting power of the shares of outstanding Class B common stock in excess of the voting power of the Common Stock). In addition, if a Class B Holder (alone or as part of a group (as determined by the Board)) holds more than fifty percent (50%) of the voting power of the Company and, for any reason, such Class B Holder's (or such group's) voting power decreases to fifty percent (50%) or lower, then such loss of voting power will not constitute a Corporate Transaction unless such loss in voting power: (i) is due to an acquisition of shares by an unrelated person and (ii) such unrelated person's ownership (alone or as part of a group (as determined by the Board)), following such acquisition of shares, exceeds fifty percent (50%) of the voting power of the Company's then outstanding voting 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;"***Effective Date***" means the Company's IPO Registration Date, subject to approval of the Plan by the Company's 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;"***Fair Market Value***" shall mean, as of any date, the value of a share of Common Stock determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Common Stock is publicly traded and is then listed on a national securities exchange, its closing price on the date of determination on the principal national securities exchange on which the Common Stock is listed or admitted to trading as reported in *The Wall Street Journal* or such other source as the Board or the Committee deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;if such Common Stock is publicly traded but is neither quoted on the Nasdaq Market nor listed or admitted to trading on a national securities exchange, the average of the closing bid and asked prices on the date of determination as reported in *The Wall Street Journal* or such other source as the Board or the Committee deems reliable; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;if none of the foregoing is applicable, by the Board or the Committee in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"***IPO Registration Date***" means the date on which the Company's registration statement on Form S-1 in connection with its initial public offering of common stock is declared effective by the SEC under the Securities 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;"***Non-Section 423 Component***" means the part of the Plan which is not intended to meet the requirements set forth in Section 423 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;(n)&nbsp;&nbsp;&nbsp;&nbsp;"***Notice Period***" shall mean within two (2) years from the Offering Date or within one (1) year from the Purchase Date on which such shares were purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"***Offering Date***" shall mean the first business day of each Offering Period. However, for the initial Offering Period the Offering Date shall be the Effective Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;"***Offering Period***" shall mean a period with respect to which the option to purchase Common Stock may be granted under the Plan, as determined by the Committee pursuant to Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"***Parent***" shall have the same meaning as "parent corporation" in Sections 424(e) and 424(f) 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;(r)&nbsp;&nbsp;&nbsp;&nbsp;"***Participant***" shall mean an eligible employee who meets the eligibility requirements set forth in Section 4 and who is either automatically enrolled in the initial Offering Period or who elects to participate in this Plan pursuant to Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"***Participating Corporation***" shall mean any Parent, Subsidiary or Affiliate that the Committee designates from time to time as eligible to participate in this Plan. For purposes of the Section 423 Component, only the Parent and Subsidiaries may be Participating Corporations, provided, however, that at any given time a Parent or Subsidiary that is a Participating Corporation under the Section 423 Component shall not be a Participating Corporation under the Non-Section 423 Component. The Committee may provide that any Participating Corporation shall only be eligible to participate in the Non-Section 423 Component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;"***Plan***" shall mean this Figma, Inc. 2025 Employee Stock Purchase Plan, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;"***Purchase Date***" shall mean the last business day of each Purchase Period.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Purchase Period***" shall mean a period during which Contributions may be made toward the purchase of Common Stock under the Plan, as determined by the Committee pursuant to Section 5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;"***Purchase Price***" shall mean the price at which Participants may purchase shares of Common Stock under the Plan, as determined pursuant to Section 8.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***SEC***" means the United States Securities and Exchange Commission.

&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)&nbsp;&nbsp;&nbsp;&nbsp;"***Section 423 Component***" means the part of the Plan, which excludes the Non-Section 423 Component, pursuant to which options to purchase shares of Common Stock under the Plan that satisfy the requirements for "employee stock purchase plans" set forth in Section 423 of the Code may be granted to eligible employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)&nbsp;&nbsp;&nbsp;&nbsp;"***Securities Act***" means the United States Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)&nbsp;&nbsp;&nbsp;&nbsp;"***Subsidiary***" shall have the same meaning as "subsidiary corporation" in Sections 424(e) and 424(f) of the Code.

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| **FIGMA, INC. (THE "COMPANY")**<br>**2025 EMPLOYEE STOCK PURCHASE PLAN (THE "ESPP")**<br>*Capitalized terms used but not otherwise defined herein shall*<br>*have the meaning given to them in the ESPP*.  | **ENROLLMENT CONFIRMATION / CHANGE FORM**<br>***FOR INITIAL OFFERING PERIOD COMMENCING ON EFFECTIVE DATE*** |

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**<u>You have been automatically enrolled in the ESPP. This form must be completed by [DATE]</u>**

**<u>regardless of whether you want to continue, change your Contribution level, or withdraw from the ESPP.</u>**

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|:---|:---|
| SECTION 1:<br>**PERSONAL DATA** | Name: _____________________________________________<br>Home Address: ______________________________________<br>____________________________________________________<br>Employee ID: ________________________________________ |
| SECTION 2:<br>**ELECT/CHANGE/OPT-OUT OF ESPP** | **<u>Continue participation in ESPP</u>**<br>I hereby authorize the Company to continue my enrollment in the ESPP and purchase shares of Common Stock pursuant to the terms and conditions of the ESPP and this Enrollment Confirmation/Change Form, including any additional terms or conditions for my country set forth in any appendix hereto (the "***Appendix***" and, together with this Enrollment Confirmation/Change Form, the "***Agreement***").<br>I further authorize the Company or, if different, any Subsidiary or Affiliate employing me (the "***Employer***") withhold from each of my paychecks such amount as is necessary to equal at the end of the applicable Offering Period the below-specified percentage of my Compensation paid during such Offering Period, as long as I continue to be eligible to participate in the ESPP. <br>☐ Continue my Contribution level at 15% <br>☐ Increase or decrease my Contribution level to __% **(must be a whole number between 16% and 60% for an increase in the Contribution percentage; or between 0% and 14% for a decrease in Contribution percentage)**<br>I understand that the ESPP is voluntary and I acknowledge that any payroll deductions I elect to contribute to the ESPP are made on an entirely voluntary basis. I understand that, subject to the provisions of the ESPP, I may freely withdraw my participation in the ESPP and receive a full refund of all Contributions I have made that have not been applied towards the purchase of shares of Common Stock. I acknowledge that a lesser percentage of my Compensation than indicated by me may be contributed if necessary to comply with applicable laws (in particular, applicable laws related to minimum salary requirements). Furthermore, I agree to execute a separate payroll deduction authorization agreement with the Company or the Employer, or any other agreement or consent that may be required by the Company or the Employer, either now or in the future, in connection with my payroll deductions under the ESPP. I understand that I will not be able to participate in the ESPP if I fail to execute any such consent or agreement. |

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|:---|:---|
| | Note: After this initial election and in any subsequent Offering Period, your Contribution must be set to a maximum of 15%. If you elect a Contribution percentage above 15%, your Contribution level will automatically be reduced to 15% effective during the second Offering Period.<br>Note: After this initial election, you may only decrease your Contributions one time to a percentage other than 0% during this Offering Period, to be effective during this Offering Period. Such a change will be effective no later than the second payroll period after this Agreement is received by the Company. Any other decreases will take effect with the next Offering Period. You may not increase your Contributions during this Offering Period after you confirm your initial election. Thereafter, any increase in your Contribution percentage can only take effect with the next Offering Period. |
|  | **<u>Withdraw from ESPP</u>**<br>☐ I understand that my enrollment in the ESPP was automatically effective at the beginning of the initial Offering Period. I hereby elect to withdraw from the ESPP and <u>stop my Contributions under the ESPP</u>, effective as soon as reasonably practicable after this Agreement is received by the Company. Accumulated Contributions will be returned to me without interest (except as otherwise required under applicable law). **Note: If you withdraw, you cannot resume participation until the start of the next Offering Period.** |
| SECTION 3: <br>**NATURE OF GRANT** | By enrolling in the ESPP, I understand, acknowledge and agree that: <br>(a)&nbsp;&nbsp;&nbsp;&nbsp;the ESPP is established voluntarily by the Company, it is discretionary in nature, it may be amended, terminated or modified at any time, to the extent permitted by the ESPP; <br>(b)&nbsp;&nbsp;&nbsp;&nbsp;the ESPP is operated and the right to purchase shares of Common Stock is granted solely by the Company and only the Company is a party to this Agreement; accordingly, any rights I may have under this Agreement may be raised only against the Company but not any Subsidiary or Affiliate (including, but not limited to, the Employer);<br>(c)&nbsp;&nbsp;&nbsp;&nbsp;no Subsidiary or Affiliate (including, but not limited to, the Employer) has any obligation to make any payment of any kind to me under this Agreement;<br>(d)&nbsp;&nbsp;&nbsp;&nbsp;the grant of the right to purchase shares of Common Stock under the ESPP is exceptional and voluntary and does not create any contractual or other right to receive future rights to purchase shares of Common Stock, or benefits in lieu of rights to purchase shares, even if rights to purchase shares have been granted in the past; <br>(e)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future grants of rights to purchase shares of Common Stock under the ESPP, if any, will be at the sole discretion of the Company; <br>(f)&nbsp;&nbsp;&nbsp;&nbsp;the grant of rights to purchase shares of Common Stock under the ESPP and my participation in the ESPP shall not create a right to employment or be interpreted as forming or amending an employment or service agreement with the Company; <br>(g)&nbsp;&nbsp;&nbsp;&nbsp;the grant of rights to purchase shares of Common Stock under the ESPP and my participation in the ESPP shall not interfere with the ability of the Employer to terminate my employment relationship at any time;  |

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|:---|
| (h)&nbsp;&nbsp;&nbsp;&nbsp;I am voluntarily participating in the ESPP; <br>(i)&nbsp;&nbsp;&nbsp;&nbsp;the rights to purchase shares of Common Stock and any shares purchased under the ESPP, and the income from and value of same, are not intended to replace any pension rights or compensation; <br>(j)&nbsp;&nbsp;&nbsp;&nbsp;the rights to purchase shares of Common Stock and the shares purchased under the ESPP, and the income from and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement benefits or similar payments; <br>(k)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Company, the rights to purchase shares of Common Stock and the shares purchased under the ESPP, and the income from and value of same, are not granted as consideration for, or in connection with, any service I may provide as a director of the Subsidiary or Affiliate; <br>(l)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares purchased or to be purchased under the ESPP is unknown, indeterminable and cannot be predicted with certainty, and the value of any shares of Common Stock purchased under the ESPP may increase or decrease in the future, even below the Purchase Price;  |
| (m)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages shall arise from termination of the right to purchase shares of Common Stock under the ESPP resulting from termination of my employment (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Company or imposed by applicable law; <br>(n)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of my participation in the ESPP, my status as an eligible employee will be considered terminated as of the date I am no longer actively providing services to the Company or the Employer (regardless of the reason for such termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any) and will not be extended by any notice period (*e.g.*, my period of service would not include any contractual notice or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), and my right to purchase shares of Common Stock, if any, will terminate effective as of this date and accumulated Contributions credited to my account will be returned to me without interest (except to the extent required due to local legal requirements outside the United States); the Committee shall have exclusive discretion to determine when I am no longer actively providing services for purposes of my participation in the ESPP (including whether I may still be considered to be providing services while on a leave of absence); and <br>(o)&nbsp;&nbsp;&nbsp;&nbsp;neither the Company, the Employer nor any other Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between my local currency and the United States dollar that may affect the value of the rights to purchase shares of Common Stock, the shares purchased under the ESPP or any amounts due to me pursuant to the sale of any shares of Common Stock acquired under the ESPP. |

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| SECTION 4: <br>**DATA PRIVACY INFORMATION AND CONSENT** | ***The Company is located at 760 Market Street, Floor 10, San Francisco, California 94105, United States, and grants rights to purchase shares of Common Stock to employees of the Company and its Subsidiaries and Affiliates, at the Company's sole discretion. If I would like to participate in the ESPP, I must review the following information about the Company's data processing practices.***<br>***(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Company, the Employer and its other Subsidiaries or Affiliates collect, process, transfer and use personal data about me that is necessary for the purpose of implementing, administering and managing the ESPP. This personal data may include my name, home address, email address and telephone number, date of birth, social insurance number, passport or other identification number, salary, nationality and citizenship, job title, any shares of Common Stock or directorships held in the Company, and details of all awards or other entitlements to shares of Common Stock granted, canceled, settled, purchased, vested, unvested or outstanding in my favor (collectively, without limitation, "*Data*"), which the Company receives from me or the Employer. If I participate in the ESPP, then the Company will collect my Data for purposes of allocating shares of Common Stock and implementing, administering and managing the ESPP and will process such Data in accordance with the Company's then-current data privacy policies, which are made available to me upon commencing employment and also available upon request. The legal basis, where required, for the processing of Data is my consent.***<br>***(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Company transfers Data to Shareworks by Morgan Stanley (including its affiliated companies) ("Shareworks"), a third-party stock plan administrator, and other third parties based in the United States, which assists the Company with the implementation, administration and management of the ESPP. In the future, the Company may select a different service provider and share my Data with such other provider that serves in a similar manner. I understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients' country (*e.g.*, the United States) may have different data privacy laws and protections than my country.*** <br>***The Company's service provider may open an account for me to receive shares of Common Stock. I may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to my ability to participate in the ESPP. I understand that I may request a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative, only if permitted by applicable laws and regulations. I authorize the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the ESPP to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the ESPP.*** |

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***(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. The Company will hold and use my Data only as long as is necessary to implement, administer and manage my participation in the ESPP or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor, and securities laws. When the Company no longer needs my Data, the Company will remove it from its systems. If the Company keeps my Data longer, it would be to satisfy legal or regulatory obligations and the Company's legal basis would be relevant laws or regulations. I understand that I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources representative.***<br>***(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent; Voluntariness and Consequences of Denial or Withdrawal</u>. Where permitted by applicable local law in the country where I reside, consent is a requirement for participation in the ESPP. In such cases, by accepting this grant, I hereby agree with the data processing practices as described in this notice and grant such consent to the processing and transfer of my Data as described in this Agreement and as necessary for the purpose of administering the ESPP. My participation in the ESPP and my grant of consent is purely voluntary. I may deny or withdraw my consent at any time; provided that if I do not consent, or if I withdraw my consent, I cannot participate in the ESPP unless required by applicable law. This would not affect my salary as an employee or my career; the only consequence of refusing or withdrawing my consent is that the Company would not be able to offer participation in the ESPP or other equity awards to me or administer or maintain such awards.***<br>***(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. I may have a number of rights under data privacy laws in my country. Depending on where I am based, my rights may include the right to (i) request access or copies of my Data the Company processes, (ii) have the Company rectify my incorrect Data and/or delete my Data, (iii) restrict processing of my Data, (iv) have portability of my Data, (v) lodge complaints with the competent tax authorities in my country and/or (vii) obtain a list with the names and addresses of any potential recipients of my Data. To receive clarification regarding my rights or to exercise my rights, I can contact the Company at 760 Market Street, Floor 10, San Francisco, California 94105, United States, Attn: Stock Administration.***<br>***(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Data Provisions if I Reside and/or Work in a Member State of the European Union and/or the European Economic Area or in the United Kingdom</u>. If I reside and/or work in a member state of the European Union and/or the European Economic Area or in the United Kingdom, the following provisions supplement this Section 4:***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>GDPR Compliance</u>. To the satisfaction and on the direction of the Committee, all operations of the ESPP and the offer to participate in the ESPP (at the time of its offer and as necessary thereafter) shall include or be supported by appropriate agreements, notifications and arrangements in respect of Data and its use and processing under the ESPP, in order to secure (A) the reasonable freedom of the Employer, the Company and any Subsidiary (together, the "*Group*"), as appropriate, to operate the ESPP and for connected purposes, and (B) compliance with the data-protection requirements applicable from time to time, including, if applicable, and without limitation, Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016.***<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(ii)&nbsp;&nbsp;&nbsp;&nbsp;I have certain rights under data protection legislation as summarized below:*** <br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right of access: I have the right to obtain confirmation as to whether or not my Data is being processed, and, where that is the case, to request access to Data, as well as certain information on how the Group is processing such Data.*** <br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to rectification: I have the right to obtain the rectification of inaccurate Data. Considering the purpose of the processing, I may also, in some cases, be entitled to supplemental information regarding incomplete Data.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to erasure (right to be forgotten): I may, in certain circumstances, have my Data deleted, for example if my personal information is no longer necessary in relation to the purpose for which it was collected, if I have objected to the processing of Data and the Company does not have a legitimate interest which outweighs my interest, if my Data has been processed unlawfully, or if my Data must be deleted to comply with a legal obligation.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to restriction of processing: I may require that the Company restrict the processing of my Data in certain cases, for example where the Company no longer needs my Data but I need it to determine, enforce or defend legal claims or I have objected to processing based on the Company's legitimate interest in order to enable the Company to check if its interest overrides my interest.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to data portability: In some circumstances, I may be entitled to receive my Data which I provided to the Company in a structured, commonly used and machine-readable format and I have the right to transmit those Data to another controller.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to object: I have the right to object to the processing of my Data in certain circumstances, for example where the processing is based on the Company's legitimate interest. If so, in order to continue processing, the Company must be able to show compelling legitimate grounds that override my interests, rights and freedoms.***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iii)&nbsp;&nbsp;&nbsp;&nbsp;My rights will in each case be subject to the restrictions set out in applicable data protection laws. Further information on these rights, and the circumstances in which they may arise in connection with the Company's processing of my Data, can be obtained by contacting my local human resources representative. If I want to review, verify, correct or request erasure of my personal information, object to the processing of my Data, or request that the Company transfer a copy of my personal information to another party, I can contact my local human resources representative.***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to ensure that Data transferred outside the European Economic Area will be done pursuant to a lawful transfer mechanism (for example, European Commission approved model contract clauses).***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company will separately provide me with information in a data privacy notice on the collection, processing and transfer of my Data, including the grounds for processing.***<br>***If I have any grievance, issue or problem in respect of the handling or processing of my Data in any way, I have the right to lodge a complaint to the national data protection agency for my country of residence.***<br>

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| SECTION 5: <br>**RESPONSIBILITY FOR TAXES** | (a)&nbsp;&nbsp;&nbsp;&nbsp;I acknowledge that, regardless of any action taken by the Company or the Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to my participation in the ESPP and legally applicable to me ("***Tax-Related Items***") is and remains my responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. <br>(b)&nbsp;&nbsp;&nbsp;&nbsp;I further acknowledge that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the ESPP, including, but not limited to, my enrollment in the ESPP, the grant of rights to purchase shares of Common Stock, the purchase of shares of Common Stock, the issuance of Common Stock purchased, the sale of shares of Common Stock purchased under the ESPP or the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the ESPP to reduce or eliminate my liability for Tax-Related Items or achieve any particular tax result. <br>(c)&nbsp;&nbsp;&nbsp;&nbsp;If I am subject to Tax-Related Items in more than one jurisdiction, I acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.<br>(d)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any relevant taxable or tax withholding event, as applicable, I agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, I authorize the Company and/or the Employer to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following: <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;withholding from my wages or other cash compensation payable to me, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;withholding from proceeds of the sale of shares of Common Stock purchased under the ESPP, either through a voluntary sale or through a mandatory sale arranged by the Company (on my behalf pursuant to this authorization without further consent), <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;withholding in shares to be issued upon purchase under the ESPP, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;requiring me to make payment in a form acceptable to the Company, or <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;any other method determined by the Company and compliant with applicable laws.<br>(e)&nbsp;&nbsp;&nbsp;&nbsp;The Company may withhold or account for Tax-Related Items by considering applicable statutory or other withholding rates, including minimum or maximum rates applicable in my jurisdiction(s). In the event of over-withholding, I may receive a refund from the Company of any over-withheld amount in cash (with no entitlement to the equivalent in the Common Stock), or if not refunded by the Company, I may be able to seek a refund from the local tax authorities. In the event of under-withholding, I may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, I am deemed to have been issued the full number of shares of Common Stock, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying the Tax-Related Items.  |

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| | I agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of my participation in the ESPP that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock, or the proceeds from the sale of shares of Common Stock, if I fail to comply with my obligations in connection with the Tax-Related Items.  |
| SECTION 6: <br>**GOVERNING LAW AND VENUE**  | This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of San Francisco, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. |
| SECTION 7:<br>**LANGUAGE** | I acknowledge that I am proficient in the English language, or have consulted with an advisor who is sufficiently proficient in English, so as to allow me to understand the terms and conditions of this Agreement. If I have received this Agreement or any other document related to the ESPP translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws. |
| SECTION 8:<br>**APPENDIX**  | Notwithstanding any provision herein, my participation in the ESPP shall be subject to any additional terms and conditions for my country as set forth in the Appendix, if any. Moreover, if I relocate to one of the countries included in the Appendix, the additional terms and conditions for such country will apply to me, to the extent the Company determines, in its discretion, that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. |
| SECTION 9:<br>**IMPOSITION OF OTHER REQUIREMENTS** | The Company reserves the right to impose other requirements on my participation in the ESPP or on any shares of Common Stock purchased under the ESPP, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. |
| SECTION 10:<br>**SEVERABILITY & WAIVER** | The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. <br>I acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision herein, or of any subsequent breach by me or any other participant. |

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| SECTION 11:<br>**INSIDER TRADING RESTRICTIONS/ MARKET ABUSE LAWS** | I acknowledge that I may be subject to insider trading restrictions and/or market abuse laws, which may affect my ability to accept, acquire, sell or otherwise dispose of shares of Common Stock, rights to purchase shares of Common Stock (*e.g.*, rights to purchase shares under the ESPP) or rights linked to the value of shares of Common Stock under the ESPP during such times as I am considered to have "inside information" regarding the Company (as defined by or determined under the laws or regulations in my country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders I placed before I possessed inside information. Furthermore, I could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. I understand that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. I acknowledge that it is my responsibility to comply with any applicable restrictions, and that I should speak to my personal advisor on this matter. |
| SECTION 12: <br>**COMPLIANCE WITH LAW** | Unless there is an available exemption from any registration, qualification or other legal requirement applicable to the shares of Common Stock, the Company shall not be required to deliver any shares under the ESPP prior to the completion of any registration or qualification of the shares under any U.S. and non-U.S. federal or state securities or exchange control law or under rulings or regulations of the SEC or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any U.S. or non-U.S. federal, state or local governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary or advisable. I understand that the Company is under no obligation to register or qualify the shares of Common Stock with the SEC or any state or non-U.S. securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares. Further, I agree that the Company shall have unilateral authority to amend the ESPP and the Agreement without my consent to the extent necessary to comply with securities or other laws applicable to the issuance of shares. |
| SECTION 13:<br>**EXCHANGE CONTROL, TAX AND FOREIGN ASSET/ACCOUNT REPORTING** | I acknowledge that there may be certain exchange control, foreign asset/account or tax reporting requirements that may affect my ability to acquire or hold shares of Common Stock or cash received from participating in the ESPP (including the proceeds from the sale of shares of Common Stock and the receipt of any dividends paid on shares of Common Stock) in a brokerage or bank account outside my country. I may be required to report such accounts, assets or related transactions to the tax or other authorities in my country. I also may be required to repatriate sale proceeds or other funds received as a result of participating in the ESPP to my country within a certain time after receipt. I acknowledge that it is my responsibility to comply with such regulations and that I should speak to my personal advisor on this matter. |
| SECTION 14: <br>**NO ADVICE REGARDING GRANT** | The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding my participation in the ESPP or my acquisition or sale of shares of Common Stock. I understand that I should consult with my own personal tax, legal and financial advisors regarding my participation in the ESPP before taking any action related to the ESPP.  |

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| SECTION 15:<br>**ELECTRONIC DELIVERY AND ACCEPTANCE** | The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the ESPP by electronic means. I hereby consent to receive such documents by electronic delivery and agree to participate in the ESPP through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. |
| SECTION 16:<br>**ACKNOWLEDGMENT AND SIGNATURE** | I acknowledge that I have received a copy of the ESPP and the ESPP Prospectus (which summarizes the major features of the ESPP). I understand that my participation in the ESPP is in all respects subject to the terms of the ESPP and this Agreement. I have read the ESPP and the ESPP Prospectus and, by my signature below or by completing the online enrollment process in the ESPP, I hereby agree to be bound by the terms of the ESPP. The effectiveness of this Agreement is dependent upon my eligibility to participate in the ESPP.<br>Further, I agree that this Agreement will remain in effect throughout successive Offering Periods unless I become ineligible to participate in the ESPP or withdraw from the ESPP in accordance with the withdrawal procedures then in effect. Participation in any subsequent Offering Period will be governed by the terms and conditions of the ESPP and the Agreement in effect at the beginning of such Offering Period. By continuing to participate in the ESPP, and without the need to provide affirmative consent, I agree to the terms and conditions of the ESPP and/or Agreement in effect at the beginning of the respective Offering Period. <br>Signature:________________________ &nbsp;&nbsp;&nbsp;&nbsp; Date:___________________ |

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**APPENDIX**

**FIGMA, INC.**

**2025 EMPLOYEE STOCK PURCHASE PLAN** 

**ENROLLMENT CONFIRMATION/CHANGE FORM**

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Company's 2025 Employee Stock Purchase Plan (the "***ESPP***") or the Enrollment Confirmation/Change Form.

***Terms and Conditions***

This Appendix includes additional terms and conditions that govern my participation in the ESPP if I reside and/or work in one of the countries listed below. If I am a citizen or resident (or am considered as such for local law purposes) of a country other than the country in which I am currently residing and/or working, or if I transfer to another country after enrolling in the ESPP, the Company shall, in its sole discretion, determine to what extent the additional terms and conditions contained herein shall apply.

***Notifications***

This Appendix also includes information regarding securities, exchange control, tax and certain other issues of which I should be aware with respect to my participation in the ESPP. The information is based on the securities, exchange control, tax and other laws in effect in the respective countries as of **<u>May 2025</u>**. Such laws are often complex and change frequently. As a result, the Company strongly recommends that I not rely on the information in this Appendix as the only source of information relating to the consequences of my participation in the ESPP, because the information may be out of date at the time the right to purchase shares is exercised or shares of Common Stock purchased under the ESPP are sold.

In addition, the information contained herein is general in nature and may not apply to my particular situation, and the Company is not in a position to assure me of any particular result. Accordingly, I should seek appropriate professional advice as to how the relevant laws in my country may apply to my situation.

Finally, if I am a citizen or resident of a country, or am considered resident of a country, other than the one in which I currently reside and/or work, or I transfer employment and/or residency after I enroll in the ESPP, the information contained herein may not apply to me.

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**<u>AUSTRALIA</u>**

***Notifications***

**Securities Law Information.** If I offer shares of Common Stock purchased under the ESPP for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law. I understand that I should obtain legal advice on applicable disclosure obligations prior to making any such offer.

**Tax Information.** The ESPP is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "***Act***") applies (subject to conditions in the Act).

**Exchange Control Information.** Exchange control reporting is required for cash transactions exceeding AUD 10,000 and international fund transfers. The Australian bank assisting with the transactions will file the report on my behalf. If an Australian bank is not involved in the transfer, I will be required to file the report.

**<u>CANADA</u>**

***Terms and Conditions***

**Nature of Grant.** The following provision replaces Section 3(n) of the Enrollment Confirmation/Change Form:

For purposes of my participation in the ESPP, my status as an eligible employee will be considered terminated as of the date that is the earlier of (i) the date I receive written notice of termination as an eligible employee and (ii) the date I am no longer actively providing services to the Company or the Employer (regardless of the reason for such termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), and will not be extended by any notice period (*e.g.*, my period of service would not include any contractual notice or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), and my right to purchase shares of Common Stock, if any, will terminate effective as of this date and accumulated Contributions credited to my account will be returned to me without interest.

Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to participate in the ESPP during a statutory notice period, I acknowledge that my right to purchase shares of Common Stock, if any, will terminate effective as of the last day of my minimum statutory notice period, but I will not earn or be entitled to any pro-rated purchase if the Purchase Date falls after the end of my statutory notice period, nor will I be entitled to any compensation for lost ability to purchase shares.

***Notifications***

**Securities Law Information**. I understand I am permitted to sell shares of Common Stock purchased under the ESPP through the designated broker appointed by the Company, provided the resale of shares of Common Stock takes place outside Canada through the facilities of a stock exchange on which the Common Stock is listed.

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**<u>FRANCE</u>**

***Terms and Conditions***

**Payroll Deductions.** The following is a French translation of the second and third paragraphs of Section 2 of the Enrollment Confirmation/Change Form.

***Retenues salariales****. Ce qui suit est une traduction en français des deuxième et troisième paragraphes de la section 2 du formulaire d'inscription/de modification.*

*Par la présente, j'autorise la Société ou, le cas échéant, toute Filiale ou Société Affiliée qui m'emploie (l'« Employeur ») à poursuivre mon inscription en prélevant sur chacun de mes bulletins de paie le montant nécessaire pour atteindre, à la fin de la Période d'Offre applicable, le pourcentage de ma Rémunération indiqué ci-dessous et versé pendant ladite Période d'Offre, tant que je reste éligible à participer au Plan d'Achat d'Actions des Salariés (ESPP).*

*☐ Maintenir mon niveau de Contribution à 1 %*

*☐ Augmenter ou diminuer mon niveau de Contribution à __ % (doit être un nombre entier entre 2 % et 60 % pour une augmentation ; 0 % pour une diminution)*

*Je comprends que la participation à l'ESPP est volontaire et je reconnais que toute retenue sur salaire que je choisis de verser dans le cadre de l'ESPP est effectuée sur une base entièrement volontaire. Je comprends que, sous réserve des dispositions de l'ESPP, je peux librement me retirer du plan et recevoir un remboursement intégral de toutes les Contributions que j'ai effectuées et qui n'ont pas encore été utilisées pour l'achat d'actions ordinaires. Je reconnais qu'un pourcentage inférieur de ma Rémunération à celui que j'ai indiqué peut être prélevé si cela est nécessaire pour se conformer aux lois applicables (notamment celles relatives au salaire minimum). En outre, je m'engage à signer un accord distinct d'autorisation de retenue sur salaire avec la Société ou l'Employeur, ou tout autre accord ou consentement pouvant être requis par la Société ou l'Employeur, maintenant ou à l'avenir, dans le cadre de mes retenues sur salaire au titre de l'ESPP. Je comprends que je ne pourrai pas participer à l'ESPP si je ne signe pas un tel consentement ou accord.*

**Language Consent**. By enrolling in the ESPP, I confirm having read and understood the documents relating to the right to purchase shares of Common Stock (the ESPP and the Agreement), which were provided in English. I accept the terms of those documents accordingly.

***Consentement Linguistique****. En m'inscrivant au Plan, je confirme avoir lu et compris les documents relatifs au droit d'achat d'actions ordinaires (le Plan et la Convention d'inscription), fournis en anglais. J'accepte les termes de ces documents.*

***Notifications***

**Exchange Control Information**. The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the Customs and Excise Authorities when the value of such cash or securities is equal to or greater than a certain amount. I should consult with a personal legal advisor for further details regarding this requirement.

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**<u>GERMANY</u>**

***Notifications***

**Exchange Control Information.** Cross-border payments (including related to proceeds realized upon the sale of shares of Common Stock) and certain other transactions with a value in excess of EUR 50,000 must be reported to the German Federal Bank (*Bundesbank*). In addition, I may be required to report to the Bundesbank the purchase of shares under the ESPP and/or the withholding or sale of shares to cover Tax-Related Items, in either case if the shares of Common Stock have a value in excess of EUR 50,000.

The report must be filed with the Bundesbank, either electronically using the "General Statistics Reporting Portal" ("*Allgemeines Meldeportal Statistik*") available via Bundesbank's website (<u>www.bundesbank.de</u>) or by such other method (*e.g.*, email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such other timing as is permitted or required by the Bundesbank.

**<u>INDIA</u>**

***Terms and Conditions***

**Tax Collection at Source**. I understand that Tax Collection At Source ("***TCS***") may apply to funds remitted out of India if the funds exceed a certain amount (currently INR 1,000,000) ("***TCS Threshold***") during the Indian fiscal year. Therefore, my annual remittances out of India, including my Contributions under the ESPP, may be subject to TCS.

Depending on the procedures established by the Employer and the authorized dealer bank remitting the funds out of India, I understand that the Employer or the authorized dealer bank may collect any applicable TCS from my Contributions and remit the remaining Contributions to the Company, which will impact the number of shares of Common Stock that I will be able to purchase with my Contributions under the ESPP. Alternatively, or if any applicable TCS is not deducted from my Contributions under the ESPP, I understand and agree that the Company or the Employer may deduct any applicable TCS via any withholding method set forth in Section 5 of the Enrollment Confirmation/Change Form.

I also understand that I may be required to provide a declaration to the Employer or the authorized dealer bank remitting the funds regarding whether the TCS Threshold has been reached based on all of my remittances out of India, including Contributions under the ESPP, and I agree to provide such declaration upon request. I understand that if I fail to provide such declaration upon request, TCS may be applied on all of my Contributions under the ESPP regardless of whether the TCS Threshold has been reached.

***Notifications***

**Exchange Control Information**. Indian residents are required to repatriate any proceeds from the sale of shares of Common Stock acquired under the ESPP to India within such period of time as required under applicable regulations. Upon repatriation, I understand that I will receive a foreign inward remittance certificate ("***FIRC***") from the bank where I deposit the foreign currency and that I should maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India, the Company or the Employer requests proof of repatriation. I may be required to provide information to the Company and/or the Employer to make any applicable filings under exchange control laws in India. Because exchange control restrictions in India change frequently, I should consult with a personal advisor before taking any action under the ESPP.

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**<u>IRELAND</u>**

***Notifications***

**Director Notification Obligation.** Directors, shadow directors or secretaries of an Irish Subsidiary must notify the Irish Subsidiary in writing when receiving or disposing of an interest in the Company (*e.g.*, rights to purchase shares under the ESPP, shares of Common Stock, etc.), or when becoming aware of the event giving rise to the notification requirement or when becoming a director or secretary if such an interest exists at the time, but only to the extent such individuals own 1% or more of the total shares of Common Stock. If applicable, this notification requirement also applies with respect to the interests of their spouse or children under the age of 18 (whose interests will be attributed to the director, shadow director or secretary).

**<u>JAPAN</u>**

***Notifications***

**Exchange Control Information.** If I acquire shares of Common Stock valued at more than JPY 100,000,000 in a single transaction, I would be required to file a "Securities Acquisition Report" with the Ministry of Finance through the Bank of Japan within 20 days of acquiring such shares of Common Stock.

**<u>SINGAPORE</u>**

***Notifications***

**Securities Law Information**. The right to purchase shares of Common Stock under the ESPP is being granted pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("***SFA***"). The ESPP has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Hence, statutory liability under the SFA in relation to the content of prospectuses will not apply.

The right to purchase shares of Common Stock under the ESPP is subject to section 257 of the SFA and hence the shares of Common Stock may not be offered or sold, or made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore, unless such offer, sale or invitation is made (i) more than six (6) months from the Offering Period, (ii) pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other than section 280) of the SFA, or (iii) pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.

**Director Notification Requirement**. If I am a director, alternate director, substitute director or shadow director of a Singapore Subsidiary or Affiliate, I must notify the Singapore Subsidiary or Affiliate in writing within two (2) business days of (i) becoming the registered holder of or acquiring an interest (*e.g.*, rights to purchase shares under the ESPP, shares of Common Stock, etc.) in the Company or any Subsidiary or Affiliate, or becoming an alternate director, substitute director or shadow director (as the case may be), whichever occurs last, or (ii) any change in a previously disclosed interest (*e.g.*, sale of shares of Common Stock). A "shadow director" is an individual who is not on the board of directors of the Singapore Subsidiary or Affiliate but who has sufficient control so that the board of directors of the Singapore Subsidiary or Affiliate acts in accordance with the directions or instructions of the individual.

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**<u>SWEDEN</u>**

***Terms and Conditions***

**Responsibility for Taxes**. The following provision supplements Section 5 of the Enrollment Confirmation/Change Form:

Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in Section 5 of the Enrollment Confirmation/Change Form, in participating in the ESPP, I authorize the Company and/or the Employer to withhold shares of Common Stock or to sell shares of Common Stock otherwise deliverable to me upon purchase to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items.

**<u>UNITED KINGDOM</u>**

***Terms and Conditions***

**Responsibility for Taxes.** This following provision supplements Section 5 of the Enrollment Confirmation/Change Form:

Without limitation to Section 5 of the Enrollment Confirmation/Change Form, I agree that I am liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HM Revenue & Customs ("***HRMC***") (or any other tax authority or any other relevant authority). I also agree to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on my behalf.

Notwithstanding the foregoing, if I am a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), I acknowledge that I may not be able to indemnify the Company for the amount of any Tax-Related Items not collected from or paid by me, in case the indemnification could be considered to be a loan. In this case, the Tax-Related Items not collected or paid may constitute a benefit to me on which additional income tax and National Insurance contributions ("***NICs***") may be payable. I acknowledge that I will be personally responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying to the Company and/or the Employer (as appropriate) the amount of any NICs due on this additional benefit, which may also be recovered from me by any of the means referred to in Section 5 of the Enrollment Confirmation/Change Form.

**Section 431 Election**. As a condition of my participation in the ESPP and the purchase of shares of Common Stock, I agree that, jointly with the Employer, I shall enter into a joint election within Section 431 of the U.K. Income Tax (Earnings and Pensions) Act 2003 ("***ITEPA 2003***") in respect of computing any tax charge on the acquisition of "Restricted Securities" (as defined in Sections 423 and 424 of ITEPA 2003), and that I will not revoke such election at any time. This election will be to treat any shares of Common Stock purchased under the ESPP as if such shares of Common Stock were not "Restricted Securities" (for U.K. tax purposes only). I must enter into the form of 431 election attached to this Appendix concurrent with the execution of the Agreement.

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***IMPORTANT NOTE: By enrolling in the ESPP (whether by signing the Agreement or via the Company's online acceptance procedures), I am agreeing to be bound by the terms of the 431 election. I should read the terms of the 431 election carefully before enrolling in the ESPP and executing the 431 election. If requested by the Company, I agree to execute the 431 Election in hardcopy even if I have accepted the 431 election by enrolling in the ESPP through the Company's electronic acceptance procedure.***

***Notifications***

**Securities Law Information**. The Company has prepared and made available an Information Document in reliance on an exemption from prospectus requirements that may otherwise apply to the offer of the ESPP in the United Kingdom. The Information Document is available on the Company's employee intranet and/or via Shareworks.

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**United Kingdom**

**Section 431 Joint Election Form**

**Joint Election under s431 ITEPA 2003** 

**for full disapplication of Chapter 2 Income Tax (Earnings and Pensions) Act 2003**

**One Part Election**

**1.&nbsp;&nbsp;&nbsp;&nbsp;Between**

the Employee &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **###PARTICIPANT_NAME###**

whose National Insurance Number is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [_____________________]

and

the Company (who is the Employee's employer)&nbsp;&nbsp;&nbsp;&nbsp;**Figma UK Limited**

of Company Registration Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12523488**

**2.&nbsp;&nbsp;&nbsp;&nbsp;Purpose of Election**

This joint election is made pursuant to section 431(1) Income Tax (Earnings and Pensions) Act 2003 ("**ITEPA**") and applies where employment-related securities, which are restricted securities by reason of section 423 ITEPA, are acquired.

The effect of an election under section 431(1) is that, for the purposes of income tax and National Insurance contributions ("**NICs**"), the employment-related securities and their market value will be treated as if they were not restricted securities and that sections 425 to 430 ITEPA do not apply. Additional income tax will be payable as a result of this joint election (with PAYE withholding and NICs being applicable where the securities are Readily Convertible Assets).

**Should the value of the securities fall following the acquisition, it is possible that income tax/NICs that would have arisen because of any future chargeable event (in the absence of an election) would have been less than the income tax/NICs due by reason of this joint election. Should this be the case, there is no income tax/NICs relief available under Part 7 of ITEPA 2003; nor is it available if the securities acquired are subsequently transferred, forfeited or revert to the original owner.**<br>

**3.&nbsp;&nbsp;&nbsp;&nbsp;Application**

This joint election is made not later than 14 days after the date of acquisition of the securities by the Employee and applies to:

Number of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All securities

Description of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock

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Name of issuer of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Figma, Inc.

To be acquired by the Employee on or after the date of this joint election under the terms of the Figma, Inc. 2025 Employee Stock Purchase Plan.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Extent of Application**

This joint election disapplies S.431(1) ITEPA: All restrictions attaching to the securities.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Declaration**

This joint election will become irrevocable upon the later of its electronic acceptance, signing or the acquisition (and each subsequent acquisition) of employment-related securities to which this joint election applies.

The Employee acknowledges that by enrolling in the ESPP (whether by clicking on the "ENROLL" (or similar wording) button on the ESPP screen of a Figma, Inc. stock plan account on Shareworks or by signing the Enrollment Confirmation/Change Form in hard copy) or by signing this joint election (whether by hard copy or electronically), the Employee hereby agrees (*inter alia*) to be bound by the terms of this joint election under 431 ITEPA 2003 as set out herein.

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| | |
|:---|:---|
| ###REQUIRED_SIGNATURE### | ###ACCEPTANCE_DATE### |
| Signature (Employee) | Date |
| | ###ACCEPTANCE_DATE### |
| Signature (for and on behalf of the Company) | Date |
| Position in company | |

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*Note:&nbsp;&nbsp;&nbsp;&nbsp;Where the election is in respect of multiple acquisitions, prior to the date of any subsequent acquisition of a security it may be revoked by agreement between the employee and employer in respect of that and any later acquisition.*

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***FOR CHANGES TO ELECTIONS AFTER INITIAL OFFERING PERIOD AND TO ENROLL IN SUBSEQUENT OFFERING PERIODS***

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| | |
|:---|:---|
| **FIGMA, INC. (THE "COMPANY")**<br>**2025 EMPLOYEE STOCK PURCHASE PLAN**<br>*Capitalized terms used but not otherwise defined herein shall*<br>*have the meaning given to them in the ESPP*.  | **ENROLLMENT / CHANGE FORM** |

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|:---|:---|:---|
| SECTION 1:<br>**ACTIONS** | **CHECK DESIRED ACTION**:<br>☐ &nbsp;&nbsp;&nbsp;&nbsp;Enroll in the ESPP<br>☐ &nbsp;&nbsp;&nbsp;&nbsp;Elect / Change Contribution Percentage<br>☐ &nbsp;&nbsp;&nbsp;&nbsp;Discontinue / Withdraw from ESPP | **AND COMPLETE SECTIONS**:<br>2 + 3 + 4 + 19<br>2 + 4 + 19<br>2 + 5 + 19 |
| SECTION 2:<br>**PERSONAL DATA** | Name: _____________________________________________<br>Home Address: ______________________________________<br>___________________________________________________<br>Employee ID: __________________________________________ | Name: _____________________________________________<br>Home Address: ______________________________________<br>___________________________________________________<br>Employee ID: __________________________________________ |
| SECTION 3:<br>**ENROLL** | ☐ I hereby elect to participate in the Company's 2025 Employee Stock Purchase Plan (the "***ESPP***"), effective at the beginning of the next Offering Period. I elect to purchase shares of Common Stock of the Company pursuant to the terms and conditions of the ESPP and this Enrollment/Change Form, including any additional terms or conditions for my country set forth in any appendix hereto (the "***Appendix***" and, together with this Enrollment/Change Form, the "***Agreement***"). I understand that the shares purchased on my behalf will be issued in street name and deposited directly into my brokerage account. I hereby agree to take all steps, and sign all forms, required to establish an account with the Company's broker for this purpose.<br>My participation will continue as long as I remain eligible, unless I withdraw from the ESPP by filing a new Agreement with the Company or any third party designated by the Company. I understand that, if I am subject to tax in the U.S., I must notify the Company of any disposition of shares purchased under the ESPP. | ☐ I hereby elect to participate in the Company's 2025 Employee Stock Purchase Plan (the "***ESPP***"), effective at the beginning of the next Offering Period. I elect to purchase shares of Common Stock of the Company pursuant to the terms and conditions of the ESPP and this Enrollment/Change Form, including any additional terms or conditions for my country set forth in any appendix hereto (the "***Appendix***" and, together with this Enrollment/Change Form, the "***Agreement***"). I understand that the shares purchased on my behalf will be issued in street name and deposited directly into my brokerage account. I hereby agree to take all steps, and sign all forms, required to establish an account with the Company's broker for this purpose.<br>My participation will continue as long as I remain eligible, unless I withdraw from the ESPP by filing a new Agreement with the Company or any third party designated by the Company. I understand that, if I am subject to tax in the U.S., I must notify the Company of any disposition of shares purchased under the ESPP. |
| SECTION 4:<br>**ELECT/CHANGE CONTRIBUTION PERCENTAGE** | I hereby authorize the Company or, if different, any Subsidiary or Affiliate employing me (the "***Employer***") to withhold from each of my paychecks such amount as is necessary to equal at the end of the applicable Offering Period ___% of my Compensation paid during such Offering Period, as long as I continue to be eligible to participate in the ESPP. That amount, plus any accumulated payroll deductions taken from my paychecks thus far during the current Offering Period if this is a change, will be applied to the purchase of shares of Common Stock pursuant to the ESPP on the applicable Purchase Date. **The percentage must be a whole number (from 1% up to a maximum of 15% for enrollment or an increase in Contribution percentage; from 0% up to a maximum of 14% for a decrease in Contribution percentage).**<br>I understand that the ESPP is voluntary and I acknowledge that any payroll deductions I elect to contribute to the ESPP are made on an entirely voluntary basis. I understand that, subject to the provisions of the ESPP, I may freely withdraw my participation in the ESPP and receive a full refund of all Contributions I have made that have not been applied towards the purchase of shares of Common Stock.  | I hereby authorize the Company or, if different, any Subsidiary or Affiliate employing me (the "***Employer***") to withhold from each of my paychecks such amount as is necessary to equal at the end of the applicable Offering Period ___% of my Compensation paid during such Offering Period, as long as I continue to be eligible to participate in the ESPP. That amount, plus any accumulated payroll deductions taken from my paychecks thus far during the current Offering Period if this is a change, will be applied to the purchase of shares of Common Stock pursuant to the ESPP on the applicable Purchase Date. **The percentage must be a whole number (from 1% up to a maximum of 15% for enrollment or an increase in Contribution percentage; from 0% up to a maximum of 14% for a decrease in Contribution percentage).**<br>I understand that the ESPP is voluntary and I acknowledge that any payroll deductions I elect to contribute to the ESPP are made on an entirely voluntary basis. I understand that, subject to the provisions of the ESPP, I may freely withdraw my participation in the ESPP and receive a full refund of all Contributions I have made that have not been applied towards the purchase of shares of Common Stock.  |

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| | |
|:---|:---|
| | I acknowledge that a lesser percentage of my Compensation than indicated by me may be contributed if necessary to comply with applicable laws (in particular, applicable laws related to minimum salary requirements). Furthermore, I agree to execute a separate payroll deduction authorization agreement with the Company or the Employer, or any other agreement or consent that may be required by the Company or the Employer, either now or in the future, in connection with my payroll deductions under the ESPP. I understand that I will not be able to participate in the ESPP if I fail to execute any such consent or agreement. |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this is a change to my current enrollment, this represents an ☐-increase ☐-decrease to my Contribution percentage.<br>**Notes:** &nbsp;&nbsp;&nbsp;&nbsp;<u>An increase in your Contribution percentage can only take effect with the next Offering</u> <u>Period.</u><br>You may decrease your Contribution percentage to a percentage other than 0% only once within an Offering Period to be effective during that Offering Period, any decrease in your Contribution percentage (including to 0%) <u>will become effective no later than the second</u> <u>payroll period after the Agreement is received by the Company</u>. |
| SECTION 5:<br>**WITHDRAW FROM ESPP / DISCONTINUE CONTRIBUTIONS** | ***DO <u>NOT</u> CHECK THE BOX BELOW IF YOU WISH TO CONTINUE PARTICIPATION IN THE ESPP***<br>☐ I hereby elect to withdraw from the ESPP and <u>stop my Contributions under the ESPP</u>, effective as soon as reasonably practicable after this Agreement is received by the Company. Accumulated Contributions will be returned to me without interest (except to the extent required due to local legal requirements outside the United States). <br>Please ☐-refund all Contributions to me in cash, without interest OR ☐- use my Contributions to purchase shares on the next Purchase Date. **I understand that I cannot resume participation until the start of the next Offering Period and must timely file a new Agreement to do so.**<br>**Note:**&nbsp;&nbsp;&nbsp;&nbsp;No future Contributions will be made if you elect to discontinue Contributions or withdraw from the ESPP. You may enroll in subsequent Offering Periods. |
| SECTION 6: <br>**NATURE OF GRANT** | By enrolling in the ESPP, I understand, acknowledge and agree that: <br>(a)&nbsp;&nbsp;&nbsp;&nbsp;the ESPP is established voluntarily by the Company, it is discretionary in nature, it may be amended, terminated or modified at any time, to the extent permitted by the ESPP; <br>(b)&nbsp;&nbsp;&nbsp;&nbsp;the ESPP is operated and the right to purchase shares of Common Stock is granted solely by the Company and only the Company is a party to this Agreement; accordingly, any rights I may have under this Agreement may be raised only against the Company but not any Subsidiary or Affiliate (including, but not limited to, the Employer);<br>(c)&nbsp;&nbsp;&nbsp;&nbsp;no Subsidiary or Affiliate (including, but not limited to, the Employer) has any obligation to make any payment of any kind to me under this Agreement;<br>(d)&nbsp;&nbsp;&nbsp;&nbsp;the grant of the right to purchase shares of Common Stock under the ESPP is exceptional and voluntary and does not create any contractual or other right to receive future rights to purchase shares of Common Stock, or benefits in lieu of rights to purchase shares, even if rights to purchase shares have been granted in the past; <br>(e)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future grants of rights to purchase shares of Common Stock under the ESPP, if any, will be at the sole discretion of the Company;  |

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| |
|:---|
| (f)&nbsp;&nbsp;&nbsp;&nbsp;the grant of rights to purchase shares of Common Stock under the ESPP and my participation in the ESPP shall not create a right to employment or be interpreted as forming or amending an employment or service agreement with the Company; <br>(g)&nbsp;&nbsp;&nbsp;&nbsp;the grant of rights to purchase shares of Common Stock under the ESPP and my participation in the ESPP shall not interfere with the ability of the Employer to terminate my employment relationship at any time; <br>(h)&nbsp;&nbsp;&nbsp;&nbsp;I am voluntarily participating in the ESPP; <br>(i)&nbsp;&nbsp;&nbsp;&nbsp;the rights to purchase shares of Common Stock and any shares purchased under the ESPP, and the income from and value of same, are not intended to replace any pension rights or compensation;  |
| (j)&nbsp;&nbsp;&nbsp;&nbsp;the rights to purchase shares of Common Stock and the shares purchased under the ESPP, and the income from and value of same, are not part of normal or expected compensation for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement benefits or similar payments;<br>(k)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Company, the rights to purchase shares of Common Stock and the shares purchased under the ESPP, and the income from and value of same, are not granted as consideration for, or in connection with, any service I may provide as a director of the Subsidiary or Affiliate;<br>(l)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares purchased or to be purchased under the ESPP is unknown, indeterminable and cannot be predicted with certainty, and the value of any shares of Common Stock purchased under the ESPP may increase or decrease in the future, even below the Purchase Price;<br>(m)&nbsp;&nbsp;&nbsp;&nbsp;no claim or entitlement to compensation or damages shall arise from termination of the right to purchase shares of Common Stock under the ESPP resulting from termination of my employment (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Company or imposed by applicable law;<br>(n)&nbsp;&nbsp;&nbsp;&nbsp;for purposes of my participation in the ESPP, my status as an eligible employee will be considered terminated as of the date I am no longer actively providing services to the Company or the Employer (regardless of the reason for such termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any) and will not be extended by any notice period (*e.g.*, my period of service would not include any contractual notice or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), and my right to purchase shares of Common Stock, if any, will terminate effective as of this date and accumulated Contributions credited to my account will be returned to me without interest (except to the extent required due to local legal requirements outside the United States); the Committee shall have exclusive discretion to determine when I am no longer actively providing services for purposes of my participation in the ESPP (including whether I may still be considered to be providing services while on a leave of absence); and  |

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|:---|:---|
| | (o)&nbsp;&nbsp;&nbsp;&nbsp;neither the Company, the Employer nor any other Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between my local currency and the United States dollar that may affect the value of the rights to purchase shares of Common Stock, the shares purchased under the ESPP or any amounts due to me pursuant to the sale of any shares of Common Stock acquired under the ESPP. |
| SECTION 7: <br>DATA PRIVACY INFORMATION AND CONSENT | ***The Company is located at 760 Market Street, Floor 10, San Francisco, California 94105, United States, and grants rights to purchase shares of Common Stock to employees of the Company and its Subsidiaries and Affiliates, at the Company's sole discretion. If I would like to participate in the ESPP, I must review the following information about the Company's data processing practices.*** |
|  | ***(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Company, the Employer and its other Subsidiaries or Affiliates collect, process, transfer and use personal data about me that is necessary for the purpose of implementing, administering and managing the ESPP. This personal data may include my name, home address, email address and telephone number, date of birth, social insurance number, passport or other identification number, salary, nationality and citizenship, job title, any shares of Common Stock or directorships held in the Company, and details of all awards or other entitlements to shares of Common Stock granted, canceled, settled, purchased, vested, unvested or outstanding in my favor (collectively, without limitation, "Data"), which the Company receives from me or the Employer. If I participate in the ESPP, then the Company will collect my Data for purposes of allocating shares of Common Stock and implementing, administering and managing the ESPP and will process such Data in accordance with the Company's then-current data privacy policies, which are made available to me upon commencing employment and also available upon request. The legal basis, where required, for the processing of Data is my consent.***<br>***(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers.</u> The Company transfers Data to Shareworks by Morgan Stanley (including its affiliated companies) ("Shareworks"), a third-party stock plan administrator, and other third parties based in the United States, which assists the Company with the implementation, administration and management of the ESPP. In the future, the Company may select a different service provider and share my Data with such other provider that serves in a similar manner. I understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients' country (e.g., the United States) may have different data privacy laws and protections than my country. The Company's service provider may open an account for me to receive shares of Common Stock. I may be asked to agree on separate terms and data processing practices with the service provider, which is a condition to my ability to participate in the ESPP. I understand that I may request a list with the names and addresses of any potential recipients of the Data by contacting my local human resources representative, only if permitted by applicable laws and regulations. I authorize the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the ESPP to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing my participation in the ESPP.*** |

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***(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. The Company will hold and use my Data only as long as is necessary to implement, administer and manage my participation in the ESPP or as required to comply with legal or regulatory obligations, including under tax, exchange control, labor, and securities laws. When the Company no longer needs my Data, the Company will remove it from its systems. If the Company keeps my Data longer, it would be to satisfy legal or regulatory obligations and the Company's legal basis would be relevant laws or regulations.***<br>***I understand that I may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing my local human resources representative.***<br>***(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent; Voluntariness and Consequences of Denial or Withdrawal</u>. Where permitted by applicable local law in the country where I reside, consent is a requirement for participation in the ESPP. In such cases, by accepting this grant, I hereby agree with the data processing practices as described in this notice and grant such consent to the processing and transfer of my Data as described in this Agreement and as necessary for the purpose of administering the ESPP. My participation in the ESPP and my grant of consent is purely voluntary. I may deny or withdraw my consent at any time; provided that if I do not consent, or if I withdraw my consent, I cannot participate in the ESPP unless required by applicable law. This would not affect my salary as an employee or my career; the only consequence of refusing or withdrawing my consent is that the Company would not be able to offer participation in the ESPP or other equity awards to me or administer or maintain such awards.***<br>***(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. I may have a number of rights under data privacy laws in my country. Depending on where I am based, my rights may include the right to (i) request access or copies of my Data the Company processes, (ii) have the Company rectify my incorrect Data and/or delete my Data, (iii) restrict processing of my Data, (iv) have portability of my Data, (v) lodge complaints with the competent tax authorities in my country and/or (vii) obtain a list with the names and addresses of any potential recipients of my Data. To receive clarification regarding my rights or to exercise my rights, I can contact the Company at 760 Market Street, Floor 10, San Francisco, California 94105, United States, Attn: Stock Administration.***<br>***(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Data Provisions if I Reside and/or Work in a Member State of the European Union</u> <u>and/or the European Economic Area or in the United Kingdom</u>. If I reside and/or work in a member state of the European Union and/or the European Economic Area or in the United Kingdom, the following provisions supplement this Section 7:***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>GDPR Compliance</u>. To the satisfaction and on the direction of the Committee, all operations of the ESPP and the offer to participate in the ESPP (at the time of its offer and as necessary thereafter) shall include or be supported by appropriate agreements, notifications and arrangements in respect of Data and its use and processing under the ESPP, in order to secure (A) the reasonable freedom of the Employer, the Company and any Subsidiary (together, the "Group"), as appropriate, to operate the ESPP and for connected purposes, and (B) compliance with the data-protection requirements applicable from time to time, including, if applicable, and without limitation, Regulation EU 2016/679 of the European Parliament and of the Council of 27 April 2016.***<br>

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(ii)&nbsp;&nbsp;&nbsp;&nbsp;I have certain rights under data protection legislation as summarized below:***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right of access: I have the right to obtain confirmation as to whether or not my Data is being processed, and, where that is the case, to request access to Data, as well as certain information on how the Group is processing such Data.***  |
| &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.&nbsp;&nbsp;&nbsp;&nbsp;Right to rectification: I have the right to obtain the rectification of inaccurate Data. Considering the purpose of the processing, I may also, in some cases, be entitled to supplemental information regarding incomplete Data.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to erasure (right to be forgotten): I may, in certain circumstances, have my Data deleted, for example if my personal information is no longer necessary in relation to the purpose for which it was collected, if I have objected to the processing of Data and the Company does not have a legitimate interest which outweighs my interest, if my Data has been processed unlawfully, or if my Data must be deleted to comply with a legal obligation.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to restriction of processing: I may require that the Company restrict the processing of my Data in certain cases, for example where the Company no longer needs my Data but I need it to determine, enforce or defend legal claims or I have objected to processing based on the Company's legitimate interest in order to enable the Company to check if its interest overrides my interest.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to data portability: In some circumstances, I may be entitled to receive my Data which I provided to the Company in a structured, commonly used and machine-readable format and I have the right to transmit those Data to another controller.***<br>&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.&nbsp;&nbsp;&nbsp;&nbsp;Right to object: I have the right to object to the processing of my Data in certain circumstances, for example where the processing is based on the Company's legitimate interest. If so, in order to continue processing, the Company must be able to show compelling legitimate grounds that override my interests, rights and freedoms.***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iii)&nbsp;&nbsp;&nbsp;&nbsp;My rights will in each case be subject to the restrictions set out in applicable data protection laws. Further information on these rights, and the circumstances in which they may arise in connection with the Company's processing of my Data, can be obtained by contacting my local human resources representative. If I want to review, verify, correct or request erasure of my personal information, object to the processing of my Data, or request that the Company transfer a copy of my personal information to another party, I can contact my local human resources representative.***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Company agrees to ensure that Data transferred outside the European Economic Area will be done pursuant to a lawful transfer mechanism (for example, European Commission approved model contract clauses).*** |

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|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(v)&nbsp;&nbsp;&nbsp;&nbsp;The Company will separately provide me with information in a data privacy notice on the collection, processing and transfer of my Data, including the grounds for processing.***<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(vi)&nbsp;&nbsp;&nbsp;&nbsp;If I have any grievance, issue or problem in respect of the handling or processing of my Data in any way, I have the right to lodge a complaint to the national data protection agency for my country of residence.*** |
| SECTION 8: <br>**RESPONSIBILITY FOR TAXES** | (a)&nbsp;&nbsp;&nbsp;&nbsp;I acknowledge that, regardless of any action taken by the Company or the Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to my participation in the ESPP and legally applicable to me ("***Tax-Related Items***") is and remains my responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. <br>(b)&nbsp;&nbsp;&nbsp;&nbsp;I further acknowledge that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the ESPP, including, but not limited to, my enrollment in the ESPP, the grant of rights to purchase shares of Common Stock, the purchase of shares of Common Stock, the issuance of Common Stock purchased, the sale of shares of Common Stock purchased under the ESPP or the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the ESPP to reduce or eliminate my liability for Tax-Related Items or achieve any particular tax result. <br>(c)&nbsp;&nbsp;&nbsp;&nbsp;If I am subject to Tax-Related Items in more than one jurisdiction, I acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.<br>(d)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any relevant taxable or tax withholding event, as applicable, I agree to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, I authorize the Company and/or the Employer to satisfy any applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; withholding from my wages or other cash compensation payable to me, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; withholding from proceeds of the sale of shares of Common Stock purchased under the ESPP, either through a voluntary sale or through a mandatory sale arranged by the Company (on my behalf pursuant to this authorization without further consent), <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; withholding in shares to be issued upon purchase under the ESPP, <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; requiring me to make payment in a form acceptable to the Company, or <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;any other method determined by the Company and compliant with applicable laws. |

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| | (e)&nbsp;&nbsp;&nbsp;&nbsp;The Company may withhold or account for Tax-Related Items by considering applicable statutory or other withholding rates, including minimum or maximum rates applicable in my jurisdiction(s). In the event of over-withholding, I may receive a refund from the Company of any over-withheld amount in cash (with no entitlement to the equivalent in the Common Stock), or if not refunded by the Company, I may be able to seek a refund from the local tax authorities. In the event of under-withholding, I may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, I am deemed to have been issued the full number of shares of Common Stock, notwithstanding that a number of the shares of Common Stock are held back solely for the purpose of paying the Tax-Related Items.  |
| | (f)&nbsp;&nbsp;&nbsp;&nbsp;I agree to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of my participation in the ESPP that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock, or the proceeds from the sale of shares of Common Stock, if I fail to comply with my obligations in connection with the Tax-Related Items.  |
| SECTION 9: <br>**GOVERNING LAW AND VENUE** | This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to that body of laws pertaining to conflict of laws. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of San Francisco, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this grant is made and/or to be performed. |
| SECTION 10:<br>**LANGUAGE** | I acknowledge that I am proficient in the English language, or have consulted with an advisor who is sufficiently proficient in English, so as to allow me to understand the terms and conditions of this Agreement. If I have received this Agreement or any other document related to the ESPP translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws. |
| SECTION 11:<br>**APPENDIX** | Notwithstanding any provision herein, my participation in the ESPP shall be subject to any additional terms and conditions for my country as set forth in the Appendix, if any. Moreover, if I relocate to one of the countries included in the Appendix, the additional terms and conditions for such country will apply to me, to the extent the Company determines, in its discretion, that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Appendix constitutes part of this Agreement. |
| SECTION 12:<br>**IMPOSITION OF OTHER REQUIREMENTS** | The Company reserves the right to impose other requirements on my participation in the ESPP or on any shares of Common Stock purchased under the ESPP, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require me to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. |

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| SECTION 13:<br>**SEVERABILITY & WAIVER** | The provisions of this Agreement are severable and if any one or more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. <br>I acknowledge that a waiver by the Company of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision herein, or of any subsequent breach by me or any other participant. |
| SECTION 14:<br>**INSIDER TRADING RESTRICTIONS/ MARKET ABUSE LAWS** | I acknowledge that I may be subject to insider trading restrictions and/or market abuse laws, which may affect my ability to accept, acquire, sell or otherwise dispose of shares of Common Stock, rights to purchase shares of Common Stock (*e.g.*, rights to purchase shares under the ESPP) or rights linked to the value of shares of Common Stock under the ESPP during such times as I am considered to have "inside information" regarding the Company (as defined by or determined under the laws or regulations in my country). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders I placed before I possessed inside information. Furthermore, I could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. I understand that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. I acknowledge that it is my responsibility to comply with any applicable restrictions, and that I should speak to my personal advisor on this matter. |
| SECTION 15: <br>**COMPLIANCE WITH LAW** | Unless there is an available exemption from any registration, qualification or other legal requirement applicable to the shares of Common Stock, the Company shall not be required to deliver any shares under the ESPP prior to the completion of any registration or qualification of the shares under any U.S. and non-U.S. federal or state securities or exchange control law or under rulings or regulations of the SEC or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any U.S. or non-U.S. federal, state or local governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary or advisable. I understand that the Company is under no obligation to register or qualify the shares of Common Stock with the SEC or any state or non-U.S. securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares. Further, I agree that the Company shall have unilateral authority to amend the ESPP and the Agreement without my consent to the extent necessary to comply with securities or other laws applicable to the issuance of shares. |
| SECTION 16:<br>**EXCHANGE CONTROL, TAX AND FOREIGN ASSET/ACCOUNT REPORTING** | I acknowledge that there may be certain exchange control, foreign asset/account or tax reporting requirements that may affect my ability to acquire or hold shares of Common Stock or cash received from participating in the ESPP (including the proceeds from the sale of shares of Common Stock and the receipt of any dividends paid on shares of Common Stock) in a brokerage or bank account outside my country. I may be required to report such accounts, assets or related transactions to the tax or other authorities in my country. I also may be required to repatriate sale proceeds or other funds received as a result of participating in the ESPP to my country within a certain time after receipt. I acknowledge that it is my responsibility to comply with such regulations and that I should speak to my personal advisor on this matter. |

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| SECTION 17: <br>**NO ADVICE REGARDING GRANT** | The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding my participation in the ESPP or my acquisition or sale of shares of Common Stock. I understand that I should consult with my own personal tax, legal and financial advisors regarding my participation in the ESPP before taking any action related to the ESPP.  |
| SECTION 18:<br>**ELECTRONIC DELIVERY AND PARTICIPATION** | The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the ESPP by electronic means. I hereby consent to receive such documents by electronic delivery and agree to participate in the ESPP through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. |
| SECTION 19:<br>**ACKNOWLEDGMENT AND SIGNATURE** | I acknowledge that I have received a copy of the ESPP and the ESPP Prospectus (which summarizes the major features of the ESPP). I understand that my participation in the ESPP is in all respects subject to the terms of the ESPP and this Agreement. I have read the ESPP and the ESPP Prospectus and, by my signature below or by completing the online enrollment process in the ESPP, I hereby agree to be bound by the terms of the ESPP. The effectiveness of this Agreement is dependent upon my eligibility to participate in the ESPP.<br>Further, I agree that this Agreement will remain in effect throughout successive Offering Periods unless I become ineligible to participate in the ESPP or withdraw from the ESPP in accordance with the withdrawal procedures then in effect. Participation in any subsequent Offering Period will be governed by the terms and conditions of the ESPP and the Agreement in effect at the beginning of such Offering Period. By continuing to participate in the ESPP, and without the need to provide affirmative consent, I agree to the terms and conditions of the ESPP and/or Agreement in effect at the beginning of the respective Offering Period. <br>Signature: <u>_______________________________</u>&nbsp;&nbsp;&nbsp;&nbsp;Date:<u>__________________</u> |

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**APPENDIX**

**FIGMA, INC.**

**2025 EMPLOYEE STOCK PURCHASE**

**PLAN ENROLLMENT/CHANGE FORM**

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Company's 2025 Employee Stock Purchase Plan (the "***ESPP***") or the Enrollment/Change Form.

***Terms and Conditions***

This Appendix includes additional terms and conditions that govern my participation in the ESPP if I reside and/or work in one of the countries listed below. If I am a citizen or resident (or am considered as such for local law purposes) of a country other than the country in which I am currently residing and/or working, or if I transfer to another country after enrolling in the ESPP, the Company shall, in its sole discretion, determine to what extent the additional terms and conditions contained herein shall apply.

***Notifications***

This Appendix also includes information regarding securities, exchange control, tax and certain other issues of which I should be aware with respect to my participation in the ESPP. The information is based on the securities, exchange control, tax and other laws in effect in the respective countries as of **<u>May 2025</u>**. Such laws are often complex and change frequently. As a result, the Company strongly recommends that I not rely on the information in this Appendix as the only source of information relating to the consequences of my participation in the ESPP, because the information may be out of date at the time the right to purchase shares is exercised or shares of Common Stock purchased under the ESPP are sold.

In addition, the information contained herein is general in nature and may not apply to my particular situation, and the Company is not in a position to assure me of any particular result. Accordingly, I should seek appropriate professional advice as to how the relevant laws in my country may apply to my situation.

Finally, if I am a citizen or resident of a country, or am considered resident of a country, other than the one in which I currently reside and/or work, or I transfer employment and/or residency after I enroll in the ESPP, the information contained herein may not apply to me.

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**<u>AUSTRALIA</u>**

***Notifications***

**Securities Law Information.** If I offer shares of Common Stock purchased under the ESPP for sale to a person or entity resident in Australia, the offer may be subject to disclosure requirements under Australian law. I understand that I should obtain legal advice on applicable disclosure obligations prior to making any such offer.

**Tax Information.** The ESPP is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "***Act***") applies (subject to conditions in the Act).

**Exchange Control Information.** Exchange control reporting is required for cash transactions exceeding AUD 10,000 and international fund transfers. The Australian bank assisting with the transactions will file the report on my behalf. If an Australian bank is not involved in the transfer, I will be required to file the report.

**<u>CANADA</u>**

***Terms and Conditions***

**Nature of Grant.** The following provision replaces Section 6(n) of the Enrollment/Change Form:

For purposes of my participation in the ESPP, my status as an eligible employee will be considered terminated as of the date that is the earlier of (i) the date I receive written notice of termination as an eligible employee and (ii) the date I am no longer actively providing services to the Company or the Employer (regardless of the reason for such termination and whether or not the termination is later found to be invalid or in breach of employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), and will not be extended by any notice period (*e.g.*, my period of service would not include any contractual notice or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where I am employed or the terms of my employment agreement, if any), and my right to purchase shares of Common Stock, if any, will terminate effective as of this date and accumulated Contributions credited to my account will be returned to me without interest.

Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued entitlement to participate in the ESPP during a statutory notice period, I acknowledge that my right to purchase shares of Common Stock, if any, will terminate effective as of the last day of my minimum statutory notice period, but I will not earn or be entitled to any pro-rated purchase if the Purchase Date falls after the end of my statutory notice period, nor will I be entitled to any compensation for lost ability to purchase shares.

***Notifications***

**Securities Law Information**. I understand I am permitted to sell shares of Common Stock purchased under the ESPP through the designated broker appointed by the Company, provided the resale of shares of Common Stock takes place outside Canada through the facilities of a stock exchange on which the Common Stock is listed.

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**<u>FRANCE</u>**

***Terms and Conditions***

**Payroll Deductions.** The following is a French translation of the first two paragraphs of Section 4 of the Enrollment/Change Form.

***Retenues salariales****. Voici la traduction française des deux premiers paragraphes de la section 4 du formulaire d'inscription/de modification.*

*J'autorise par la présente la Société ou, si elle est différente, toute filiale ou société affiliée qui m'emploie (l'« Employeur ») à retenir sur chacun de mes bulletins de paie le montant nécessaire pour atteindre, à la fin de la Période d'Offre applicable, ___ % de ma rémunération (telle que prévue à l'article 9 du Plan) versée pendant cette Période d'Offre, tant que je reste admissible au Plan d'Achat d'Actions des Salariés (ESPP) (ci-dessous, le « Plan »). Ce montant, majoré des retenues salariales cumulées sur mes bulletins de paie jusqu'à présent pendant la Période d'Offre en cours, s'il s'agit d'un changement, sera appliqué à l'achat d'actions ordinaires conformément au Plan à la Date d'Achat applicable. Le pourcentage doit être un nombre entier (de 1 % à un maximum de 15 % pour l'inscription ou une augmentation du pourcentage de contribution ; de 0 % à un maximum de 14 % pour une diminution du pourcentage de contribution).*

*Je comprends que le Plan est volontaire et je reconnais que toutes les retenues salariales que je choisis de verser le sont sur une base entièrement volontaire. Je comprends que, sous réserve des dispositions du Plan, je peux librement retirer ma participation au Plan et recevoir le remboursement intégral de toutes les Contributions que j'ai versées et qui n'ont pas été affectées à l'achat d'actions ordinaires. Je reconnais qu'un pourcentage de ma rémunération inférieur à celui que j'ai indiqué pourra être versé dans le cadre du Plané si nécessaire afin de respecter les lois applicables (notamment celles relatives au salaire minimum). De plus, j'accepte de signer un accord distinct d'autorisation de retenue salariale avec la Société ou l'Employeur, ou tout autre accord ou consentement qui pourrait être requis par la Société ou l'Employeur, maintenant ou à l'avenir, relativement à mes retenues salariales au titre du Plan. Je comprends que je ne pourrai pas participer au Plan si je ne signe pas un tel consentement ou accord.*

**Language Consent**. By enrolling in the ESPP, I confirm having read and understood the documents relating to the right to purchase shares of Common Stock (the ESPP and the Agreement), which were provided in English. I accept the terms of those documents accordingly.

***Consentement Linguistique****. En m'inscrivant au Plan, je confirme avoir lu et compris les documents relatifs au droit d'achat d'actions ordinaires (le Plan et la Convention d'inscription), fournis en anglais. J'accepte les termes de ces documents.*

***Notifications***

**Exchange Control Information**. The value of any cash or securities imported to or exported from France without the use of a financial institution must be reported to the Customs and Excise Authorities when the value of such cash or securities is equal to or greater than a certain amount. I should consult with a personal legal advisor for further details regarding this requirement.

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**<u>GERMANY</u>**

***Notifications***

**Exchange Control Information**. Cross-border payments (including related to proceeds realized upon the sale of shares of Common Stock) and certain other transactions with a value in excess of EUR 50,000 must be reported to the German Federal Bank (*Bundesbank*). In addition, I may be required to report to the Bundesbank the purchase of shares under the ESPP and/or the withholding or sale of shares to cover Tax-Related Items, in either case if the shares of Common Stock have a value in excess of EUR 50,000.

The report must be filed with the Bundesbank, either electronically using the "General Statistics Reporting Portal" ("*Allgemeines Meldeportal Statistik*") available via Bundesbank's website (<u>www.bundesbank.de</u>) or by such other method (*e.g.*, email or telephone) as is permitted or required by the Bundesbank. The report must be submitted monthly or within such other timing as is permitted or required by the Bundesbank.

**<u>INDIA</u>**

***Terms and Conditions***

**Tax Collection at Source**. I understand that Tax Collection At Source ("***TCS***") may apply to funds remitted out of India if the funds exceed a certain amount (currently INR 1,000,000) ("***TCS Threshold***") during the Indian fiscal year. Therefore, my annual remittances out of India, including my Contributions under the ESPP, may be subject to TCS.

Depending on the procedures established by the Employer and the authorized dealer bank remitting the funds out of India, I understand that the Employer or the authorized dealer bank may collect any applicable TCS from my Contributions and remit the remaining Contributions to the Company, which will impact the number of shares of Common Stock that I will be able to purchase with my Contributions under the ESPP. Alternatively, or if any applicable TCS is not deducted from my Contributions under the ESPP, I understand and agree that the Company or the Employer may deduct any applicable TCS via any withholding method set forth in Section 8 of the Enrollment/Change Form.

I also understand that I may be required to provide a declaration to the Employer or the authorized dealer bank remitting the funds regarding whether the TCS Threshold has been reached based on all of my remittances out of India, including Contributions under the ESPP, and I agree to provide such declaration upon request. I understand that if I fail to provide such declaration upon request, TCS may be applied on all of my Contributions under the ESPP regardless of whether the TCS Threshold has been reached.

***Notifications***

**Exchange Control Information**. Indian residents are required to repatriate any proceeds from the sale of shares of Common Stock acquired under the ESPP to India within such period of time as required under applicable regulations. Upon repatriation, I understand that I will receive a foreign inward remittance certificate ("***FIRC***") from the bank where I deposit the foreign currency and that I should maintain the FIRC as evidence of the repatriation of funds in the event the Reserve Bank of India, the Company or the Employer requests proof of repatriation. I may be required to provide information to the Company and/or the Employer to make any applicable filings under exchange control laws in India. Because exchange control restrictions in India change frequently, I should consult with a personal advisor before taking any action under the ESPP.

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**<u>IRELAND</u>**

***Notifications***

**Director Notification Obligation.** Directors, shadow directors or secretaries of an Irish Subsidiary must notify the Irish Subsidiary in writing when receiving or disposing of an interest in the Company (*e.g.*, rights to purchase shares under the ESPP, shares of Common Stock, etc.), or when becoming aware of the event giving rise to the notification requirement or when becoming a director or secretary if such an interest exists at the time, but only to the extent such individuals own 1% or more of the total shares of Common Stock. If applicable, this notification requirement also applies with respect to the interests of their spouse or children under the age of 18 (whose interests will be attributed to the director, shadow director or secretary).

**<u>JAPAN</u>**

***Notifications***

**Exchange Control Information.** If I acquire shares of Common Stock valued at more than JPY 100,000,000 in a single transaction, I would be required to file a "Securities Acquisition Report" with the Ministry of Finance through the Bank of Japan within 20 days of acquiring such shares of Common Stock.

**<u>SINGAPORE</u>**

***Notifications***

**Securities Law Information**. The right to purchase shares of Common Stock under the ESPP is being granted pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("***SFA***"). The ESPP has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Hence, statutory liability under the SFA in relation to the content of prospectuses will not apply.

The right to purchase shares of Common Stock under the ESPP is subject to section 257 of the SFA and hence the shares of Common Stock may not be offered or sold, or made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore, unless such offer, sale or invitation is made (i) more than six (6) months from the Offering Period, (ii) pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other than section 280) of the SFA, or (iii) pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.

**Director Notification Requirement**. If I am a director, alternate director, substitute director or shadow director of a Singapore Subsidiary or Affiliate, I must notify the Singapore Subsidiary or Affiliate in writing within two (2) business days of (i) becoming the registered holder of or acquiring an interest (*e.g.*, rights to purchase shares under the ESPP, shares of Common Stock, etc.) in the Company or any Subsidiary or Affiliate, or becoming an alternate director, substitute director or shadow director (as the case may be), whichever occurs last, or (ii) any change in a previously disclosed interest (*e.g.*, sale of shares of Common Stock). A "shadow director" is an individual who is not on the board of directors of the Singapore Subsidiary or Affiliate but who has sufficient control so that the board of directors of the Singapore Subsidiary or Affiliate acts in accordance with the directions or instructions of the individual.

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**<u>SWEDEN</u>**

***Terms and Conditions***

**Responsibility for Taxes**. The following provision supplements Section 8 of the Enrollment/Change Form:

Without limiting the Company's and the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in Section 8 of the Enrollment/Change Form, in participating in the ESPP, I authorize the Company and/or the Employer to withhold shares of Common Stock or to sell shares of Common Stock otherwise deliverable to me upon purchase to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items.

**<u>UNITED KINGDOM</u>**

***Terms and Conditions***

**Responsibility for Taxes.** This following provision supplements Section 8 of the Enrollment/Change Form:

Without limitation to Section 8 of the Enrollment/Change Form, I agree that I am liable for all Tax-Related Items and hereby covenant to pay all such Tax-Related Items, as and when requested by the Company or the Employer or by HM Revenue & Customs ("***HRMC***") (or any other tax authority or any other relevant authority). I also agree to indemnify and keep indemnified the Company and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on my behalf.

Notwithstanding the foregoing, if I am a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), I acknowledge that I may not be able to indemnify the Company for the amount of any Tax-Related Items not collected from or paid by me, in case the indemnification could be considered to be a loan. In this case, the Tax-Related Items not collected or paid may constitute a benefit to me on which additional income tax and National Insurance contributions ("***NICs***") may be payable. I acknowledge that I will be personally responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for paying to the Company and/or the Employer (as appropriate) the amount of any NICs due on this additional benefit, which may also be recovered from me by any of the means referred to in Section 8 of the Enrollment/Change Form.

***Notifications***

**Securities Law Information**. The Company has prepared and made available an Information Document in reliance on an exemption from prospectus requirements that may otherwise apply to the offer of the ESPP in the United Kingdom. The Information Document is available on the Company's employee intranet and/or via Shareworks.

## Exhibit 10.6

**Exhibit 10.6**

**FIGMA, INC.**

**NON-EMPLOYEE DIRECTOR COMPENSATION POLICY**

Each member of the Board of Directors (the "**Board**") of Figma, Inc. (the "**Company**") who is a non-employee director of the Company (each such member, a "**Non-Employee Director**") will receive the compensation described in this Non-Employee Director Compensation Policy (this "**Policy**") for such Non-Employee Director's service on the Board. This Policy is effective as of the closing of the sale of shares of the Company's Class A common stock to the public pursuant to a registration statement declared effective by the U.S. Securities and Exchange Commission (the "**Effective Date**"). This Policy may be amended or terminated at any time in the sole discretion of the Board.

**1.&nbsp;&nbsp;&nbsp;&nbsp;Eligibility**

Non-Employee Directors who join the Board on or after the Effective Date shall be eligible to receive the compensation set forth in this Policy as of the date that they join the Board.

**2.&nbsp;&nbsp;&nbsp;&nbsp;Cash Compensation**

Each Non-Employee Director will be eligible to receive the cash compensation set forth in the table below for service on the Board, subject to continued service as a Non-Employee Director. The annual cash compensation amounts will be payable in equal quarterly installments, in arrears promptly following the end of the applicable calendar quarter, but in no event more than thirty (30) days after the end of such quarter, pro-rated for any partial quarter of service as a Non-Employee Director. If a Non-Employee Director provides services at least one month in a given quarter, then he or she shall be eligible to receive his or her cash fees for such quarter.

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| | | |
|:---|:---|:---|
| **<u>Nature of Payment:</u>** | **<u>Total Annual Fee:</u>** | **<u>Total Annual Fee:</u>** |
| **General Board Service Fee** | $40000 | $40000 |
| **Lead Independent Director Fee**<br>*(in addition to General Board Service Fee)* | $20000 | $20000 |
| **Committee Service Fee** |  | ***Member*** |
| **Committee Service Fee** | ***Chair***<br>*(in addition to General Board Service Fee)* | ***Member*** |
| **Committee Service Fee** | ***Chair***<br>*(in addition to General Board Service Fee)* | *(in addition to General Board Service Fee, not in addition to Committee Chair Service Fee)* |
| **Committee Service Fee** | ***Chair***<br>*(in addition to General Board Service Fee)* | *(in addition to General Board Service Fee, not in addition to Committee Chair Service Fee)* |
| **Audit Committee** | $25000 | $12500 |
| **Compensation Committee** | $20000 | $10000 |
| **Nominating and Governance Committee** | $12000 | $6000 |

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**3.&nbsp;&nbsp;&nbsp;&nbsp;Equity Compensation**

Equity awards made pursuant to this Policy will be granted under the Company's 2025 Equity Incentive Plan or any successor equity incentive plan (as applicable, the "**Plan**").

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***Initial Award****.* Each person who joins the Board for the first time as a Non-Employee Director, other than any person who transitions from an employee role to a Non-Employee Director, will be granted an award of restricted stock units ("**RSUs**") for a number of shares of the Company's Class A common stock having a value of **$530,000** (the "**Initial Award**"). The Initial Award will automatically, and without any further action of the Board, be granted on the date such individual commences service as a Non-Employee Director (or, if such date is not a trading day, the first trading day thereafter) (as applicable, the "**Initial Award Grant Date**"). The number of shares of the Company's Class A common stock subject to the Initial Award shall be determined by *dividing* (a) the designated dollar amount set forth above by (b) the average closing price of Company Class A common stock for the last completed full calendar month occurring immediately prior to the calendar month in which the Initial Award Grant Date occurs, rounded down to the nearest whole share. The Initial Award will vest as to 1/3<sup>rd</sup> of the total RSUs subject to the Initial Award on each of the first, second and third annual anniversaries of the Initial Award Grant Date, in each case, so long as the Non-Employee Director continues to serve as a Non-Employee Director through such date. For purposes of equity awards granted pursuant to this Policy, if a Non-Employee Director's Service ends on the date of vesting, then the vesting shall be deemed to have occurred.

***Annual Award****.* On the date of each annual meeting of the Company's stockholders commencing with the ﬁrst annual meeting of the Company's stockholders following the Effective Date (the "**Annual Award Grant Date**") and without any further action of the Board, each Non-Employee Director who has provided at least six (6) months of service as a Non-Employee Director as of such date, and who will continue to serve on the Board following such date, will automatically be granted an award of RSUs for a number of shares of Class A common stock having a value of **$265,000** (the "**Annual Award**"). The number of shares of the Company's Class A common stock subject to the Annual Award shall be determined by *dividing* (a) the designated dollar amount set forth above by (b) the average closing price of Company Class A common stock for the last completed full calendar month occurring immediately prior to the calendar month in which the Annual Award Grant Date occurs, rounded down to the nearest whole share. The Annual Award shall vest in full on the earlier of (i) the one-year anniversary of the Annual Award Grant Date and (ii) the next annual meeting of the Company's stockholders, so long as the Non-Employee Director continues to serve as a Non-Employee Director through the applicable vesting date.

***Change in Control***. The Initial Award and the Annual Award shall accelerate in full immediately prior to the consummation of a Corporate Transaction (as defined in the Equity Plan) if the applicable Non-Employee Director is then in Service to the Company.

**4.&nbsp;&nbsp;&nbsp;&nbsp;Compensation Limit**

Notwithstanding any other provision of this Policy to the contrary, compensation payable to Non-Employee Directors will also be subject to the annual limitations set forth in the Plan.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Ability to Decline Compensation**

A Non-Employee Director may decline all or any portion of such Non-Employee Director's compensation under the Policy by giving notice to the Company prior to the date cash is to be paid or equity awards are to be granted, as the case may be.

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**6.&nbsp;&nbsp;&nbsp;&nbsp;Expenses**

The Company will reimburse each Non-Employee Director for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at and participation in Board and committee meetings; provided, that the Non-Employee Director timely submits to the Company appropriate documentation substantiating such expenses in accordance with the Company's travel and expense policy, if applicable, as in effect from time to time.

## Exhibit 10.10

**Exhibit 10.10**

June 26, 2025

William McDermott

**Re: <u>Figma, Inc. Board of Directors</u>**

Dear Bill:

On behalf of Figma, Inc. (the "***Company***"), I am pleased to present you our offer to become a member of the Board of Directors (the "***Board***"). We may appoint you as a member of one or more of the Board's standing committees, to be mutually agreed upon following your appointment to the Board. As a Board member, you will be responsible for attending in person or by telephone, all Board meetings and all meetings of Board committees on which you sit. In addition, from time to time, we would like to have the benefit of your experience and insight regarding various Company-related matters.

As a member of the Board and of any committees to which you are appointed, you will have the roles, responsibilities and fiduciary duties of a director as set forth in applicable corporate law and the Company's governing corporate documents, committee charters and policies, copies of which have or will be made available to you. You may be removed from the Board by the Board or the stockholders of the Company, in accordance with applicable corporate law and the Company's governing corporate documents. You agree that this letter does not create any employer/employee relationship with the Company and that you will not be entitled to participate in any of the Company's benefit plans, other than as provided in this letter.

In addition to the compensation that you will receive as a member of the Board pursuant to the Company's Outside Director Compensation Policy, a copy of which has or will be made available to you, you will be granted an award of restricted stock units that may be settled for 48,179 shares of the Company's Class A common stock (the "***RSU Award***") under the Company's 2012 Equity Incentive Plan, as amended (the "***2012 Plan***"). The RSU Award will be subject to the terms and conditions of the 2012 Plan and your RSU Award agreement. So long as you continue to provide services to the Company as a non-employee director through each vesting date, the RSU Award will vest as to 1/3rd of the shares underlying the RSU Award on each of the first, second and third annual anniversaries of the date of grant. In the event of an Acquisition, as defined in the 2012 Plan, while you are a Board member, effective as of immediately prior to the closing of the Acquisition, 100% of the then-unvested shares subject to the RSU Award will become vested.

The Company will reimburse reasonable travel and other business expenses in connection with your duties as a Board member in accordance with the Company's generally applicable policies. In addition, you will receive certain indemnification rights with respect to your service as a Board member, provided that you execute the Company's form of indemnification agreement. The Company currently maintains Directors & Officers insurance coverage from a reputable insurer. Details of such coverage are available upon request.

This letter will be governed by and construed under the laws of the State of California without regard to principles of conflicts of laws or choice of laws and may be amended only by a written agreement of both you and the Company. The foregoing constitutes the complete agreement between us with respect to the subject matter hereof and supersede in all respects all prior or contemporaneous proposals, negotiations, conversations, discussions and agreements between us. This letter may be executed in counterparts, each of which will be considered an original, but all of which together will

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constitute one agreement. Execution of a facsimile copy will have the same force and effect as execution of an original, and a facsimile signature will be deemed an original and valid signature.

[Signature Page Follows]

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Bill, I am excited about you joining our Board at a key time for the Company and look forward to working with you to help make the Company truly great. Please acknowledge your receipt of and agreement with this letter by signing and dating this letter and returning it to me.

Very truly yours,

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| | |
|:---|:---|
| FIGMA, INC. | FIGMA, INC. |
| By: | /s/ Dylan Field |
|  | Name: Dylan Field |
|  | Title: CEO, Figma |

---

---

| |
|:---|
| ACCEPTED AND AGREED: |
| /s/ William McDermott |
| William McDermott |
| 6/29/2025 |
| Date |

---

## Exhibit 10.11

**Exhibit 10.11**

**FIGMA, INC.**

**CHANGE IN CONTROL AND SEVERANCE AGREEMENT**

This Change in Control and Severance Agreement (the "**Agreement**") is entered into by and between [_________] (the "**Executive**") and Figma, Inc., a Delaware corporation (the "**Company**")<sup>1</sup>, on [_________], 2025 to become effective upon the date on which the Company's registration statement on Form S-1 in connection with its initial public offering of common stock is declared effective by the Securities Exchange Commission under the Securities Act of 1933 (the "**Effective Date**").

1.&nbsp;&nbsp;&nbsp;&nbsp;**Term of Agreement.**

Except to the extent renewed as set forth in this <u>Section 1</u>, this Agreement shall terminate the earlier of the third (3rd) anniversary of the Effective Date (the "**Expiration Date**") or the date the Executive's employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination; *provided however*, if a definitive agreement relating to a Change in Control has been signed by the Company on or before the Expiration Date, then this Agreement shall remain in effect through the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The date the Executive's employment with the Company terminates for a reason other than a Qualifying Termination or CIC Qualifying Termination, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The date the Company has met all of its obligations under this Agreement following a termination of the Executive's employment with the Company due to a Qualifying Termination or CIC Qualifying Termination.

This Agreement shall renew automatically and continue in effect for three (3) year periods measured from the initial Expiration Date and each subsequent Expiration Date, unless the Company provides the Executive with notice of non-renewal at least three (3) months prior to the date on which this Agreement would otherwise renew. For the avoidance of doubt, and notwithstanding anything to the contrary in <u>Section 2</u> or <u>Section 3</u> below, the Company's non-renewal of this Agreement shall not constitute a Qualifying Termination or CIC Qualifying Termination, as applicable.

2.&nbsp;&nbsp;&nbsp;&nbsp;**Qualifying Termination**. If the Executive is subject to a Qualifying Termination, then, subject to <u>Sections 4, 9, and 10</u> below, the Executive will be entitled to the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Severance Benefits**. The Company shall pay the Executive [Tier 1: eighteen (18) months]<sup>2</sup> [Tier 2: twelve (12) months]<sup>3</sup> of Executive's monthly base salary at the rate in effect at the time of the Separation. The Executive will receive the severance payment in a cash lump-sum in accordance with the Company's standard payroll procedures, which payment will be made on the first regular payroll date occurring after the sixtieth (60<sup>th</sup>) day following the Separation, but in no event later than March 15<sup>th</sup> of the calendar year immediately following the calendar year in which the date of the Separation occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Continued Employee Benefits**. If the Executive timely elects continued coverage under the Consolidated Omnibus Budget Reconciliation Act ("**COBRA**"), the Company shall pay the full amount of Executive's COBRA premiums on behalf of the Executive for the Executive's continued

<sup>1</sup> Any reference to the Company will be understood to include any direct or indirect subsidiary of the Company that employs the Executive.

<sup>2</sup> All references to Tier 1 refer to the Company's Chief Executive Officer.

<sup>3</sup> All references to Tier 2 refer to Company's C-level executive officers.

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coverage under the Company's health, dental and vision plans, including coverage for the Executive's eligible dependents, for the same period that the Executive is entitled to severance benefits pursuant to <u>Section 2(a)</u> following the Executive's Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer; provided that if the Company determines that it cannot provide the payment of COBRA coverage on behalf of the Executive without violating applicable law or incurring additional expense under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will provide to the Executive in lieu thereof a taxable lump sum payment for the balance of the COBRA period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Equity Awards**. Each of the Executive's then-outstanding unvested Equity Awards shall be treated in accordance with their terms and the terms of the applicable equity incentive plan. Notwithstanding the foregoing, in the event of a Qualifying Termination that follows a Potential Change in Control and precedes a Change in Control, any then-outstanding unvested Equity Awards shall cease vesting pursuant to their normal vesting schedule on the date of the Qualifying Termination but shall not lapse or be forfeited on such date. Instead, such Equity Awards shall remain outstanding until the three (3)-month anniversary of the date of such termination, and solely in the event a Change in Control subsequently occurs during such three month period, such Equity Awards shall be treated in accordance with <u>Section 3(c)</u>.

3.&nbsp;&nbsp;&nbsp;&nbsp;**CIC Qualifying Termination**. If the Executive is subject to a CIC Qualifying Termination, then, subject to <u>Sections 4, 9, and 10</u> below, the Executive will be entitled to the following benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Severance Payments**. The Company or its successor shall pay the Executive (i) [Tier 1: eighteen (18) months][Tier 2: twelve (12) months] of Executive's monthly base salary at the rate in effect immediately prior to the actions that result in a CIC Qualifying Termination and (ii) an amount equal to [Tier 1: 150%][Tier 2: 100%] of Executive's then-current target bonus opportunity for the current year at the rate in effect at the time of the Separation. Such payment shall be paid in a cash lump sum payment in accordance with the Company's standard payroll procedures, which payment will be made on the first regular payroll date occurring after the sixtieth (60<sup>th</sup>) day following the Separation, but in no event later than March 15<sup>th</sup> of the calendar year immediately following the calendar year in which the date of the Separation occurs, except as set forth in <u>Section 3(d)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Continued Employee Benefits**. If the Executive timely elects continued coverage under COBRA, the Company shall pay the full amount of the Executive's COBRA premiums on behalf of Executive for the Executive's continued coverage under the Company's health, dental and vision plans, including coverage for the Executive's eligible dependents, for the same period that the Executive is entitled to severance benefits pursuant to <u>Section 3(a)(i)</u> following the Executive's Separation or, if earlier, until Executive is eligible to be covered under another substantially equivalent medical insurance plan by a subsequent employer; provided that if the Company determines that it cannot provide the payment of COBRA coverage on behalf of the Executive without violating applicable law or incurring additional expense under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will provide to the Executive in lieu thereof a taxable lump sum payment for the balance of the COBRA period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Equity Vesting Acceleration**. Each of the Executive's then outstanding unvested Equity Awards, other than any Equity Awards that would otherwise vest upon satisfaction of performance metrics or other factors other than the continuation of the Executive's employment with the Company ("***Performance Awards***"), shall accelerate and become vested and exercisable with respect to [Tier 1 and Tier 2: 100%] of the then-unvested shares subject to all Equity Awards. Any Performance Awards will

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be subject to the treatment(s) on a Change in Control and/or a CIC Qualifying Termination set forth in the applicable grant agreement for the Performance Awards (if any). Subject to <u>Section 4</u>, the accelerated vesting described above shall be effective as of the later of the date of Separation and the date of the Change in Control. Notwithstanding anything herein to the contrary, upon a Change in Control in which the successor or acquiring corporation (if any) does not assume, convert, continue, replace or substitute any unvested Equity Awards that are outstanding immediately prior to the Change in Control (including replacing such Equity Awards with substantially comparable cash awards) then, notwithstanding any other provision in the applicable equity incentive plan to the contrary, such Equity Awards shall accelerate vesting as to all shares or cash subject to such Equity Awards immediately prior to such Change in Control, with any Performance-Based Equity Awards to be subject to the treatment set forth in the grant agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**No Duplication; True-Up**. Payments and benefits under <u>Section 2</u> or <u>Section 3</u> are not intended, and will not be provided, in duplicate. In the event (i) a Change in Control occurs during the 3-month period following Executive's Qualifying Termination and (ii) Executive's Qualifying Termination occurred after a Potential Change in Control, Executive shall receive such additional or extended payments and benefits, as applicable (the "***True Up Payments and Benefits***") as required to provide the level of payments and benefits described in this <u>Section 3</u>. The True Up Payments and Benefits will be paid no later than March 15<sup>th</sup> of the year following the year in which the closing of the Change in Control occurs.

4. &nbsp;&nbsp;&nbsp;&nbsp;**General Release**. Any other provision of this Agreement notwithstanding, Executive is only eligible for the benefits under <u>Section 2</u> and <u>Section 3</u> if the Executive (i) has executed a general release of all known and unknown claims that he or she may then have against the Company or persons affiliated with the Company and such release has become effective and (ii) has agreed not to prosecute any legal action or other proceeding based upon any of such claims. The release must be in the form prescribed by the Company, without alterations (this document effecting the foregoing, the "**Release**"). The Company will deliver the form of Release to the Executive within ten (10) days after the Executive's Separation. The Executive must execute and return the Release within the time period specified in the form and in all events within sixty (60) days following the termination event described in <u>Section 2</u> or <u>Section 3</u>, as applicable.

5.&nbsp;&nbsp;&nbsp;&nbsp;**Accrued Compensation and Benefits**. Notwithstanding anything to the contrary in <u>Section 2</u> and <u>Section 3</u> above, in connection with any termination of employment (whether or not a Qualifying Termination or CIC Qualifying Termination), the Company shall pay the Executive's earned but unpaid base salary and other vested but unpaid cash entitlements for the period through and including the termination of employment, including unused earned vacation pay, if applicable, and unreimbursed documented business expenses incurred by the Executive through and including the date of termination (collectively "**Accrued Compensation and Expenses**"), as required by law and the applicable Company plan or policy. In addition, the Executive shall be entitled to any other vested benefits earned by the Executive for the period through and including the termination date of the Executive's employment under any other employee benefit plans and arrangements maintained by the Company, in accordance with the terms of such plans and arrangements, except as modified herein (collectively "**Accrued Benefits**"). Any Accrued Compensation and Expenses to which the Executive is entitled shall be paid to the Executive in cash as soon as administratively practicable after the termination and, in any event, no later than two and one-half (2 ½) months after the end of the taxable year of the Executive in which the termination occurs or at such earlier time as may be required by <u>Section 10</u> below or to such lesser extent as may be

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mandated by <u>Section 9</u> below. Any Accrued Benefits to which the Executive is entitled shall be paid to the Executive as provided in the relevant plans and arrangements.

6.&nbsp;&nbsp;&nbsp;&nbsp;**Covenants.** The Executive agrees and acknowledges that the Executive is bound by the Employee Invention Assignment and Confidentiality Agreement entered into by and between the Executive and the Company (the "**Confidentiality Agreement**"), including but not limited to the Executive's confidentiality, non-competition and non-solicitation obligations thereunder.

7.&nbsp;&nbsp;&nbsp;&nbsp;**Definitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"**Board**" means the Company's board of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"**Cause**" means the Executive's (i) unauthorized use or disclosure of the Company's confidential information or trade secrets, which use or disclosure causes or is reasonably likely to cause material harm to the Company, (ii) material failure to comply with the Company's written policies or rules, (iii) conviction of, or plea of "guilty" or "no contest" to, a felony under the laws of the United States or any state, (iv) gross negligence or willful misconduct, (v) continuing failure to perform assigned duties after receiving written notification of the failure from the Chief Executive Officer or Board, (vi) failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested the Executive's cooperation or (vii) material fraud or dishonesty against the Company. The determination as to whether the Executive has been terminated for Cause shall be made in good faith by the Board [Include for non-CEO: or the Company's Chief Executive Officer] and shall be final and binding on the Executive. The term "Company" will be interpreted to include any subsidiary or parent of the Company, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"**Code**" means the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"**Change in Control**" means a Corporate Transaction, as defined in the Company's 2025 Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"**CIC Qualifying Termination**" means a Separation (A) within twelve (12) months following a Change in Control or (B) within three (3) months preceding a Change in Control (but as to part (B), only if the Separation occurs after a Potential Change in Control) resulting, in either case (A) or (B), from (i) the Company terminating the Executive's employment for any reason other than Cause or (ii) the Executive's resignation of employment for Good Reason. A termination or resignation due to the Executive's death or disability shall not constitute a CIC Qualifying Termination. A "**Potential Change in Control**" means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the applicable Change in Control (which for the avoidance of doubt, would include, for example, a merger agreement, but not a term sheet for a merger agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"**Equity Awards**" means any and all options to purchase shares of Company common stock as well as any and all other stock-based awards granted to the Executive, including but not limited to stock bonus awards, restricted stock, restricted stock units or stock appreciation rights. Following a Change in Control, "Equity Awards" shall also include any substantially comparable cash-based awards that are substituted for Equity Awards that were unvested and outstanding as of immediately prior to such Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"**Good Reason**" means, without the Executive's consent, (i) a material reduction in Executive's annual base salary, except for across-the-board salary reductions similarly affecting all or substantially all similarly situated employees of the Company, (ii) a material reduction in duties,

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responsibilities or authority, provided, however, that a change in title or Executive becoming part of a larger organization following a Change in Control will not, by itself, be sufficient to constitute a material diminution in Executive's duties, responsibilities or authority [Include for Chief Executive Officer, Chief Financial Officer and GC: (except as provided in (iii)), (iii) during the Change in Control Period, an adverse change in job title], [(__)] a requirement that Executive relocate Executive's principal place of work to a location that increases Executive's one-way commute by more than thirty-five (35) miles from Executive's then-current work location or [(__)] the failure of any successor to the Company to assume and agree to be bound by the terms and conditions of this Agreement. For the Executive to receive the benefits under this Agreement as a result of a voluntary resignation under this subsection (g), all of the following requirements must be satisfied: (1) the Executive must provide notice to the Company of Executive's intent to assert Good Reason within sixty (60) days of the initial existence of one or more of the conditions set forth in subclauses (i) through [(__)]; (2) the Company will have thirty (30) days (the "**Company Cure Period**") from the date of such notice to remedy the condition and, if it does so, the Executive may withdraw Executive's resignation or may resign with no benefits under this Agreement; and (3) any termination of employment under this provision must occur within ten (10) days of the earlier of expiration of the Company Cure Period or written notice from the Company that it will not undertake to cure the condition set forth in subclauses (i) through [(__)]. Should the Company remedy the condition as set forth above and then one or more of the conditions arises again, the Executive may assert Good Reason again subject to all of the conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"**Qualifying Termination**" means a Separation that is not a CIC Qualifying Termination, but which results from [Tier 1: (i) the Company terminating the Executive's employment for any reason other than Cause or (ii) the Executive's resignation of employment for Good Reason][Tier 2: the Company terminating the Executive's employment for any reason other than Cause]. A termination or resignation due to the Executive's death or disability shall not constitute a Qualifying Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"**Separation**" means a "separation from service," as defined in the regulations under Section 409A of the Code.

8.&nbsp;&nbsp;&nbsp;&nbsp;**Successors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Company's Successors**. The Company shall require any successor (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company's business and/or assets, by an agreement in substance and form satisfactory to the Executive, to assume this Agreement and to agree expressly to perform this Agreement in the same manner and to the same extent as the Company would be required to perform it in the absence of a succession. For all purposes under this Agreement, the term "Company" shall include any successor to the Company's business and/or assets or which becomes bound by this Agreement by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Executive's Successors**. This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and be enforceable by, the Executive's personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

9.&nbsp;&nbsp;&nbsp;&nbsp;**Golden Parachute Taxes.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Best After-Tax Result**. In the event that any payment or benefit received or to be received by the Executive pursuant to this Agreement or otherwise ("**Payments**") would (i) constitute a "parachute payment" within the meaning of Section 280G of the Code and (ii) but for this subsection (a), be subject to the excise tax imposed by Section 4999 of the Code, any successor provisions, or any comparable federal, state, local or foreign excise tax ("**Excise Tax**"), then, subject to the provisions of

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<u>Section 10</u>, such Payments shall be either (A) provided in full pursuant to the terms of this Agreement or any other applicable agreement, or (B) provided as to such lesser extent which would result in the Payments being $1.00 less than the amount at which any portion of the Payments would be subject to the Excise Tax ("**Reduced Amount**"), whichever of the foregoing amounts, taking into account the applicable federal, state, local and foreign income, employment and other taxes and the Excise Tax (including, without limitation, any interest or penalties on such taxes), results in the receipt by the Executive, on an after-tax basis, of the greatest amount of payments and benefits provided for hereunder or otherwise, notwithstanding that all or some portion of such Payments may be subject to the Excise Tax. Unless the Company and the Executive otherwise agree in writing, any determination required under this Section shall be made by independent tax counsel designated by the Company and reasonably acceptable to the Executive ("**Independent Tax Counsel**"), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes. For purposes of making the calculations required under this Section, Independent Tax Counsel may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code; provided that Independent Tax Counsel shall assume that the Executive pays all taxes at the highest marginal rate. The Company and the Executive shall furnish to Independent Tax Counsel such information and documents as Independent Tax Counsel may reasonably request in order to make a determination under this Section. The Company shall bear all costs that Independent Tax Counsel may reasonably incur in connection with any calculations contemplated by this Section. In the event that <u>Section 9(a)(ii)(B)</u> above applies, then based on the information provided to the Executive and the Company by Independent Tax Counsel, the Executive may, in the Executive's sole discretion and within thirty (30) days of the date on which the Executive is provided with the information prepared by Independent Tax Counsel, determine which and how much of the Payments (including the accelerated vesting of equity compensation awards) to be otherwise received by Executive shall be eliminated or reduced (as long as after such determination the value (as calculated by Independent Tax Counsel in accordance with the provisions of Sections 280G and 4999 of the Code) of the amounts payable or distributable to the Executive equals the Reduced Amount). If the Internal Revenue Service (the "**IRS**") determines that any Payment is subject to the Excise Tax, then Section 9(b) hereof shall apply, and the enforcement of <u>Section 9(b)</u> shall be the exclusive remedy to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Adjustments**. If, notwithstanding any reduction described in <u>Section 9(a)</u> hereof (or in the absence of any such reduction), the IRS determines that the Executive is liable for the Excise Tax as a result of the receipt of one or more Payments, then the Executive shall be obligated to surrender or pay back to the Company, within one-hundred twenty (120) days after a final IRS determination, an amount of such payments or benefits equal to the "**Repayment Amount**." The Repayment Amount with respect to such Payments shall be the smallest such amount, if any, as shall be required to be surrendered or paid to the Company so that the Executive's net proceeds with respect to such Payments (after taking into account the payment of the Excise Tax imposed on such Payments) shall be maximized. Notwithstanding the foregoing, the Repayment Amount with respect to such Payments shall be zero (0) if a Repayment Amount of more than zero (0) would not eliminate the Excise Tax imposed on such Payments or if a Repayment Amount of more than zero would not maximize the net amount received by the Executive from the Payments. If the Excise Tax is not eliminated pursuant to this <u>Section 9(b)</u>, the Executive shall pay the Excise Tax.

10.&nbsp;&nbsp;&nbsp;&nbsp;**Miscellaneous Provisions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Section 409A**. To the extent (i) any payments to which the Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with the Executive's

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termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (ii) the Executive is deemed at the time of such termination of employment to be a "specified" employee under Section 409A of the Code, then such payment or payments shall not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the Executive's Separation; or (ii) the date of the Executive's death following such Separation; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to the Executive, including (without limitation) the additional twenty percent (20%) tax for which the Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to the Executive or the Executive's beneficiary in one lump sum (without interest). Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement (or otherwise referenced herein) is determined to be subject to (and not exempt from) Section 409A of the Code, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement or in kind benefits to be provided in any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Executive incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit. To the extent that any provision of this Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not tenable, that those payments comply with Section 409A to the maximum permissible extent. To the extent any payment under this Agreement may be classified as a "short-term deferral" within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this Agreement (or referenced in this Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Other Arrangements**. This Agreement supersedes any and all cash severance arrangements and vesting acceleration arrangements under any offer letter or employment agreement, agreement governing Equity Awards, severance and salary continuation arrangements, programs and plans which were previously offered by the Company to the Executive, including change in control severance arrangements and vesting acceleration arrangements pursuant to an agreement governing Equity Awards, employment agreement or offer letter, and the Executive hereby waives the Executive's rights to such other benefits; provided that, for clarity, this Agreement shall not supersede, and the Executive does not hereby waive Executive's rights to, the acceleration of vesting arrangements that may be applicable to any Performance-Based Equity Awards. Notwithstanding the foregoing, as to any Equity Awards granted following the date of this Agreement, the award agreements for such Equity Awards may expressly provide for different vesting acceleration provisions than those set forth in this Agreement only by explicitly referencing and superseding this Section 10(b). In no event shall the Executive receive cash severance benefits under both this Agreement and any other severance pay or salary continuation program, plan or other arrangement with the Company or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Dispute Resolution**. To ensure rapid and economical resolution of any and all disputes that might arise in connection with this Agreement, the Executive and the Company agree that any and all disputes, claims, and causes of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation, will be resolved solely and exclusively by final,

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binding, and confidential arbitration, by a single arbitrator, in San Francisco County, and conducted by Judicial Arbitration & Mediation Services, Inc. ("**JAMS**") under its then-existing employment rules and procedures. Notwithstanding the foregoing agreement to resolve disputes in arbitration either party may obtain injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Each party shall be responsible for the payment of its own attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Notice**. Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid or deposited with Federal Express Corporation, with shipping charges prepaid. In the case of the Executive, mailed notices shall be addressed to him or her at the home address which he or she most recently communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to its corporate headquarters, and all notices shall be directed to the attention of its Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Waiver**. No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by the Chief Executive Officer of the Company. No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Withholding Taxes**. All payments made under this Agreement shall be subject to reduction to reflect taxes or other charges required to be withheld by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Severability**. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;**No Retention Rights**. Nothing in this Agreement shall confer upon the Executive any right to continue in service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any subsidiary or parent of the Company or of the Executive, which rights are hereby expressly reserved by each, to terminate his service at any time and for any reason, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Choice of Law**. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Delaware (other than its choice-of-law provisions).

**[SIGNATURE PAGE FOLLOWS]**

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IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.

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| | |
|:---|:---|
| **EXECUTIVE** | **FIGMA, INC.** |
| Print Name:______________________________ | By: |
|  | Title: |

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## Exhibit 10.12

**Exhibit 10.12**

**<u>OFFICE LEASE</u>**

**<u>760 MARKET STREET</u>**

**SAN FRANCISCO, CALIFORNIA**

**PHELAN BUILDING LLC,** 

a Delaware limited liability company

as Landlord,

and

**FIGMA, INC.,** 

a Delaware corporation,

as Tenant.

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| | | |
|:---|:---|:---|
| ARTICLE 1 PREMISES, BUILDING, PROJECT AND COMMON AREAS | ARTICLE 1 PREMISES, BUILDING, PROJECT AND COMMON AREAS | 4 |
| 1.1 | Premises, Building, Project and Common Areas | 4 |
| 1.2 | Rentable Square Feet of Premises and Building | 5 |
| ARTICLE 2 LEASE TERM | ARTICLE 2 LEASE TERM | 5 |
| 2.1 | In General | 5 |
| 2.2 | Reserved | 6 |
| 2.3 | Reserved | 6 |
| ARTICLE 3 BASE RENT | ARTICLE 3 BASE RENT | 6 |
| 3.1 | In General | 6 |
| 3.2 | Reserved | 7 |
| 3.3 | Electricity to the Premises | 7 |
| ARTICLE 4 ADDITIONAL RENT | ARTICLE 4 ADDITIONAL RENT | 7 |
| 4.1 | General Terms | 7 |
| 4.2 | Definitions of Key Terms Relating to Additional Rent | 8 |
| 4.3 | Cost Pools | 14 |
| 4.4 | Calculation and Payment of Additional Rent | 14 |
| 4.5 | Taxes and Other Charges for Which Tenant Is Directly Responsible | 16 |
| 4.6 | San Francisco Commercial Rent Tax for Childcare and Early Education | 16 |
| ARTICLE 5 USE OF PREMISES | ARTICLE 5 USE OF PREMISES | 16 |
| 5.1 | Permitted Use | 16 |
| 5.2 | Prohibited Uses | 16 |
| ARTICLE 6 SERVICES AND UTILITIES | ARTICLE 6 SERVICES AND UTILITIES | 17 |
| 6.1 | Standard Tenant Services | 17 |
| 6.2 | Overstandard Tenant Use | 18 |
| 6.3 | Interruption of Use | 18 |
| ARTICLE 7 REPAIRS | ARTICLE 7 REPAIRS | 19 |
| 7.1 | By Tenant | 19 |
| 7.2 | By Landlord | 20 |
| 7.3 | Landlord's Entry Rights | 20 |
| ARTICLE 8 ADDITIONS AND ALTERATIONS | ARTICLE 8 ADDITIONS AND ALTERATIONS | 20 |
| 8.1 | Landlord's Consent to Alterations | 20 |
| 8.2 | Manner of Construction | 21 |
| 8.3 | Payment for Improvements | 22 |
| 8.4 | Construction Insurance | 22 |
| 8.5 | Landlord's Property | 23 |

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| | | |
|:---|:---|:---|
| ARTICLE 9 COVENANT AGAINST LIENS | ARTICLE 9 COVENANT AGAINST LIENS | 23 |
| ARTICLE 10 INSURANCE | ARTICLE 10 INSURANCE | 24 |
| 10.1 | Indemnification and Waiver | 24 |
| 10.2 | Tenant's Compliance With Landlord's Fire and Casualty Insurance | 24 |
| 10.3 | Tenant's Insurance | 24 |
| 10.4 | Landlord's Insurance | 26 |
| 10.5 | Certificates, Subrogation and Other Matters | 26 |
| 10.6 | Waiver of Claims; Waiver of Rights of Recovery | 26 |
| ARTICLE 11 DAMAGE AND DESTRUCTION | ARTICLE 11 DAMAGE AND DESTRUCTION | 27 |
| 11.1 | Repair of Damage to Premises by Landlord | 27 |
| 11.2 | Final Two Years of Lease Term | 28 |
| 11.3 | Tenant's Termination Right | 28 |
| 11.4 | Waiver of Statutory Provisions | 29 |
| ARTICLE 12 NONWAIVER | ARTICLE 12 NONWAIVER | 29 |
| ARTICLE 13 CONDEMNATION | ARTICLE 13 CONDEMNATION | 30 |
| ARTICLE 14 ASSIGNMENT AND SUBLETTING | ARTICLE 14 ASSIGNMENT AND SUBLETTING | 31 |
| 14.1 | Transfers | 31 |
| 14.2 | Landlord's Consent | 31 |
| 14.3 | Transfer Premium | 33 |
| 14.4 | Effect of Transfer | 34 |
| 14.5 | Additional Transfers | 34 |
| 14.6 | Occurrence of Default | 35 |
| 14.7 | Permitted Transfers | 35 |
| 14.8 | Restrictions | 36 |
| 14.9 | Business Affiliates | 37 |
| ARTICLE 15 SURRENDER OF PREMISES: OWNERSHIP AND REMOVAL OF TRADE FIXTURES | ARTICLE 15 SURRENDER OF PREMISES: OWNERSHIP AND REMOVAL OF TRADE FIXTURES | 37 |
| 15.1 | Surrender of Premises | 37 |
| 15.2 | Removal of Tenant Property by Tenant | 37 |
| ARTICLE 16 HOLDING OVER | ARTICLE 16 HOLDING OVER | 38 |
| ARTICLE 17 ESTOPPEL CERTIFICATES | ARTICLE 17 ESTOPPEL CERTIFICATES | 38 |
| ARTICLE 18 SUBORDINATION | ARTICLE 18 SUBORDINATION | 39 |
| ARTICLE 19 DEFAULTS; REMEDIES | ARTICLE 19 DEFAULTS; REMEDIES | 40 |

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| | | |
|:---|:---|:---|
| 19.1 | Events of Default | 40 |
| 19.2 | Remedies Upon Default | 41 |
| 19.3 | Subleases of Tenant | 42 |
| 19.4 | Efforts to Relet | 42 |
| ARTICLE 20 COVENANT OF QUIET ENJOYMENT | ARTICLE 20 COVENANT OF QUIET ENJOYMENT | 42 |
| ARTICLE 21 DEPOSIT | ARTICLE 21 DEPOSIT | 43 |
| 21.1 | Deposit | 43 |
| 21.2 | Letter of Credit | 43 |
| 21.3 | Application of Deposit | 43 |
| 21.4 | Replenishment of Letter of Credit | 44 |
| 21.5 | Waiver of Rights | 44 |
| 21.6 | Refund of Deposit | 44 |
| 21.7 | Transfer of Deposit | 44 |
| 21.8 | Reserved | 44 |
| ARTICLE 22 COMMUNICATIONS AND COMPUTER LINES | ARTICLE 22 COMMUNICATIONS AND COMPUTER LINES | 45 |
| ARTICLE 23 SIGNS | ARTICLE 23 SIGNS | 45 |
| 23.1 | Full Floors | 45 |
| 23.2 | Reserved | 45 |
| 23.3 | Prohibited Signage and Other Items | 45 |
| 23.4 | Building Directory | 46 |
| ARTICLE 24 COMPLIANCE WITH LAW | ARTICLE 24 COMPLIANCE WITH LAW | 46 |
| ARTICLE 25 LATE CHARGES | ARTICLE 25 LATE CHARGES | 46 |
| ARTICLE 26 LANDLORD'S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT | ARTICLE 26 LANDLORD'S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT | 47 |
| 26.1 | Landlord's Cure | 47 |
| 26.2 | Tenant's Reimbursement | 47 |
| ARTICLE 27 ENTRY BY LANDLORD | ARTICLE 27 ENTRY BY LANDLORD | 47 |
| ARTICLE 28 BUILDING ACCESS | ARTICLE 28 BUILDING ACCESS | 48 |
| ARTICLE 29 CONDOMINIUM | ARTICLE 29 CONDOMINIUM | 49 |
| 29.1 | Condominium Documents | 49 |
| 29.2 | Rules and Regulations | 50 |
| 29.3 | Intentionally Deleted | 50 |
| 29.4 | Modification | 50 |

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| | | |
|:---|:---|:---|
| 29.5 | Responsible Party | 50 |
| 29.6 | Condominiumization | 50 |
| ARTICLE 30 MISCELLANEOUS PROVISIONS | ARTICLE 30 MISCELLANEOUS PROVISIONS | 51 |
| 30.1 | Terms; Captions | 51 |
| 30.2 | Binding Effect | 51 |
| 30.3 | No Air Rights | 51 |
| 30.4 | Modification of Lease | 52 |
| 30.5 | Transfer of Landlord's Interest | 52 |
| 30.6 | Prohibition Against Recording | 52 |
| 30.7 | Landlord's Title | 52 |
| 30.8 | Relationship of Parties | 52 |
| 30.9 | Application of Payments | 52 |
| 30.10 | Time of Essence | 52 |
| 30.11 | Partial Invalidity | 53 |
| 30.12 | No Warranty | 53 |
| 30.13 | Exculpation | 53 |
| 30.14 | Allocation of Risks | 54 |
| 30.15 | Entire Agreement | 54 |
| 30.16 | Right to Lease | 54 |
| 30.17 | Force Majeure | 54 |
| 30.18 | Waiver of Redemption by Tenant | 54 |
| 30.19 | Notices | 55 |
| 30.20 | Joint and Several | 55 |
| 30.21 | Authority | 55 |
| 30.22 | Attorneys' Fees | 55 |
| 30.23 | Governing Law; Waiver Of Jury Trial | 56 |
| 30.24 | Submission of Lease | 56 |
| 30.25 | Brokers | 56 |
| 30.26 | Independent Covenants | 56 |
| 30.27 | Project or Building Name, Address and Signage | 56 |
| 30.28 | Counterparts | 56 |
| 30.29 | Confidentiality | 56 |
| 30.30 | Building Renovations | 57 |
| 30.31 | No Violation | 57 |
| 30.32 | Asbestos Disclosures | 57 |
| 30.33 | OFAC Compliance | 57 |
| 30.34 | GAAP | 59 |
| 30.35 | Lease Contingency | 59 |
| 30.36 | Certified Access Specialist | 59 |

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iv

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| | |
|:---|:---|
| ARTICLE 31 RESERVED | 59 |
| ARTICLE 32 RESERVED | 59 |

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| | |
|:---|:---|
| EXHIBITS | EXHIBITS |
| A-1 | OUTLINE OF PREMISES |
| A-2 | DESCRIPTION OF LAND |
| B | RESERVED |
| C | NOTICE OF LEASE TERM DATES |
| D | RULES AND REGULATIONS |
| E | FORM OF TENANT'S ESTOPPEL CERTIFICATE |
| F | CALIFORNIA ASBESTOS NOTICE |
| G | TENANT CONSTRUCTION GUIDELINES |
| H | CERTIFICATE OF INSURANCE |
| I | BASE RENT SCHEDULE |
| J | RESERVED |

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v

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**<u>760 MARKET STREET</u>**

**<u>OFFICE LEASE — FULL SERVICE LEASE</u>**

This Office Lease (the "**Lease**"), dated as of the date set forth in <u>Section 1</u> of the Summary of Basic Lease Information (the "**Summary**"), below, is made by and between PHELAN BUILDING LLC, a Delaware limited liability company ("**Landlord**"), FIGMA, INC., a Delaware corporation ("**Tenant**").

**<u>SUMMARY OF BASIC LEASE INFORMATION</u>**

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| | |
|:---|:---|
| TERMS OF LEASE | DESCRIPTION |
| 1.&nbsp;&nbsp;&nbsp;&nbsp;Effective Date: | The date the Lease is fully executed by the parties: April 28, 2021. |
| 2.&nbsp;&nbsp;&nbsp;&nbsp;Premises (<u>Article 1</u>): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;Building: | That certain eleven (11) story office building located at 760 Market Street, San Francisco, California. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;Premises: | The premises shall initially contain i) approximately 24,279 rentable square feet of space, comprising the entire seventh (7<sup>th</sup>) floor of the Building (the "**Seventh Floor Premises**") and ii) approximately 24,320 rentable square feet of space, comprising the entire tenth (10<sup>th</sup>) floor of the Building (the "**Tenth Floor Premises**"), all as further set forth in the attached **<u>Exhibit A-1</u>** to the Lease. Approximately 24,438 rentable square feet of space, comprising the entire fifth (5<sup>th</sup>) floor of the Building (the "**Fifth Floor Premises**") shall be added to the Premises on the Fifth Floor Premises Delivery Date. |
| 3.&nbsp;&nbsp;&nbsp;&nbsp;Lease Term (<u>Article 2</u>): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;Length of Term: | Approximately two (2) years and three (3) months from the Rent Commencement Date. |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;Delivery Date: | The later of July 1, 2022 and the date upon which Landlord delivers possession of the Seventh Floor Premises and Tenth Floor Premises to Tenant in accordance with this Lease, which date is expected to be July 1, 2022. The parties acknowledge that Tenant, as sublessee, and Credit Karma, Inc., as Sublessor, have or will concurrently with this Lease, enter into a Sublease (the "**Sublease**") for the sublease of the Premises. Tenant shall be in possession of the Seventh Floor Premises and Tenth Floor Premises pursuant to the Sublease and such possession shall not trigger the Delivery Date, In the event Sublessor holds over in the Seventh Floor Premises and/or Tenth Floor Premises, Landlord shall make good faith efforts to remove Sublessor from the applicable Premises Sublessor is holding over in. Notwithstanding the foregoing, Tenant shall not hold Landlord liable if Sublessor does not surrender any portion of the Premises prior to the applicable Delivery Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;Rent Commencement Date: | The Delivery Date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;Lease Expiration Date: | September 30, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;Fifth Floor Premises Delivery Date: | The later of November 1, 2023 and the date upon which Landlord delivers possession of the Fifth Floor Premises to Tenant in accordance with this Lease, which date is expected to be November 1, 2023. The parties acknowledge that Tenant shall be in possession of the Fifth Floor Premises pursuant to the Sublease and such possession shall not trigger the Fifth Floor Premises Delivery Date. |

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| | |
|:---|:---|
| 4.&nbsp;&nbsp;&nbsp;&nbsp;Base Rent (<u>Article 3</u>): | Commencing on the Rent Commencement Date, Tenant shall pay to Landlord a base rent of $93.73 per rentable square foot per annum for the Seventh Floor Premises and Tenth Floor Premises, which shall be increased by three percent (3%) every Lease Year after the first full Lease Year. Commencing on the Fifth Floor Premises Delivery Date, Tenant shall pay to Landlord a base rent of $96.54 per rentable square foot per annum for the Fifth Floor Premises, which shall be increased by three percent (3%) every Lease Year after the first full Lease Year. Base Rent is further described herein below and on **<u>Exhibit I</u>** attached hereto ("**Base Rent**"). |
| Subject to Section 3.2 of the Lease. |  |
| 5.&nbsp;&nbsp;&nbsp;&nbsp;Base Year (<u>Article 4</u>): | Calendar Year 2022 for the Seventh Floor Premises and Tenth Floor Premises. Calendar Year 2024 for the Fifth Floor Premises. The parties acknowledge that, since the Lease Expiration Date occurs during the Base Year for the Fifth Floor Premises, Tenant shall not be obligated to pay Direct Expenses with respect to the Fifth Floor Premises during the Term (unless the Term is mutually extended by both parties). |
| 6.&nbsp;&nbsp;&nbsp;&nbsp;Tenant's Share (<u>Article 4</u>): | 19.62% for the Seventh Floor Premises and Tenth Floor Premises. 9.87% for the Fifth Floor Premises.<br>The foregoing calculations are based on the office portion of the Building gross rentable area of 247,660 square feet. |
| 7.&nbsp;&nbsp;&nbsp;&nbsp;Permitted Use (<u>Article 5</u>): | General office, administrative and storage use consistent with a first-class office building, as further described in Article 5 herein, and for no other use or purpose. |
| 8.&nbsp;&nbsp;&nbsp;&nbsp;Deposit (<u>Article 21</u>): | $1,728,607.00 pursuant to Article 21 herein. |

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| | |
|:---|:---|
| 9.&nbsp;&nbsp;&nbsp;&nbsp;Address of Tenant (<u>Section 30.19</u>): | <u>Prior to the Delivery Date</u>:<br>[\*\*\*]<br><u>Following the Delivery Date</u>:<br>[\*\*\*]<br>With an email copy to:<br>Valence Law Group, PC<br>[\*\*\*] |
| 10. Address of Landlord (<u>Section 30.19</u>): | See <u>Section 30.19</u> of the Lease. |
| 11. Broker (<u>Section 30.25</u>): | Newmark Knight Frank and Jones Lang Lasalle |

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**<u>ARTICLE 1</u>**

**<u>PREMISES, BUILDING, PROJECT AND COMMON AREAS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Premises, Building, Project and Common Areas</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;1.1.1&nbsp;&nbsp;&nbsp;&nbsp;**<u>The Premises</u>**. Landlord hereby leases to Tenant and Tenant hereby leases from Landlord the premises set forth in <u>Section 2.2</u> of the Summary (the "**Premises**"). The outline of the Premises is set forth in **<u>Exhibit A-1</u>** attached hereto and the Premises has the number of rentable square feet as set forth in <u>Section 2.2</u> of the Summary. The parties hereto agree that the lease of the Premises is upon and subject to the terms, covenants and conditions herein set forth, and Tenant covenants as a material part of the consideration for this Lease to keep and perform each and all of such terms, covenants and conditions by it to be kept and performed and that this Lease is made upon the condition of such performance. The parties hereto hereby acknowledge that the purpose of **<u>Exhibit A-1</u>** is to show the approximate location of the Premises in the "Building," as that term is defined in <u>Section 1.1.2</u>, below, only, and such Exhibit is not meant to constitute an agreement, representation or warranty as to the construction of the Premises, the precise area thereof or the specific location of the "Common Areas," as that term is defined in <u>Section 1.1.3</u>, below, or the elements thereof or of the accessways to the Premises or the "Project", as that term is defined in <u>Section 1.1.2</u>, below. Except as specifically set forth in this Lease, Landlord shall not be obligated to provide or pay for any improvement work or services related to the improvement of the Premises. Tenant shall accept the Seventh Floor Premises and Tenth Floor Premises, as those terms are defined in <u>Section 2.2</u> of the Summary, in its "as-is" condition as of the Delivery Date. Tenant shall accept the Fifth Floor Premises, as that term is defined in <u>Section 2.2</u> of the Summary, in its "as-is" condition as of the Fifth Floor Premises Delivery Date Tenant also acknowledges that neither Landlord nor any agent of Landlord has made any representation or warranty regarding the condition of the

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Premises, the Building or the Project or with respect to the suitability of any of the foregoing for the conduct of Tenant's 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;1.1.2&nbsp;&nbsp;&nbsp;&nbsp;**<u>The Building and The Project</u>**. The Premises are a part of the building set forth in <u>Section 2.1</u> of the Summary (the "**Building**"). The term "**Project**," as used in this Lease, shall mean (i) the Building and the Common Areas, (ii) the land described in **<u>Exhibit A-2</u>** (which is improved with landscaping, parking facilities and other improvements) upon which the Building and the Common Areas are located, and (iii) at Landlord's discretion, any additional contiguous real property, areas, land, buildings or other improvements added thereto outside of the Project, provided in the event of any such addition, the quality and nature of the Project shall be of a first-class nature and shall remain consistent with that of comparable buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3&nbsp;&nbsp;&nbsp;&nbsp;**<u>Common Areas</u>**. Tenant shall have the non-exclusive right to use in common with other tenants in the Project, and subject to the rules and regulations referred to in <u>Exhibit D</u> of this Lease, those portions of the Project which are provided, from time to time, for use in common by Landlord, Tenant and any other tenants of the Project (such areas, together with such other portions of the Project designated by Landlord, in its discretion, including certain areas designated for the exclusive use of certain tenants, or to be shared by Landlord and certain tenants, are collectively referred to herein as the "**Common Areas**"). The Common Areas shall consist of the "Project Common Areas" and the "Building Common Areas." The term "**Project Common Areas**," as used in this Lease, shall mean the portion of the Project designated as such by Landlord. The term "**Building Common Areas**," as used in this Lease, shall mean the portions of the Common Areas located within the Building designated as such by Landlord. The manner in which the Common Areas are maintained and operated shall be at the sole and reasonable discretion of Landlord and the use thereof shall be subject to such reasonable rules, regulations and restrictions as Landlord may make from time to time, provided the same do not materially increase Tenant's obligations or materially decrease Tenant's rights under this Lease. Landlord reserves the right to close temporarily, make alterations or additions to, or change the location of elements of the Project and the Common Areas, provided the same do not adversely affect Tenant's use of, and access to, the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Rentable Square Feet of Premises and Building</u>**. For purposes of this Lease, "**rentable square feet**" in the Premises and the Building has been stipulated pursuant to the provisions of the Summary of Basic Lease Information above. Such square footage shall not be subject to change throughout the Lease Term, as the same may be extended pursuant to the terms of this Lease, unless the actual size of the Premises or Building, as applicable, is increased or reduced pursuant to an expansion or a contraction thereof.

**<u>ARTICLE 2</u>**

**<u>LEASE TERM</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>In General</u>**. The terms and provisions of this Lease shall be effective as of the Effective Date. The term of this Lease (the "**Lease Term**" or "**Term**") shall be as set forth in <u>Section 3.1</u> of the Summary, shall commence on the date set forth in <u>Section 3.2</u> of the Summary (the "**Delivery Date**"), and shall terminate on the date set forth in <u>Section 3.4</u> of the Summary

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(the "**Lease Expiration Date**") unless this Lease is sooner terminated as hereinafter provided. The payment of Base Rent shall commence on the date set forth in <u>Section 3.3</u> of the Summary (the "**Rent Commencement Date**"). For purposes of this Lease, **with respect to the Seventh Floor Premises and Tenth Floor Premises**, the term "Lease Year" shall mean, for the first Lease Year, the period commencing on the **Rent Commencement Date** and ending on the last day of the month in which the first anniversary of the Rent Commencement Date occurs; and for any subsequent Lease Year, each successive twelve (12) month period occurring thereafter. For purposes of this Lease, **with respect to the Fifth Floor Premises**, the term "**Lease Year**" shall mean, for the first Lease Year, the period commencing on the **Fifth Floor Premises** Delivery Date and ending on the last day of the month in which the first anniversary of the **Fifth Floor Premises** Delivery Date occurs; and for any subsequent Lease Year, each successive twelve (12) month period occurring thereafter. At any time during the Lease Term, Landlord may deliver to Tenant a notice in the form as set forth in **<u>Exhibit C</u>**, attached hereto, as a confirmation only of the information set forth therein, which Tenant shall execute and return to Landlord within ten (10) business days of receipt thereof. Tenant's failure to execute and return such notice to Landlord within such time shall be conclusive upon Tenant that the information set forth in such notice is as specified therein. If for any reason Landlord is unable to deliver to Tenant the **Seventh Floor Premises and Tenth Floor Premises** by the Delivery Date, or if Landlord is unable to deliver the Fifth Floor Premises by the Fifth Floor Premises Delivery Date (as set forth herein above), this Lease shall remain in full force and effect and Tenant shall have no claim against Landlord by reason of any such delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>**.

**<u>ARTICLE 3</u>**

**<u>BASE RENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>In General</u>**. Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent at the address set forth below, or, at Landlord's option, at such other place as Landlord may from time to time designate in writing, by a check for currency which, at the time of payment, is legal tender for private or public debts in the United States of America, "**Base Rent**" as set forth in <u>Section 4</u> of the Summary, payable in equal monthly installments, in advance on or before the first day of each and every calendar month during the Lease Term, without any setoff or deduction whatsoever unless expressly provided in this Lease. The Base Rent for the first (1<sup>st</sup>) full month of the Lease Term for the Seventh Floor Premises and Tenth Floor Premises shall be paid to Landlord at the time of Tenant's execution of this Lease. If any Rent payment date falls on a day of the month other than the first day of such month or if any payment of Rent is for a period which is shorter than one month, the Rent for any fractional month shall accrue on a daily basis for the period from the date such payment is due to the end of such calendar month or to the end of the Lease Term at a rate per day which is equal to 1/365 of the applicable annual Rent. Notwithstanding anything herein to the contrary, Tenant may also pay Base Rent and other amounts required to be paid by Tenant hereunder through ACH or other form of electronic transfer, and Landlord shall cooperate with Tenant to establish that manner of

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payment by Tenant. 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. Tenant shall remit all rent payments to:

[\*\*\*]

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Electricity to the Premises</u>**. The Base Rent payable by Tenant under this Lease is "net of electricity". Landlord shall contract directly with the utility provider from and after the Delivery Date for the Premises, and after the Fifth Floor Premises Delivery Date for the Fifth Floor Premises, and will invoice Tenant on a monthly basis for the cost of electricity provided to the Premises as measured by submeters installed therein, without any mark-up, except for Landlord's actual costs. Landlord's failure to invoice Tenant for such electricity usage shall not be deemed to be a waiver of Tenant's obligation to pay to Landlord for the cost of electricity utilized in the Premises which shall be a continuing obligation of Tenant whether or not timely invoiced. Landlord will provide electrical capacity to the Premises of at least six (6) watts per rentable square foot of the Premises (inclusive of the HVAC system therein). Electricity for elevators is measured on a separate Building panel.

**<u>ARTICLE 4</u>**

**<u>ADDITIONAL RENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General Terms</u>**. In addition to paying the Base Rent specified in <u>Article 3</u> of this Lease, Tenant shall pay "Tenant's Share" of the annual "Direct Expenses," as those terms are defined in <u>Sections 4.2.6</u> and <u>4.2.2</u> of this Lease, respectively, which are in excess of the amount of Direct Expenses applicable to the "Base Year," as that term is defined in <u>Section 4.2.1,</u> below; provided, however, that in no event shall any decrease in Direct Expenses for any "Expense Year," as that term is defined in <u>Section 4.2.3</u> below, which results in the Direct Expenses for such Expense Year being lower than the Direct Expenses for the Base Year entitle Tenant to any decrease in Base Rent or any credit against sums due under this Lease. For clarification, Tenant's obligation to pay Tenant's Share of Direct Expenses for the Seventh Floor Premises and Tenth Floor Premises shall commence on the later of the Rent Commencement Date and January 1, 2023, and since the Lease Expiration Date occurs during the Base Year for the Fifth Floor Premises, Tenant shall not be obligated to pay Direct Expenses with respect to the Fifth Floor Premises during the initial Term (unless the Term is mutually extended by both parties). Such payments by Tenant, together with any and all other amounts payable by Tenant to Landlord pursuant to the terms of this Lease, are hereinafter collectively referred to as the "**Additional Rent**", and the Base Rent and the 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 limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent provided for in this <u>Article 4</u> shall survive the expiration of the Lease Term. Notwithstanding anything to the contrary, Tenant shall not be responsible for any Additional

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Rent attributable to any calendar year which are first billed to Tenant more than twenty-four (24) months after the expiration of the applicable calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions of Key Terms Relating to Additional Rent</u>**. As used in this <u>Article</u> <u>4</u>, the following terms shall have the meanings hereinafter 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;4.2.1&nbsp;&nbsp;&nbsp;&nbsp;"**Base Year**" shall mean the period set forth in <u>Section 5</u> of the Summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2&nbsp;&nbsp;&nbsp;&nbsp;"**Direct Expenses**" shall mean "Operating Expenses" and "Tax Expenses."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3&nbsp;&nbsp;&nbsp;&nbsp;"**Expense Year**" shall mean each calendar year in which any portion of the Lease Term falls, through and including the calendar year in which the Lease Tenn expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.4&nbsp;&nbsp;&nbsp;&nbsp;"**Operating Expenses**" shall mean all reasonable expenses, costs and amounts of every kind and nature which Landlord pays or accrues during any Expense Year because of or in connection with the ownership, management, maintenance, security, repair, replacement, restoration or operation of the Project, or any portion thereof, in accordance with generally accepted accounting principles, consistently applied, it being agreed that Landlord's recovery of Operating Expenses shall be without any component of profit or other mark-up to Landlord. Without limiting the generality of the foregoing, Operating Expenses shall specifically include any and all of the following: (i) the cost of supplying all utilities (excluding electricity to the Premises, which will be submetered and billed directly to Tenant as set forth in <u>Section 3.3</u> above), the cost of operating, repairing, maintaining, and renovating the Project's utility, telephone, life safety, mechanical, plumbing, sanitary, storm drainage, and elevator systems, and the cost of maintenance and service contracts in connection therewith; (ii) the cost of licenses, certificates, permits and inspections and the cost of contesting any governmental enactments which may affect Operating Expenses, and the costs incurred in connection with a governmentally mandated transportation system management program or similar program; (iii) the cost of all insurance carried by Landlord in connection with the Project pursuant to Section 10.4 as reasonably determined by Landlord; (iv) the cost of landscaping, relamping, and all supplies, tools, equipment and materials used in the operation, repair and maintenance of the Project, or any portion thereof; (v) Intentionally Deleted; (vi) fees and other costs, including management and/or incentive fees, consulting fees, legal fees and accounting fees, of all contractors and consultants in connection with the management, operation, maintenance and repair of the Project as a whole (as opposed to being in connection with specific tenants, occupants, premises or disputes); provided, however, that the total amount of such fees and costs shall not exceed four percent (4) of gross receipts for the Building; (vii) payments under any equipment rental agreements and the fair rental value of any management office space located in the Building (and the actual rental and other costs if located outside of the Building); (viii) subject to item (f), below, wages, salaries and other compensation and benefits, including taxes levied thereon, of all persons (not above the level of property manager, project manager, tenant coordinator, or the like and specifically not to include an asset manager or portfolio manager) engaged in the accounting, building management, collection of accounts and payment of expenses, operation, maintenance and security of the Project (pro-rated if any of such persons are not full time at the Project); (ix) costs under any instrument pertaining to the sharing of costs by

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the Project; (x) operation, repair, maintenance and replacement (amortized over manufacturer-designated useful life) of all systems and equipment and components thereof of the Project; (xi) the cost of janitorial, alarm, security and other services, replacement of wall and floor coverings, ceiling tiles and fixtures in common areas, maintenance and replacement of curbs and walkways, repair to roofs and re-roofing; (xii) amortization at Landlord's then current cost of money, not to exceed an annual interest rate of ten percent (10%), over the useful life (as determined by in accordance with generally accepted accounting principles consistently applied) of the applicable item of the cost of acquiring or the rental expense of personal property used in the maintenance, operation and repair of the Project, or any portion thereof; (xiii) the cost of capital improvements or other costs incurred in connection with the Project (A) which are intended to effect economies in the operation or maintenance of the Project, or any portion thereof, or to cause a net reduction in current or future Operating Expenses (but only to the extent of actual savings), or to enhance the safety or security of the Project or its occupants, (B) that are required to comply with present or anticipated conservation programs mandated by governmental authority from and after the Rent Commencement Date, or (C)) that are required under any governmental law or regulation which arises or becomes effective after the Rent Commencement Date (collectively, "**Permitted Capital Expenditures**"); provided, however, that any Permitted Capital Expenditure shall be amortized at Landlord's then current cost of money, not to exceed an annual interest rate of ten percent (10%), over the useful life (as determined by in accordance with generally accepted accounting principles consistently applied) of the applicable item; (xiv) costs, fees, charges or assessments imposed by, or resulting from any mandate imposed on Landlord by, any federal, state or local government for fire and police protection, trash removal, community services, or other services which do not constitute "Tax Expenses" as that term is defined in, <u>Section 4.2.5</u>, below, (xv) Intentionally deleted, and (xvi) payments under any recorded easement, license, operating agreement, declaration, restrictive covenant, or instrument pertaining to the sharing of costs by the Building, including, without limitation, any covenants, conditions and restrictions affecting the Project, and recorded reciprocal easement agreements affecting the Project, and any recorded agreements with transit agencies affecting the Project (collectively, "**Underlying Documents**"). In addition, if Landlord incurs, subsequent to an applicable Base Year, costs or expenses associated with or relating to separate categories or subcategories of Operating Expenses which were not separate categories or subcategories of Operating Expenses during the entire Base Year, Operating Expenses for such Base Year shall be deemed increased by the amounts Landlord would have incurred during the Base Year with respect to such costs and expenses had such separate categories or subcategories of Operating Expenses been incurred in Operating Expenses during the entire Base Year. By way of example (x) if Landlord does not maintain earthquake insurance coverage during any portion of the Base Year but subsequently procures earthquake insurance coverage, the cost of Landlord's earthquake insurance coverage cannot be included in Operating Expenses for any calendar year unless the Base Year Operating Expenses are simultaneously adjusted to include the amount Landlord would have incurred during the Base Year in procuring and maintaining such coverage, (y) in the event any portion of the Building is covered by a warranty at any time during the Base Year, Base Year Operating Expenses shall be deemed increased by such amount as Landlord would have incurred during the Base Year with respect to the items or matters covered by the subject warranty had such warranty not been in effect at the time during the Base Year, and (z) any additional annual premium resulting from any new forms of insurance, any increase in insurance limits or

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coverage, or any decrease in deductibles in any year after the Base Year, shall be deemed to be included in Base Year Operating Expenses. Notwithstanding anything herein to the contrary, for purposes of this Lease, Operating Expenses shall not, however, include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;costs, including without limitation legal fees, space planners' fees, advertising and promotional expenses, and brokerage fees incurred in connection with the original construction or development, original or future leasing of the Project, and/or any disputes with tenants or prospective tenants, and costs, including permit, license and inspection costs, incurred with respect to the installation of tenant improvements made for tenants occupying or leasing space in the Project or incurred in renovating or otherwise improving, decorating, painting or redecorating vacant space for tenants or other occupants of the Project (excluding, however, such costs relating to any common areas of the Project);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;depreciation (except as set forth in items (xii), (xiii), and (xiv) above), interest and principal payments on mortgages and other debt costs, if any, penalties and interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;costs of capital repairs and alterations, and costs of capital improvements and equipment, except for Permitted Capital Expenditures as set forth in items (xiii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;costs for which the Landlord is entitled to be reimbursed by any tenant or occupant of the Project or by insurance by its carrier or any tenant's carrier or by anyone else, and electric power costs for which any tenant (including, specifically, Tenant hereunder) is invoiced by Landlord for the electricity usage in its premises, for which Landlord contracted with the local public service company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any bad debt loss, rent loss, or reserves for bad debts or rent loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;amount paid as ground rental for the Project by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any compensation paid to clerks, attendants or other persons in commercial concessions operated by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;rentals and other related expenses incurred in leasing air conditioning systems, elevators or other equipment which if purchased the cost of which would be excluded from Operating Expenses as not qualifying as a Permitted Capital Expenditure, except equipment not affixed to the Project which is used in providing janitorial or similar services and, further excepting from this exclusion such equipment rented or leased to remedy or ameliorate an emergency condition in the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;all items and services for which Tenant or any other tenant in the Project are obligated to reimburse Landlord or which are covered by warranties or reimbursed by third parties (such as legal fees incurred in connection with tenant

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disputes) or which Landlord provides selectively to one or more tenants (other than Tenant) without reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;any costs expressly excluded from Operating Expenses elsewhere in this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;costs arising to the extent caused from the negligence or willful misconduct of Landlord or its agents, employees, vendors, contractors, or providers of materials or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;costs incurred to comply with laws relating to the removal of hazardous material (as defined under applicable law) which was in existence in the Building or on the Project prior to the Delivery Date or which are not otherwise the express responsibility of Tenant under any provision of this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;costs of decorating, redecorating, or special cleaning or other services provided to certain tenants and not provided on a regular basis to all tenants of the Building and/or Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;all costs relating to activities for the marketing, solicitation, negotiation and execution of leases of space in the Building and/or Project, including without limitation, costs of tenant improvements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;costs of selling or financing the Project (or any portion 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;the cost of any service sold to any tenant or occupant of the Building and/or Project for which Landlord is entitled to be reimbursed as an additional charge or rental over and above the basic rent and escalations payable under the lease or occupancy agreement with that tenant or other occupant (including, by way of example but not limitation, after-hours HVAC costs or over-standard electrical consumption costs incurred by other tenants or occupants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;costs relating to maintaining Landlord's existence, either as a corporation, partnership, or other entity, such as trustee's fees, annual fees, partnership or organization or administration expenses, deed recordation expenses, as well as the operation of the entity which constitutes Landlord, as the same are distinguished from the costs of operation of the Building, as well as partnership accounting and legal matters, costs of defending any lawsuits with any mortgagee, costs of any disputes between Landlord and its employees, disputes of Landlord with Building and/or Project management or personnel, or outside fees paid in connection with disputes with other tenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;costs incurred due to Landlord's violation of any terms and conditions of this Lease or any other lease relating to the Building and/or Project;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;any operating expense representing an amount paid to a related corporation, entity, or person which is in excess of the amount which would be paid in the absence of such relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;reserves of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;costs, penalties or fines arising from Landlord's violation of any law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;costs to upgrade the Building and/or Project so as to cure any non-compliance that exists as of the Delivery Date with laws as in effect and enforced as of the Delivery Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;costs to correct design or construction defects in the Building and/or Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;costs arising from Landlord's charitable or political contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;depreciation of the Building or other improvements except as expressly permitted herein; 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;(z)&nbsp;&nbsp;&nbsp;&nbsp;any costs recovered by Landlord to the extent such cost recovery allows Landlord to recover more than 100% of Operating Expenses, or which would duplicate or otherwise result in double reimbursement to Landlord for a single expenditure made by Landlord.

If Landlord is not furnishing any particular work or service (the cost of which, if performed by Landlord, would be included in Operating Expenses and such cost is variable based upon the occupancy of the Building) to a tenant who has undertaken to perform such work or service in lieu of the performance thereof by Landlord, Operating Expenses shall be deemed to be increased by an amount equal to the additional Operating Expenses which would reasonably have been incurred during such period by Landlord if it had at its own expense furnished such work or service to such tenant, If the Building is not at least ninety five percent (95%) occupied during all or a portion of the Base Year or any Expense Year, Landlord shall make a so-called "gross up" adjustment to the variable components of Operating Expenses for such year to determine the amount of Operating Expenses that would have been incurred had the Building been ninety five percent (95%) occupied; and the amount so determined shall be deemed to have been the amount of Operating Expenses for such year. Operating Expenses for the Base Year shall not include market-wide cost increases or decreases due to extraordinary circumstances, including, but not limited to, Force Majeure, boycotts, strikes, conservation surcharges, embargoes or shortages, or amortized costs relating to capital improvements.

Additionally, if Landlord incurs any deductible payment (or payment under any self-insured retention) with respect to Landlord's insurance policy for the Project during the Term in excess of $5,000.00, any such payment shall, for the purpose of inclusion within Operating Expenses, be treated as a Permitted Capital Expenditure with a useful life of fifteen (15) years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5&nbsp;&nbsp;&nbsp;&nbsp;**<u>Taxes</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;4.2.5.1&nbsp;&nbsp;&nbsp;&nbsp;"**Tax Expenses**" shall mean all federal, state, county, or local governmental or municipal taxes, fees, charges or other impositions of every kind and nature, whether general, special, ordinary or extraordinary, (including, without limitation, real estate taxes, real estate excise taxes, general and special assessments, transit taxes, leasehold taxes or taxes based upon the receipt of rent, including gross receipts or sales taxes applicable to the receipt of rent, unless required to be paid by Tenant, personal property taxes imposed upon the fixtures, machinery, equipment, apparatus, systems and equipment, appurtenances, furniture and other personal property used in connection with the Common Areas), which shall be paid or accrued during any Expense Year (without regard to any different fiscal year used by such governmental or municipal authority) because of or in connection with the ownership, leasing and operation of the Project, or any portion 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5.2&nbsp;&nbsp;&nbsp;&nbsp;Tax Expenses shall include, without limitation: (i) Any tax on the rent, right to rent or other income from the Project, or any portion thereof, or as against the business of leasing the Project, or any portion thereof; (ii) Any assessment, tax, fee, levy or charge in addition to, or in substitution, partially or totally, of any assessment, tax, fee, levy or charge previously included within the definition of real property tax, it being acknowledged by Tenant and Landlord that Proposition 13 was adopted by the voters of the State of California in the June 1978 election ("**Proposition 13**") and that assessments, taxes, fees, levies and charges may be imposed by governmental agencies for such services as fire protection, street, sidewalk and road maintenance, refuse removal and for other governmental services formerly provided without charge to property owners or occupants, and, in further recognition of the decrease in the level and quality of governmental services and amenities as a result of Proposition 13, Tax Expenses shall also include any governmental or private assessments or the Project's contribution towards a governmental or private cost-sharing agreement for the purpose of augmenting or improving the quality of services and amenities normally provided by governmental agencies; (iii) Any assessment, tax, fee, levy, or charge allocable to or measured by the area of the Premises or the Rent payable hereunder, including, without limitation, any business or gross income tax or excise tax with respect to the receipt of such rent, or upon or with respect to the possession, leasing, operating, management, maintenance, alteration, repair, use or occupancy by Tenant of the Premises, or any portion thereof, excepting EC/EE Tax which is paid in accordance with Section 4.6; and (iv) Any assessment, tax, fee, levy or charge, upon this transaction or any document to which Tenant is a party, creating or transferring an interest or an estate in the Premises or the improvements thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5.3&nbsp;&nbsp;&nbsp;&nbsp;Any costs and expenses (including, without limitation, reasonable attorneys' and consultants' fees) incurred in attempting to protest, reduce or minimize Tax Expenses shall be included in Tax Expenses in the Expense Year such expenses are incurred. Tax refunds 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, provided that in no event shall the amount to be refunded to Tenant for any such Expense Year exceed the total amount paid by Tenant as Additional Rent under this <u>Article 4</u> for such Expense Year. If Tax Expenses for any period during the Lease Term or any extension thereof are increased after payment

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thereof for any reason, including, without limitation, error or reassessment by applicable governmental or municipal authorities, Tenant shall pay Landlord within 30 days of demand with reasonable back up documentation Tenant's Share of any such increased Tax Expenses. Notwithstanding anything to the contrary contained in this <u>Section 4.2.5</u> (except as set forth in <u>Section 4.2.5.1</u>, above), there shall be excluded from Tax Expenses (i) all excess profits taxes, franchise taxes, gift taxes, capital stock taxes, conveyance taxes, transfer taxes, inheritance and succession taxes, estate taxes, federal and state income taxes, and other taxes to the extent applicable to Landlord's revenue and/or general or net income (as opposed to rents, receipts or income attributable to operations at the Project), (ii) any items included as Operating Expenses, (iii) any items paid by Tenant under <u>Sections 4.5 and 4.6</u> of this Lease, (iv) tax penalties (and any interest on such penalties) incurred as a result of Landlord's failure to make payments and/or to file any tax or informational returns when due, and (v) Tax Expenses associated with tenant improvements performed for other tenants of the Project in excess of standard, Base Building improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.5.4 The amount of Tax Expenses for the Base Year attributable to the valuation of the Project, inclusive of tenant improvements, shall be known as the "**Base Taxes**". If in any Expense Year subsequent to the Base Year, the amount of Tax Expenses decreases below the amount of Base Taxes (including without limitation a reduction as a result of a commonly called Proposition 8 application), then for purposes of all subsequent Expense Years with decreases similar to the Base Year, including the comparison year in which such decrease in Tax Expenses occurred, up to and including the year in which Base Taxes reach the level they had attained prior to the reduction in Tax Expenses, the Base Taxes shall be decreased by an amount equal to the decrease in Tax Expenses. Similarly, if there are any tax abatements, reductions or exemptions in effect during the Base Year (including without limitation a reduction as a result of a commonly called Proposition 8 application), then for the purposes of determining Tax Expenses for the Base Year, the Tax Expenses for the Base Year shall be equal to the Tax Expenses that would have been incurred during such Base Year had there been no such tax abatement, reduction or exemption during such 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;4.2.6&nbsp;&nbsp;&nbsp;&nbsp;"**Tenant's Share**" shall mean the percentage set forth in <u>Section 6</u> of the Summary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Cost Pools</u>**. Landlord shall have the right, from time to time, to equitably allocate some or all of the Direct Expenses for the Project among different portions or occupants of the Project (the "**Cost Pools**") in Landlord's reasonable discretion. Such Cost Pools may include, but shall not be limited to, the office space tenants of a building of the Project or of the Project, and the retail space tenants of a building of the Project or of the Project. The Direct Expenses within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool in an equitable and consistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Calculation and Payment of Additional Rent</u>**<u>.</u> If for any Expense Year during Lease Term, Tenant's Share of Direct Expenses for such Expense Year exceeds Tenant's Share of Direct Expenses applicable to the Base Year, then Tenant shall pay to Landlord, in the manner

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set forth in <u>Section 4.4.1</u> below, and as Additional Rent, an amount equal to such prorated excess (the "**Excess**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.1&nbsp;&nbsp;&nbsp;&nbsp;**<u>Statement of Actual Direct Expenses and Payment by Tenant</u>**. Landlord shall provide to Tenant within one hundred eighty (180) days following the end of each Expense Year, or as soon thereafter as is reasonably possible, a statement (the "**Statement**") which shall state the Direct Expenses incurred or accrued for such preceding Expense Year, together with reasonable itemization and documentation of such expenditures, and which shall indicate the amount of the Excess. Upon receipt of the Statement for each Expense Year during the Lease Term, if an Excess is present, Tenant shall pay, within thirty (30) days after the date of delivery of the Statement, the full amount of the Excess for such Expense Year, less the amounts, if any, paid during such Expense Year as "Estimated Excess," as that term is defined in <u>Section</u> <u>4.4.2,</u> below, and if Tenant paid more as Estimated Excess than the actual Excess, Tenant shall receive a credit in the amount of Tenant's overpayment against Rent next due under this Lease (or if the Lease Term has ended, then Landlord shall pay the amount of Tenant's overpayment with delivery of the Statement). 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</u> <u>4.</u> Even though the Lease Term has expired and Tenant has vacated the Premises, when the final determination is made of Tenant's Share of Direct Expenses for the Expense Year in which this Lease terminates, if an Excess if present, Tenant shall, within thirty (30) days after receiving the applicable Statement, pay to Landlord such amount, and if Tenant paid more as Estimated Excess than the actual Excess, Landlord shall, with delivery of the Statement, deliver a check payable to Tenant in the amount of the overpayment. The provisions of this <u>Section 4.4.1</u> shall survive the expiration or earlier termination of the Lease Term. Notwithstanding anything to the contrary, Tenant shall not be responsible for any Direct Expenses attributable to any calendar year which are first billed to Tenant more than twenty-four (24) months after the expiration of the applicable calendar 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;4.4.2&nbsp;&nbsp;&nbsp;&nbsp;**<u>Statement of Estimated Direct Expenses</u>**. In addition, Landlord shall provide to Tenant a yearly expense estimate statement (the "**Estimate Statement**") which shall set forth Landlord's reasonable estimate (the "**Estimate**") of what the total amount of Direct Expenses for the then-current Expense Year shall be and the estimated excess (the "**Estimated Excess**") as calculated by comparing the Direct Expenses for such Expense Year, which shall be based upon the Estimate, to the amount of Direct Expenses for the Base Year. The failure of Landlord to timely furnish the Estimate Statement for any Expense Year shall not preclude Landlord from enforcing its rights to collect any Estimated Excess under this <u>Article 4,</u> nor shall Landlord be prohibited from revising any Estimate Statement or Estimated Excess theretofore delivered to the extent necessary but not more than once per calendar year. Thereafter, Tenant shall pay, within thirty (30) days after the date of delivery of the Estimate Statement, a fraction of the Estimated Excess for the then-current Expense Year (reduced by any amounts paid pursuant to the last sentence of this <u>Section 4.4.2</u>). Such fraction shall have as its numerator the number of months which have elapsed in such current Expense Year, including the month of such payment, and twelve (12) as its denominator. Until a new Estimate Statement is furnished (which Landlord shall have the right to deliver to Tenant at any time), Tenant shall pay monthly,

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with the monthly Base Rent installments, an amount equal to one-twelfth (1/12) of the total Estimated Excess set forth in the previous Estimate Statement delivered by Landlord to 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;4.4.3&nbsp;&nbsp;&nbsp;&nbsp;**<u>Tenant's Review Right</u>**. In the event Tenant has questions regarding any Statement received, including Base Year Statements, Landlord shall provide additional reasonable documentation substantiating the expenses claimed in the Statement. If Tenant believes that it was overcharged for any Statement as shown by the documentation provided, the parties shall work in good faith to settle the dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes and Other Charges for Which Tenant Is Directly Responsible</u>**. Tenant shall be liable for and shall pay before delinquency, taxes levied against Tenant's equipment, furniture, fixtures and any other personal property of Tenant located in or about the Premises. If any such taxes on Tenant's equipment, furniture, fixtures and any other personal property of Tenant 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 any other personal property of Tenant and if Landlord pays the taxes based upon such increased assessment, which Landlord shall have the right to do so regardless of the validity thereof but only under proper protest if requested by Tenant, 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. Notwithstanding anything to the contrary contained in this Lease, Tenant shall be responsible for any tax on rent payable by Tenant pursuant to this Lease that may be imposed by the state of California pursuant to Section 4.6 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>San Francisco Commercial Rent Tax for Childcare and Early Education</u>**. In addition to the Tax Expenses and any other tax that Tenant may be liable for pursuant to Section 4.5, Tenant shall reimburse Landlord for Tenant's Share of the entire amount paid or accrued by Landlord each Lease Year of the tax due on the Building under Article 21 of the San Francisco Business Tax & Regulations Code, also known as the Early Care and Education Commercial Rent Tax Ordinance (the "**EC/EE Tax**"). Tenant shall be responsible for paying the EC/EE Tax in monthly installments commencing on the Rent Commencement Date. Landlord shall include its estimation of the annual EC/EE Tax in the Expense Estimate, Tenant shall pay the estimated EC/EE Tax in the same manner as Direct Expenses as described in <u>Section 4.4.2</u> hereunder and the EC/EE Tax shall be reconciled in the Statement as described in <u>Section 4.4.1</u> hereunder.

**<u>ARTICLE 5</u>**

**<u>USE OF PREMISES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Permitted Use</u>**. Tenant shall use the Premises solely for the Permitted Use set forth in <u>Section 7</u> of the Summary and Tenant shall not use or permit the Premises or the Project 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2&nbsp;&nbsp;&nbsp;&nbsp;<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

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purpose contrary to the provisions of the Rules and Regulations set forth in Exhibit D, attached hereto, or in violation of the laws of the United States of America, the State of California, or the ordinances, regulations or requirements of the local municipal or county governing body or other lawful authorities having jurisdiction over the Project) including, without limitation, any such laws, ordinances, regulations or requirements relating to hazardous materials or substances, as those terms are defined by applicable laws now or hereafter in effect, or any Underlying Documents. Tenant shall not do or permit anything to be done in or about the Premises which will unreasonably interfere with the rights of other tenants or occupants of the Building, or injure them or use or allow the Premises to be used for any unlawful purpose, nor shall Tenant cause, maintain or permit any nuisance in, on or about the Premises. Tenant shall comply with, and Tenant's rights and obligations under the Lease and Tenant's use of the Premises shall be subject and subordinate to, all recorded easements, covenants, conditions, and restrictions now or hereafter affecting the Project (collectively, "Recorded Documents"). Notwithstanding anything herein to the contrary, Tenant's obligation to comply with any Underlying Documents and/or Recorded Documents recorded after the date of this Lease shall be subject to Tenant's prior consent if the same would adversely affect Tenant's use of, or access to, the Premises. Further, Tenant shall not be bound by any Underlying Documents and/or Recorded Documents until such time as the same have been provided to Tenant.

**<u>ARTICLE 6</u>**

**<u>SERVICES AND UTILITIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Standard Tenant Services</u>**. Landlord shall provide the following services on all days (unless otherwise stated below) during the Lease 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;6.1.1&nbsp;&nbsp;&nbsp;&nbsp;Subject to limitations imposed by all governmental rules, regulations and guidelines applicable thereto, Landlord shall make available to Tenant heating, ventilation and air conditioning ("HVAC") for normal comfort for normal office use in the Premises on a twenty-four (24) hour-per-day, three hundred sixty-five (365) day-per-year basis, which HVAC shall be available at no additional charge during **"Building Hours,"** which shall mean during the hours of 8:00 a.m. to 6:00 p.m. from Monday to Friday, and thereafter at Tenant's cost pursuant to the provisions of <u>Section 6.2</u>, below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall provide rubbish removal and recycling services to the 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;6.1.3&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall provide city water from the regular Building outlets for kitchen use, lavatory and toilet purposes in the Building Common Areas and in the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall provide janitorial services to the Premises, except the date of observation of the Federal and/or State Holidays, in and about the Premises and window washing services in a manner reasonably consistent with similar office buildings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.5&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall provide nonexclusive, non-attended automatic passenger elevator service during the Building Hours.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.6&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall provide nonexclusive freight elevator service subject to scheduling by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.7&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall provide electrical services as described in <u>Section 3.3</u> above.

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, provided the same shall not materially increase Tenant's obligations or materially decrease Tenant's rights under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Overstandard Tenant Use</u>**. If Tenant uses water in a manner that materially exceeds typical occupant usage in the Building (calculated on a "per rentable square foot" basis) or HVAC during hours in excess of Building Hours, Tenant shall pay to Landlord, within 30 days of receipt of billing (with reasonable backup documentation), the actual cost of such excess consumption; and in the event Tenant has continued such excess on a consistent basis for 30 days or more after receipt of written notice, Landlord may install, at Tenant's sole cost and expense, devices to separately meter any such excess use and in such event Tenant shall pay the increased cost directly to Landlord, within 30 days of written demand, at the rates charged by the public service company furnishing the same, including the Actual Cost of installing such additional metering devices. Landlord shall charge Tenant, and Tenant shall pay Landlord, for any additional services, an amount equal to the actual out-of-pocket incremental extra costs to Landlord to provide the additional services, without markup for profit, overhead, depreciation or administrative costs ("**Actual Costs**"). Tenant's use of electricity shall never exceed the capacity of the feeders to the Project or the risers or wiring installation or the power required to be supplied by Landlord pursuant to <u>Section 6.1</u> of this Lease, whichever is greater, and subject to the terms of <u>Section 30.31,</u> below, Tenant shall not install or use or permit the installation or use of any computer or electronic data processing equipment in the Premises which are not customary for the allowed use, without the prior written consent of Landlord. If Tenant desires to use HVAC during hours other than Building Hours, Tenant shall give the Building management office at least twenty-four hours (24) hours prior notice of Tenant's desired use (which may be telephonic notice to the Building's management office) in order to supply such utilities, and Landlord shall supply such utilities to Tenant at such hourly cost to Tenant (which shall be treated as Additional Rent) as Landlord shall from time to time establish (currently estimated at the rate of $365.00 per hour for HVAC and $145.00 per hour for fans). Notwithstanding any provision to the contrary contained in this Lease, Tenant shall pay to Landlord within 30 days after receipt of an invoice with reasonable backup documentation, Landlord's Actual Cost for any services provided to Tenant at Tenant's request which Landlord is not obligated to provide to Tenant pursuant to the terms of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Interruption of Use</u>**. Tenant agrees that, except as otherwise expressly provided in this Lease, 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), 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

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improvements, by any strike, lockout or other labor trouble, by inability to secure electricity, gas, water, or other fuel at the Building or Project after reasonable effort to do so, by any riot or other dangerous condition, emergency, accident or casualty whatsoever, by act or default of Tenant or other parties, or by any other cause beyond Landlord's reasonable control; 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. Furthermore, except to the extent arising from the active negligence or willful misconduct of Landlord, its agents, employees or contractors, 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, without limitation, 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> Notwithstanding anything contained herein to the contrary, if (a) all or a portion of the Premises becomes wholly untenable due to an interruption of any service to be supplied by Landlord hereunder or inability to provide reasonable access and use of the Premises (e.g. due to Renovations or discovery of hazardous materials), (b) the untenantability is as result of Landlord's actions, inactions, (c) such untenantability has not resulted from (i) the negligence or willful misconduct of Tenant its employees, invitees, agents or contractors or (ii) a casualty (in which event Article I 1 applies), (d) such untenantability continues for a period in excess of five (5) consecutive business days after Tenant furnishes a notice to Landlord (the "Abatement Notice") stating that such untenantability of all or a portion of the Premises is due to such condition, (provided that Tenant does not actually use or occupy such portion of the Premises during such period for the ordinary conduct of its business) and (e) Landlord, after Tenant's notice, is not diligently pursuing restoring the discontinued service or remedying the issue preventing Tenant's use of or access to the Premises, then Base Rent and any Additional Rent payable for the portion of the Premises that is untenantable as a result of such condition shall be abated, on a per diem basis, for the period commencing on the sixth (6<sup>th</sup>) business day after Tenant delivers the Abatement Notice to Landlord and ending on the earlier of (x) the date Tenant reoccupies such portion of the Premises for the ordinary conduct of Tenant's business, and (y) the date on which such untenantability is substantially remedied.

**<u>ARTICLE 7</u>**

**<u>REPAIRS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>By Tenant</u>**. Tenant shall be responsible for repairs to non-structural improvements, fixtures, furnishings, and systems and equipment within and exclusively serving the Premises, including, without limitation, HVAC systems exclusively serving the Premises, plumbing fixtures and equipment such as dishwashers, garbage disposals, and insta-hot dispensers and other improvements unique to the Premises installed by Tenant. Tenant shall enter into an annual HVAC maintenance contract with a vendor approved by Landlord and shall provide Landlord with a copy of such contract. 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 Premises and replace or repair all damaged, broken, or worn fixtures and appurtenances resulting solely from the negligence or willful misconduct of Tenant subject to the waiver of subrogation. If as a part

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of its repair obligations, Tenant is liable under this Section for any capital repair or replacement of any systems or equipment within and exclusively serving the Premises which would typically be capitalized under GAAP, Landlord shall perform such capital repair or replacement and Tenant shall pay Landlord each month an amount equal to the product of such total cost multiplied by a fraction, the numerator of which is the number of months remaining in the Lease Term, the denominator of which is the useful life (in months) of the replacement, as reasonably determined in accordance with GAAP and sound management practices consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>By Landlord</u>**. Landlord shall operate and maintain the Project in a first-class manner. Landlord shall be responsible for repairs to the exterior walls, load bearing walls, structural walls, foundation and roof of the Building, all Common Areas, the structural portions of the Building, and any systems and equipment of the Building that serve the Building generally (as opposed to specialized systems serving the Premises exclusively) (inclusive of the HVAC, electrical, mechanical, plumbing and life-safety systems) (the "**Building Systems**"), except to the extent that such repairs are required due to the negligence or willful misconduct of Tenant subject to the waiver of subrogation; provided, however, that if such repairs are due to the negligence or willful misconduct of Tenant, Landlord shall nevertheless make such repairs at Tenant's expense unless same are covered by insurance covered by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Entry Rights</u>**. Landlord may, but shall not be required to, enter the Premises at all reasonable times (after at least twenty-four (24) hours' advanced notice and a good faith effort to schedule with Tenant except in cases of emergency) to make such repairs, alterations, improvements or additions to the Premises or to the Project or to any equipment located in the Project as Landlord shall deem necessary or as Landlord may be required to do by governmental or quasi-governmental authority or court order or decree. Landlord's entry rights shall be subject to the following: (a) promptly finishing any work for which it entered, and promptly repairing any damage caused to the Premises by Landlord or anyone accessing the Premises under this Section; (b) complying with all of Tenant's reasonable security and safety regulations, and if Tenant so elects, Landlord shall be accompanied by a representative of Tenant during any such entry; and (c) Landlord shall not interfere with or adversely affect Tenant's use of, or access to, the Premises. Notwithstanding anything herein to the contrary, Tenant may designate in writing certain areas of the Premises as "Secured Areas" should Tenant require such areas for the purpose of securing confidential information or valuable property. In connection with the foregoing, Landlord shall not enter such Secured Areas, except in the event of an emergency, unless Landlord signs a confidentiality agreement in Tenant's reasonable standard form. Tenant hereby waives and releases any and all rights under and benefits of subsection 1 of Section 1932 and Sections 1941 and 1942 of the California Civil Code or under any similar law, statute, or ordinance now or hereafter in effect.

**<u>ARTICLE 8</u>**

**<u>ADDITIONS AND ALTERATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Consent to Alterations</u>**. Tenant may not make any improvements, alterations, additions or changes to the Premises (collectively, the "**Alterations**") without first procuring the prior written consent of Landlord to such Alterations, which consent shall be

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requested by Tenant not less than fifteen (15) days prior to the commencement thereof, and which consent shall not be unreasonably withheld, conditioned or delayed by Landlord, provided it shall be deemed reasonable for Landlord to withhold its consent to any Alteration which affects the structural portions of the Building or which may adversely affect any Building Systems or is visible from the exterior of the Building. If Landlord disapproves of any proposed Alterations, Landlord shall respond, in writing, stating the grounds for such disapproval, within ten (10) days after receipt of Tenant's request for approval of the proposed Alterations. If Landlord fails to respond with its approval or disapproval within ten (10) days after receipt of Tenant's request, then Tenant may send Landlord a reminder notice setting forth such failure containing the following sentence at the top of such notice in bold, capitalized font at least twelve (12) points in size: "LANDLORD'S FAILURE TO RESPOND TO THIS NOTICE WITHIN FIVE (5) DAYS SHALL RESULT IN LANDLORD'S DEEMED APPROVAL OF TENANT'S ALTERATIONS" (the "**Reminder Notice**"). If Landlord fails to respond within five (5) days after receipt of a Reminder Notice, then Tenant's Alterations for which Tenant requested Landlord's consent shall be deemed approved by Landlord. Landlord shall be entitled to a supervision fee of three percent (3%) of the hard cost of any such Alteration, together with any actual, reasonable out-of-pocket expenses payable to third parties for engineering review of mechanical, electrical, plumbing, sprinkler and life-safety systems affected by any Alterations; provided, however, in no event shall Tenant be required to pay a supervision fee to Landlord for Cosmetic Alterations. Notwithstanding the foregoing, Tenant shall be permitted to make Cosmetic Alterations (as defined below) following ten (10) days' notice to Landlord, but without Landlord's prior consent. "Cosmetic Alterations" shall mean Alterations that (i) are limited to the interior of the Premises, (ii) do not affect the exterior (including the appearance) of the Building, (iii) are nonstructural or does not affect the structural integrity of the Building, (iv) do not affect the Building Systems and (v) cost less than Ten Dollars ($10.00) per square foot of area under construction. Notwithstanding anything herein to the contrary, Tenant shall not be required to remove Cosmetic Alterations. With respect to all Alterations, regardless of whether Landlord's consent is required, Tenant shall provide a set of plans (if applicable) and a work schedule to Landlord prior to the commencement of the work of construction in the Premises. All Alterations (**including Tenant's Work,** if any) shall also be made in accordance with the Tenant Construction Guidelines attached hereto as **<u>Exhibit G</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Manner of Construction</u>**. Landlord may impose, as a condition of its consent to any and all Alterations or repairs of the Premises or about the Premises, such requirements as Landlord in its reasonable discretion may deem desirable, including, but not limited to, the requirement that Tenant utilize for such purposes only contractors, subcontractors, materials, mechanics and materialmen that are reasonably acceptable to Landlord. Notwithstanding anything herein to the contrary, Tenant shall not be required to remove any Alterations upon the expiration or any early termination of the Lease Term unless at the time Landlord consented to such Alterations Landlord notified Tenant in writing that Tenant would be required to remove them; provided, however, that in no event shall Tenant be required to remove any element of any Alterations which are normal and customary office improvements. Tenant shall construct such Alterations and perform such repairs in a good workmanlike manner, in conformance with any and all applicable federal, state, county or municipal laws, rules and regulations and pursuant to a valid building permit, issued by the city in which the Building is located (or other applicable

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governmental authority), all in conformance with Landlord's reasonable construction rules and regulations; provided, however, that prior to commencing to construct any Alteration (other than Cosmetic Alterations), if requested by Landlord Tenant shall meet with Landlord to discuss Landlord's design parameters and code compliance issues. In the event Tenant performs any Alterations in the Premises which require or give rise to governmentally required changes to the "Base Building," as that term is defined below, then Landlord shall, at Tenant's expense, make such changes to the Base Building. The "**Base Building**" shall mean the structural portions of the Building, and the public restrooms, elevators, exit stairwells and the systems and equipment located in the internal core of the Building on the floor or floors on which the Premises are located. In performing the work of any such Alterations, Tenant shall have the work performed in such manner so as not to obstruct access to the Project or any portion thereof, by any other tenant of the Project, and so as not to obstruct the business of Landlord or other tenants in the Project. 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 in or about the Building or the Common Areas. In addition to Tenant's obligations under <u>Article 9</u> of this Lease, upon completion of any Alterations, Tenant agrees to cause a Notice of Completion to be recorded in the office of the Recorder of the County in which the Building is located in accordance with Section 3093 of the Civil Code of the State of California or any successor statute, and Tenant shall deliver to the Project construction manager 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;&nbsp;&nbsp;&nbsp;&nbsp;**8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment for Improvements</u>**. If payment is made by Tenant directly to contractors, Tenant shall comply with Landlord's reasonable requirements for final lien releases and waivers in connection with Tenant's payment for work to contractors. If Tenant orders, at Tenant's sole election, any work directly from Landlord, Tenant shall pay to Landlord its construction management and review fee of five percent (5%) of the "hard" costs of such work, exclusive of paint, wallcovering and carpeting, to compensate Landlord for all overhead, general conditions, fees and other costs and expenses arising from Landlord's involvement with such work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Construction Insurance</u>**. In addition to the requirements of <u>Article 10</u> of this Lease, in the event that Tenant makes any Alterations, prior to the commencement of such Alterations, Tenant shall provide Landlord with evidence that Tenant or Tenant's contractor(s) and/or subcontractor(s) carry insurance in accordance with the Tenant Construction Guidelines attached hereto as Exhibit G. If Tenant elects to retain a contractor which was not approved by Landlord to perform the work of Alteration, Landlord may, in its discretion, require Tenant to obtain a lien and completion bond in an amount sufficient to ensure the lien-free completion of such Alterations (but not to exceed one hundred ten percent (110%) of the cost to perform such Alterations), and naming Landlord as a co-obligee; provided, however, that such bond shall be waived for Alterations estimated to cost less than One Hundred Fifty Thousand Dollars ($150,000.00) to complete.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Property</u>**. All Alterations, improvements, fixtures, equipment and/or appurtenances which may be permanently installed or placed in or about the Premises by Tenant shall be at the sole cost of Tenant and shall be and become the property of Landlord, except that Tenant may remove any Alterations, improvements, trade fixtures and/or equipment which have not been paid for with any Tenant improvement allowance funds provided to Tenant by Landlord, provided Tenant repairs any damage to the Premises and Building caused by such removal and returns the affected portion of the Premises to the condition existing prior to installation of the removed item, reasonable wear and tear excepted. Furthermore but subject to <u>Section 8.2</u> above, if Landlord has so notified Tenant in writing at the time of giving its consent to any proposed alterations or improvements that Tenant is required to remove such proposed alterations or improvements prior to the end of the Lease Term, then Tenant, at Tenant's expense, shall remove any such Alterations and/or improvements within the Premises installed by Tenant and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to the condition existing prior to installation of the removed Alterations and/or improvements, reasonable wear and tear excepted. If Tenant fails to complete such removal and/or to repair any damage caused by the removal of such Alterations and/or improvements in the Premises and return the affected portion of the Premises to the condition existing prior to installation of such Alterations and/or improvements reasonable wear and tear excepted, Landlord may do so and may charge the reasonable, out-of-pocket cost thereof to Tenant. Tenant hereby protects, defends, indemnifies and holds Landlord harmless from any liability, cost, obligation, expense or claim of lien in any manner relating to Tenant's installation, placement, removal or financing of any such Alterations, improvements, fixtures and/or equipment in, on or about the Premises, which obligations of Tenant shall survive the expiration or earlier termination of this Lease.

**<u>ARTICLE 9</u>**

**<u>COVENANT AGAINST LIENS</u>**

Tenant shall keep the Project and Premises free from any liens or encumbrances arising out of the work performed, materials furnished or obligations incurred by or on behalf of Tenant, and shall protect, defend, indemnify and hold Landlord harmless from and against any claims, liabilities, judgments or costs (including, without limitation, reasonable attorneys' fees and costs) arising out of same or in connection therewith. Tenant shall give Landlord notice at least ten (10) days prior to the commencement of any such work on the Premises (or such additional time as may be necessary under applicable laws) to afford Landlord the opportunity of posting and recording appropriate notices of non-responsibility. Tenant shall remove any lien or encumbrance of record arising in connection with such work by bond or otherwise within fifteen (15) business days after written notice by Landlord, and if Tenant shall fail to do so, Landlord may pay the amount reasonably necessary to remove such lien or encumbrance, without being responsible for investigating the validity thereof. The amount so paid shall be deemed Additional Rent under this Lease payable within 30 days of demand with reasonable backup documentation, without limitation as to other remedies available to Landlord under this Lease. 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

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express or implied contract. Any claim to a lien or encumbrance upon the Building or Premises arising in connection with any such work or respecting the Premises performed by or at the request of Tenant 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 Project, Building and Premises.

**<u>ARTICLE 10</u>**

**<u>INSURANCE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification and Waiver</u>**. Except to the extent arising from the active negligence or willful misconduct of Landlord or its agents, employees or contractors, Tenant hereby assumes all risk of damage to property or injury to persons in, upon or about the Premises from any cause whatsoever (including, but not limited to, any personal injuries resulting from a slip and fall in, upon or about the Premises) and agrees that, except to the extent arising from the active negligence or willful misconduct of Landlord or its agents, employees or contractors, Landlord, its partners, subpartners and their respective officers, agents, servants, employees, and independent contractors (collectively, "**Landlord Parties**") shall not be liable for, and are hereby released from any responsibility for, any such 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 loss, cost, damage, expense and liability (including without limitation court costs and reasonable attorneys' fees) incurred in connection with or arising from any cause in, on or about the Premises (including, but not limited to, a slip and fall) during the Lease Term, any negligence of Tenant or of any person claiming by, through or under Tenant, or of the contractors, agents, or employees of Tenant in, on or about the Project or any breach by Tenant of the terms of this Lease, during the Lease Term, provided that the terms of the foregoing indemnity shall not apply to the active negligence or willful misconduct of Landlord, or its agents, employees or contractors, or to the extent that any such indemnification is in excess of that allowed by law. . The provisions of this <u>Section 10.1</u> shall survive the expiration or sooner termination of this Lease with respect to any claims or liability arising in connection with any event occurring prior to such expiration or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2&nbsp;&nbsp;&nbsp;&nbsp;<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 Tenant's particular use of the Premises (beyond general office use). 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 Insurance Association (formerly the National Board of Fire Underwriters) and with any similar body applicable to Tenant's particular use of the Premises (beyond general office use).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Tenant's Insurance</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;10.3.1&nbsp;&nbsp;&nbsp;&nbsp;**Property Insurance** – "Special Causes of Loss Form All Risk" property insurance with a limit in an amount at least equal to the full replacement cost of Tenant's

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betterments, improvements, furniture, fixtures and merchandise on the Premises, and naming as insureds both Tenant and Landlord, as their respective interests may appear, and including business interruption insurance for any time during which the Premises are fully or partially untenantable due to an occurrence covered by such insurance policy or access to the Premises is impaired by order of civil or military authority. Such business interruption insurance shall include rental value insurance in an amount equal to not less than the Rent payable hereunder for a period of at least twelve (12) months. No coinsurance shall apply as to any coverage provided by such property and business interruption insurance. If the coinsurance cannot be waived, Tenant's property damage insurance shall include full replacement cost coverage and the amount shall satisfy any coinsurance requirements under the applicable policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2&nbsp;&nbsp;&nbsp;&nbsp;**Workers' Compensation** – Insurance in accordance with the laws of the state in which the Premises are located, with Employer's Liability limits which meet the underlying insurance requirements of the Umbrella insurance referred to in <u>Section 10.3.5</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3&nbsp;&nbsp;&nbsp;&nbsp;**Commercial General Liability (CGL)** – A policy of commercial general liability insurance, including, without limitation, contractual liability coverage, for the benefit of Landlord, Landlord's parent, any subsidiaries, Landlord's managing agent, Landlord's mortgagee and/or ground lessor and their respective officers, directors, employees, successors, assignors and any other party Landlord may designate (collectively referred to as "Landlord Parties", each of which shall be named as additional insured under the policy), and Tenant, as their respective interests may appear, and includes the following minimum limits of insurance: General Aggregate (other than Products/Completed Operations) Limit $3,000,000; Products/Completed Operations Aggregate Limit $3,000,000; Each Occurrence Limit $1,000,000; Personal Injury and Advertising Injury Limit $1,000,000; Tenants Legal Liability Limit $1,000,000; and, Medical Expenses Limit $10,000. Such insurance policy shall (i) be an occurrence basis policy; (ii) be primary to all insurance applicable to the Premises and operations on the Premises; and (iii) provide "first dollar" coverage. In the event that such insurance policy is subject to a general aggregate limit, such general aggregate shall apply "per location."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4&nbsp;&nbsp;&nbsp;&nbsp;Intentionally deleted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.5&nbsp;&nbsp;&nbsp;&nbsp;**Umbrella** – Umbrella form or Excess Liability insurance providing, at a minimum, "follow form" coverage over the insurance policies referred to in <u>Sections 10.3.2</u>, <u>10.3.3</u> and <u>10.3.4</u> herein, with "per location" limits of not less than Five Million ($5,000,000) Dollars per occurrence and in the aggregate. Landlord may require Tenant to increase the limits of the Umbrella Liability insurance from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.6&nbsp;&nbsp;&nbsp;&nbsp;**Other Insurance** – Such other insurance with such limits as Landlord may from time to time reasonably require taking into consideration the loss exposures presented by Tenant's use and occupancy of the Premises, including any additional insurance specified in any exhibit, addendum or rider to this Lease; provided, however, that (i) such other insurance are then being required by landlords of comparable buildings, (ii) such insurance is available at commercially reasonable rates, and (iii) Landlord may not require Tenant to expand or increase its insurance coverage more than once during the initial Lease Term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.7&nbsp;&nbsp;&nbsp;&nbsp;**Current Certificate of Insurance** – Notwithstanding any provision of this <u>Article 10</u> to the contrary, Landlord hereby deems that Tenant has complied with the requirements of <u>Article 10</u> of this Lease (except <u>Section 10.3.2</u>) so long as, at all times during the term of this Lease, Tenant shall maintain in full force and effect policies of insurance in the respective types and amounts specified in the Certificate of Insurance attached hereto as **<u>Exhibit</u> <u>H</u>** and incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Insurance</u>**. Landlord agrees to maintain fire and extended coverage insurance insuring the Project in amounts and coverages not less than those required by Landlord's mortgage holders from time to time (or if there is no mortgage encumbering the Project, then amounts and coverage not less than those held by landlords of comparable buildings but in no event less than 80% of the replacement cost of the Project). Tenant will have no interest in the proceeds of Landlord's insurance. If any improvements made by Tenant in the Premises have a value substantially disproportionate to those found generally in the Building and Landlord has notified Tenant of same at the time of Landlord's consent to such improvements, or if Tenant's particular use or occupancy poses any increased risk of loss (without implying any consent to such use or occupancy), any resulting increase in Landlord's premiums for such insurance must be paid by Tenant to Landlord on written demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Certificates, Subrogation and Other Matters</u>**. All policies of insurance required to be provided and kept in force by Tenant shall be with insurance companies having a Standard & Poor's "claims paying ability rating" of no less than "single A", or A.M. Best's Financial Strength Rating of "A-, VIII"**,** and duly licensed and authorized to transact business in the state in which the Premises are located. Each such insurance policy shall not be cancelable or subject to reduction or modification of coverage or limits without written notice to Landlord Parties received prior to the date of such cancellation or reduction. If any deductible or self-insured retention applies to any such insurance policy, such deductible or self-insured retention shall not apply as respects the Landlord Parties. Coverage under all such policies of insurance shall apply on a primary basis and without regard to any other insurance maintained by or available to the Landlord Parties. Tenant agrees to deliver to Landlord, prior to Tenant's entry to the Premises, and thereafter no later than ten (10) business days after written request by Landlord, a certificate of insurance as to any such policy of insurance (signed by an authorized agent of the insurance company), that has attached a copy of the applicable endorsement(s) naming each of the Landlord Parties as additional insureds as their interests may appear and further confirming that the insurance applicable to Landlord Parties shall be in conformity with the requirements of this Lease. If Tenant fails to provide such evidence of insurance in the manner and within the time specified in this paragraph, then Landlord may provide a follow-up written request and if Tenant fails to provide such evidence of insurance within three (3) business after Landlord's receipt of the follow-up written request, it shall constitute a Default under this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Claims; Waiver of Rights of Recovery</u>**. Tenant (and any person and/or entity claiming through Tenant) hereby releases Landlord Parties and waives any claim, based on negligence or otherwise related to the Premises, or any other property located thereon, with respect to any loss resulting to the extent of the proceeds paid or payable with respect thereto under/by insurance carried by or for the benefit of Tenant: (i) from property damage liability,

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bodily injury liability, personal and advertising injury liability, and for medical payments (as these terms are generally understood in insurance policies then in effect covering automobile liability, commercial general liability, and/or workers compensation and employers liability), and/or, (ii) from or for damage to Tenant's property, or to property under Tenant's care, custody, or control (including any indirect or consequential loss arising from such property damage), which loss is covered by any insurance carried by or for the benefit of Tenant.

This waiver of rights of recovery by Tenant also applies to any work done, being done or to be done by, for, or on behalf of Tenant by any contractor or Tenant, and shall survive the termination of such work or completion of such job or work.

Landlord (and any person and/or entity claiming through Landlord) hereby releases Tenant Parties and waives any claim, based on negligence or otherwise related to the Project, or any other property located thereon, with respect to any loss resulting to the extent of the proceeds paid or payable with respect thereto under/by insurance carried by or for the benefit of Landlord: (i) from property damage liability, bodily injury liability, personal and advertising injury liability, and for medical payments (as these terms are generally understood in insurance policies then in effect covering automobile liability, commercial general liability, and/or workers compensation and employers liability), and/or, (ii) from or for damage to Landlord's property, or to property under Landlord's care, custody, or control (including any indirect or consequential loss arising from such property damage), which loss is covered by any insurance carried by or for the benefit of Landlord.

**<u>ARTICLE 11</u>**

**<u>DAMAGE AND DESTRUCTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1&nbsp;&nbsp;&nbsp;&nbsp;<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 or any Common Areas serving or providing access to 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 and such Common Areas. Such restoration shall be to substantially the same condition of the Base Building and the Common Areas prior to the casualty, except for modifications required by zoning and building codes and other laws or by the holder of a mortgage on the Building or Project or any other modifications to the Common Areas deemed desirable by Landlord, which are consistent with the character of the Project, provided that access to the Premises and any common restrooms serving the Premises shall not be materially impaired. Upon the occurrence of any damage to the Premises, within thirty (30) days of written notice which Landlord shall provide within thirty (30)days of such damage (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 10.3.1</u> of this Lease covering restoration of the Premises (but excluding insurance proceeds for furniture, fixtures and merchandise on the Premises and Tenant's personal property), and Landlord shall repair any injury or damage to the Tenant improvements and the original improvements installed in the Premises and shall return such Tenant improvements and

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original improvements to their original condition; provided that if the cost of such repair by Landlord exceeds the amount of insurance proceeds received by Landlord from policies which (i) Tenant is required to carry hereunder, as assigned by Tenant, and (ii) Landlord is required to carry hereunder, the cost of such repairs shall be paid by Tenant to the extent the casualty was caused by the negligence of Tenant. Prior to the commencement of construction which Tenant will be performing, Tenant shall submit to Landlord, for Landlord's review and approval, all plans, specifications and working drawings relating thereto, and Landlord shall approve the contractors to perform such improvement work. 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 such damage or the repair thereof; provided however, that if such fire or other casualty shall have damaged the Premises or Common Areas necessary to Tenant's occupancy, and the Premises are not occupied by Tenant as a result thereof, then during the time and to the extent the Premises are unfit for occupancy (and or inaccessible), the Rent shall be abated in proportion to the ratio that the amount of rentable square feet of the Premises which is unfit for occupancy or inaccessible for the purposes permitted under this Lease bears to the total rentable square feet of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Final Two Years of Lease Term</u>**. Notwithstanding the terms of <u>Section 11.1</u> of this Lease, if, during the final two (2) years of the term of this Lease, the Premises should be rendered unusable in the manner and scope theretofore used by Tenant for any reason, and the onset of such condition occurs: (i) at a time in which there are not more than two (2) years and not less than six (6) months remaining in the term of the Lease, and such condition is reasonably estimated to continue for a period of at least thirty (30) consecutive days; or (ii) at a time in which there are less than six (6) months remaining in the term of the Lease, and such condition is reasonably estimated to continue for a period of least fifteen (15) consecutive days; or (iii) at any time during the final two (2) years of the Lease if the Premises, the Building, and/or the Project is "red-tagged" by any duly authorized governmental authority, then Landlord or Tenant may elect to terminate this Lease, by notifying the other party in writing of such termination at a time before the Premises are once again usable in the manner and scope used by Tenant prior to the onset of the unusability. Notwithstanding the foregoing, Landlord may only terminate this Lease if Landlord is terminating other leases within the Building and Project for similarly situated tenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Tenant's Termination Right</u>**. Within sixty (60) days after the occurrence of any fire or other casualty, Landlord shall cause to be delivered to Tenant an estimate (the "Casualty Estimate"), prepared by a qualified, independent, experienced and reputable architect and/or general contractor and addressed to Tenant, of the number of days, measured from the date of the casualty, that will be required for Landlord to complete the repair and restoration of the Base Building and the Common Areas. If the Premises or reasonable access to the Premises is damaged or destroyed and the repairs or restoration cannot be completed within two hundred seventy (270) days following the date of such damage or destruction, Tenant may, at its option, terminate this Lease by providing written notice to Landlord within the later of sixty (60) days after the date of any damage or destruction or thirty (30) days after receipt of the Casualty Notice. In addition, if Landlord fails to complete repairs to the Premises within 365 days of the date of the casualty, then Tenant shall have the right to terminate the Lease upon written notice

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delivered to Landlord at any time after such 365-day period and prior to Landlord's completion of such repairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Statutory Provisions</u>**. In this Lease, numerous provisions have been negotiated by the parties, some of which provisions are covered by statute. Whenever a provision of this Lease and a provision of any statute or other law cover the same matter, the provisions of this Lease shall control. The provisions of this Lease, including this <u>Article 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, the Building or the Project due to a casualty, and any statute or regulation of the State of California, including, without limitation, Civil Code Section 1932(1) with regard to Landlord's inability to perform and tenant's termination rights, Sections 1932(2) and 1933(4) of the California Civil Code, with respect to any rights or obligations concerning damage or destruction in the absence of an express agreement between the parties, Civil Code Sections 1941 and 1942 with respect to Landlord's repair duties and Tenant's right to repair and any other statute or regulation, now or hereafter in effect, shall have no application to any damage or destruction to all or any part of the Premises, the Building or the Project due to a casualty.

**<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 thereby. 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 breach by Tenant of any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular Rent so accepted, regardless of Landlord's knowledge of such preceding breach at the time of acceptance of such Rent. Absent Landlord's written consent, 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 such check or payment without prejudice to Landlord's right to recover the full amount due. Unless agreed to by Landlord in writing, 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 such 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.

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**<u>ARTICLE 13</u>**

**<u>CONDEMNATION</u>**

If the whole or more than thirty-three percent (33%) of the Premises, Building or Project shall be 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 use, reconstruction or remodeling of more than thirty-three percent (33%) of the Premises, Building or Project, or if Landlord shall grant a deed or other instrument in lieu of such taking of more than thirty-three percent (33%) of the Premises, Building or Project by eminent domain or condemnation, in each case for a period in excess of ninety (90) days, Landlord shall have the option to terminate this Lease effective as of the date possession is required to be surrendered to the authority. Notwithstanding the foregoing, Landlord may only terminate this Lease if Landlord is terminating other leases within the Building and Project for similarly situated tenants. if more than twenty-five percent (25%) of the rentable square feet of the Premises is taken, or if access to the Premises is substantially impaired, in each case for a period in excess of ninety (90) 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 such 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 fixtures belonging to Tenant and removable by Tenant upon expiration of the Lease Tenn pursuant to the terms of this Lease, any relocation award, and for moving expenses, the cost of improvements to the Premises paid for by Tenant, so long as such claims do not diminish the award available to Landlord or its mortgagee, and such claim is payable separately to Tenant. If this Lease is not so terminated by Landlord or Tenant, Landlord will, to the extent feasible, restore the Premises (including the Tenant improvements initially installed in the Premises) to substantially their former condition. Landlord will not, however, be required to restore any alterations, additions, or improvements other than the initial Tenant improvements or to spend any amount in excess of the condemnation proceeds actually received by Landlord. All Rent shall be apportioned as of the date of such termination. If any part of the Premises shall be taken, and this Lease shall not be so terminated, the Rent shall be proportionately abated. Tenant hereby waives any and all rights it might otherwise have pursuant to Section 1265.130 of The California Code of Civil Procedure. 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 ninety (90) days or less, then this Lease shall not terminate but the Base Rent and the Additional Rent shall be abated for the period of such taking in proportion to the ratio that the amount of rentable square feet of the Premises taken or untenantable (as reasonably determined by Tenant) bears to the total rentable square feet of the Premises. Landlord shall be entitled to receive the entire award made in connection with any such temporary taking.

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**<u>ARTICLE 14</u>**

**<u>ASSIGNMENT AND SUBLETTING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers</u>**. Except as expressly set forth herein, Tenant shall not, without the prior written consent of Landlord, not to be unreasonably withheld, conditioned or delayed, assign, mortgage, pledge, hypothecate, encumber, or permit any lien to attach to, or otherwise transfer, this Lease or any interest hereunder, permit any assignment, or other transfer of this Lease or any interest hereunder by operation of law, sublet the Premises or any part thereof, or enter into any license or concession agreements or otherwise permit the occupancy or use of the Premises or any part thereof by any persons other than Tenant and its employees (all of the foregoing are hereinafter sometimes referred to collectively as "**Transfers**" and any person to whom any Transfer is made or sought to be made is hereinafter sometimes 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 forty five (45) days nor more than nine (9) months after the date of delivery of the Transfer Notice, (ii) 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 that term is defined in <u>Section 14.3</u> below, in connection with such 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 by an officer, partner or owner thereof, and any other information reasonably required by Landlord which will enable Landlord to determine the financial responsibility, character, and reputation of the proposed Transferee, nature of such 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 requiring Landlord's consent which is made without Landlord's prior written consent shall, at Landlord's option, be null, void and of no effect, and shall, at Landlord's option, constitute a Default by Tenant under this Lease. Whether or not Landlord consents to any proposed Transfer, Tenant shall pay Landlord's reasonable, out-of-pocket review fees, as well as any reasonable, out-of-pocket professional fees (including, without limitation, reasonable attorneys', accountants', architects', engineers' and consultants' fees) actually incurred by Landlord for a Transfer in the ordinary course of business, within thirty (30) days after written request by Landlord with reasonable backup documentation, provided such fees shall not exceed Three Thousand Dollars ($3,000) for any proposed Transfer. In addition, Tenant shall reimburse Landlord or pay directly to Landlord's mortgagee(s) (as determined by Landlord) for mortgagee(s)' actual review and processing fees in connection with any proposed Transfer if review by Landlord's mortgagee(s) is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Consent</u>**. Landlord shall not unreasonably withhold, condition or delay its consent to any proposed Transfer of the Subject Space to the Transferee on the terms specified in the Transfer Notice and will respond to any Transfer Notice within thirty (30) days following receipt of such Transfer Notice. In lieu of such consent, (a) if the proposed Transfer is

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for more than fifty percent (50%) of the Premises for the remaining Lease Term, Landlord shall have the option (but not the obligation) to recapture the portion of the Premises subject to the proposed Transfer (in such event, Landlord at its cost shall separately demise the recaptured portion of the Premises and provide for egress and ingress, as well as other facilities therein required by applicable law, and the entire fifth (5<sup>th</sup>), seventh (7<sup>th</sup>) and tenth (10<sup>th</sup>) floors shall be re-measured and the rentable square footage of the Premises, including load factor shall be adjusted based on the most recent BOMA measurements). In no event shall Tenant sublease to more than four (4) subtenants contemporaneously during the Term. The foregoing option shall not be applicable to a Permitted Transfer, and shall be exercised by Landlord within ten (10) days from the date of Landlord's receipt of Tenant's Transfer Notice. Upon notification to Tenant by Landlord of Landlord's intention to recapture the Premises (or applicable portion thereof) hereunder, Tenant may rescind its Transfer Notice, by giving Landlord notice of such rescission within five (5) business days after receipt of Landlord's notice of intent to recapture, whereupon Tenant's Transfer Notice shall be null and void. In the event Landlord timely exercise its right to recapture and Tenant has not rescinded its Transfer Notice, Tenant shall thereupon execute an assignment of this Lease to Landlord, a cancelation of Lease or other appropriate instrument reasonably requested by Landlord and reasonably acceptable to Tenant, and upon the delivery of such instrument Tenant and Landlord shall be relieved of any further obligations to each other under this Lease with respect to the Premises or a portion thereof, as applicable. Notwithstanding such cancelation and termination due to such recapture, Tenant shall remain liable and responsible for the payment of any and all arrearages of Rent and all other monetary obligations and the performance and observance of any and all other covenants and agreements contained in this Lease which have not been performed or observed prior to such effective date of cancelation and termination. Without limitation as to other reasonable grounds for withholding consent, the parties hereby agree that it shall be reasonable under this Lease and under any applicable law 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;&nbsp;&nbsp;&nbsp;&nbsp;14.2.1&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Deleted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.2&nbsp;&nbsp;&nbsp;&nbsp;The Transferee intends to use the Subject Space for purposes which are prohibited under this Lease; 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;14.2.3&nbsp;&nbsp;&nbsp;&nbsp;The Transferee is either a governmental agency or instrumentality 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;14.2.4&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.5&nbsp;&nbsp;&nbsp;&nbsp;The proposed Transfer would cause a violation of another lease for space in the Project, or would give an occupant of the Project a right to cancel its lease, provided that Landlord notifies Tenant in writing of any such restriction within 10-business days after request from 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;14.2.6&nbsp;&nbsp;&nbsp;&nbsp;The Transferee is negotiating with Landlord or has negotiated with Landlord (as evidenced by an exchange of written proposals for the lease of space in the Project)

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during the six (6)-month period immediately preceding the date Landlord receives the Transfer Notice, to lease space in the Project, and Landlord has comparable space available for a comparable term;

If Landlord consents to any Transfer pursuant to the terms of this <u>Section 14.2</u>, Tenant may within nine (9) months after Landlord's consent, but not later than the expiration of said nine (9)-month period, enter into such Transfer of the Premises or portion thereof, upon substantially the same terms and conditions as are set forth in the Transfer Notice furnished by Tenant to Landlord pursuant to <u>Section 14.1</u> of this Lease, provided that if there are any material changes in the terms and conditions from those specified in the Transfer Notice (i) such that Landlord would initially have been entitled to refuse its consent to such Transfer under this <u>Section 14.2</u>, or (ii) which would cause the proposed Transfer to be materially more favorable to the Transferee than the terms set forth in Tenant's original Transfer Notice, Tenant shall again submit the Transfer to Landlord for its approval and other action under this <u>Article 14</u>, Tenant shall not publicly advertise the Premises for Transfer at a rental rate lower than the greater of the then building rental rate for such space, or the rental rate then being paid by Tenant to Landlord (for avoidance of doubt, the foregoing requirement only applies to public advertisement of rental rates but does not preclude Tenant from entering into a sublease with a rental rate lower than the then-applicable "Building rental rate"). Notwithstanding anything to the contrary in this Lease, if Tenant or any proposed Transferee claims that Landlord has unreasonably withheld or delayed its consent under <u>Section 14.2</u> or otherwise has breached or acted unreasonably under this <u>Article</u> <u>14</u>, their sole remedies shall be a suit for actual damages and/or declaratory judgment and an injunction for the relief sought, and Tenant hereby waives the provisions of Section 1995.310(b) of the California Civil Code, or any successor statute, and all other remedies, including, without limitation, any right at law or equity to terminate this Lease, on its own behalf and, to the extent permitted under all applicable laws, on behalf of the proposed Transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3&nbsp;&nbsp;&nbsp;&nbsp;<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 fifty percent (50%) of any "Transfer Premium," as that term is defined in this <u>Section 14.3</u>, received by Tenant from such Transferee. "**Transfer Premium**" shall mean all rent, additional rent or other consideration payable by such Transferee in connection with the Transfer in excess of the Rent and Additional Rent payable by Tenant under this Lease during the term of the Transfer on a per rentable square foot basis if less than all of the Premises is transferred, after deducting the reasonable expenses incurred by Tenant in connection with such Transfer, including without limitation (i) any changes, alterations and improvements to the Premises and any tenant improvement allowances in connection with the Transfer, (ii) any free Base Rent reasonably provided to the Transferee in connection with the Transfer (provided that such free rent shall be deducted only to the extent the same is included in the calculation of total consideration payable by such Transferee), (iii) any brokerage commissions in connection with the Transfer, (iv) legal fees reasonably incurred in connection with the Transfer, and (v) any costs paid to Landlord (or Landlord's mortgagee, if applicable) in obtaining such party's consent to the Transfer (collectively, "**Tenant's Subleasing Costs**"). "Transfer Premium" shall also include, but not be limited to, key money, bonus money or other cash consideration paid by Transferee to Tenant in connection with such Transfer. In addition, payments for services rendered by Tenant to Transferee or for assets, fixtures,

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inventory, equipment, or furniture transferred by Tenant to Transferee in connection with such Transfer, which are not deemed part of the real property improvements shall be excluded from the calculation of the Transfer Premium unless such payments are in excess of the fair market value of such items. 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 Transfer. Notwithstanding anything herein to the contrary, in no event shall Tenant be required to pay any Transfer Premium with respect to a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4&nbsp;&nbsp;&nbsp;&nbsp;<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, a copy of all documentation pertaining to the Transfer, (iv) Tenant shall furnish upon Landlord's request a complete statement ("Transfer Premium 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, and (v) no Transfer relating to this Lease or agreement entered into with respect thereto, whether with or without Landlord's consent, shall relieve Tenant from any liability under this Lease, including, without limitation, in connection with the Subject Space and (vi) Tenant and the Transferee(s) shall execute an instrument on Landlord's reasonable form confirming the restrictions herein on further subleasing or assignment and joining in the waivers and indemnities made by Tenant hereunder insofar as such waivers and indemnities relate to the affected space. Landlord or its authorized representatives shall have the right at all reasonable times following at least ten (10) days' prior written notice (which notice must be given within one (1) year after receipt of the Transfer Premium Statement) to audit the books, records and papers of Tenant relating to any Transfer, and shall have the right to make copies thereof which relate to the Transfer, provided that Landlord execute a commercially reasonable confidentiality agreement. If the Transfer Premium respecting any Transfer shall be found understated, Tenant shall, within thirty (30) days after demand, pay the deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Transfers</u>**. For purposes of this Lease, the term "**Transfer**" shall also include (i) if Tenant is a partnership, the withdrawal or change, voluntary, involuntary or by operation of law, of fifty percent (50%) or more of the partners, or transfer of fifty percent (50%) or more of partnership interests, within a twelve (12) month period, or the dissolution of the partnership without immediate reconstitution thereof, and (ii) subject to <u>Section 14.7</u> below, if Tenant is a closely held corporation (*i.e.,* whose stock is not publicly held and not traded through an exchange or over the counter), (A) the dissolution, merger, consolidation or other reorganization of Tenant or (B) the sale or other transfer of an aggregate of fifty percent (50%) or more of the voting shares of Tenant (other than to immediate family members by reason of gift or death), within a twelve (12)-month period, other than in connection with (x) the issuance of additional shares of Tenant's stock or (y) the sale on a "secondary market" of existing shares of Tenant's stock, so long as such issuance or sale in the case of clauses (x) or (y) does not result in a change in the power to direct or cause the direction of the management or policies of Tenant) (C) the sale, mortgage, hypothecation or pledge of an aggregate of fifty percent (50%) or more of the value of the unencumbered assets of Tenant within a twelve (12)-month period.

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Notwithstanding the foregoing, none of the following shall constitute an assignment requiring a consent of Landlord hereunder: (i) the issuance of shares of Tenant on any national securities exchange (as defined in the Securities Exchange Act of 1934, as amended), (ii) the sale of any shares of Tenant on any national securities exchange, or (iii) the transfer of the stock or membership interest in Tenant made in conjunction with a bona fide capitalization, recapitalization, or other financing of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Occurrence of Default</u>**. Any Transfer hereunder shall be subordinate and subject to the provisions of this Lease, and if this Lease shall be terminated during the term of any Transfer, Landlord shall have the right to: (i) treat such Transfer as cancelled and repossess the Subject Space by any lawful means, or (ii) require that such Transferee attorn to and recognize Landlord as its landlord under any such Transfer provided Landlord assumes the obligations of sublandlord under the applicable sublease. If Tenant shall be in Default, Landlord is hereby irrevocably authorized, to direct any Transferee to make all payments under or in connection with the Transfer directly to Landlord (which Landlord shall apply towards Tenant's obligations under this Lease) until such Default is cured. Such Transferee shall rely on any representation by Landlord, which is made in good faith by Landlord, that Tenant is in Default hereunder, without any need for confirmation thereof by Tenant. Landlord shall promptly notify such Transferee once such Default is cured at which time such Transferee shall resume making payments directly to Tenant. Upon any assignment, the assignee shall assume in writing all obligations and covenants of Tenant thereafter to be performed or observed 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 (other than those obligations which the Transferee's payments have been applied towards), 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. If Tenant's obligations hereunder have been guaranteed, Landlord's consent to any Transfer shall not be effective unless the guarantor also consents to such Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)if such assignment shall be to a successor by merger or consolidation, reorganization or recapitalization or by acquisition of assets or a controlling interest in the stock, such successor shall have acquired all or at least 95% of the

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assets or a controlling interest in the stock, and assumed all of the liabilities, of the assignor, and shall have total assets and total net worth at least equal to the total of the assets and total net worth, respectively, as of a date immediately prior to the date of the assignment, of the assignor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If such assignment or sublease shall be to an Affiliated Person of Tenant, such Affiliated Person of Tenant shall have assumed all of the liabilities hereunder of the assignor, and the assignor shall have expressly agreed to continue to remain jointly and severally liable as Tenant hereunder; provided that with respect to such Affiliated Person of Tenant, any future transaction or occurrence whereby it ceases to be an Affiliated Person of Tenant shall not be permitted under this paragraph but rather shall be deemed an assignment requiring consent as provided hereinabove, unless such future transaction or occurrence is made for a bona fide business purpose of an entity which is in some operating business (not merely a shell), not primarily to evade the limitations of this Article, and the net worth of the Tenant after the occurrence is not less than that of Tenant immediately prior to the transfer of this Lease to the Affiliated Person of Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The assumptions and agreements referred to in subparagraphs (i) and (ii) above shall be set forth in written instruments complying with the provisions of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The assignee or sublessee shall at all times use the Premises for only the purposes provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The transaction shall be made for a good faith operating business purpose, and not intended to evade compliance with the provisions of this Article concerning assignment and subletting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Landlord shall be given a duplicate of the instrument of assignment or sublease, or if none then of the instrument effecting the assignment, five (5) days prior to the effective date thereof (or, if such prior delivery is precluded by applicable law or confidentiality agreement, within ten (10) business days following the effective date thereof).

For the purposes of this paragraph, "control" shall mean the power by ownership or contract, effectively to control the operations and management of the entity controlled along with some equity ownership. Any transaction meeting the requirements of this <u>Section 14.7</u> is referred to as a "**Permitted Transfer**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions</u>**. Notwithstanding anything to the contrary contained herein, Tenant shall not, and Tenant shall not permit any other occupant of the Premises to, enter into any lease, sublease, license, concession or other agreement for use or occupancy of the Premises or any portion thereof which provides for a rental or other payment for such use or occupancy based in whole or in part on the net income or profits derived by any person or entity from the property leased, occupied or used, or which would require the payment of any consideration that would

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not qualify as "rents from real property," as that term is defined in Section 856(d) of the Internal Revenue Code of 1986, as amended. In addition, in no event shall Tenant allow any portion of the Premises to be occupied on a "desk-by-desk" basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Business Affiliates</u>**. Tenant shall have the right, from time to time, to allow one or more persons or entities with whom Tenant has a business relationship ("Business Affiliates") to occupy with Tenant up to twenty (20%) of the Premises on a shared basis with Tenant, subject to the following terms and conditions: (a) at least ten (10) business days before a Business Affiliate takes occupancy, Tenant shall provide Landlord with the name and address of such Business Affiliate; (b) Tenant shall exercise a reasonable degree of supervision over all activity occurring in the Premises; (c) the Business Affiliate's use and occupancy of the Premises shall be subject to the terms, covenants and conditions of this Lease, including, without limitation, the Building rules and regulations; (d) the Business Affiliate shall **<u>comply with the</u>** insurance **<u>provisions</u> <u>required herein</u>;** (e) Tenant's indemnification obligations under the Lease shall extend to any Business Affiliates occupying space within the Premises; and (f) Tenant's occupancy arrangements with the Business Affiliates shall not, whether in a single transaction or in a series of transactions, be entered into as a subterfuge to avoid the obligations and restrictions relating to Transfers set forth in this Article 14.

**<u>ARTICLE 15</u>**

**<u>SURRENDER OF PREMISES: OWNERSHIP</u>** 

**<u>AND REMOVAL OF TRADE FIXTURES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Surrender of Premises</u>**. No act or thing done by Landlord or any agent or employee of Landlord during the Lease Term shall be deemed to constitute an acceptance by Landlord of a surrender of the Premises unless such intent is specifically acknowledged in writing by Landlord. The delivery of keys to the Premises to Landlord or any agent or employee of Landlord shall not constitute a surrender of the Premises or effect a termination of this Lease, whether or not the keys are thereafter retained by Landlord, and notwithstanding such delivery Tenant shall be entitled to the return of such keys at any reasonable time upon request until this Lease shall have been properly terminated. The voluntary or other surrender of this Lease by Tenant, whether accepted by Landlord or not, or a mutual termination hereof, shall not work a merger, and except as otherwise provided herein, at the option of Landlord shall operate as an assignment to Landlord of all subleases or subtenancies affecting the Premises or terminate any or all such subleases or subtenancies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal of Tenant Property by Tenant</u>**. Upon the expiration of the Lease Term, or upon any earlier termination of this Lease, Tenant shall, subject to the provisions of this <u>Article 15</u>, quit and surrender possession of the Premises to Landlord in as good order and condition as when Tenant took possession pursuant to this Lease and as thereafter improved by Landlord and/or Tenant, reasonable wear and tear, damage due to casualty (if this Lease is terminated in connection therewith) and repairs which are specifically made the responsibility of Landlord hereunder 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,

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movable partitions and other articles of personal property owned by Tenant or installed or placed by Tenant at its expense in the Premises, and such similar articles of any other persons claiming under Tenant, as Landlord may, in its sole discretion, require to be removed, and Tenant shall repair at its own expense all damage to the Premises and Building resulting from such removal.

**<u>ARTICLE 16</u>**

**<u>HOLDING OVER</u>**

If Tenant holds over after the expiration of the Lease Term or earlier termination thereof, without the express or implied consent of Landlord, such tenancy shall not constitute a renewal hereof or an extension for any further term, and in such case Base Rent shall be payable on a per diem basis at a rate equal to the product of (i) the daily Base Rent applicable during the last rental period of the Lease Term under this Lease, and (ii) a percentage equal to 150% during the first thirty (30) days immediately following the expiration or earlier termination of the Lease, and 200% thereafter. Such tenancy shall be subject to every other applicable term, covenant and agreement contained herein. Nothing contained in 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. If Tenant fails to surrender the Premises within sixty (60) days following 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 loss, costs (including reasonable attorneys' fees) and liability resulting from such failure, including, without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom.

**<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 requested by Landlord and delivered to Tenant for execution, shall be substantially in the form of **<u>Exhibit E</u>**, attached hereto (or such other form as may be reasonably required by any prospective mortgagee or purchaser of the Project, 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's mortgagee or prospective mortgagee or purchaser. Tenant at no cost to Tenant shall execute and deliver whatever other instruments may be reasonably required for such purposes provided the same do not materially increase Tenant's obligations or materially decrease Tenant's rights under this Lease. Further, upon written request by Tenant, Landlord shall, within twenty (20) days following such request, provide such written confirmation as Landlord typically provides to tenants' auditors for confirmation of terms and payments, including whether or not Tenant is current in its rent obligations under the Lease, and that the Lease is in full force and effect. At any time during the Lease Term, but no more frequently than once in any twelve (12)-

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consecutive month period, and subject to the confidentiality provisions in <u>Section 30.29</u>, Landlord may require Tenant to provide Landlord with a current financial statement and financial statements of the year prior to the current financial statement year; provided, Landlord shall not request Tenant's financial statements except in connection with a sale or financing of the Project and Tenant may condition the delivery of such statements on the receipt of a commercially reasonable confidentiality agreement. Such statements, if such is the normal practice of Tenant, shall be audited by an independent certified public accountant. Notwithstanding anything herein to the contrary, if Tenant's shares are traded on a public exchange, Landlord will look solely to public sources of information to secure data concerning Tenant's financial condition and affairs. If Tenant fails to timely execute, acknowledge and deliver such estoppel certificate, Landlord may deliver to Tenant a written reminder written notice to Tenant that it has failed to timely deliver such estoppel certificate. If Tenant fails to deliver the estoppel certificate within five (5) business days after receipt of such reminder notice, such failure shall constitute an acknowledgment by Tenant that statements included in the estoppel certificate 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 Project and to the lien of any mortgage, trust deed or other encumbrances now or hereafter in force against the Building or Project or any part thereof, if any, and to all renewals, extensions, modifications, consolidations and replacements thereof, and to all advances made or hereafter to be made upon the security of such mortgages or trust deeds, unless the holders of such mortgages, trust deeds or other encumbrances require in writing that this Lease be superior thereto (collectively, the "**Superior Holders**"). In consideration of Tenant's agreement to subordinate this Lease to any Superior Holders who come into existence following the date hereof but prior to the expiration of the Lease, Landlord shall use commercially reasonable efforts to obtain and deliver to Tenant an subordination non-disturbance and attornment agreement in a form reasonably acceptable to Tenant provided by such Superior Holders, which requires such Superior Holder to accept this Lease, and not to disturb Tenant's possession, use and quiet enjoyment of the Premises, so long as a Default has not occurred and be continuing (an "**SNDA**"), executed by Landlord and the appropriate Superior Holder. Landlord shall use commercially reasonable efforts to obtain and deliver to Tenant an SNDA. Landlord shall have no obligation to incur any expense or take any action whatsoever (other than making the request) in order for Tenant to obtain an SNDA at Tenant's request, and if such Superior Holders agrees to deliver an SNDA to Tenant, any reasonable, out-of-pocket costs or expense payable to the holder or its counsel or representative for the delivery thereof shall be paid by Tenant. Tenant covenants and agrees in the event any proceedings are brought for the foreclosure of any such mortgage or deed in lieu thereof 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, if so requested to do so by such purchaser or lienholder, and to recognize such purchaser or lienholder as the lessor under this Lease, provided such lienholder or purchaser shall agree to accept this Lease and not disturb Tenant's use,

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occupancy and quiet enjoyment of the Premises, so long as a Default has not occurred beyond any applicable cure periods. Landlord's interest herein may be assigned as security at any time to any lienholder. Tenant shall, within fifteen (15) business days of 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 or trust deeds. 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.

**<u>ARTICLE 19</u>**

**<u>DEFAULTS; REMEDIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default</u>**. The occurrence of any of the following shall constitute a "**Default**" of this Lease by 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;19.1.1&nbsp;&nbsp;&nbsp;&nbsp;Any failure by Tenant to pay any Rent or any other charge required to be paid under this Lease, or any part thereof, when due, unless such failure is cured within five (5) days after Tenant's receipt of written notice that the same was not paid when due, provided that if Tenant has previously received three (3) or more notices from Landlord during the immediately preceding twelve (12) month period stating that Tenant failed to pay a 'material' amount required to be paid by Tenant under this Lease when due, then Landlord shall not be required to deliver any notice to Tenant (except as may be required by applicable law) and a default shall immediately occur upon any failure by Tenant to pay any rent or any other charge required to be paid under the Lease when due (as used herein, a 'material' amount shall mean an amount meeting or exceeding the current monthly Base Rent obligation); 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;19.1.2&nbsp;&nbsp;&nbsp;&nbsp;Except where specific actions by Tenant are deemed a 'Default' under the express terms of this Lease, 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; provided that if the nature of such default is such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in default if it diligently commences such cure within such period and thereafter diligently proceeds to rectify and cure such default within ninety (90) days after the expiration of the aforementioned thirty (30) day period; 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;19.1.3&nbsp;&nbsp;&nbsp;&nbsp;Abandonment (as defined in California Civil Code section 1951.3) of the Premises by Tenant in excess of the period set forth in Section 5.3 above; 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;19.1.4&nbsp;&nbsp;&nbsp;&nbsp;The failure by Tenant to observe or perform according to the provisions of <u>Articles 5</u>, <u>14</u>, <u>17</u> or <u>18</u> of this Lease where such failure continues for more than ten (10) days after written notice from Landlord.

The notice periods provided herein are in lieu of, and not in addition to, any notice periods provided by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies Upon Default</u>**. Upon the occurrence of any Default by Tenant, Landlord shall have, in addition to any other remedies available to Landlord at law or in equity (all of which remedies shall be distinct, separate and cumulative), the option to pursue any one or more of the following remedies, each and all of which shall be cumulative and nonexclusive, without any notice or demand whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.1&nbsp;&nbsp;&nbsp;&nbsp;Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof, without being liable for prosecution or any claim for damages therefor; and Landlord may recover from Tenant 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The worth at the time of award of the unpaid rent which has been earned at the time of such termination; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;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; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;The worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided, after deduction of all anticipated expenses of reletting, including, without limitation, all allowances, abatements, construction costs, brokerage commissions and tenant concessions likely to be required under then-existing market conditions; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;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, specifically including, but not limited to, brokerage commissions, expenses of remodeling the Premises or any portion thereof for a new tenant, whether for the same or a different use, and any special concessions made to obtain a new tenant; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;At Landlord's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law.

The term "**rent**" as used in this <u>Section 19.2</u> shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in <u>Sections 19.2.1(i)</u> and <u>(ii)</u>, above, the "worth at the time of award" shall be computed by allowing interest at the rate set forth in <u>Article 25</u> of this Lease, but in no case greater than the maximum amount of such interest permitted by law. As used in <u>Section 19.2.1(iii)</u> above, the "worth at the time of award" shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.2&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall have the remedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after lessee's breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations). Accordingly, if Landlord does not elect to terminate this Lease on account of any default by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and remedies under this Lease, including the right to recover all rent as it becomes due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2.3&nbsp;&nbsp;&nbsp;&nbsp;Landlord shall at all times have the rights and remedies (which shall be cumulative with each other and cumulative and in addition to those rights and remedies available under <u>Sections 19.2.1</u> and <u>19.2.2</u>, above, or any law or other provision of this Lease), without prior demand or notice except as required by applicable law, 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;&nbsp;&nbsp;&nbsp;&nbsp;**19.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Subleases of Tenant</u>**. Whether or not Landlord elects to terminate this Lease on account of any Default by Tenant, as set forth in this <u>Article 19</u>, except as otherwise provided in this Lease, Landlord shall have the right to terminate any and all subleases, licenses, concessions or other consensual arrangements for possession entered into by Tenant and affecting the Premises or may, in Landlord's sole discretion, succeed to Tenant's interest in such subleases, licenses, concessions or arrangements. In the event of Landlord's election to succeed to Tenant's interest in any such subleases, licenses, concessions or arrangements, Tenant shall, as of the date of notice by Landlord of such election, have no further right to or interest in the rent or other consideration receivable thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.4&nbsp;&nbsp;&nbsp;&nbsp;<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 any 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 sent by Landlord to Tenant. Tenant hereby irrevocably waives any right otherwise available under any law to redeem or reinstate this Lease.

**<u>ARTICLE 20</u>**

**<u>COVENANT OF QUIET ENJOYMENT</u>**

Landlord covenants that Tenant, on paying the Rent, charges for services and other payments herein reserved and on 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. The foregoing covenant is in lieu of any other covenant express or implied.

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**<u>ARTICLE 21</u>**

**<u>DEPOSIT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Deposit</u>**. Landlord's obligations and Tenant's rights hereunder are expressly conditioned upon Tenant depositing, concurrently with Tenant's execution hereof, the "Deposit" (as defined in subparagraph (b) below) as security for the prompt, full and faithful performance by Tenant of each and every provision of this Lease and of all obligations of Tenant hereunder; such Deposit may be in the form of cash or a Letter of Credit (as defined in subparagraph (b) below), or a combination thereof, so long as it aggregates the Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Letter of Credit</u>**. The term "Letter of Credit" as used herein shall mean an irrevocable, unconditional letter of credit, in form and substance reasonably acceptable to Landlord in Landlord's sole and reasonable judgment, expiring no earlier than February 28, 2022 in the amount of the Deposit (or such lesser amount if part of the Deposit is cash) issued by a commercial bank reasonably acceptable to Landlord (the "Issuing Bank"), in Landlord's sole and reasonable judgment, (x) that is chartered under the laws of the United States, any state thereof or the District of Columbia, and which is insured by the Federal Deposit Insurance Corporation; and (y) whose long-term, unsecured and unsubordinated debt obligations are rated "investment-grade" by Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Services ("S&P") or their respective successors (the "Rating Agencies") (which shall mean Baa3 or higher by Moody's and BBB or higher by S&P), or, if not rated by the Rating Agencies, having a BauerFinancial, Inc. rating of at least four (4) stars. The Letter of Credit (i) shall be payable to Landlord upon demand made pursuant to presentation of an unconditional sight draft without accompanying certificate and (ii) shall be renewed as hereafter provided in subparagraph (d) below. The term "Deposit" as used herein shall be the amount set forth in <u>Section 3.1</u> of the Summary. Landlord hereby approves Silicon Valley Bank as the Issuing Bank and approves the form of Letter of Credit attached hereto as Exhibit ______.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Deposit</u>**. If Tenant fails to perform any of its obligations hereunder within the applicable notice and cure periods and there is a Default that remains uncured, Landlord may use, apply or retain the whole or any part of the Deposit for the payment of: (i) any Rent or other sums of money which Tenant may not have paid within any applicable notice and cure periods; (ii) any reasonable, out-of-pocket sum expended by Landlord on behalf of Tenant in accordance with the provisions of this Lease; or (iii) any reasonable, out-of-pocket sum which Landlord may expend or be required to expend by reason of a Default by Tenant, including, without limitation, any damage or deficiency in or from the reletting of the Premises as provided in Section 20 hereof The use, application or retention of the Deposit, or any portion thereof, by Landlord shall not prevent Landlord from exercising any other right or remedy provided by this Lease or by law (it being intended that Landlord shall not first be required to proceed against the Deposit) and shall not operate as a limitation on any recovery to which Landlord may otherwise be entitled. If any portion of the Deposit is used, applied or retained by Landlord for the purposes set forth above, Tenant agrees, within ten (10) business days after the written demand therefor is made by Landlord, to deposit cash with Landlord or reinstate the Letter of Credit in an amount sufficient to restore the Deposit to its original amount.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Replenishment of Letter of Credit</u>**. No later than thirty (30) days prior to the expiration of any Letter of Credit then deposited hereunder, Tenant shall deliver to Landlord a new Letter of Credit expiring not earlier than the earlier of one (1) year from the expiration of the prior Letter of Credit or thirty (30) days after the expiration of the Lease Term, and meeting all of the other requirements set forth herein or an amendment to the existing Letter of Credit extending the maturity date thereof for one (1) year or thirty (30) days after the expiration of the Lease Term, whichever is earlier. In the event Tenant fails to timely provide such substitute Letter of Credit or amendment to the existing Letter of Credit, Landlord shall be entitled to draw down the entire amount of the Letter of Credit, without any notice, at any time on or after the thirtieth (30th) day preceding the expiration date of the Letter of Credit in the event Tenant is required to and fails to replace or extend the term of the Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Rights</u>**. Tenant waives the provisions of any law, (including, but not limited to California Civil Code Section 1950.7) now or hereafter enforced, to the extent the same provide that Landlord may claim from the Deposit only those sums reasonably necessary to remedy defaults in the payment of rent, to repair damage caused by Tenant or to clean the Premises, it being agreed that Landlord may, in addition, claim those sums reasonably necessary to compensate Landlord for any other loss or damage caused by any Tenant Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Refund of Deposit</u>**. If Tenant shall fully and faithfully comply with all of the provisions of this Lease, the Deposit, or any balance thereof, shall be returned to Tenant without interest within thirty (30) days after the expiration of the Lease Term. In the absence of evidence reasonably satisfactory to Landlord of any permitted assignment of the right to receive the Deposit, or of the remaining balance thereof, Landlord may return the same to the original Tenant, regardless of one or more assignments of Tenant's interest in this Lease or the Deposit. In such event, upon the return of the Deposit, or the remaining balance thereof to the original Tenant, Landlord shall be completely relieved of liability under this Section 21 or otherwise with respect to the Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Deposit</u>**. Tenant acknowledges that Landlord has the right to transfer or mortgage its interest in the Land and the Building and in this Lease and Tenant agrees that if such a transfer or mortgage occurs, Landlord shall have the right to transfer or assign the Deposit and/or Letter of Credit to the transferee or mortgagee. If the Lease is transferred or mortgaged, Tenant, at Landlord's cost, shall promptly reissue the Letter of Credit within thirty (30) days of written demand therefor from Landlord or any transferee or mortgagee, and any subsequent amended Letters of Credit or substitute Letters of Credit shall thereafter name the transferee or mortgagee as payee. Upon such transfer or assignment, provided such transferee or mortgagee has assumed Landlord's obligations under the Lease (including without limitation the return of such Deposit), Landlord shall thereby be released by Tenant from all liability or obligation for the return of such Deposit and Tenant shall look solely to such transferee or mortgagee for the return of the Deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>**.

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**<u>ARTICLE 22</u>**

**<u>COMMUNICATIONS AND COMPUTER LINES</u>**

Tenant may install, maintain, replace, remove or use any communications or computer wires and cables serving the Premises (collectively, the "**Lines**"), provided that (i) Tenant shall obtain Landlord's prior written consent, which shall not be unreasonably withheld, conditioned or delayed, use an experienced and qualified contractor approved in writing by Landlord, and comply with all of the other provisions of <u>Articles 7</u> and <u>8</u> of this Lease, (ii) the Lines therefor (including riser cables) shall be appropriately insulated to prevent excessive electromagnetic fields or radiation, shall be surrounded by a protective conduit reasonably acceptable to Landlord, and shall be identified in accordance with the "Identification Requirements," as that term is set forth herein below, (iii) any new or existing Lines servicing the Premises installed by Tenant shall comply with all applicable governmental laws and regulations, (iv) as a condition to permitting the installation of new Lines, Landlord may require that Tenant remove existing Lines located in or serving the Premises installed by Tenant and repair any damage in connection with such removal, and (v) Tenant shall pay all costs in connection therewith. All Lines shall be clearly marked with adhesive plastic labels (or plastic tags attached to such Lines with wire) to show Tenant's name, suite number, telephone number and the name of the person to contact in the case of an emergency (A) every four feet (4') outside the Premises (specifically including, but not limited to, the electrical room risers and other Common Areas), and (B) at the Lines' termination point(s) (collectively, the "**Identification Requirements**"). Landlord reserves the right, upon notice to Tenant prior to the expiration or earlier termination of this Lease, to require that Tenant, at Tenant's sole cost and expense, remove any Lines located in or serving the Premises and previously installed by Tenant prior to the expiration or earlier termination of this Lease to the extent such removal is required by applicable law.

**<u>ARTICLE 23</u>**

**<u>SIGNS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Full Floors</u>**. Subject to Landlord's prior written approval, which shall not be unreasonably withheld, conditioned or delayed, and provided all signs are in keeping with the quality, design and style of the Building and Project, Tenant, may install custom identification signage anywhere in the Premises including in the elevator lobby of the Premises, provided that such signs must not be visible from the exterior of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Reserved</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Prohibited Signage and Other Items</u>**. Any signs, notices, logos, pictures, names or advertisements which are installed outside of the Premises and that have not been separately approved by Landlord may be removed without notice by Landlord at the sole expense of Tenant. Tenant may not install any signs on the exterior or roof of the Project or the Common Areas. Any signs, window coverings, or blinds (even if the same are located behind the Landlord-approved window coverings for the Building), or other items visible from the exterior

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of the Premises or Building, shall be subject to the prior approval of Landlord, in its sole and reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Building Directory</u>**. Tenant shall have the right, at no charge to Tenant, to have Tenant's name entered into Landlord's directory in the Market Street lobby of the Building and any other directories in the Building.

**<u>ARTICLE 24</u>**

**<u>COMPLIANCE WITH LAW</u>**

Tenant shall not do anything or suffer anything to be done in or about the Premises or the Project which will in any way violate any law, statute, ordinance or other governmental rule, regulation or requirement now in force or which may hereafter be enacted or promulgated relating to Tenant's specific use of the Premises, as opposed to the use and occupancy of the Premises in general. At its sole cost and expense, Tenant shall promptly comply with such governmental measures relating to Tenant's specific use of the Premises, as opposed to the use and occupancy of the Premises for office use in general. 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 and enforcement of occupational, health or safety standards for tenants relating to Tenant's specific use of the Premises, as opposed to the use and occupancy of the Premises for office use in general, then Tenant agrees, at its sole cost and expense, to comply promptly with such standards or regulations and to cooperate with Landlord, including, without limitation, by taking such actions as Landlord may reasonably require, in Landlord's efforts to comply with such standards or regulations. Tenant shall be responsible, at its sole cost and expense, to make all alterations to the Premises as are required to comply with the governmental rules, regulations, requirements or standards described in this <u>Article 24</u> relating to Tenant's specific use of the Premises, as opposed to the use and occupancy of the Premises for office use in general, other than in connection with Base Building and/or the Building Systems. 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 shall promptly pay all fines, penalties and damages that may arise out of or be imposed because of its failure to comply with the provisions of this <u>Article 24</u>. Landlord shall be responsible for complying with all laws, statutes, ordinances and governmental rules, regulations or requirements now in force or which may hereafter be enacted or promulgated and pertain to the Project, except where Tenant is expressly required by this Lease to so comply.

**<u>ARTICLE 25</u>**

**<u>LATE CHARGES</u>**

If any installment of Rent or any other sum due from Tenant shall not be received by Landlord or Landlord's designee within five (5) business days after Tenant's receipt of written notice from Landlord that said amount is due, then Tenant shall pay to Landlord a late charge equal to five percent (5%) of the overdue amount; provided, however, that Landlord shall waive

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the first late charge in any consecutive twelve (12) month period. 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 which are not paid within ten (10) business days after the date they are due shall bear interest from the date when due until paid at a rate per annum equal to the lesser of (i) the annual "Bank Prime Loan" rate cited in the Federal Reserve Statistical Release Publication H.15 (or such other comparable index as Landlord and Tenant shall reasonably agree upon if such rate ceases to be published) plus two (2) percentage points, and (ii) the highest rate permitted by applicable law.

**<u>ARTICLE 26</u>**

**<u>LANDLORD'S RIGHT TO CURE DEFAULT; PAYMENTS BY TENANT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Cure</u>**. All covenants and agreements to be kept or performed by Tenant under this Lease shall be performed by Tenant at Tenant's sole cost and expense and without any reduction of Rent, except to the extent, if any, otherwise expressly provided herein. If Tenant shall fail to perform any obligation under this Lease, and such failure shall continue in excess of the time allowed under <u>Section 19.1.2</u>, above, Landlord may, but shall not be obligated to, make any such payment or perform any such act on Tenant's part without waiving its rights based upon any default of Tenant and without releasing Tenant from any obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Tenant's Reimbursement</u>**. Except as may be specifically provided to the contrary in this Lease, Tenant shall pay to Landlord, within 30 days of delivery by Landlord to Tenant of statements therefor (including reasonable backup documentation), sums equal to actual expenditures reasonably incurred by Landlord in connection with the remedying by Landlord of Tenant's defaults pursuant to the provisions of <u>Section 26.1</u>Tenant's obligations under this <u>Section 26.2</u> shall survive the expiration or sooner termination of the Lease Term.

**<u>ARTICLE 27</u>**

**<u>ENTRY BY LANDLORD</u>**

Landlord reserves the right at all times and upon reasonable advance written notice to Tenant (which shall be no less than twenty-four hours' prior notice) to enter the Premises to (i) inspect them; (ii) show and provide tours of the Premises to prospective purchasers, or to current or prospective mortgagees, ground or underlying lessors or insurers; to prospective tenants in the last twelve (12) months of the Lease Term (iii) post notices of nonresponsibility; (iv) alter, improve or repair the Premises or the Building, or for structural alterations, repairs or improvements to the Building or the Building's systems and equipment; or (v) during the last twelve (12) months of the Lease Term, show the Premises to prospective tenants. Notwithstanding anything to the contrary contained in this <u>Article 27,</u> Landlord may enter the Premises at any time without notice to (A) perform regularly recurring services required of Landlord, including janitorial service or to make repairs or respond to requests made by Tenant, or to make repairs affecting other tenants or Building Systems; (B) take possession due to any

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breach of this Lease in the manner provided herein; and (C) perform any covenants of Tenant which Tenant fails to perform after applicable notice and cure periods have expired. Notwithstanding anything herein to the contrary, Landlord's entry rights shall be subject to the following: (a) finishing any work for which it entered, and promptly repairing any damage caused to the Premises by Landlord or anyone accessing the Premises under this Section; (b) complying with all of Tenant's reasonable security and safety regulations, and if Tenant so elects, Landlord shall be accompanied by a representative of Tenant during any such entry; and (C) Landlord shall not interfere with or adversely affect Tenant's use of, or access to, the Premises. Landlord may make any such entries without the abatement of Rent, except as otherwise provided in this Lease, and may take such reasonable steps as required to accomplish the stated purposes. Provided Landlord has complied with this Article 27, Tenant hereby waives any claims for damages or for any injuries or inconvenience to or interference with Tenant's business, lost profits, any loss of occupancy or quiet enjoyment of the Premises, and any other loss occasioned thereby, except as otherwise provided in this Lease. For each of the above purposes, Landlord shall at all times have a key with which to unlock all the doors in 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 reasonably deem proper to open the doors in and to the Premises. 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 28</u>**

**<u>BUILDING ACCESS</u>**

Subject to state and local laws and subject to the terms and conditions of this Lease, Tenant shall be granted access to the Premises twenty-four (24) hours per day, every day of the year during the Lease Term, including access to the fire stairs and the doors thereto between contiguous floors comprising the Premises, provided that such access shall be subject to (i) Landlord's reasonable approval of the engineering specifications of Tenant's access card readers, if any, installed at the doors to the fire stairs and all additional reasonable security measures as may be imposed by Landlord from time to time, provided that (a) Tenant shall have been given written notice of such security measures at least five (5) business days prior to application, and (b) such measures are applicable to all tenants of the Building and their invitees, including, without limitation, measures to restrict access throughout the Building via security-coded card key or other access control systems, and (ii) restrictions on access imposed as a result of an emergency, damage or destruction, or condemnation. Tenant shall have the right to install access card readers at the doors to the Building's fire stairs, which would permit Tenant and its employees access through such doors to and from the Building's common stairwells for pedestrian travel between contiguous floors comprising the Premises and prevent other parties from accessing the Premises through such doors and the Building's fire stairs. Any such access

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card readers installed by Tenant shall be capable of being overridden by the Building's life safety system.

**<u>ARTICLE 29</u>**

**<u>CONDOMINIUM</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Condominium Documents</u>**. Tenant acknowledges that the Building and the land of which the Premises form a part may be subjected to the condominium form of ownership prior to the end of the Term of this Lease. Tenant agrees that if, at any time during the Term, the Building and the land shall be subjected to the condominium form of ownership, then, this Lease and all rights of Tenant hereunder are and shall be subject and subordinate in all respects to any condominium declaration (the "**Declaration**") and any other documents (together with the Declaration, collectively, the "**Condominium Documents**"; the condominium association and/or the board thereof, hereafter, the "**Condominium**") which shall be recorded in order to convert the Building and the land of which the Premises form a part to a condominium form of ownership in accordance with applicable California law and the laws of the City and County of San Francisco, provided that the Declaration and the Condominium Documents do not increase the obligations or liability or diminish the rights and remedies of Tenant hereunder or reduce Landlord's obligations hereunder or have an adverse impact upon the rights of Tenant hereunder or Tenant's use of, or access to, the Premises (in any case beyond a de minimis extent) and provided further that as a condition thereto the Board of Managers of the Condominium (the "**Board**") shall enter into a non-disturbance agreement with Tenant in form and substance reasonably satisfactory to Tenant, confirming that, so long as Tenant is not in default of its obligations under this Lease after notice and expiration of applicable grace periods, any foreclosure of the unit of which the Premises are a part or the exercise by the Board of any of its rights under the Condominium Documents shall not result in termination of this Lease or otherwise interfere with the rights, remedies and obligations of Tenant under this Lease. Tenant's obligation to comply with the Declaration and the Condominium Documents shall be subject to Tenant's prior written consent, which Tenant may withhold in its sole discretion, if the same would increase the obligations or liability or diminish the rights and remedies of Tenant hereunder or reduce Landlord's obligations hereunder or have an adverse impact upon the rights of Tenant hereunder or Tenant's use of, or access to, the Premises. If any such Declaration is to be recorded, Tenant, upon request of Landlord, but subject to the foregoing, shall enter into an amendment of this Lease in such respects as shall be reasonably necessary to conform to such condominiumization, including, without limitation, appropriate adjustments to the Percentage and to real estate taxes payable during the Base Year; provided Landlord shall pay for all costs incurred by Tenant (including without limitation Tenant's reasonable attorneys' fees) relating to such amendment of this Lease, such condominiumization and/or any documents relating thereto. Notwithstanding anything herein to the contrary, in no event shall the total amount of Rent (or any portion thereof, including without any limitation Tax Expenses and Operating Expenses) payable by Tenant under this Lease increase due to such condominiumization (in comparison to the amount of Rent (or any portion thereof) which would have been payable by Tenant under this Lease if such condominiumization had not occurred).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Rules and Regulations</u>**. Subject to the other provisions of this <u>Article 29</u>, Tenant agrees that it shall comply with the reasonable rules and regulations of the Condominium as well as Landlord's reasonable rules and regulations, provided such rules and regulations of the Condominium and Landlord's rules and regulations do not increase the obligations or liability or diminish the rights and remedies of Tenant hereunder or reduce Landlord's obligations hereunder or have an adverse impact upon the rights of Tenant hereunder or Tenant's use of, or access to, the Premises; and further provided that such rules and regulations shall not be effective until thirty (30) days after receipt of by Tenant of such rules and regulations in writing. Such rules and regulations shall be promulgated and enforced in a reasonable and non-discriminatory manner and Landlord shall make good faith efforts to uniformly enforce such rules and regulations against tenants of the Building. In the event of any inconsistency between such rules and regulations and this Lease, the terms of this Lease shall prevail. Landlord shall not be permitted to rescind rule 39 from the rules and regulations attached to this Lease in <u>Exhibit D,</u> which details Tenant's rights to bring dogs into the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Intentionally Deleted</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification</u>**. If at any time, pursuant to law or the provisions of the Condominium Documents, the Building shall cease to be a condominium, unless any condition exists pursuant to which this Lease may otherwise be terminated, then, this Lease shall continue in full force and effect between Tenant and the new owner of the Building, except that this Lease shall be deemed modified to delete provisions relating to the Condominium which are no longer relevant. At the request of Landlord, at no cost to Tenant and subject to Landlord's reimbursement of costs incurred by Tenant with respect to such modification of this Lease and review of any relevant documentation, Tenant will execute a modification of this Lease reasonably acceptable to Tenant confirming such changes at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Responsible Party</u>**. With regard to any items of repair, maintenance, restoration, services or other obligations of Landlord under this Lease which under the Condominium Documents or by law is the duty or responsibility of the Condominium, the board of managers, or the owner of any other unit in the Condominium (each of the foregoing being a "**Responsible Party**"), to the extent such Responsible Party fails to perform such obligations, the same shall be a default by Landlord hereunder. Landlord shall use commercially reasonable efforts to cause such Responsible Party to perform such work or other obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Condominiumization</u>**. Tenant acknowledges that Landlord retains the right, at any time during the Term, and from time to time, to split the Building into two (2) or more separate condominium units. In any such event, provided the following (i.e. items (i) through (iii)) do not increase the obligations or liability or diminish the rights and remedies of Tenant hereunder or reduce Landlord's obligations hereunder or have an adverse impact upon the rights of Tenant hereunder or Tenant's use of, or access to, the Premises, and provided further that Landlord shall reimburse Tenant for all costs incurred by Tenant (including without limitation reasonable attorneys' fees) in connection with the following, Tenant agrees as follows: (i) Tenant will give such consents if any, as may be required to effectuate any such further condominiumization within the Building; (ii) Tenant agrees that it will promptly cooperate and

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comply at Landlord's cost, with all reasonable requests made by Landlord in furtherance of any such further condominiumization, which may include, without limitation, executing such documents as may necessary in connection with the further condominiumization and consenting to any modifications of this Lease as may be reasonably requested by Landlord in connection therewith; and (iii) Tenant agrees that from after any such conversion of the Building to two (2) or more condominium units and the Condominium Unit Owner's assumption of Landlord's obligations under this Lease in writing, the word "Landlord" as used herein shall refer to the owner of the unit or units of the Condominium ("Condominium Unit Owner") which comprise the Premises and such other definitional charges as may be appropriate shall be made. From and after such further condominiumization, if any, the computation of Tenant's Proportionate Share shall be appropriately adjusted to reflect the relative size of the Premises to the tax lot constituting the condominium unit(s) containing the Premises, and any other escalation or other changes payable on the basis of a percentage of square footage of the Building shall be appropriately adjusted, if necessary, to accurately reflect Tenant's percentage thereof. Without limiting the generality of the foregoing, from and after such condominiumization, the Tax Expenses shall be determined by multiplying the Tax Expenses referred to in <u>Section 4.2.5</u> of this Lease times a fraction, the numerator of which is the amount of real estate taxes initially payable by the Condominium containing the Premises when the Condominium has been established and the denominator of which is the total amount of real estate taxes payable by all Condominiums in the Building when all such Condominiums have been established. Notwithstanding anything herein to the contrary, in no event shall the total amount of Rent (or any portion thereof, including without any limitation Tax Expenses and Operating Expenses) payable by Tenant under this Lease increase due to such condominiumization (in comparison to the amount of Rent (or any portion thereof) which would have been payable by Tenant under this Lease if such condominiumization had not occurred).

**<u>ARTICLE 30</u>**

**<u>MISCELLANEOUS PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms; Captions</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 either to corporations or partnerships 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 such Articles and Sections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2&nbsp;&nbsp;&nbsp;&nbsp;<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, provided this clause shall not permit any assignment by Tenant contrary to the provisions of <u>Article 14</u> of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3&nbsp;&nbsp;&nbsp;&nbsp;<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 Premises are temporarily darkened or the light or view therefrom is

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obstructed by reason of any repairs, improvements, maintenance or cleaning in or about the Project, 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;&nbsp;&nbsp;&nbsp;&nbsp;**30.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification of Lease</u>**. Should any current or prospective mortgagee for the Building or Project require 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 or in any way reduce Landlord's obligations hereunder, then and in such event, 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 thirty (30) days following a written request therefor; provided, that Landlord reimburses to Tenant any costs reasonably incurred by Tenant in connection with such modification, including, without limitation any legal fees and accounting fees, as applicable. At the request of Landlord or any mortgagee, Tenant agrees to execute a short form of Lease and deliver the same to Landlord within fifteen (15) business days following the written request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Landlord's Interest</u>**. Tenant acknowledges that Landlord has the right to transfer all or any portion of its interest in the Project or Building and in this Lease, and Tenant agrees that in the event of any such transfer, provided such transferee assumes Landlord's obligations under the Lease in writing from and after the date of such transfer, Landlord shall be released from all liability under this Lease arising after the date of such transfer and Tenant agrees to look solely to such transferee for the performance of Landlord's obligations hereunder after the date of transfer and such transferee shall be deemed to have fully assumed and be liable for all obligations of this Lease to be performed by Landlord, including the return of any Deposit sums transferred by Landlord to such transferee, and Tenant shall attorn to such transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Prohibition Against Recording</u>**. Except as provided in <u>Section 30.4</u> of this Lease, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Title</u>**. Subject to Tenant's rights under this Lease, 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 shall encumber the title of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.8&nbsp;&nbsp;&nbsp;&nbsp;<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;&nbsp;&nbsp;&nbsp;&nbsp;**30.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Payments</u>**. While a Default remains uncured, 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 outstanding 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;&nbsp;&nbsp;&nbsp;&nbsp;**30.10&nbsp;&nbsp;&nbsp;&nbsp;<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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.11&nbsp;&nbsp;&nbsp;&nbsp;<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 law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.12&nbsp;&nbsp;&nbsp;&nbsp;<u>No Warranty</u>**. In executing and delivering this Lease, except as set forth in this Lease, Tenant has not relied on any representations, including, but not limited to, any representation as to the amount of any item comprising Additional Rent or the amount of the Additional Rent in the aggregate or that Landlord is furnishing the same services to other tenants, at all, on the same level or on the same basis, or any warranty or any statement of Landlord which is not set forth herein or in one or more of the exhibits attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Exculpation</u>**. The liability of Landlord or the Landlord Parties 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 Project or the Premises shall be limited solely and exclusively to an amount which is equal to the interest of Landlord in the Project (including the Building) and the rents, issues and profits thereof, together with the proceeds of any applicable policy(ies) of insurance, any proceeds of sale, and the amount of any award in eminent domain. Neither Landlord, nor any of the Landlord Parties shall have any personal liability therefor, 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 30.13(a)</u> shall inure to the benefit of Landlord's and the Landlord Parties' present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and their respective partners, heirs, successors and assigns. Under no circumstances shall any present or future partner of Landlord (if Landlord is a partnership), or trustee or beneficiary (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, absent its gross negligence or intentional act, and except as otherwise provided in this Lease, neither Landlord nor the Landlord Parties shall be liable under any circumstances for injury or damage to, or interference with, Tenant's business, including but not limited to, 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. Neither Tenant, nor any of the Tenant Parties shall have any personal liability therefor, and Landlord hereby expressly waives and releases such personal liability on behalf of itself and all persons claiming by, through or under Landlord. The limitations of liability contained in this <u>Section 30.13(b)</u> shall inure to the benefit of Tenant's and the Tenant Parties' present and future partners, beneficiaries, officers, directors, trustees, shareholders, agents and employees, and their respective partners, heirs, successors and assigns. Notwithstanding anything to the contrary contained in this Lease, nothing in this Lease shall impose any obligations on Tenant or Landlord to be responsible or liable for, and each hereby releases the other from all liability for, consequential damages other than those consequential damages incurred by Landlord in connection with a holdover of the Premises by Tenant after the expiration or earlier termination of this Lease as expressly set forth in Section 16 of this Lease.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Allocation of Risks</u>**. Tenant acknowledges that it has been advised to have the provisions of this lease reviewed by an attorney of its own choosing and that it has done so or knowingly elected not to do so. Each of the waivers, releases, and other limitations on liability or claims provided in this article or elsewhere in this lease (including without limitation, liability or claims based on negligence or other fault) has been knowingly and intentionally made and agreed to by Tenant. This section is intended to satisfy any requirement of law that a waiver, release, or other limitation of claims or liability based on negligence or other fault be conspicuously disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>**. It is understood and acknowledged that there are no oral agreements between the parties hereto affecting 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 thereof, and none thereof 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;&nbsp;&nbsp;&nbsp;&nbsp;**30.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Lease</u>**. Landlord reserves the absolute right to effect such other tenancies in the Project as Landlord in the exercise of its sole business judgment shall determine to best promote the interests of the Building or Project. Tenant does not rely on the fact, nor does Landlord represent, that any specific tenant or type or number of tenants shall, during the Lease Term, occupy any space in the Building or Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Force Majeure</u>**. 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, orders or regulations, pandemics civil commotions, fire or other casualty, and other causes beyond the reasonable control of the party obligated to perform, except with respect to the obligations imposed with regard to Rent and other amounts to be paid by Tenant or Landlord pursuant to this Lease (collectively, a "**Force Majeure**"), notwithstanding anything to the contrary contained in this Lease, shall excuse the performance of such party for a period equal to any such prevention, delay or stoppage and, therefore, 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. In the event that either party is delayed from performing any obligation hereunder as a result of Force Majeure, such party shall promptly give notice to the other party of the delay in question, specifying in such notice the nature of the delay and, without any such estimate being deemed a representation or warranty, such party's good faith estimate of the length of the delay in question. The foregoing notwithstanding, under no circumstance shall a Force Majeure event permit Tenant from withholding the payment of any amount due hereunder including, but not limited to, the timely payment of Rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Redemption by Tenant</u>**. Tenant hereby waives, for Tenant and for all those claiming under Tenant, any and all rights now or hereafter existing to redeem by order or judgment of any court or by any legal process or writ, Tenant's right of occupancy of the

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Premises after any termination of this Lease. The foregoing waiver includes, without limitation, a waiver of any right of redemption or reinstatement of Tenant under any present or future case law or statutory provision (including Code of Civil Procedure Sections 473 and 1179 and Civil Code Section 3275) in the event Tenant is dispossessed from the Premises for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>**. All notices, demands, statements, designations, approvals or other communications (collectively, "**Notices**") given or required to be given by either party to the other hereunder or by law shall be in writing, shall be (A) sent by United States certified or registered mail, postage prepaid, return receipt requested ("**Mail**"), or (B) delivered by a nationally recognized overnight courier ("**Courier**"). Any Notice shall be sent or delivered, as the case may be, to Tenant at the appropriate address set forth in <u>Section 9</u> of the Summary, or to such other place as Tenant may from time to time designate in a Notice to Landlord, 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. Any Notice will be deemed given on the date that delivery is made or refused. As of the date of this Lease, any Notices to Landlord must be sent or delivered, as the case may be, to the following addresses:

Phelan Building LLC

[\*\*\*]

and

Phelan Building LLC

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.20&nbsp;&nbsp;&nbsp;&nbsp;<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. In the event that the Tenant is a married individual, the terms, covenants and conditions of this Lease shall be binding upon the marital community of which the Tenant is a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.21&nbsp;&nbsp;&nbsp;&nbsp;<u>Authority</u>**. If Tenant is a corporation, trust or partnership, Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in the State of California 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. In such event, Tenant shall, within ten (10) business days after execution of this Lease, deliver to Landlord reasonably satisfactory evidence of such authority and, if a corporation, within 10 business days of written demand by Landlord, also deliver to Landlord reasonably satisfactory evidence of (i) good standing in Tenant's state of incorporation and (ii) qualification to do business in the State of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Attorneys' Fees</u>**. In the event that either Landlord or Tenant should bring suit 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, and shall be enforceable whether or not the action is prosecuted to judgment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.23&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law; Waiver Of Jury Trial</u>**. This Lease shall be construed and enforced in accordance with the laws of the State of California. THE PARTIES HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF OR RELATING TO THIS LEASE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.24&nbsp;&nbsp;&nbsp;&nbsp;<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;&nbsp;&nbsp;&nbsp;&nbsp;**30.25&nbsp;&nbsp;&nbsp;&nbsp;<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 Section 11 of the Summary (the "**Brokers**"), who will be paid a commission by Landlord pursuant to the terms of a separate agreement 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, 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, occurring by, through, or under the indemnifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.26&nbsp;&nbsp;&nbsp;&nbsp;<u>Independent Covenants</u>**. This lease shall be construed as though the covenants herein between Landlord and Tenant are independent and not dependent, and nothing set forth herein is intended to limit the rights of Tenant to enforce any judgment entered by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.27&nbsp;&nbsp;&nbsp;&nbsp;<u>Project or Building Name, Address and Signage</u>**. Landlord shall have the right at any time to change the name and/or address of the Project or Building and to install, affix and maintain any and all signs on the exterior and on the interior of the Project or Building as Landlord may, in Landlord's sole and reasonable discretion, desire; provided, Landlord's signage does not adversely affect or obstruct Tenant's signage. Tenant shall not use the name of the Project or Building or use pictures or illustrations of the Project or Building in advertising or other publicity or for any purpose other than as the address of the business to be conducted by Tenant in the Premises, without the prior written consent of Landlord. Landlord shall not use Tenant's name (including Tenant's logo) in any marketing and advertising materials in connection with the Project without Tenant's consent. Landlord shall pay Tenant the reasonable cost of replacement stationery, business cards and website modification in the event Landlord voluntarily changes the address of the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.28&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>**. This lease may be executed in counterparts with the same effect as if both parties hereto had executed the same document Both counterparts shall be construed together and shall constitute a single lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.29&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>**. Tenant and Landlord each acknowledge that the content of this Lease and any related documents, including all documents and things subsequently delivered by the parties pursuant to this Lease, including, without limitation, estoppel certificates and financial statements, are confidential information. Tenant and Landlord shall keep such confidential

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information strictly confidential and shall not disclose such confidential information to any person or entity other than on an "as needed" basis (for example to such party's brokers, and financial, legal, and space planning consultants, and prospective assignees, subtenants or purchasers) to the extent required by applicable law or to enforce the terms of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.30&nbsp;&nbsp;&nbsp;&nbsp;<u>Building Renovations</u>**. It is specifically understood and agreed that Landlord has no obligation and has made no promises to alter, remodel, improve, renovate, repair or decorate the Premises, Building, or any part thereof and that no representations respecting the condition of the Premises or the Building have been made by Landlord to Tenant except as specifically set forth herein. Tenant hereby acknowledges that Landlord is currently renovating or may during the Lease Term renovate, improve, alter, or modify (collectively, the "Renovations") the Project, the Building and/or the Premises. Provided that such Renovations do not unreasonably interfere with Tenant's use and enjoyment of the Premises, or access thereto, Tenant hereby agrees that such Renovations shall in no way constitute a constructive eviction of Tenant nor entitle Tenant to any abatement of Rent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.31&nbsp;&nbsp;&nbsp;&nbsp;<u>No Violation</u>**. Tenant hereby warrants and represents that neither its execution of nor performance under this Lease shall cause Tenant to be in violation of any agreement, instrument, contract, law, rule or regulation by which Tenant is bound, and Tenant shall protect, defend, indemnify and hold Landlord harmless against any claims, demands, losses, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys' fees and costs, arising from Tenant's breach of this warranty and representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.32&nbsp;&nbsp;&nbsp;&nbsp;<u>Asbestos Disclosures</u>**. Landlord has advised Tenant that there is asbestos-containing material ("**ACM**") in the Building that is not in a condition which requires action or remediation pursuant to applicable laws and regulations. Attached hereto as **<u>Exhibit F</u>** is a disclosure statement regarding ACM in the Building. Tenant acknowledges that such notice complies with the requirements of Section 25915 *et seq.* and Section 25359.7 of the California Health and Safety Code. Unless occurring as the direct result of the gross negligence or intentional act of Tenant, if such ACM should subsequently become in a condition that requires action or remediation, Landlord shall complete such action and remediation consistent with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.33&nbsp;&nbsp;&nbsp;&nbsp;<u>OFAC Compliance</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;30.33.1 **<u>Representations and Warranties</u>**. Tenant represents and warrants that (a) Tenant and each person or entity owning an interest in Tenant is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control, Department of the Treasury ("**OFAC**") and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the "**List**"), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Tenant constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (c) no Embargoed Person has any interest of any nature whatsoever in Tenant (whether directly or

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indirectly), and (d) none of the funds of Tenant have been derived from any unlawful activity with the result that the investment in Tenant is prohibited by law or that the Lease, as amended, is in violation of law. The term "**Embargoed Person**" as used in this paragraph means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 <u>et seq</u>., The Trading with the Enemy Act, 50 U.S.C. App. 1 <u>et seq</u>., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Tenant is prohibited by law or Tenant is in violation of law.

Landlord represents and warrants that (a) Landlord and each person or entity owning an interest in Landlord is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List maintained by the OFAC and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the "**List**"), and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States, (b) none of the funds or other assets of Landlord constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person (as hereinafter defined), (c) no Embargoed Person has any interest of any nature whatsoever in Landlord (whether directly or indirectly), and (d) none of the funds of Landlord have been derived from any unlawful activity with the result that the investment in Landlord is prohibited by law or that the Lease, as amended, is in violation of law. The term "**Embargoed Person**" as used in this paragraph means any person, entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic Powers Act, 50 U.S.C. §1701 <u>et seq</u>., The Trading with the Enemy Act, 50 U.S.C. App. 1 <u>et seq</u>., and any Executive Orders or regulations promulgated thereunder with the result that the investment in Landlord is prohibited by law or Landlord is in violation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.33.2&nbsp;&nbsp;&nbsp;&nbsp;**<u>Compliance with Laws</u>**. Tenant and Landlord each covenants and agrees (a) to comply with all requirements of law relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect, (b) to immediately notify the other party in writing if any of the representations, warranties or covenants set forth in this paragraph or the preceding Section are no longer true or have been breached or if Tenant or Landlord, as applicable, has a reasonable basis to believe that they may no longer be true or have been breached, (c) not to use funds from any "Prohibited Person" (as such term is defined in the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism) to make any payment due to the other party under the Lease, as amended, and (d) at the request of the other party, to provide such information as may be requested by the other party to determine compliance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.33.3 **<u>Event of Default: Indemnity</u>**. Tenant hereby acknowledges and agrees that Tenant's inclusion on the List at any time during the term of the Lease, as amended, shall be a Default under this Lease, as amended hereby. Notwithstanding anything herein to the contrary, Tenant shall not permit the Premises or any portion thereof to be used or occupied by any person

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or entity on the List or by any Embargoed Person (on a permanent, temporary or transient basis), and any such use or occupancy of the Premises by any such person or entity shall be a Default under this Lease. Tenant shall indemnify and hold Landlord harmless and against from all losses, damages, liabilities, cost and expenses (including, without limitation, reasonable attorneys' fees and expenses) that are incurred by Landlord and/or its affiliate that derive from a claim made by a third party against Landlord and/or its affiliates arising or alleged to arise from a misrepresentation made by Tenant hereunder or a breach of any covenant to be performed by Tenant 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;30.33.4&nbsp;&nbsp;&nbsp;&nbsp;**<u>Documentation</u>**. Tenant shall provide documentary and other reasonable evidence of Tenant's identity as may be reasonably requested by Landlord at any time to enable Landlord to verify Tenant's identity or to comply with any legal request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.34&nbsp;&nbsp;&nbsp;&nbsp;<u>GAAP</u>**. Landlord and Tenant hereby agree that from and after the date of this Lease, any and all references in this Lease to "generally accepted accounting principles" and/or "**GAAP**," if any, shall be deemed to be references to "generally accepted accounting principles or International Financial Reporting Standards ('IFRS')", as such standards and principles are generally applied to small, privately held companies, and which generally do not include certain adjustments (such as non-cash stock option expense) which might be expected to be performed by larger, public companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.35&nbsp;&nbsp;&nbsp;&nbsp;<u>Lease Contingency</u>**. This Lease and the liability of Tenant hereunder is and shall be wholly contingent upon the full execution and delivery of the Sublease, receipt of Landlord's written consent to such Sublease, and Landlord's execution and delivery of a recognition agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.36&nbsp;&nbsp;&nbsp;&nbsp;<u>Certified Access Specialist</u>**. As of the Effective Date, the Project has not been inspected by a Certified Access Specialist.

**<u>ARTICLE 31</u>**

**RESERVED**

**<u>ARTICLE 32</u>**

**RESERVED**

*[Remainder of page intentionally left blank; signature pages to follow]*

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IN WITNESS WHEREOF, Landlord and Tenant have caused this Lease to be executed the day and date first above written.

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| |
|:---|
| "LANDLORD": |
| **PHELAN BUILDING LLC,** |
| a Delaware limited liability company |
| By:<u>/s/ Patrick Hotung&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| Name:PATRICK HOTUNG |
| Title: PRESIDENT |
| "TENANT": |
| **FIGMA, INC.** |
| By:<u>/s/ Dylan Field&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
| Name: Dylan Field |
| Title: CEO |

---

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**<u>EXHIBIT A-1</u>**

**<u>760 MARKET STREET</u>**

**<u>OUTLINE OF PREMISES</u>**

Exhibit A-1

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**<u>EXHIBIT A-2</u>**

**<u>760 MARKET STREET</u>**

**<u>DESCRIPTION OF LAND</u>**

BEGINNING AT A POINT ON THE SOUTHERLY LINE OF O'FARRELL STREET, DISTANT THEREON 87 FEET AND 6 INCHES EASTERLY FROM THE EASTERLY LINE OF STOCKTON STREET; RUNNING THENCE EASTERLY ALONG SAID SOUTHERLY LINE OF O'FARRELL STREET 295 FEET AND 11-3/8 INCHES TO THE WESTERLY LINE OF GRANT AVENUE; THENCE AT A RIGHT ANGLE SOUTHERLY 12 FEET AND 9-7/8 INCHES TO THE NORTHWESTERLY LINE OF MARKET STREET; THENCE RUNNING SOUTHWESTERLY ALONG SAID LINE OF MARKET STREET 328 FEET AND 9-1/4 INCHES TO A POINT, WHICH SAID POINT IS DISTANT 120 FEET AND 9-3/4 INCHES NORTHEASTERLY FROM THE POINT OF INTERSECTION OF SAID NORTHWESTERLY LINE OF MARKET STREET WITH THE NORTHERLY LINE OF ELLIS STREET AND WHICH SAID POINT OF INTERSECTION OF SAID NORTHERLY LINE OF ELLIS STREET WITH THE NORTHWESTERLY LINE OF MARKET STREET IS DISTANT 18 FEET AND 7-3/4 INCHES EASTERLY FROM THE POINT OF INTERSECTION OF SAID NORTHERLY LINE OF ELLIS STREET WITH THE EASTERLY LINE OF STOCKTON STREET; THENCE RUNNING NORTHERLY PARALLEL WITH THE SAID EASTERLY LINE OF STOCKTON STREET 117 FEET AND 9-3/8 INCHES TO A POINT; THENCE AT A RIGHT ANGLE WESTERLY AND PARALLEL WITH THE SOUTHERLY LINE OF O'FARRELL STREET 29 FEET AND 2 INCHES TO A POINT DISTANT AT A RIGHT ANGLE EASTERLY 87 FEET AND 6 INCHES FROM THE EASTERLY LINE OF STOCKTON STREET; THENCE AT A RIGHT ANGLE NORTHERLY 87 FEET AND 2-3/8 INCHES TO THE POINT OF BEGINNING.

BEING A PORTION OF 50 VARA BLOCK NO, 122

EXHIBIT A-2

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**<u>EXHIBIT B</u>**

**RESERVED**

EXHIBIT B

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**<u>EXHIBIT C</u>**

**<u>760 MARKET STREET</u>**

**<u>NOTICE OF LEASE TERM DATES</u>**

To:&nbsp;&nbsp;&nbsp;&nbsp;__________________

__________________

__________________

__________________

Re:&nbsp;&nbsp;&nbsp;&nbsp;Office Lease dated ________, 20___ between PHELAN BUILDING LLC, a Delaware limited liability company ("**Landlord**"), and __________, a __________ ("**Tenant**") concerning floor(s) ______ of the office building located at 760 Market Street, San Francisco, California 94102.

Gentlemen:

In accordance with the Office Lease (the "**Lease**"**),** we wish to advise you and/or confirm as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Lease Term shall commence on or has commenced on __________ for a term of __________ ending on __________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Rent commenced to accrue on __________, in the amount of __________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.If the Rent Commencement Date is other than the first day of the month, the first billing will contain a pro rata adjustment. Each billing thereafter, with the exception of the final billing, shall be for the full amount of the monthly installment as provided for in the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Your rent checks should be made payable to __________ at __________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The exact number of rentable/usable square feet within the Premises is ______ square feet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Tenant's Share as adjusted based upon the exact number of usable square feet within the Premises is _____%.

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| |
|:---|
| **"Landlord":** |
| PHELAN BUILDING LLC, |
| a Delaware limited liability company |
| By:____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;Its:_________________________________ |

---

EXHIBIT C-1

------

Agreed to and Accepted as

of __________, 20___.

**"Tenant":**

By:____________________________________ <br> Its:_________________________________

EXHIBIT C-2

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**<u>EXHIBIT D</u>**

**<u>760 MARKET STREET</u>**

**<u>RULES AND REGULATIONS</u>**

Tenant shall faithfully observe and comply with the following Rules and Regulations. Landlord shall not be responsible to Tenant for the nonperformance of any of said Rules and Regulations by other tenants or occupants of the Project provided if such nonperformance shall adversely affect Tenant's use of, or access to, the Premises, then Landlord shall use commercially reasonable efforts to enforce said Rules and Regulations against the nonperforming tenant(s) or occupant(s). In the event of any conflict between the Rules and Regulations and the other provisions of this Lease, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall not alter any lock or install any new or additional locks or bolts on any doors or windows of the Premises without obtaining Landlord's prior written consent. Tenant shall bear the cost of any lock changes or repairs required by Tenant. Two keys will be furnished by Landlord for the Premises, and any additional keys required by Tenant must be obtained from Landlord at a reasonable cost to be established by Landlord. Upon the termination of this Lease, Tenant shall restore to Landlord all keys of stores, offices, and toilet rooms, either furnished to, or otherwise procured by, Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;All doors opening to public corridors shall be kept closed at all times except for normal ingress and egress to the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Landlord reserves the right to close and keep locked all entrance and exit doors of the Building during such hours as are designated by Landlord but not during Building hours. Tenant, its employees and agents must be sure that the doors to the Building are securely closed and locked when leaving the Premises if it is after the normal hours of business for the Building. Any tenant, its employees, agents or any other persons entering or leaving the Building at any time when it is so locked, or any time when it is considered to be after normal business hours for the Building, may be required to sign the Building register. Access to the Building may be refused unless the person seeking access has proper identification or has previously arranged for access to the Building. Tenant shall be responsible for all persons for whom Tenant requests passes and shall be liable to Landlord for all acts of such persons while in the Building on such requested pass. The Landlord and his agents shall in no case be liable for damages for any error with regard to the admission to or exclusion from the Building of any person. In case of invasion, mob, riot, public excitement, or other commotion or emergency, Landlord reserves the right to prevent access to the Building or the Project during the continuance thereof by any means it deems appropriate for the safety and protection of life and property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;No furniture, freight or equipment of any kind shall be brought into the Building without prior notice to Landlord. All moving activity into or out of the Building shall be scheduled with Landlord and done only at such time and in such manner as Landlord reasonably designates. Landlord shall have the right to prescribe the weight, size and position of all safes and other heavy property brought into the Building and also the times and manner of moving the

EXHIBIT D-1

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same in and out of the Building. Safes and other heavy objects shall, if considered necessary by Landlord, stand on supports of such thickness as is necessary to properly distribute the weight. Landlord will not be responsible for loss of or damage to any such safe or property in any case. Any damage to any part of the Building, its contents, occupants or visitors by moving or maintaining any such safe or other property shall be the sole responsibility and expense of Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;No furniture, packages, supplies, equipment or merchandise will be received in the Building or carried up or down in the elevators, except between such hours, in such specific elevator and by such personnel as shall be designated by Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;The requirements of Tenant will be attended to only upon application at the management office for the Project or at such office location designated by Landlord. Employees of Landlord shall not perform any work or do anything outside their regular duties unless under special instructions from Landlord. Should Landlord use an Electronic Work Order Request system, Tenant agrees to use such system for all requests for services and repairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, no sign, advertisement, notice or handbill shall be exhibited, distributed, painted or affixed by Tenant on any part of the Building outside of the Premises without the prior written consent of the Landlord. Tenant shall not disturb, solicit, peddle, or canvass any occupant of the Project and shall cooperate with Landlord and its agents of Landlord to prevent same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;The toilet rooms, urinals, wash bowls and other apparatus shall not be used for any purpose other than that for which they were constructed, and no foreign substance of any kind whatsoever shall be thrown therein. The expense of any breakage, stoppage or damage resulting from the violation of this rule shall be borne by the tenant who, or whose servants, employees, agents, visitors or licensees shall have caused same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall not overload the floor of the Premises, nor mark, drive nails or screws (except as appropriate to hang reasonable decorative art and photographs), or drill into the partitions, woodwork or drywall or in any way deface the Premises or any part thereof without Landlord's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;Except for vending machines intended for the sole use of Tenant's employees and invitees, no vending machine or machines other than office machines or equipment shall be installed, maintained or operated upon the Premises without the written consent of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall not use, store or keep in or on the Premises, the Building, or the Project any kerosene, gasoline or other inflammable or combustible fluid, chemical, substance or material, except for customary office and janitorial and maintenance supplies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall not without the prior written consent of Landlord use any method of heating or air conditioning whatsoever other than that supplied by Landlord.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall not use, keep or permit to be used or kept, any foul or noxious gas or substance in or on the Premises, or permit or allow the Premises to be occupied or used in a manner offensive or objectionable to Landlord or other occupants of the Project by reason of noise, odors, or vibrations, or interfere with other tenants or those having business therein (excluding after Business Hours the use of any musical instrument or phonograph). Tenant shall not throw anything out of doors, windows or skylights or down passageways.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided by law or otherwise set forth in the Lease, Tenant shall not bring into or keep within the Project, the Building or the Premises any firearms, animals, birds or aquariums, except for service animals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;No commercial or "for profit" cooking shall be done or permitted on the Premises, nor shall the Premises be used for lodging or for any illegal purposes. Notwithstanding the foregoing, microwave ovens, coffee makers and toaster ovens may be used in the Premises for heating food and brewing coffee, tea, hot chocolate and similar beverages for employees and visitors, provided that such use is in accordance with all applicable federal, state, county and city laws, codes, ordinances, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;The Premises shall not be used for manufacturing. Tenant shall not occupy or permit any portion of the Premises to be occupied as an office for a messenger-type operation or dispatch office, public stenographer or typist, or for the manufacture or sale of liquor, narcotics, or tobacco in any form, or as a medical office, or as a barber or manicure shop, or as an employment bureau without the express prior written consent of Landlord. Tenant shall not advertise for laborers giving an address at the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;Landlord reserves the right to exclude or expel from the Project any person who, in the judgment of Landlord, is intoxicated or under the influence of liquor or drugs, or who shall in any manner do any act in violation of any of these Rules and Regulations or any other activity deemed illegal by State or Federal Authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;Tenant, its employees and agents shall not loiter in or on the entrances, corridors, sidewalks, lobbies, courts, halls, stairways, elevators, vestibules or any Common Areas for the purpose of smoking tobacco products or for any other purpose, nor in any way obstruct such areas, and shall use them only as a means of ingress and egress for the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall not waste water and agrees to cooperate fully with Landlord to ensure the effective operation of the Building's heating and air conditioning system, and shall refrain from attempting to adjust any controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall store all its trash and garbage within the interior of the Premises. The disposal of trash material or the storage of materials in any and all common areas is prohibited. No material shall be placed in the trash boxes or receptacles if such material is of such nature that it may not be disposed of in the ordinary and customary manner of removing and disposing of trash and garbage in city in which the Building is located without violation of any law or ordinance governing such disposal. All trash, garbage and refuse disposal shall be made only

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through entry-ways and elevators provided for such purposes at such times as Landlord shall designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;Tenant and Employees of Tenant shall comply with all safety, fire protection and evacuation procedures and regulations established by Landlord or any governmental agency. This shall include any and all State and City required trainings and drills, including but not limited to the Project's annual Fire drill and Floor Warden Training classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;Any persons employed by Tenant to do supplemental janitorial work shall be subject to the prior written approval of Landlord, and while in the Building and outside of the Premises, shall be subject to and under the control and direction of the Building manager (but not as an agent or servant of such manager or of Landlord), and Tenant shall be responsible for all acts of such persons. It is understood and agreed that Landlord may require use of specific Contractors for janitorial services and Tenant agrees to use such Contractors, including for the use of any desired additional services,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;No awnings or other projection shall be attached to the outside walls of the Building without the prior written consent of Landlord, and no curtains, blinds, shades or screens shall be attached to or hung in, or used in connection with, any window or door of the Premises other than Landlord standard coverings. All electrical ceiling fixtures hung in the Premises or spaces along the perimeter of the Building must be fluorescent and/or of a quality, type, design and a warm white bulb color approved in advance in writing by Landlord. Neither the interior nor exterior of any windows shall be coated or otherwise sunscreened without the prior written consent of Landlord. Tenant shall abide by Landlord's regulations concerning the opening and closing of window coverings which are attached to the windows in the Premises, if any, which have a view of any interior portion of the Building or Building Common Areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;The sashes, sash doors, skylights, windows, and doors that reflect or admit light and air into the halls, passageways or other public places in the Building shall not be covered or obstructed by Tenant, nor shall any bottles, parcels or other articles be placed on the windowsills.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;Tenant must comply with requests by the Landlord concerning the informing of their employees of items of importance to the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;&nbsp;&nbsp;&nbsp;Tenant must comply with the State of California "No-Smoking" law set forth in California Labor Code Section 6404.5, and any local "No-Smoking" ordinance which may be in effect from time to time and which is not superseded by such State law. A No Smoking Policy is in effect in the Building. Smoking is prohibited in all areas of the Building, including the common areas, restrooms, lobbies, elevators, the Leased Premises and outside the Building, within twenty (20) feet of any Building entrance. Tenant agrees that Tenant and Tenant's employees, agents and invitees will abide by the above building No Smoking Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;&nbsp;&nbsp;&nbsp;Tenant hereby acknowledges that Landlord shall have no obligation to provide guard service or other security measures for the benefit of the Premises, the Building or the Project. 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,

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including keeping doors locked and other means of entry to the Premises closed, whether or not Landlord, at its option, elects to provide security protection for the Project or any portion thereof. Tenant further assumes the risk that any safety and security devices, services and programs which Landlord elects, in its sole discretion, to provide may not be effective, or may malfunction or be circumvented by an unauthorized third party, and Tenant shall, in addition to its other insurance obligations under this Lease, obtain its own insurance coverage to the extent Tenant desires protection against losses related to such occurrences. Tenant shall cooperate in any reasonable safety or security program developed by Landlord or otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;&nbsp;&nbsp;&nbsp;Any and all preexisting vibration, noise and annoyance that is caused by the building operations, the city sounds, and/or any other noise shall not be the responsibility of the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;&nbsp;&nbsp;&nbsp;Tenant shall not use in any space or in the public halls of the Building, any hand trucks except those equipped with rubber tires and rubber side guards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.&nbsp;&nbsp;&nbsp;&nbsp;No auction, liquidation, fire sale, going-out-of-business or bankruptcy sale shall be conducted in the Premises without the prior written consent of Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.&nbsp;&nbsp;&nbsp;&nbsp;No tenant shall use or permit any person to use any portion of the Premises for such person's permanent living quarters, sleeping apartments or lodging rooms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.&nbsp;&nbsp;&nbsp;&nbsp;Tenants may not tamper with or attempt to adjust temperature control thermostats in their premises. Landlord will adjust thermostats as required to maintain the Building standard temperature. Each tenant must use reasonable efforts to keep all window blinds down to help maintain comfortable room temperatures and conserve energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.&nbsp;&nbsp;&nbsp;&nbsp;Each Tenant will comply with all security procedures during business hours, after hours, and on weekends. This includes Tenant Vendor and/or Tenant Contractor access and procedures whereby "Tenant Contractor Entrance Authorization" by Landlord is required for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Access to Building mechanical, telephone or electrical rooms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Freight elevator use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)After-hours building access by tenant contractors. Tenants will be responsible for contacting Landlord 24 hours in advance for clearance of tenant contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.&nbsp;&nbsp;&nbsp;&nbsp;Canvassing, peddling, soliciting, and distribution of hand bills in the Building (except for activities within a tenant's premises that involve only the tenant's employees) is prohibited. Tenants will notify Landlord if such activities occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.&nbsp;&nbsp;&nbsp;&nbsp;Tenants must refer all contractors, contractors' representatives, and installation technicians tendering any service to them to Landlord for Landlord's supervision, approval, and control before the performance of any contractual services. This provision applies to all work performed in the Building (other than work under contract for installation or maintenance of

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security equipment or banking equipment), including but not limited to, installations of telephones, telegraph equipment, electrical devices and attachments, and any and all installations of every nature affecting floors, walls, woodwork, trim, windows, ceilings, equipment, and any other portion of the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.&nbsp;&nbsp;&nbsp;&nbsp;Each Tenant must provide Landlord with names and telephone numbers of individuals who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Should be contacted in an emergency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Should be granted access to the Tenant's leased space, upon proof of identification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.&nbsp;&nbsp;&nbsp;&nbsp;Tenant agrees to participate and encourage Employees of Tenant to participate in accordance with Landlord's recycling and composting program. Failure of Tenant to participate in accordance with such program will result in increased cost to Landlord which Tenant agrees to reimburse any such increased cost within thirty (30) days of written demand from Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.&nbsp;&nbsp;&nbsp;&nbsp;Tenant agrees to abide by the Elevator Use Rules of the Project whereas the designated passenger elevator cars are for the use of passengers and not freight, and whereas the designated freight elevator cars are for the use of freight only and not passengers. Furthermore, Tenant agrees to encourage all Tenant Employees to abide by this rule whereas the passenger use of the designated freight elevators is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding terms of Section 14 of these Rules and Regulations, in addition to service dogs, Landlord will permit trained and obedient dogs within the Premises, subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Tenant shall keep on file and provide a copy to the Landlord or the Property Manager, completed and executed copies of applications containing the information solicited on the attached "Dog Application form" for any dog which may be kept in the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Dog Application Form applies solely to the particular dog identified therein, and does not extend to any other animal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)All dogs must be six (6) months of age or older. All dogs must be spayed or neutered and shall be licensed and vaccinated in accordance with local laws. All dogs must be socialized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The maximum number of dogs within the Premises at any one time shall be three (3) dogs to every full floor of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Dogs shall never be left unattended at the Premises and shall not be kenneled or otherwise remain in the Premises for periods of longer than twelve (12) hours in any twenty-four (24) hour period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)No dog shall create noise or unreasonably annoy other occupants of the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Dog may not be bathed or groomed within the Premises. No pet food or water may be left outside of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Dogs are not permitted to be walked or held in Common Areas, except on a leash. Dogs must remain on leash when not within the Premises and may only be walked in the portions of the Common Areas designated by Landlord for such purpose. Dogs must be taken to designated areas of the Property for their toilet purposes. In no event shall any toilet boxes, "pee pads" or dog waste of any kind exist in the Premises. All dog waste is to be removed immediately, sealed in plastic bags, and disposed into an exterior dumpster or trash can.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Tenant shall be charged for any extra maintenance, janitorial or similar costs that are incurred by Landlord in connection with dogs within the Premises or dogs of Tenant's employees on or about the Property, included but not limited to carpet cleaning, excrement removal, painting, wall repair, floor care, landscape repair/replacement and/or increased insurance costs. Tenant's indemnity obligation as set forth in the Lease shall include any claims, suits, liabilities, judgements, costs, demands, causes of action and expenses (including, without limitation, reasonable attorneys' fees, costs and disbursements) arising from the presence of Tenant's dogs in or about the Premises, the actions of any dogs of Tenant's employees, or any failure of Tenant or its employees to control such dogs. and Tenant's surrender obligations shall include fully remediating and correcting any damage or increased wear and tear caused by dogs permitted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Tenant shall be permitted no greater than twelve (12) total dogs at any one time ("Maximum Dog Occupancy"). Landlord may withdraw permission for Tenant to allow any particular dog on or about the Premises or the Property if Landlord, based on any documented incident or incidents involving that particular dog, reasonably determines the continued presence of such dog presents an unreasonable risk of nuisance or personal injury to tenants or other occupants or invitees of the Property. Landlord shall notify Tenant of any complaints received and the incident or incidents regarding the dog(s) that Landlord documents. In the event Landlord bans a particular dog from the Project and Premises as permitted herein, Tenant's Maximum Dog Occupancy shall be reduced by one (1) dog.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The above rules and regulations are subject to ongoing review and may be changed and/or modified at owner's reasonable discretion, provided Landlord may not alter the policies detailed in subsections (d) and (j) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.&nbsp;&nbsp;&nbsp;&nbsp;Subject to the requirements of the Lease, Landlord reserves the right at any time to change or rescind any one or more of these Rules and Regulations, or to make such other and further reasonable Rules and Regulations (with at least thirty (30) days prior written notice) as in Landlord's reasonable judgment may from time to time be necessary for the management, safety, care and cleanliness of the Premises, Building, the Common Areas and the Project, and for the

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preservation of good order therein, as well as for the convenience of other occupants and tenants therein; <u>provided,</u> that no such other rules and regulations shall adversely affect Tenant's use of, or access to and from, the Premises, or materially increase any of Tenant's obligations, or materially decrease any of Tenant's rights, under this Lease. Landlord may waive any one or more of these Rules and Regulations for the benefit of any particular tenants, provided Landlord shall not enforce any such Rules and Regulations on a discriminatory basis. Tenant shall be deemed to have read these Rules and Regulations and to have agreed to abide by them.

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**<u>EXHIBIT E</u>**

**<u>760 MARKET STREET</u>**

**<u>FORM OF TENANT'S ESTOPPEL CERTIFICATE</u>**

The undersigned as Tenant under that certain Office Lease (the **"Lease")** made and entered into as of __________, 20___ by and between PHELAN BUILDING LLC, a Delaware limited liability company, as Landlord, and __________, a __________, as Tenant, for Premises on the__________ floor of the office building located at 760 Market Street, San Francisco, California 94103, certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as **<u>Exhibit A</u>** is a true and correct copy of the Lease and all amendments and modifications thereto. The documents contained in **<u>Exhibit A</u>** represent the entire agreement between the parties as to the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned currently occupies the Premises described in the Lease, the Lease Term commenced on __________, and the Lease Term expires on __________, and the undersigned has no option to purchase all or any part of the Premises, the Building and/or the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Base Rent became payable on __________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;The Lease is in full force and effect and has not been modified, supplemented or amended in any way except as provided in **<u>Exhibit A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Tenant has not transferred, assigned, or sublet any portion of the Premises nor entered into any license or concession agreements with respect thereto except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;All monthly installments of Base Rent, all Additional Rent and all monthly installments of estimated Additional Rent have been paid when due through __________. The current monthly installment of Base Rent is $__________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Except as may otherwise be specified below, to Tenant's actual knowledge, all conditions of the Lease to be performed by Landlord necessary to the enforceability of the Lease have been satisfied and Landlord is not in default thereunder. In addition, the undersigned has not delivered any notice to Landlord regarding a default by Landlord thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;No rental has been paid more than thirty (30) days in advance and no security has been deposited with Landlord except as provided in the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Except as may otherwise be specified below, as of the date hereof, there are no existing defenses or offsets, or, to the undersigned's actual knowledge, claims or any basis for a claim, that the undersigned has against Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;If Tenant is a corporation or partnership, Tenant hereby represents and warrants that Tenant is a duly formed and existing entity qualified to do business in the State of California

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and that Tenant has full right and authority to execute and deliver this Estoppel Certificate and that each person signing on behalf of Tenant is authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;There are no actions pending against the undersigned under the bankruptcy or similar laws of the United States or any state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;Other than in compliance with all applicable laws and incidental to the ordinary course of the use of the Premises, the undersigned has not used or stored any hazardous substances in the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;Except as may otherwise be specified below, to the undersigned's actual knowledge, all tenant improvement work to be performed by Landlord under the Lease has been completed in accordance with the Lease and has been accepted by the undersigned and all reimbursements and allowances due to the undersigned under the Lease in connection with any tenant improvement work have been paid in full.

The certifications made herein are based on the actual (and not deemed, imputed or constructive) knowledge of the undersigned, without any obligation to perform any inquiry. Further, nothing contained herein shall be deemed to amend the terms of the Lease. The undersigned acknowledges that this Estoppel Certificate may be delivered to Landlord or to a prospective mortgagee or prospective purchaser, and acknowledges that said prospective mortgagee or prospective purchaser will be relying upon the statements contained herein in making the loan or acquiring the property of which the Premises are a part and that receipt by it of this certificate is a condition of making such loan or acquiring such property.

Executed at __________ on the ______ day of __________, 20___.

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| |
|:---|
| **"Tenant":** |
| _______________________, |
| a ______________________ |
| By:____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;Its: |
| By:____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;Its: |

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EXHIBIT E-2

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**<u>EXHIBIT F</u>**

**<u>760 MARKET STREET</u>**

**<u>CALIFORNIA ASBESTOS NOTICE</u>**

Federal Laws require that in light of the age of the Building, certain areas and materials of the Building are presumed to contain asbestos until proven otherwise. Landlord has conducted a general assessment of the Building in accordance with applicable Laws and is operating under an operations and management plan (the "O&M Plan") to manage locations of asbestos and "presumed asbestos" in place. Tenant may review the O&M Plan on reasonable advance notice to Landlord. Under applicable Laws and the O&M Plan, special procedures must be followed by Landlord and/or as applicable by Tenant in performing many ordinary activities such as buffing floors, changing light bulbs, and changing smoke detector batteries, and maintenance personnel must be trained in these procedures. Tenant must comply (and must cause its employees and contractors to comply) with all Laws and provisions of the O&M Plan insofar as they relate to Tenant's use and occupancy of the Premises. Notwithstanding anything to the contrary in the Lease, Tenant may not perform any remodeling, maintenance, repair, or construction activities in the Premises that would violate the O&M Plan.

EXHIBIT F

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**<u>EXHIBIT G</u>**

**<u>760 MARKET STREET</u>**

**<u>TENANT CONSTRUCTION GUIDELINES</u>**

**TABLE OF CONTENTS**<br>

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| | | |
|:---|:---|:---|
| I. | DIRECTORY | PAGE 2 |
| II. | GENERAL INFORMATION | PAGE 3 |
| III. | INSURANCE | PAGE 9 |
| IV. | PRE-CONSTRUCTION | PAGE 13 |
| V. | MEP SYSTEMS | PAGE 16 |
| VI. | OTHER BUILDING SYSTEMS | PAGE 18 |
| VII. | FEES | PAGE 22 |
| VIII. | POST CONSTRUCTION | PAGE 23 |
| IX. | APPENDIX | PAGE 24 |

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***Landlord reserves the right to revise and supplement the foregoing rules and regulations from time to time as Landlord may deem necessary.***

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**I. Directory**

**<u>TENANT COORDINATION</u>**

**<u>PROPERTY MANAGEMENT</u>**

**<u>SAN FRANCISCO DEPARTMENT OF BUILDING INSPECTION</u>**

[\*\*\*]

**<u>SAN FRANCISCO PLANNING DEPARTMENT</u>**

[\*\*\*]

**<u>SAN FRANCISCO DEPARTMENT OF PUBLIC HEALTH</u>**

[\*\*\*]

**<u>WATER & SEWER</u>**

[\*\*\*]

**<u>ELECTRIC/GAS</u>**

[\*\*\*]

EXHIBIT G-2

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**II. General Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.During the course of all construction activity, all contractors will honor the established policy of treating the premises as a professional business, with respect and courtesy provided any public business. Proper conduct and treatment of Premises facilities and Property Management personnel will be expected and any violations will not be tolerated and may result in the eviction of that Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All Contractors will conduct and coordinate a pre-construction meeting with Tenant Coordination and/or Property Management Office prior to the commencement of ANY construction activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No trenching or cutting of floors/ceilings will be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All construction sites will be required to have a damp carpet or equivalent device at any and all entries to prevent the carry of dust and debris into the general common areas of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Common areas will NOT be utilized at ANY time for ANY construction activities unless other arrangements have been specifically given at the time of the pre-construction meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.ALL construction debris will be placed in construction containers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.All Contractors will assess their immediate Tenant areas. If any corner guards, corridor walls, doorframes, door assemblies, ceilings assemblies, or any other Premises property is damaged as a result of construction activity, Property Management will assess the Contractor the appropriate repair costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.All Contractors are required to maintain a clean and orderly area. All debris and trash must be removed on a daily basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.During sprinkler system impairments, the Contractor must maintain a fire watch during all phases of construction activity. These must be coordinated in advance with Building Management and the Premises Chief Engineer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.All spaces under construction must have fire extinguishers available (quantity per code) in case of emergency. A Fire extinguisher must be available at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.General Contractor must review, inspect and coordinate with Property Management that all fire, smoke, HVAC, electrical, plumbing, and sprinkler systems are functioning properly at the conclusion of their project.

EXHIBIT G-3

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.All Hot Work (i.e. burning or welding operations) will require the prearranged permission by Property Management and will require the Contractor to post a specific fire watch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Cutting, soldering, or welding is prohibited under the following circumstances:

&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)In areas not authorized by Tenant Coordination/Property Management.

&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)In the presence of explosive or flammable atmospheres, or explosive or flammable atmospheres that may develop inside unclean or improperly prepared tanks or equipment that have previously contained such materials, or in areas with an accumulation of combustible dusts.

&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)In areas near the storage of quantities of exposed, readily ignitable materials.

&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)In areas where employees or workers are present, unless proper shields or guards and appropriate exhaust provisions are used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.No signage is permitted on any barricade or other area of operations other than the Tenant's branding approved prior to construction commencement by Tenant Coordination; with the sole exception of Code Required Signage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Contractor must provide Tenant Coordination/Property Management with the General Contractor contact and Sub-Contractor contact list in the event of an emergency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.All construction activity must be confined to the Tenant space. NO COMMON AREA activity is permitted unless otherwise pre-approved by Property Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.General Contractor and Sub-Contractors shall make themselves knowledgeable of all existing conditions, configurations and dimensions of the job site and fully understand how the new construction relates to site work before proceeding with the work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Contractor and contractor's employees (including all subcontractors) are not allowed to enter any areas of the premises that are not designated work areas at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.A copy of these Rules <u>must</u> be reviewed, understood, and posted by the Contractor in the work area at the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Work permits <u>must</u> be posted in the work area at all times and be protected from weather, dirt, dust, etc.

EXHIBIT G-4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.All mobile equipment in contact with the floors must be rubber-wheeled and the wheels must be kept clean and dust free to avoid leaving tracks in finished spaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.Any damage to the existing floors or walls will be the Contractor's responsibility, including and up to all repair or replacement costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.Unless specifically approved, no Contractor is permitted to perform work inside any equipment or mechanical room including, electrical closets and telephone rooms unless specifically approved by Tenant Coordination/Property Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.No Contractor is permitted to perform work in or on ceilings of any public/common areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Under no circumstances shall the Contractor drill, burn, or fasten anything to any structural members without written consent of Tenant Coordination/Property Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.All penetrations through the walls, floors, and ceilings must be sealed per approved fire-rated material(s) per the local jurisdictional authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Public/common areas including floor, ceiling, walls, or mechanical chases may not be used as a tenant raceway system. If a corridor crossing is required, Tenant Coordination/ Property Management approval is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Sweeping compound and a damp mop is to be used on the job site for cleanup at the end of each day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.No trash accumulation in service corridors, hallways, or surrounding Tenant area or any area of the Building premises will be allowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.The use of odor-causing or particulate-generating practices must be pre-approved by Tenant Coordination/Property Management and scheduled 48 hours in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.The use of power equipment using diesel fuel within the Premises is strictly forbidden. The use of propane and battery powered equipment is preferred and encouraged whenever possible. Please follow all Local City/State Regulations/ Ordinances for any alternative means of power. The Contractor shall consult with Property Management before bringing any equipment into the Premises. No flammable liquids or materials may be stored at the job site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Additional fire prevention precautions and suppression capability must be engaged whenever performing such work under any of the following conditions

&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.Appreciable combustible material in building construction or contents is closer than 35 feet from the point of operation.

EXHIBIT G-5

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&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.Appreciable combustibles are more than 35 feet away but are easily ignited by sparks.

&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.Wall or floor openings occur with a 35-foot radius of the point of operation where the potential exists of igniting exposed combustible material. This includes adjacent areas and concealed spaces in walls, floors, and ceilings.

&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.Combustibles could be ignited by conduction or radiation through metal partitions, wall, ceilings, or roofs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Contractor access needs must be scheduled through the Tenant Coordinator/ Property Management at lease forty-eight (48) hours in advance. If a Security Officer must be employed to watch over any area or path of Egress/Ingress, then those charges will be charged to the General Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.It is the Contractor's responsibility to check with Tenant Coordination/Property Management prior to commencement of work to determine whether there are any known hazardous substances on or near the premise. No construction materials containing hazardous substances (i.e. VAT) may be used or brought on site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.It is the Contractor's responsibility to maintain the work area in a neat and orderly manner. The work area also includes any area beyond the dust-tight drywall partition where work is occurring or where traffic has occurred while implementing the work. Any dust, dirt, or debris, which may migrate beyond the partitions, is also the Contractor's responsibility. The Contractor must employ clean-up personnel to perform this task. They may be needed daily during some phases of the construction project. These personnel should be responsive not only to the Contractor's construction superintendent but to Tenant Coordination/Property Management as well. Property Management will coordinate all clean-up requests through the Contractor's on-site superintendent; however, when deemed necessary, Property Management may direct the clean-up personnel directly and subsequently notify the Contractor's superintendent. The Contractor should not expect or rely upon the Premises maintenance staff to clean up after the Contractor's work. If this is deemed necessary by Property Management, the cost of such work shall be borne by the Contractor. A fee of $300.00 per day may be deducted from the Tenant's General Contractor construction deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.The following activities are specifically prohibited from occurring on the premises and cannot be undertaken by the Contractor:

&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 use of tenant space, other than tenant space being constructed pursuant to 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;b)Unauthorized use of building equipment

EXHIBIT G-6

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&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)The use of the building's trash compactor, dumpster, or container

&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)Unauthorized parking in restricted areas

&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)Unauthorized on-site storage

&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)Unauthorized congregation in building public space/common areas and loitering in common areas, including the sidewalk areas outside the Property

&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)Cooking or quantity food preparation on site

&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)Objectionable, abusive, or unacceptable personal behavior of contractor personnel

&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)Bringing articles onto or into the Property deemed hazardous such as explosives, or firearms

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j)Loud noises, including the use of stereos and radios, on site considered by Management as objectionable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.Use of alcoholic beverages or any substance defined as an illegal drug by the Contractor or Sub-Contractor employees on the job site is strictly forbidden. In addition, any items that may be termed as a weapon (excluding construction tools) are forbidden on any part of the construction site or in the center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.**SMOKING IS NOT PERMITTED** – Premises policies and City Code prohibit smoking in the building. This includes your construction site. **NO EXCEPTIONS!**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.All construction personnel will use service corridors and rear hallways for ingress and egress to/from the job site. No doors are to be left open or jammed open at any time. Violations will result in a $200.00 fine for each occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.**PROPERTY DRAINAGE SYSTEM** – Any Contractor caught pouring anything but water into the Premises sewer system will be billed for the cleaning of the system, all the way to the City storm drain, to insure Property Management that no debris remains anywhere in the system. Additionally, the **<u>ENVIRONMENTAL PROTECTION AGENCY</u>** will be notified by Tenant Coordination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.Saw Cutting – Before any Tenant or Tenant's Contractor will be allowed to saw cut or core drill the cement slab within the Tenant space, Property Management must be notified AT LEAST FORTY-EIGHT (48) HOURS IN ADVANCE.

EXHIBIT G-7

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Property Management will coordinate all adjacent Tenant issues and advise of the scheduling with the following guidelines:

&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)All saw cutting and core drilling must be accomplished before 8:00AM and after 6:00PM.

&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)If work is scheduled and extra security personnel are needed to guard the Premises, the Tenant's General Contractor will be responsible for payment in advance. This must be coordinated with Property Management 48 hours in advance of need.

&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)It will be the responsibility of the Contractor to clean up any debris escaping into the Premises after this work is finished.

&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)All saw cutting must be done with a wet saw and a wet vacuum for clean-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.Before the commencement of any construction activity, all Contractors will provide Tenant Coordination with 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;a)Permits

&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)Security Deposit

&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)Insurance

&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)List of Sub-Contractors

&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)Construction Schedule

**PLEASE REVIEW EACH INDIVIDUAL SECTION FOR SPECIFIC INFORMATION REGARDING THAT ITEM. GENERAL CONTRACTOR RESPONSIBLE TO PASS ALONG ALL PERTINENT INFORMATION TO ALL SUB CONTRACTORS.**

EXHIBIT G-8

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**III. Insurance**

**EXHIBIT "I"**

**For mutual considerations contained in the Agreement, Contractor accepts by its** 

**signature below the provisions of this exhibit.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;Contractor shall at its sole cost and expense procure and maintain insurance policies with the following minimum limits, coverages and terms as set forth herein (the "Policies"). The cost to the Contractor is included in the sums Contractor is entitled to receive under this Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Commercial General Liability (CGL) with a limit of not less than **$1,000,000** General Aggregate Limit; **$1,000,000** Products-Completed Operations Aggregate Limit; **$1,000,000** Personal & Advertising Injury Limit; **$1,000,000** Each Occurrence Limit; **$50,000** Fire Damage Legal Limit; **$5,000** Medical Expenses Limit. CGL insurance shall be written on ISO occurrence form CG 00 01 (or a substitute form providing equivalent coverage). The CGL policy shall include (i) ISO Additional Insured Endorsement CG 20 10 10 01 or its equivalent, providing coverage for Owner and any additional insureds (collectively the "Owner Parties") with respect to liability arising out of the ongoing operations of Contractor; (ii) ISO Additional Insured Endorsement CG 20 37 10 01 or its equivalent, providing coverage for Owner Parties with respect to liability arising out of completed operations of the Contractor for a period of at least two (2) years following Owner's final acceptance of Contractor's work; and (iii) a separate general aggregate limit for the Project. The CGL policy shall not have a 'third-party-action-over' exclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Business automobile liability insurance, including non-owned and hired automobile coverage, with a combined single limit of not less than $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Statutory Workers' Compensation, Disability Benefits and employer's liability insurance covering all employees associated with the Project, with the following employers liability limits (or such limits as would satisfy the underlying insurance limits requirement of the umbrella liability insurance referred to in f. below): Bodily Injury by accident **-$500,000 each accident;** Bodily Injury by disease **- $500,000 policy limit;** Bodily Injury by disease - **$500,000 each employee.** Wherever permitted, the Workers Compensation policy shall include a Waiver of Our Right to Recover from Others endorsement WC 00 03 13. This endorsement will name the Owner Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Property insurance on the Contractor's property, including but not limited to tools and equipment not intended to be incorporated into the project.

EXHIBIT G-9

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Professional Liability/Errors or Omissions Coverage with a limit of not less than **$1,000,000** for Professional Contractors providing professional services such as, but not limited to, architectural, engineering, or design services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Umbrella liability insurance with a limit of **$5,000,000** in excess of the Contractor's liability insurance policies required in subsections a, b, and c above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Contractor Pollution Liability insurance in a customary form, without any mold exclusion and with limits of liability of not less than **$5,000,000** occurrence/in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.If there is any change in Contractor's scope of work or any material change in the manner or risk of the work that Contractor is to perform under this Agreement, Contractor shall maintain such other, further and increased insurance as Owner may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;Each of the Policies shall be primary insurance, and not be contributing with, nor be in excess of, coverage that Owner Parties may carry or may have available. All Policies shall be issued by an insurance company or companies licensed to do business in the State in which the work is being performed, and having a current A.M. Best rating of not less than "A, IX", or an equivalent rating issued by another nationally recognized insurer rating agency (such as S& P, Moody's, or Fitch Ratings.)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;Each Policy shall contain a provision that it is not subject to change or cancellation unless thirty (30) days' prior written notice by certified mail, return receipt requested, shall have been given to the Owner by the insurer.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;Each Policy shall include waivers of subrogation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.&nbsp;&nbsp;&nbsp;&nbsp;All Policies purchased and maintained by Contractor (other than Workers' Compensation and Employers' Liability insurance and Professional Liability insurance) shall designate Owner Parties as additional insureds.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.&nbsp;&nbsp;&nbsp;&nbsp;With respect to Workers' Compensation, the Alternate Employer endorsement listing Owner as alternate employer should be included.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.&nbsp;&nbsp;&nbsp;&nbsp;Contractor shall provide Owner with copies of all insurance certificates and applicable policy endorsements complying with the insurance requirements provided for herein before the Contractor begins work and from time to time thereafter as requested by Owner. Owner may require Contractor to provide complete copies of all insurance policies and/or policy endorsements of its subcontractors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.&nbsp;&nbsp;&nbsp;&nbsp;Contractor shall be responsible for any Project delay or costs incurred by Owner of the documents by reason of Contractor not providing the Owner with Policies that are in compliance with the requirements of this Agreement.**

EXHIBIT G-10

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Exhibit are not intended to, and shall not, relieve or excuse Contractor from any of its other obligations under this Agreement, including its obligation to hold Owner harmless in the manner and to the extent provided herein or provided by law.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.&nbsp;&nbsp;&nbsp;&nbsp;With respect to any loss resulting:**

&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.from property damage liability, bodily injury liability, personal and advertising injury liability, and/or medical payments (as these terms are generally understood in insurance policies then in effect covering automobile liability, commercial general liability, and/or workers compensation and employers liability), and/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;**b.from or for damage to Contractor's property, or to property under Contractor's care, custody, or control (including any indirect or consequential loss arising from such property damage),** 

**which loss is covered by any insurance carried (or required to be carried under this agreement) by or for the benefit of Contractor, Contractor (and any person and/or entity claiming through Contractor) hereby releases each of the Owner Parties and waives any claim, based on negligence or otherwise, against the Owner Parties. Any deductible and/or self-insured retention under such insurance shall be deemed to be insurance carried by or for the benefit of Contractor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.&nbsp;&nbsp;&nbsp;&nbsp;The Contractor shall require each subContractor it retains, either in the subcontract or otherwise by appropriate written agreement, to waive all rights of recovery against the Owner Parties and the Contractor with respect to any loss resulting:**

&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.from property damage liability, bodily injury liability, personal and advertising injury liability, and/or medical payments (as these terms are generally understood in insurance policies then in effect covering automobile liability, commercial general liability, and/or workers compensation and employers liability), and/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;**b.from or for damage to Contractor's property, or to property under Contractor's care, custody, or control (including any indirect or consequential loss arising from such property damage),** 

**which loss is covered by any insurance carried (or required to be carried under this agreement) by or for the benefit of subContractor, subContractor (and any person and/or entity claiming through subContractor) shall also release each of the Owner Parties and the Contractor and waive any claim, based on negligence or otherwise, against the Owner Parties and the Contractor. Any deductible and/or self-insured retention under such insurance shall be deemed to be insurance carried by or for the benefit of subContractor.**

EXHIBIT G-11

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.&nbsp;&nbsp;&nbsp;&nbsp;The Contractor shall assist and cooperate with the Owner in every manner reasonably possible in connection with the adjustment of all claims for recovery under any insurance policy concerning the Project or the property w here the Project is located.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.&nbsp;&nbsp;&nbsp;&nbsp;Tenant and the Contractor hereby acknowledge and agree that operations, work and services performed and/or provided under the Agreement (of which this Exhibit is a part) are also performed for and provided to the Owner Parties. If any of the Contractor's insurance policies requires that the Contractor must have a written agreement with the Owner Parties to provide the Owner Parties with the protection of the Contractor's insurance (such as, but not limited to, insured status for the Owner Parties, waiver of insurer's subrogation rights in favor of the Owner Parties, and the Contractor's insurance applying on a 'primary and non-contributory' basis vis-a-vis the Owner Parties) then, to the limited extent required by such insurance policies, this Exhibit shall be construed as a written agreement between the Contractor and each of the Owner Parties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in the Agreement or in any proposal, purchase order, sales order, or any other document that forms part of or is incorporated into the Agreement by reference or inference, in the event of any conflict between the provisions of this <u>Exhibit I</u> and the Agreement (both as may be amended from time to time), the provisions of this Exhibit I will govern.**

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| | |
|:---|:---|
| Authorized Signatory of the Contractor | Date  |
| Print Name: | |

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EXHIBIT G-12

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**IV. Pre-Construction**

**SEE APPENDIX "A" FOR FURTHER DETAILS FOR REQUIRED** 

**PRE-CONSTRUCTION ITEMS.**

**A.&nbsp;&nbsp;&nbsp;&nbsp;SAFETY REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.It is expected that all Contractors will follow industry standards for a safe and injury free work area and that all Contractors will provide their employees with all necessary and required safety devices and equipment. This provision does not imply that the Premises will take any responsibility to enforce, inspect, and provide safety standards, materials or equipment for any Contractors working within the confines of a Tenant's space. This provision does expect the Contractor to conform to all OSHA and General Safety Standards expressed in the construction industry when that work involves coordination activities between the Tenant space and the general Premises common area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.OSHA lock-Out/Tag-Out provisions for all devices subject to electrical shock, pressure containing vessels, lines or duct systems, and/or explosive gases MUST be adhered to. See the appropriate "system" section for details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.All Contractors must provide Owner with Material Safety Data Sheets for any chemical used during the course of your work. The Contractor is required by OSHA to have a Hazardous Communication Program in place indicating to all employees the safe handling of all chemicals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Follow all fire and safety operating requirements when welding and burning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.In case of any accident, incident or injury occurs during your construction activity, a report must be made by your company and copies sent to Tenant Coordination. Verbal report must be made within two (2) hours of the incident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Tenant Coordination reserves the right to evict or remove any individual from the premises who is displaying unsafe activity.

**B.&nbsp;&nbsp;&nbsp;&nbsp;PERMITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.It is the responsibility of the Tenant/Contractor to acquire all building permits, which must be displayed on site.

**C.&nbsp;&nbsp;&nbsp;&nbsp;SUB-CONTRACTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The names and telephone numbers of all Sub-Contractors used during demolition, construction, or remodeling, including the trash removal contract, must be provided to the Tenant Coordinator and onsite Property Management.

EXHIBIT G-13

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**D.&nbsp;&nbsp;&nbsp;&nbsp;CONSTRUCTION SCHEDULE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The dates of construction activity in the Tenant premises are to be submitted to Management, including any changes to the initial schedule, at least 24 hours in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Tenant or Tenant's Contractor must notify **<u>in writing</u>** when construction has started and when construction has been completed. A copy of both notifications should be mailed to the Tenant Coordinator and Management. A Certificate of Occupancy must also be obtained if necessitated from the City of San Francisco Department of Building Inspection occupying the Tenant space for business. Provide copy of Certificate of Occupancy to Tenant Coordinator/Property Management.

**E.&nbsp;&nbsp;&nbsp;&nbsp;DUST PROTECTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Protection of Adjacent Spaces** – Dust protection to be provided to the individual stores adjacent to the work being performed. The Contractor's liability for dust and dirt intrusion into adjoining space is not negated by this action. Prudent care must be taken to ensure that no merchandise is damaged. The Contractor must coordinate all dust protection work with Tenant Coordinator/Property Management.

**F.&nbsp;&nbsp;&nbsp;&nbsp;DEMOLITION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Prior to any demolition and/or construction work, it must be determined whether such work will affect the Fire life safety systems. If the Fire life safety systems may be affected, the Tenant Coordinator, Building Management and Chief Engineer must be notified 48 hours prior to commencement of work. Under no circumstances will the Fire life safety system be shutdown overnight, on weekends, or holidays. Contractor will be responsible for paying any fines and associated charges resulting from failure to provide required notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All demolition involving the wholesale removal of all existing store components will require the on-site supervision of the General Contractor assigned to the project. <u>Under NO CIRCUMSTANCES will demolition occur without General</u> <u>Contractor over sight.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Should a sprinkler shut off be required, the General Contractor must provide (48)-hour notice to Property Management and Chief Engineer in writing. The General Contractor will be required to pay the $500.00 Sprinkler shutoff fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All demolition operations that raise the noise level above 75db (loud talking) will need to be coordinated with Tenant Coordinator/Property Management and will need to occur before 8:00AM and after 6:00 PM.

EXHIBIT G-14

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.All existing mechanical and electrical systems within the confines of the Tenant space must be treated during demolition exactly the same as they are treated in other provisions of this construction coordination guideline document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.All demolition removal of debris will occur before 8:00 AM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Tenant's Contractors will not be permitted to use any Premises dumpsters, hand trucks, dollies, ladders, trash containers, mops, or buckets. In the event this happens, you will be billed for the total cost of replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Contractor is responsible for any debris inside or around their dumpster.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Contractors must understand that the Owner cannot monitor Tenants, visitors, or others who may utilize their containers and therefore, will not police any problems that arise from this operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Should serious problems arise with excessive trash accumulation that is not the Contractor's, then contact Owner for assistance.

EXHIBIT G-15

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**V. MEP Systems**

**A.&nbsp;&nbsp;&nbsp;&nbsp;HVAC SYSTEMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.All wall, floor, and roof penetrations must be sealed against liquids and must conform to fire and smoke preventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The General Contractor is responsible for the final condition of the roof and will be required to rectify any problems arising from the General Contractor's operations, should the Contractor do any work on and/or affecting the Roof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Management must be notified forty-eight (48) hours in advance of crane work. At that time, a location for crane access will be discussed. All costs/expenses for additional security requirements will be borne by the General Contractor. Payment in advance is required. **<u>The crane company must provide a separate</u> <u>certificate of insurance naming Premises as insured's.</u>** Work must be completed by 8:00AM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.General Contractor shall obtain permission from Management should HVAC access/work be required outside of tenant space. Any corrective action required will be deducted from General Contractor's security deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.All shutdowns will require seventy two (72) hours advance notice. Approval from Tenant Coordinator/Property Management must be attained prior to proceeding with the work.

**B.&nbsp;&nbsp;&nbsp;&nbsp;ELECTRICAL SYSTEMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.All electrical closets must be treated properly. No debris, tools, ladders or any other construction equipment will be permitted inside the closets. All wall and floor penetrations MUST be sealed against liquids and conform to fire and smoke provisions of the City of San Francisco's respective jurisdictional authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All Contractors will comply with the current OSHA Lock-Out/Tag Out policy. No Contractor will attempt to work within the Tenant space without a Lock-Out/Tag-Out placed on appropriate breaker/switch/disconnect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Lock-Out/Tag-Out materials will be the responsibility of the Electrical Contractor and General Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The General Contractor will coordinate all electrical work through Property Management and will ascertain the need to change any system installations. All changes are required to be approved before proceeding.

EXHIBIT G-16

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.General Contractor shall obtain permission from the Management should electrical access/work be required outside of tenant space. Any corrective action required will be deducted from General Contractor's security deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Any work within the building ELECTRICAL CLOSET will require permission from owner. ALL ELECTRICAL WORK involving any equipment inside the electrical closets will REQUIRE A SHUTDOWN of all power in that closet. All shutdowns will require a seventy two (72) hour notice to owner and their approval before proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.If an electrical shutdown is required which might affect the tenants in the premises, the Contractor will notify Tenant Coordinator/Property Management seventy two (72) hours in advance prior to the shutdown. Shutdown shall be performed only at the direction of Tenant Coordinator/Property Management. All costs associated with the shutdown are the Contractor's responsibilities. Shutdowns shall not exceed five (5) hours in duration. Approval from Tenant Coordinator/Property Management must be attained prior to proceeding with work. All work to be done after hours unless otherwise approved.

**C.&nbsp;&nbsp;&nbsp;&nbsp;PLUMBING SYSTEMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.All plumbing work will be coordinated with Tenant Coordinator/Property Management. All wall and floor penetrations MUST be sealed against liquids and conform to fire and smoke provisions of the City of San Francisco's respective jurisdictional authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.General Contractor shall obtain permission from Tenant Coordination/Property Management should plumbing access / work be required outside of tenant space. Any corrective action required will be deducted from General Contractor's security deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The General Contractor is responsible for all oversight of the plumbing operations and any coordination work with other systems "outside" the immediate Tenant work area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.If a plumbing shutdown is required which might affect other tenants within the property, the Contractor will notify Tenant Coordinator/Property Management seventy-two (72) hours in advance prior to the shutdown. Shutdown shall be performed only at the direction of Tenant Coordination/Property Management. All costs associated with the shutdown are the Contractor's responsibilities. Shutdowns shall not exceed five (5) hours in duration. Approval from Tenant Coordinator/Property Management must be attained prior to proceeding with work. All work to be done after hours only.

EXHIBIT G-17

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**VI. Other Building Systems**

**A.&nbsp;&nbsp;&nbsp;&nbsp;GAS SYSTEMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.All gas systems will be treated the same as the electrical systems with all appropriate Lock-Out/Tag-Out procedure followed. All wall and floor penetrations MUST be sealed against liquids and conform to fire and smoke provisions of the City of San Francisco's respective jurisdictional authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All gas systems work will require the coordination with Tenant Coordinator/ Property Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.General Contractor shall obtain permission from Tenant Coordination/Property Management should gas access / work be required outside of tenant space. Any corrective action required will be deducted from General Contractor's security deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.All gas systems will be required to have a twenty-four (24) hour pressure test procedure applied and the appropriate test certificate will be given to Property Management at the conclusion of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.If a gas shutdown is required which might affect retail tenants the Contractor will notify Tenant Coordinator/Property Management seventy-two (72) hours in advance prior to the shutdown. Shutdown shall be performed only at the direction of Tenant Coordination/Property Management. All costs associated with the shutdown arc the Contractor's responsibilities. Shutdowns shall not exceed five (5) hours in duration. Approval from Tenant Coordinator/Property Management must be attained prior to proceeding with work. All work to be done after hours only.

**B.&nbsp;&nbsp;&nbsp;&nbsp;SPRINKLER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any fire protection work must be approved by Tenant Coordinator/Property Management and a forty-eight (48) hour <u>advance notice</u> must be provided for sprinkler shutdowns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All Sprinkler system shutdowns must be conducted by the Property Sprinkler Contractor.

Simplex Grinnell

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Sprinkler shutdowns can take place no earlier than 8:00 AM and system must be reactivated by 3:00 p.m. Sprinkler shutdowns will not be permitted on the

EXHIBIT G-18

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weekends and holidays. **At <u>NO</u> time will a system be shutdown overnight.** Plan the work accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.A fee of $500.00 is required for each sprinkler shutdown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Sprinkler Contractor is subject to the insurance requirements noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The system is activated twenty-four (24) hours a day; therefore, when demolition is necessary, extreme caution must be taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.In accordance with NFPA-13, the Sprinkler Contractor shall plan and organize his work so that the sprinkler zone involved is drained down the absolute minimum time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.All sprinkler system shutdowns must be conducted by the Premises Sprinkler Contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.During a sprinkler shutdown and at ALL times you must post NO SMOKING signs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.General Contractor shall obtain permission from Management should sprinkler access/work be required outside of tenant space. Any corrective action required will be deducted from General Contractor's security deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.If a sprinkler shutdown is required which will affect tenants in the Premises the Contractor will notify Tenant Coordinator/Property Management and Chief Engineer seventy-two (72) hours in advance prior to the shutdown. Shutdown shall be performed only at the direction of Tenant Coordination/Property Management. All costs associated with the shutdown are the Contractor's responsibilities. Shutdowns shall not exceed five (5) hours in duration. Approval from Tenant Coordinator/Property Management must be attained prior to proceeding with work. All work to be done after hours only.

**C.&nbsp;&nbsp;&nbsp;&nbsp;ROOFING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Any roof penetrations must be approved, in writing, by Tenant Coordinator/Property Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No one is allowed to remove anything from the roof area without expressed, written approval from Tenant Coordinator/Property Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.All roof work must be completed by the Premises Roofing Contractor to avoid warranty/service problems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Extreme care must be exercised when working on the roof area. No gang boxes, pallets, or any other foreign materials or equipment that may damage the roof are permitted on the roof area.

EXHIBIT G-19

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Any work involving exhaust fans or other mechanical devices must be coordinated in such a manner as to absolutely minimize any potential exposure of the roof to damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The General Contractor is responsible for the final condition of the roof and will be required to rectify any problems arising from General Contractor's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.All roofing work must be coordinated with Property Management and will require a sufficient notice, forty-eight (48) hours minimum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The Premises Roofing Contractor MUST be involved with every and any penetrations through the roof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Antenna Use - All requests must be made in writing.

&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.Installation of antennae or a satellite dish must be pre-approved by the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Tenant/Tenant Contractor obtain all necessary permits and approvals per applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Tenant/Tenant Contractor installs and maintains the Dish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Dish shall not interfere with any other communication systems or equipment of Landlord or any other Tenant in the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.Tenant/Tenant Contractor shall be liable for damage to the roof caused by the installation, maintenance, repair, replacement or operations of the Dish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.In no event shall the Dish or Tenant's installation, maintenance, repair, or replacement, thereof cause any Contractor's warranty (ies) in connection with the roof of the building benefiting the Landlord and the building, to become invalid or null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.In the event that the Tenant, or any of Tenant's agents, employees or Contractors, cause such Contractor's warranty(ies) to become null and void, Tenant/Tenant's Contractor shall be responsible during the remainder of the period that would have otherwise been covered by such invalid or voided warranty(ies) for reimbursing the Landlord for all repairs to the roof of the building, whether caused by the Tenant's Contractor or any other Tenant, which would otherwise have been covered by such invalid or voided warranty(ies).

EXHIBIT G-20

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.In the event that the Dish damages or causes wear to the roof, the Tenant/Tenant Contractor shall reimburse Landlord for costs and expenses in connection with the repair or replacement thereof.

**D.&nbsp;&nbsp;&nbsp;&nbsp;FIRE ALARM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The system is activated twenty-four (24) hours a day; therefore, when demolition is necessary, **extreme caution must be taken**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All Fire-Mann system shutdowns must be conducted by the Property Fire Alarm Contractor.

Simplex Grinnell

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Any fire protection work must be approved by Tenant Coordinator/Property Management and a forty-eight (48) hour <u>advance notice</u> must be given. Please contact Tenant Coordination for the Base Building Fire Alarm Contractor Contact information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.If a fire-alarm sprinkler shutdown is required which might affect other tenants in the Premises the Contractor will notify Tenant Coordinator/Property Management seventy-two (72) hours in advance prior to the shutdown. Shutdown shall be performed only at the direction of Tenant Coordination/Property Management. All costs associated with the shutdown are the Contractor's responsibilities. Shutdowns shall not exceed five (5) hours in duration. Approval from Tenant Coordinator/Property Management must be attained prior to proceeding with work. All work to be done after hours only.

EXHIBIT G-21

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**VII. Fees**

**A.&nbsp;&nbsp;&nbsp;&nbsp;CONSTRUCTION SECURITY DEPOSIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**A construction deposit of $5,000.00** per project is required. Forfeiture of security deposit may occur if damage to the Premises is such that it is identifiable to that Contractor and no effort is made on the Contractor's part to rectify the problems.

**B.&nbsp;&nbsp;&nbsp;&nbsp;SPRINKLER/FIRE-ALARM SHUTDOWN (IF APPLICABLE)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Sprinkler shutdowns will be billed at $500.00 per occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Fire-Alarm shutdowns will be billed at $500.00 per occurrence.

EXHIBIT G-22

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**VIII. Post Construction**

**SEE APPENDIX "B" FOR FURTHER DETAILS REGARDING REQUIRED POST** 

**CONSTRUCTION ITEMS.**

**A.&nbsp;&nbsp;&nbsp;&nbsp;PUNCH LIST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The General Contractor is ultimately responsible to the Tenant to assure compliance with all plans and specifications and that the Tenant is satisfied with the delivery of the premises. It is not the intention of this provision to supplement or exempt the Contractor from performing those duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.It is the intention of this provision that the Contractor satisfies any and all components of the project that inter-relate and overlap Premises systems and components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The common area associated with the construction activities will be addressed and repaired if necessary, but not limited to any other related areas associated with the Contractors activity, such as electrical room tags, completion of signs, miscellaneous painting, door repairs, condition of loading docks, and roll off containers remaining on Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Final Construction Punch List – A walkthrough is to be scheduled with Tenant Coordination/Property Management designee in conjunction with the removal of the barricade.

**B.&nbsp;&nbsp;&nbsp;&nbsp;SIGN OFFS & REQUIRED DOCUMENTATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Sign-Offs and or Certificate of Occupancy – Letter of Completions and or a Certificate of Occupancy must be obtained and posted on the premises (with a copy to the Property Management Office) prior to the store's opening for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Tenant General Contractor must deposit a Release and Waiver of Liens along with releases for all Sub-Contractors with Tenant Coordinator within seven (7) days of completion of work.

EXHIBIT G-23

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**IX. Appendix**

<u>APPENDIX A</u>

<u>PRE-CONSTRUCTION CHECK LIST</u>

Below is a list of items that must be completed prior to the start of Tenant construction:

☐&nbsp;&nbsp;&nbsp;&nbsp;**Approval from the Tenant Coordinator to proceed** *(from Tenant Coordinator)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Copy of all Permits for construction and/or Signage** *(Tenant Contractor)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Copy of the approved set of construction drawings from the Land Lord and Local Jurisdiction, Original copy must be maintained on the job site at all times.** *(Tenant Contractor)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Date of Possession (DOP) Letter** *(signed by Tenant / or Tenant's Agent)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Certificate of Insurance** *(Tenant Contractor)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Construction Security Deposit** *(Amount as defined Construction Rules and Regulations above)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Sub-Contractor List** *(include Union Affiliation as required, but must have 24 hour emergency number)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Construction Schedule** *(from Tenant or Tenant Contractor — submit updates as required)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Inspection Process** *(Review with Tenant or Tenant Contractor)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Safety Meeting with on site coordinator**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Construction Guidelines** *(General & Subcontractor must sign and return to Tenant Coordination)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Exhibit I** *(General & Subcontractor must sign and return to Tenant Coordination)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Turn Over Keys** *(Receipt signed by Tenant or Tenant Contractor)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Turn over Contractor Guideline Manual** *(Receipt signed by Tenant or Tenant Contractor. Review book and its content.)*

EXHIBIT G-24

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<u>APPENDIX B</u>

<u>POST CONSTRUCTION CHECKLIST</u>

Below is a list of items that must be completed prior to the receipt of security deposit and/or Final Tenant Allowance Payment

☐**&nbsp;&nbsp;&nbsp;&nbsp;As-Built Drawings – CAD**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Contractor's Sworn Statement**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Tenant General Contractor Guarantee** *(on Contractor Letterhead)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Tenant General Contractor Affidavit** *(on Contractor Letterhead)*

☐**&nbsp;&nbsp;&nbsp;&nbsp;Unconditional Final Waivers of Lien from Tenant General Contractor**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Unconditional Final Waivers of Lien from all Sub-Contractors**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Copy Certificate of Occupancy and or Letter of Completion (LOC)**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Copy of all signed-off permit/inspection card(s) and all operating or business licenses**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Tenant Declaration**

☐**&nbsp;&nbsp;&nbsp;&nbsp;Landlord Punch List (Signed Off)**

☐**&nbsp;&nbsp;&nbsp;&nbsp;W-9 Form**

EXHIBIT G-25

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**Unconditional Waiver and Release upon Final Payment**

The undersigned has been paid in full for all labor, services, equipment or material furnished to on the job of __________ and does hereby waive and release any right to a mechanic's lien, stop notice, or any right against a labor and material bond on the job, except for disputed claim for extra work in the amount of $__________.

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| |
|:---|
| SIGNATURE: |
| TITLE: |
| COMPANY: |
| DATED: |

---

THE STATE OF __________)

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;</u>____________)

**BEFORE ME,** the undersigned authority, on this day, personally appeared __________ of __________ subscribed to the foregoing instrument, and acknowledged to me that he executed the same for the purposes and considered therein expressed, in the capacity therein stated and as the act and deed of said corporation.

**GIVEN UNDER MY HAND AND SEAL OF OFFICE, this ____ day of ___________<u>,</u> 201___.**

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| |
|:---|
| NOTARY PUBLIC IN AND FOR THE STATE OF |
| (Printed Name of Notary) |
| My Commission Expires: |

---

**Notice: This document waives rights unconditionally and states that you have been paid for giving up those rights. This document is enforceable against you if you sign it, even if you have not been paid. If you have not been paid, use a conditional release form.**

EXHIBIT G-26

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**<u>CONTRACTORS SWORN STATEMENT</u>**

State of __________________

County of ________________

The affiant, _____________ being first duly sworn deposes and says that he is__________ of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (person signing name)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (position)

_______________ under contract with _______________________ doing Tenant Improvements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (company name)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (tenant name)

Space #___________ and owned by _______________

For the purpose of said contract, the following persons have been contracted with and have furnished or are furnishing and preparing materials for and have done or doing labor on said improvement. That there is due and to become due to them respectively the amounts set opposite their names for materials or labor as stated. That this statement is a full true and complete statement of all such persons and of the amounts paid.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 1 | 2 | 3 | 4 | 4 | 5 | 6 | 7 |
| Name and <br>Address | Type of work | Adjusted Total<br>Contract<br>Include <br>Extras/Credits |  |  |  |  |  |
| Total |  |  |  |  |  |  |  |
| Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | &nbsp;&nbsp;$ |
| Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | &nbsp;&nbsp;$ |
| Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | Work Completed To Date<br>Less ___&nbsp;&nbsp;&nbsp;&nbsp;% Retained <br>Net Amount Earned | &nbsp;&nbsp;$ |
| Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | &nbsp;&nbsp;$• |
| Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;. | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | &nbsp;&nbsp;$. |
| Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract |  |  | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | &nbsp;&nbsp;$ |
| Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract | Amount Of Original Contract <br>Extras To Contract<br>Total Contract And Extras <br>Credits To Contract <br>Adjusted Total Contract |  |  | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) | Net Previously Paid<br>Net Amount of This Payment <br>Balance To Become Due (Include <br>Retention) |  |

---

Signed_________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Position _________________________________

Subscribed and sworn to before me this ____ day of ______________, 20___.

Notary Public _____________________________________

My commission expires on __________________________

EXHIBIT G-27

------

**TENANT DECLARATION**

***(ON TENANT'S LETTERHEAD)***

Property:

Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant Coordination

Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenant Name: _________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Space #:____________

To Whom It May Concern:

**The undersigned, _________________, a corporation, ("Tenant") does hereby declare the following:**

1.&nbsp;&nbsp;&nbsp;&nbsp;The Lease Premises is open for business

2.&nbsp;&nbsp;&nbsp;&nbsp;All Tenant's Contractors, Sub-Contractors and other persons performing labor and/or supplying materials in connection with Tenant's Work have been paid in full or adequate security has been provided therefore by way of bond or otherwise.

3.&nbsp;&nbsp;&nbsp;&nbsp;All waivers attached hereto are true and correct and, to Tenant's knowledge, there is no claim, either legal or equitable, to defect the validity of said waivers.

Executed at ______________, __________________, on

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (city)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(state)

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ______________________________

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Sign Name)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _______________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Title)

EXHIBIT G-28

------

**GENERAL CONTRACTOR'S AFFIDAVIT** 

**(on General Contractor's Letterhead)**

Property:

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Tenant Coordination

Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _____________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Space Name)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Space #)

To Whom It May Concern:

The undersigned, a (corporation/sole proprietor), ("Tenant Contractor") does hereby declare the following:

1.&nbsp;&nbsp;&nbsp;&nbsp;The Lease Premises have been constructed substantially in accordance with Landlord and Agency approved drawings.

2.&nbsp;&nbsp;&nbsp;&nbsp;All Tenants Punch list items noted on Landlord's Punch list have been completed (copy attached).

3.&nbsp;&nbsp;&nbsp;&nbsp;Construction of the Lease Premises was completed on___________________.

Executed at _______________, ________________, on

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(City)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(State)

Date:__________________________________

(Month, Day)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Year)

By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Company)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Sign Name)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Title)

EXHIBIT G-29

------

**<u>GENERAL CONTRACTOR'S GUARANTEE</u>**

**(To Be Printed on Contractor's Letterhead)** 

GUARANTEE FOR __________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TENANT)

Extended Equally To: _______________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Business Owner/Client)

-AND-

_________________, The Landlord

We hereby guarantee that the **<u>Tenant Improvement</u>** which we have installed/performed at the _______________ store has been done in strict accordance with the drawings and specifications provided by our Client, the Business Owner and approved by [Owner Entity], the Landlord and that the work installed will fulfill the requirements of those specifications.

We agree to repair or replace or cause to be repaired or replaced any of all of our work, which may prove to be defective in workmanship or materials, together with any adjacent work which requires repair or replacement because of our defective work, within a period of One Year from ______________ (opening date) or (the date of Acceptance), 20___ (whichever is later) of the above named project by the Owner.

Damages caused by natural disaster, or unusual abuse and neglect by others are excluded from this guarantee.

If we fail to start compliance with the above paragraph within ten (10) days after receipt of written notice from the Owner (our Client), their architect or the Landlord to do so, or fail to pursue such compliance with diligence, we, jointly and severally do hereby authorize the Owner or Landlord to proceed to have the defects repaired and made good at our sole expense, and we will honor and pay the costs and charges for it together with interest at the maximum rate then permitted by governing state law, upon demand.

If we fail to fulfill the preceding obligations, and if Owner or Landlord brings action to enforce this guarantee, we agree to pay Owner's or Landlord's reasonable attorney's fees incurred in connection herewith.

---

| |
|:---|
| (Company Name) |
| By: |
| Title: |
| Date: |

---

EXHIBIT G-30

------

**THE ATTACHED WORK RELEASE FORM MUST BE SIGNED AND TURNED IN TO TENANT COORDINATION OR MANAGEMENT ACCOMPANIED BY REQUISITE DEPOSIT(S) AND CERTIFICATE OF INSURANCE BEFORE ANY WORK BEGINS ON THE PROPERTY.**

**I have received and read the above construction procedures.**

---

| |
|:---|
| Building: |
| Tenant: |
| Contractor: |
| By: |
| Title: |
| Dated: |

---

**After reviewing these guidelines, please sign this form and send to the above address.**

**Any questions regarding the attached Rules and Regulations may be directed to:**

**ATTN:**

**Direct Line:**

**Fax:**

**E-mail:**

**END OF DOCUMENT**

EXHIBIT G-31

------

**<u>EXHIBIT H</u>**

**<u>CERTIFICATE OF INSURANCE</u>**

**[TO BE ATTACHED]**

EXHIBIT H

------

**<u>EXHIBIT I</u>**

**<u>BASE RENT SCHEDULE</u>**

<u>Seventh Floor Premises & Tenth Floor Premises</u>

---

| | | |
|:---|:---|:---|
| <u>Period</u> | <u>Annual Amount</u> | <u>Monthly Amount</u> |
| July 1, 2022 — June 30, 2023 | $4555184.27 | $379598.69 |
| July 1, 2023 — June 30, 2024 | $4691839.80 | $390986.65 |
| July 1, 2024 — September 30, 2024 | $4832594.99 | $402716.25 |

---

<u>Fifth Floor Premises</u>

---

| | | |
|:---|:---|:---|
| <u>Period</u> | <u>Annual Amount</u> | <u>Monthly Amount</u> |
| November 1, 2023 — September 30, 2024 | $2359244.52 | $196603.71 |

---

EXHIBIT I

------

**EXHIBIT J**

**RESERVED**

EXHIBIT J

## Exhibit 10.13

**Exhibit 10.13**

**<u>FIRST AMENDMENT TO LEASE</u>**

THIS FIRST AMENDMENT TO LEASE ("First Amendment") is made and entered into as of the 1<sup>ST</sup> day of March 2024, by and between PHELAN BUILDING LLC, a Delaware limited liability company ("Landlord"), and FIGMA, INC., a Delaware corporation ("Tenant").

<u>R</u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u> <u>S:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, Landlord and Tenant have heretofore entered into that certain Office Lease Agreement dated as of April 28, 2021 (the "Lease") pursuant to which Tenant leased from Landlord, and Landlord leased to Tenant, certain premises currently containing seventy-three thousand thirty-seven (73,037) rentable square feet of space, consisting of approximately twenty four thousand three hundred twenty (24,320) rentable square feet of space consisting of the entire rentable portion of the Tenth Floor (the "Tenth Floor Premises"), approximately twenty-four thousand two hundred seventy-nine (24,279) rentable square feet of space consisting of the entire rentable portion of the Seventh Floor (the "Seventh Floor Premises"), and twenty-four thousand four hundred thirty eight (24,438) rentable square feet consisting of the entire rentable portion of the Fifth Floor (the "Fifth Floor Premises") (the Tenth Floor Premises, Seventh Floor Premises and Fifth Floor Premises collectively referred to herein as the "Original Premises") of the building known as the Phelan Building (the "Building") located at 760 Market Street, San Francisco, California (as more particularly described in the Lease, the "Premises"; and

WHEREAS, Landlord and Tenant agree that (i) the Term of the Lease shall be extended, (ii) additional space containing approximately twenty-four thousand five hundred sixty-nine (24,569) rentable square feet consisting of the entire rentable portion of the sixth floor of the Building shown on Exhibit A hereto (the "Sixth Floor Premises") be added to the Premises as of the "Sixth Floor Effective Date," as defined below, and (iii) the annual Base Rent payable with respect to the Premises shall be modified. Landlord and Tenant further agree to make certain other modifications to the Lease, and in connection therewith, amend the Lease on the terms and conditions hereinafter provided, effective upon the full execution and delivery of this First Amendment.

<u>A</u> <u>G</u> <u>R</u> <u>E</u> <u>E</u> <u>M</u> <u>E</u> <u>N</u> <u>T</u> :

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained which are incorporated herein by reference and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. The capitalized terms used in this First Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not redefined in this First Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sixth Floor</u>. Tenant is currently in possession of the Sixth Floor Premises pursuant to the Sublease (as that term is defined in the Lease). The Sixth Floor Premises shall be deemed to have been delivered to Tenant on, and accordingly, the Sixth Floor Effective Date

------

shall be, October l, 2024. As of the Sixth Floor Effective Date, the Premises, as defined in the Lease, shall include the Sixth Floor Premises, and all references to the "Premises" in the Lease shall include the Sixth Floor Premises. The Lease Term with respect to the Sixth Floor Premises shall commence on the Sixth Floor Effective Date and continue until the First Extended Expiration Date as hereinafter defined. Tenant hereby agrees to lease the Sixth Floor Premises in its then "AS-IS" condition, without representation or warranty, written or oral, by Landlord to Tenant as to the condition thereof, and otherwise as set forth in the Lease. Landlord agrees that: (i) it shall not require Tenant or Sublessor (as defined below) to remove and/or restore any and all of the improvements, additions, or alterations existing in the Sixth Floor Premises as of the date of this First Amendment, (ii) as of the date of this First Amendment, the Sixth Floor Premises is in the condition required for delivery under the lease by and between Landlord and Credit Karma ("Sublessor") dated May 13, 2014 (the "Credit Kanna Lease"), as amended; (iii) Landlord will not, in the exercise of any of the rights arising or which may arise out of the Credit Karma Lease, disturb or deprive Tenant in or of its possession or its rights to possession of the Sixth Floor Premises or of any right or privilege granted to or incurring to the benefit of Tenant under the Sublease; and (iv) in the event of a termination of the Credit Karma Lease between Landlord and Sublessor, Tenant shall not be made a party to any removal or eviction action or proceeding, nor shall Tenant be evicted or removed of its possession or its right of possession of the Sixth Floor Premises, and the Sublease shall continue in full force and effect as a direct lease between Landlord and Tenant for the remainder of the term of the Sublease on the same terms and conditions as contained in Landlord's Consent letter and the Sublease, without the necessity of executing a new lease or an amendment to the Lease. Additionally, except in the case of Tenant's negligence or willful misconduct, Tenant shall not be responsible for any damages or rent owed to Landlord by Sublessor under the Credit Karma Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Extension of Term</u>. The Term of the Lease is hereby extended for a period of four (4) years and one (1) month (the "First Extended Term"), commencing on October 1, 2024 and expiring October 31, 2028 (the "First Extension Expiration Date"). Accordingly, the defined term "Lease Expiration Date" as used in the Lease is amended to be the First Extension Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Rent for the Premises</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;Commencing on October 1, 2024, Base Rent for the Premises (inclusive of the Sixth Floor Premises) shall be due and payable by Tenant to Landlord as on the first day of each month in accordance with the terms and conditions of the Lease, as follows:

---

| | | |
|:---|:---|:---|
| <u>Period</u> | <u>Annual Rent</u> | <u>Monthly Rent</u> |
| October 1, 2024 - September 30, 2025 | $6344390.00 | $528699.17 |
| October 1, 2025 - September 30, 2026 | $6534721.70 | $544560.14 |
| October 1, 2026 - September 30, 2027 | $6730763.35 | $560896.95 |
| October 1, 2027 - September 30, 2028 | $6932686.25 | $577723.85 |
| October 1, 2028 - October 31, 2028 | $7140666.84 | $595055.57 |

---

------

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary set forth in this First Amendment or in the Lease, Tenant shall receive an abatement of Base Rent for the first month (i.e. October, 2024) of Base Rent due hereunder (the "Abatement"). If Tenant shall be in monetary default under the terms and conditions of the Lease beyond the expiration of all applicable grace and/or cure periods, the Abatement shall toll (and Tenant shall be required to pay Base Rent during such period) until Tenant has cured, to Landlord's reasonable satisfaction, such default and at such time Tenant shall be entitled to receive any unapplied Abatement until fully applied. If a Default (as defined in the Lease) occurs during the initial Term or First Extended Term that results in a termination of the Lease, Landlord shall have the right to declare the unamortized portion of the Abatement due and payable by Tenant to Landlord, amortized on a straight-line basis over the First Extended Term, and recover such unamortized portion of the Abatement from Tenant as damages as more fully set forth therein.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Commencing on the date in which this First Amendment becomes fully executed and expiring on September 30, 2024, Tenant shall receive a per diem Base Rent credit on the Original Premises in an amount equal to the figures outlined in the table below (the "Rent Credit"). If Tenant shall be in monetary default under the terms and conditions of the Lease beyond the expiration of all applicable grace and/or cure periods, the Rent Credit shall toll (and Tenant shall be required to pay the uncredited Base Rent during such period) until Tenant has cured, to Landlord's reasonable satisfaction, such default and at such time the Rent Credit shall continue, however Tenant shall not be entitled to any unapplied Rent Credit accrued during Tenant's Default. If a Default (as defined in the Lease) occurs during the Term or First Extended Term that results in a termination of the Lease, Landlord shall have the right to declare the unamortized portion of the Rent Credit due and payable by Tenant to Landlord, amortized on a straight-line basis over the date the Rent Credit commences and ending on the First Extension Expiration Date, and recover such unamortized portion of the Rent Credit from Tenant as damages as more fully set forth therein.

**RENT CREDIT TABLE**

---

| | | | |
|:---|:---|:---|:---|
| | <u>Period</u> | <u>Monthly Saving Rate</u> | <u>Daily Saving Rate</u> |
| 1 | 3/1/2024 | $73044.69 | $2356.28 |
| 2 | 4/1/2024 | $73044.69 | $2434.82 |
| 3 | 5/1/2024 | $73044.69 | $2356.28 |
| 4 | 6/1/2024 | $73044.69 | $2434.82 |
| 5 | 7/1/2024 | $84774.29 | $2734.65 |
| 6 | 8/1/2024 | $84774.29 | $2734.65 |
| 7 | 9/1/2024 | $84774.29 | $2825.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Rent</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Base Year</u>. Effective October 1, 2024, the Base Year as defined in Article 4 of the Lease shall be revised to Calendar Year 2025 for the Premises. Tenant shall be responsible for paying Tenant's Share of Direct Expenses for any Expense Year after the Base

------

Year in excess of Tenant's Share of Direct Expenses for the Base Year for the duration of the First Extended 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tenant's Share</u>. Effective October 1, 2024, Article 4 of the Lease shall apply to the Sixth Floor Premises and for such purposes, Tenant's Share for the Sixth Floor is 9.92%. Tenant's Share for the entire Premises is 39.41 %.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Remeasurement</u>. During the First Extended Term, Landlord shall not have the right to remeasure the Premises except for physical changes to the square footage of the Premises (e.g. due to casualty or condemnation).

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tenant's Audit Right</u>. Provided that (a) no Default exists under this Lease beyond applicable cure periods, and (b) Tenant delivers to Landlord written notice of Tenant's desire to review Landlord's books and records related to Direct Expenses within six (6) full months after Landlord's delivery of the Statement, then Tenant (but not any subtenant) may, at its sole cost and expense and no more than one (1) time per calendar year, upon prior written notice and during the hours of 9:00 a.m. to 5:30 p.m. from Monday to Friday at a time and place within the county in which the Premises is located and reasonably acceptable to Landlord, cause a certified public accountant or professional equivalent or by an independent, nationally recognized accounting firm or a local accounting firm (not hired on a contingency basis) reasonably acceptable to Landlord to audit Landlord's records relating to Direct Expenses for the Expense Year being contested and the Base Year (provided the Base Year may only be audited one time). Any right of Tenant to review Landlord's books and records and/or to object to Landlord's determination of Direct Expenses is deemed void unless Tenant completes and delivers the audit to Landlord within sixty (60) days after the date Landlord makes Landlord's complete books and records available for Tenant's review as described herein. In the event Landlord, in good faith, disputes the results of any such audit, the parties shall in good faith attempt to resolve any disputed items. If Landlord and Tenant are not able to resolve such dispute, final settlement shall be made by a mutually satisfactory independent third party certified public accountant. The parties shall share the cost of the independent third-party certified public accountant, except if Tenant's audit (if accepted by Landlord) or the third-party audit (if Landlord contests Tenant's audit) shows that the amount of Direct Expenses was five percent (5%) or more than the amount that such audit reveals should have been determined, Landlord shall reimburse to Tenant, within forty-five (45) days of receipt of Tenant's certificate setting forth such amount, Tenant's costs incurred in connection with Tenant's audit and Tenant's portion of the costs for the third-party audit. If the audit shows that the amount of Direct Expenses was greater than the amount that such audit reveals should have been determined, unless Landlord reasonably contests the audit, Landlord will refund the excess amount to Tenant within forty-five (45) days after Landlord receives a copy of the audit report. If the audit shows that the amount of Direct Expenses was less than the amount that such audit reveals should have been determined, Tenant will pay to Landlord within forty-five (45) days of such determination, as Additional Rent, the difference between the amount Tenant paid and the amount determined in the audit. Pending resolution of any audit, Tenant will continue to pay to Landlord the amounts provided in the Estimate Statement pursuant to Section 4.4.2 of the Lease.

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Except as required by law, Tenant must keep all information it obtains in any audit strictly confidential and may only use such information for the limited purpose described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Electricity Service</u>. Landlord shall continue to furnish electrical service for the Premises during the First Extended Term on a submetered basis in accordance with Article 3.3 of the Lease, and Tenant shall continue to be responsible for paying Landlord for its electricity consumption for the Premises (including the Sixth Floor Premises commencing October 1, 2024) under the terms & conditions set forth therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Deposit</u>. The Deposit, as defined in Article 21 of the Lease, shall remain One Million Seven Hundred Twenty-eight Thousand Six Hundred Seven and 00/100 Dollars ($1,728,607.00) for the duration of the First Extended Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Renewal Option</u>. Tenant is hereby granted one (1) five (5) year option to renew the Lease ("Renewal Option"), provided Tenant must exercise the Renewal Option for a minimum of three (3) floors, which is approximately seventy-five percent (75%) of the Premises. If the Tenant desires to exercise the Renewal Option, it shall so notify the Landlord, in writing, not later than November l, 2027. Such notice shall only be effective if delivered at a time when the Tenant is not in monetary default beyond applicable notice and cure periods. Within thirty (30) days following its receipt of Tenant's notice of its desire to exercise the Renewal Option, given at the time and in the manner provided above, Landlord shall prepare and transmit to Tenant an appropriate amendment to this Lease extending the Term for five (5) years ("Second Extended Term") and specifying (i) the Base Rent for such extension, which shall be Market Rent (as defined below), (ii) the Base Year shall be revised to Calendar Year 2029 for the Premises, (iii) Tenant shall lease the Premises in its as-is condition and (iv) that all other terms and conditions during the Second Extended Term are the same as those during the First Extended Term, except for any tenant improvement allowances, rights of first offer, expansion rights, reduction rights, renewal rights, or limitations on taxes and operating expenses. In the event Tenant shall be in monetary default beyond applicable notice and grace periods at the commencement date of the Second Extended Term, then, at Landlord's option, Tenant's purported exercise of its Renewal Option shall be of no force or effect and the Renewal Option shall become null and void. As used herein, "Market Rent" shall mean the Base Rent that a willing tenant would pay and a willing landlord would accept in arm's length, bona fide negotiations for a comparable lease transaction (*i.e.,* a renewal or right of first refusal, as applicable). The determination of the Market Rent will be based upon a comparison of the term of Tenant's lease to other lease transactions in the Building and in other multi-tenant office buildings in the general area of the Building (provided lease transactions for locations with a water view shall not be deemed a comparable transaction), with appropriate adjustments as necessary to equate the other lease transactions being compared with the applicable terms of the Lease, taking into consideration all relevant factors including, without limitation, use, location and/or floor level within the applicable building, rentable area, leasehold improvements and allowances provided, quality and location of the applicable building, rental concessions (such as moving expenses, abatements and lease assumptions), extent of services to be provided, distinction between "gross" and "net" lease, base year or expense stop, the creditworthiness of the tenant, and whether a brokerage commission is paid.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;If Landlord and Tenant are unable to agree upon the Market Rent for the Premises within twenty (20) business days of Tenant's receipt of the Landlord proposed amendment, and Tenant elects to continue to desire to exercise the Renewal Option, the Market Rent shall be determined as follows ("Negotiation Period"). Within ten (10) business days after commencement of the Negotiation Period, each party, at its own cost and by giving written notice to the other party no later than ten (10) days after commencement of the Negotiation Period, shall appoint a licensed real estate broker who has at least ten (10) years' full-time commercial experience in the leasing of office space in the greater San Francisco market to determine the Market Rent. The two brokers shall independently, and without consultation, prepare a written determination of the Market Rent within forty-five (45) days after the appointment of the last of them to be appointed. After both determinations are completed, the resulting determinations of the Market Rent shall be compared. If the higher determination is no greater than one hundred three percent (103%) of the lower determination, then the Market Rent shall be the average of the two determinations. If the higher determination is greater than one hundred three percent (103%) of the lower determination, then the two brokers shall promptly select a third broker meeting the qualifications set forth above, but who shall not have previously acted in any capacity for Landlord, Tenant, or any of their affiliates. If the two brokers cannot agree upon a third broker within ten (10) days after the determinations are compared, either Landlord or Tenant may apply to the local office of the American Arbitration Association (or its successor organization) for selection of a third broker meeting the qualifications stated above. Within thirty (30) days after his or her appointment, the third broker shall select either the determination of Landlord's broker or the determination of Tenant's broker as the Market Rent payable for the Premises during the Second Extended Term. The third broker shall have no right to propose a middle ground or to modify either of the two determinations. The determination of the third broker shall be binding on the parties.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Each party shall pay the fees and expenses of its own broker and one-half of the fees and expenses of the third broker, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Disturbance</u>. Within thirty (30) days of full execution of this First Amendment, Landlord shall use commercially reasonable efforts to obtain and deliver to Tenant a SNDA in a form reasonably acceptable to Tenant provided by all Superior Holders, which requires such Superior Holder to accept the Lease, and not to disturb Tenant's possession, use and quiet enjoyment of the Premises, so long as a Default has not occurred and be continuing, executed by Landlord and the appropriate Superior Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity</u>. Landlord shall indemnify, defend, protect, and hold Tenant and the Tenant Parties harmless from any claim that is imposed or asserted and arises from (a) any act of negligence or willful misconduct of Landlord, and (b) any default by Landlord under the terms & conditions under the Lease beyond the expiration of all applicable grace and/or cure periods, except to the extent such claim arises from the negligence or willful misconduct of any Tenant Party, except to the extent such claim arises from the active negligence or willful misconduct of Tenant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Landlord's Renovation Work</u>. Landlord is in the process of completing façade work on the atrium façade of the Building (the "Atrium Façade Renovation"). Landlord shall complete the Atrium Façade Renovation in three phases. Each phase shall encompass the renovation of a single building elevation, inclusive of the installation of scaffolding and interior containment, which shall be confined to the designated elevation for the respective phase. The first phase shall consist of the North elevation and is estimated to be completed by December 31, 2025. The second phase shall consist of the South elevation and is estimated to be completed by June 30, 2026. The third phase shall consist of West elevation and is estimated to be completed by December 31, 2026. Landlord will use commercially reasonable efforts to ensure that the Atrium Façade Renovation does not unreasonably interfere with Tenant's use and enjoyment of the Premises. Tenant hereby warrants its understanding that i) the Atrium Façade Renovation work, for the purposes of the Lease, shall be considered a "Renovation", governed by the provisions of Section 30.30 of the Lease and, as it relates to the construction work itself, Sections 7.2 and 7.3 of the Lease; ii) by phasing the work, the Atrium Façade Renovation shall not be deemed to interfere with Tenant's use and enjoyment of the Premises or access thereto and iii) in the event Tenant's access to the Premises is reasonably interfered with by the Atrium Façade Renovation, such interference shall be governed by the provisions of Section 6.3 of the Lease and Tenant's remedies for such interference shall be limited to those provided within Section 6.3 of the Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certified Access Specialist</u>. As of the Date hereof, the Project, including the Sixth Floor Premises has not been inspected by a Certified Access Specialist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Modification</u>. Landlord and Tenant agree that except as otherwise specifically modified in this First Amendment, the Lease has not been modified, supplemented, amended, or otherwise changed in any way and the Lease remains in full force and effect between the parties hereto as modified by this First Amendment, and Landlord and Tenant do hereby ratify and confirm all of the terms and provisions of the Lease, subject to the modifications contained in this First Amendment. To the extent of any inconsistency between the terms and conditions of the Lease and the terms and conditions of this First Amendment, the teal's and conditions of this First Amendment shall apply and govern the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;This First Amendment and the attached exhibits, which are hereby incorporated into and made a part of this First Amendment, set forth the entire agreement between the parties with respect to the matters set forth herein. There have been no additional oral or written representations or agreements.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Tenant and Landlord hereby represents to each other that they have dealt with no broker in connection with this First Amendment other than Newmark and JLL. Tenant agrees to defend, indemnify and hold Landlord harmless from all claims of any brokers claiming to have represented Tenant in connection with this First Amendment. Landlord agrees to defend, indemnify and hold Tenant harmless from all claims of any brokers claiming to have represented Landlord in connection with this First Amendment. Landlord shall be pay a commission to the brokers pursuant to the terms of a separate agreement.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;Each party to this First Amendment represents hereby that its signatory has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting.

&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)&nbsp;&nbsp;&nbsp;&nbsp;This First Amendment may be executed in multiple counterparts each of which is deemed an original but together constitute one and the same instrument. This First Amendment may be executed electronically (e.g. through e-signature applications such as DocuSign) and each party has the right to rely on such signatures by the other party to the same extent as if such party had received an original counterpart.

[*remainder of page intentionally left blank; signature page follows*]

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IN WITNESS WHEREOF, Landlord and Tenant have duly executed this First Amendment as of the day and year first above written.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| TENANT: | TENANT: | TENANT: | TENANT: | LANDLORD: | LANDLORD: | LANDLORD: |
| **FIGMA, INC.,** | **FIGMA, INC.,** | **FIGMA, INC.,** | **FIGMA, INC.,** | **PHELAN BUILDING LLC,** | **PHELAN BUILDING LLC,** | **PHELAN BUILDING LLC,** |
| a Delaware corporation | a Delaware corporation | a Delaware corporation | a Delaware corporation | Delaware limited liability company | Delaware limited liability company | Delaware limited liability company |
| By: | /s/ Dylan Field | /s/ Dylan Field | /s/ Dylan Field | /s/ Patrick Hotung | /s/ Patrick Hotung | /s/ Patrick Hotung |
| Name: | Name: | Name: | Dylan Field | Name: | Name: | Patrick Hotung |
| Title: | Title: | Co-Founder and CEO | Co-Founder and CEO | Title: | President | President |

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**<u>EXHIBIT A</u>**

**SIXTH FLOOR PREMISES**

![exhibita.jpg](exhibita.jpg)

## Exhibit 10.14

**Exhibit 10.14**

CREDIT AGREEMENT

dated as of June 27, 2025

among

FIGMA, INC.,

as the Borrower,

The Several Lenders

from Time to Time Parties Hereto,

MORGAN STANLEY SENIOR FUNDING, INC.,

as the Administrative Agent, the Collateral Agent, a Letter of Credit Issuer and a Lender,

MORGAN STANLEY SENIOR FUNDING, INC.,

BANK OF AMERICA, N.A.,

JPMORGAN CHASE BANK, N.A.,

GOLDMAN SACHS BANK USA,

WELLS FARGO SECURITIES, LLC, and

ROYAL BANK OF CANADA,

as Joint Lead Arrangers and Bookrunners,

BANK OF AMERICA, N.A.,

JPMORGAN CHASE BANK, N.A.,

GOLDMAN SACHS BANK USA, and

WELLS FARGO SECURITIES, LLC,

as Co-Syndication Agents

and

ROYAL BANK OF CANADA,

as Documentation Agent

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | <u>Page</u> |
| Section 1. | Definitions | 1 |
| 1.1 | Defined Terms | 1 |
| 1.2 | Other Interpretive Provisions | 60 |
| 1.3 | Accounting Terms. | 61 |
| 1.4 | Rounding | 61 |
| 1.5 | References to Agreements Laws, Etc | 61 |
| 1.6 | Exchange Rates | 61 |
| 1.7 | Interest Rates; Benchmark Notification | 62 |
| 1.8 | Times of Day | 62 |
| 1.9 | Timing of Payment or Performance | 62 |
| 1.10 | Certifications | 62 |
| 1.11 | Compliance with Certain Sections | 62 |
| 1.12 | Pro Forma and Other Calculations | 62 |
| 1.13 | Divisions | 65 |
| Section 2. | Amount and Terms of Credit. | 65 |
| 2.1 | Commitments | 65 |
| 2.2 | Minimum Amount of Each Borrowing; Maximum Number of Borrowings | 65 |
| 2.3 | Notice of Borrowing | 65 |
| 2.4 | Disbursement of Funds. | 66 |
| 2.5 | Repayment of Loans; Evidence of Debt. | 67 |
| 2.6 | Conversions and Continuations. | 67 |
| 2.7 | Pro Rata Borrowings | 68 |
| 2.8 | Interest. | 68 |
| 2.9 | Interest Periods | 69 |
| 2.10 | Alternate Rate of Interest; Increased Costs. | 70 |
| 2.11 | Compensation | 72 |
| 2.12 | Change of Lending Office | 72 |
| 2.13 | Notice of Certain Costs | 72 |
| 2.14 | Incremental Facilities. | 73 |
| 2.15 | Defaulting Lenders | 78 |
| Section 3. | Letters of Credit | 80 |
| 3.1 | Letters of Credit. | 80 |
| 3.2 | Letter of Credit Requests | 81 |
| 3.3 | Letter of Credit Participations. | 83 |
| 3.4 | Agreement to Repay Letter of Credit Drawings | 84 |
| 3.5 | Increased Costs | 85 |
| 3.6 | New or Successor Letter of Credit Issuer | 86 |
| 3.7 | Role of Letter of Credit Issuers | 87 |
| 3.8 | Cash Collateral. | 88 |
| 3.9 | Applicability of ISP and UCP | 88 |
| 3.10 | Conflict with Issuer Documents | 89 |
| 3.11 | Letters of Credit Issued for Restricted Subsidiaries | 89 |
| 3.12 | Provisions Related to Extended Revolving Credit Commitments | 89 |

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| | | |
|:---|:---|:---|
| Section 4. | Fees | 89 |
| 4.1 | Fees. | 89 |
| 4.2 | Voluntary Reduction of Revolving Credit Commitments | 90 |
| 4.3 | Mandatory Termination of Commitments | 90 |
| Section 5. | Payments | 91 |
| 5.1 | Voluntary Prepayments | 91 |
| 5.2 | Mandatory Prepayments. | 91 |
| 5.3 | Method and Place of Payment. | 91 |
| 5.4 | Net Payments. | 92 |
| 5.5 | Computations of Interest and Fees. | 95 |
| 5.6 | Limit on Rate of Interest. | 95 |
| Section 6. | Conditions Precedent to Initial Borrowing | 96 |
| 6.1 | Credit Documents | 96 |
| 6.2 | Collateral | 97 |
| 6.3 | Legal Opinions | 97 |
| 6.4 | Closing Certificates | 97 |
| 6.5 | Authorization of Proceedings of the Borrower and the Other Credit Parties; Corporate Documents | 97 |
| 6.6 | Fees | 97 |
| 6.7 | Solvency Certificate | 97 |
| 6.8 | Patriot Act | 98 |
| 6.9 | Financial Statements | 98 |
| 6.10 | No Default; Representations and Warranties | 98 |
| 6.11 | Officer's Certificate | 98 |
| 6.12 | Promissory Notes | 98 |
| 6.13 | No Material Adverse Effect | 98 |
| Section 7. | Conditions Precedent to All Credit Events | 98 |
| 7.1 | No Default; Representations and Warranties | 98 |
| 7.2 | Notice of Borrowing; Letter of Credit Request | 99 |
| 7.3 | Financial Covenant Compliance | 99 |
| Section 8. | Representations and Warranties | 99 |
| 8.1 | Corporate Status | 99 |
| 8.2 | Corporate Power and Authority | 99 |
| 8.3 | No Violation | 99 |
| 8.4 | Litigation | 100 |
| 8.5 | Margin Regulations | 100 |
| 8.6 | Governmental Approvals | 100 |
| 8.7 | Investment Company Act | 100 |
| 8.8 | True and Complete Disclosure. | 100 |
| 8.9 | Financial Condition; Financial Statements | 101 |
| 8.10 | Compliance with Laws; No Event of Default | 101 |
| 8.11 | Tax Matters | 101 |
| 8.12 | Compliance with ERISA. | 101 |

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ii

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| | | |
|:---|:---|:---|
| 8.13 | Subsidiaries | 101 |
| 8.14 | Intellectual Property | 102 |
| 8.15 | Environmental Laws. | 102 |
| 8.16 | Properties. | 102 |
| 8.17 | Solvency | 102 |
| 8.18 | Patriot Act | 102 |
| 8.19 | OFAC and FCPA. | 102 |
| 8.20 | Outbound Investments | 103 |
| Section 9. | Affirmative Covenants. | 103 |
| 9.1 | Information Covenants | 103 |
| 9.2 | Books, Records, and Inspections | 106 |
| 9.3 | Maintenance of Insurance | 106 |
| 9.4 | Payment of Taxes | 107 |
| 9.5 | Preservation of Existence; Consolidated Corporate Franchises | 107 |
| 9.6 | Compliance with Statutes, Regulations, Etc | 107 |
| 9.7 | ERISA | 107 |
| 9.8 | Maintenance of Properties | 108 |
| 9.9 | End of Fiscal Years | 108 |
| 9.10 | Additional Guarantors and Grantors | 108 |
| 9.11 | Pledge of Additional Stock and Evidence of Indebtedness | 108 |
| 9.12 | Use of Proceeds. | 109 |
| 9.13 | Further Assurances. | 109 |
| 9.14 | Lines of Business | 110 |
| Section 10. | Negative Covenants | 110 |
| 10.1 | Limitation on Indebtedness | 110 |
| 10.2 | Limitation on Liens | 115 |
| 10.3 | Limitation on Fundamental Changes | 115 |
| 10.4 | Limitation on Restricted Payments. | 117 |
| 10.5 | Limitation on Sale of Assets | 123 |
| 10.6 | Transactions with Affiliates | 124 |
| 10.7 | Financial Covenant | 125 |
| 10.8 | Outbound Investments | 125 |
| Section 11. | Events of Default | 125 |
| 11.1 | Payments | 125 |
| 11.2 | Representations, Etc | 125 |
| 11.3 | Covenants | 126 |
| 11.4 | Default Under Other Agreements | 126 |
| 11.5 | Bankruptcy, Etc | 127 |
| 11.6 | ERISA | 127 |
| 11.7 | Credit Documents; Guarantee | 127 |
| 11.8 | Pledge Agreement | 127 |
| 11.9 | Security Agreement | 127 |
| 11.10 | Judgments | 128 |
| 11.11 | Change of Control | 128 |
| 11.12 | Remedies Upon Event of Default | 128 |
| 11.13 | Application of Proceeds | 128 |

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| | | |
|:---|:---|:---|
| Section 12. | The Agents | 129 |
| 12.1 | Appointment. | 129 |
| 12.2 | Delegation of Duties | 130 |
| 12.3 | Exculpatory Provisions | 130 |
| 12.4 | Reliance by Agents | 130 |
| 12.5 | Notice of Default | 131 |
| 12.6 | Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders | 131 |
| 12.7 | Indemnification | 131 |
| 12.8 | Agents in Their Individual Capacities | 132 |
| 12.9 | Successor Agents | 132 |
| 12.10 | Withholding Tax | 134 |
| 12.11 | Agents Under Security Documents and Guarantee | 134 |
| 12.12 | Right to Realize on Collateral and Enforce Guarantee | 135 |
| 12.13 | The Administrative Agent May File Proofs of Claim | 135 |
| 12.14 | ERISA Representation of the Lenders | 136 |
| 12.15 | Erroneous Payments | 137 |
| 12.16 | Rights as a Lender | 138 |
| Section 13. | Miscellaneous | 138 |
| 13.1 | Amendments, Waivers, and Releases | 138 |
| 13.2 | Notices | 142 |
| 13.3 | No Waiver; Cumulative Remedies | 142 |
| 13.4 | Survival of Representations and Warranties | 142 |
| 13.5 | Payment of Expenses; Indemnification; Limitation of Liability. | 142 |
| 13.6 | Successors and Assigns; Participations and Assignments | 144 |
| 13.7 | Replacements of Lenders Under Certain Circumstances | 148 |
| 13.8 | Adjustments; Set-off. | 149 |
| 13.9 | Counterparts | 149 |
| 13.10 | Severability | 150 |
| 13.11 | Integration | 150 |
| 13.12 | GOVERNING LAW | 150 |
| 13.13 | Submission to Jurisdiction; Waivers | 150 |
| 13.14 | Acknowledgments | 151 |
| 13.15 | WAIVERS OF JURY TRIAL | 152 |
| 13.16 | Confidentiality | 152 |
| 13.17 | Direct Website Communications | 153 |
| 13.18 | USA PATRIOT Act | 155 |
| 13.19 | Payments Set Aside | 155 |
| 13.20 | No Fiduciary Duty | 155 |
| 13.21 | Acknowledgement Regarding Any Supported QFCs | 156 |
| 13.22 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 156 |

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| | |
|:---|:---|
| <u>SCHEDULES</u> |  |
| Schedule 1.1(b) | Commitments of Lenders and Letter of Credit Issuers |
| Schedule 9.13 | Post-Closing Actions |
| Schedule 13.2 | Notice Addresses |
| <u>EXHIBITS</u> |  |
| Exhibit A | Form of Joinder Agreement |
| Exhibit B | Form of Guarantee |
| Exhibit C | Form of Perfection Certificate |
| Exhibit D | Form of Pledge Agreement |
| Exhibit E | Form of Security Agreement |
| Exhibit F | Form of Letter of Credit Request |
| Exhibit G | Form of Credit Party Closing Certificate |
| Exhibit H | Form of Assignment and Acceptance |
| Exhibit I-1 | Form of Promissory Note (Term Loans) |
| Exhibit I-2 | Form of Promissory Note (Revolving Credit Loans) |
| Exhibit J-1 | Form of Non-Bank Tax Certificate (For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit J-2 | Form of Non-Bank Tax Certificate (For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit J-3 | Form of Non-Bank Tax Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit J-4 | Form of Non-Bank Tax Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes) |
| Exhibit K | Form of Conversion/Continuation Notice |
| Exhibit L | Form of Compliance Certificate |

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v

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**CREDIT AGREEMENT**

CREDIT AGREEMENT, dated as of June 27, 2025, among FIGMA, INC., a Delaware corporation (the "**Borrower**"), the lending institutions from time to time parties hereto (each a "**Lender**" and, collectively, the "**Lenders**"), and MORGAN STANLEY SENIOR FUNDING, INC., as the Administrative Agent, the Collateral Agent and a Letter of Credit Issuer (such terms and each other capitalized term used but not defined in this preamble having the meaning provided in <u>Section 1</u>).

WHEREAS, (i) the Borrower has requested that the Lenders extend credit in the form of Revolving Credit Loans made available to the Borrower at any time and from time to time prior to the Revolving Credit Maturity Date in an aggregate principal amount at any time outstanding not in excess of $500,000,000 less the aggregate Letters of Credit Outstanding at such time and (ii) the Borrower has requested the Letter of Credit Issuers to issue Letters of Credit in Dollars at any time and from time to time prior to the L/C Facility Maturity Date, in an aggregate Stated Amount at any time outstanding not in excess of $150,000,000; and

WHEREAS, the Lenders and Letter of Credit Issuers are willing to make available to the Borrower such revolving credit and letter of credit facilities upon the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. As used herein, the following terms shall have the meanings specified in this <u>Section 1.1</u> unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):

"**ABR**" shall mean, for any day, a rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 0.50% and (c) the Term SOFR Rate for a one-month tenor in effect on such day plus 1.00%. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate or the Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Term SOFR Rate, respectively.

"**ABR Loan**" shall mean each Loan bearing interest based on the ABR.

"**ABR SOFR Determination Day**" has the meaning specified in the definition of "Term SOFR Rate".

"**Acquired EBITDA**" shall mean, with respect to any Acquired Entity or Business or any Converted Restricted Subsidiary (any of the foregoing, a "**Pro Forma Entity**") for any period, the amount for such period of Consolidated EBITDA of such Pro Forma Entity, all as determined on a consolidated basis for such Pro Forma Entity in accordance with GAAP.

"**Acquired Entity or Business**" shall have the meaning provided in the definition of "Consolidated EBITDA."

"**Acquired Indebtedness**" shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged, consolidated, or amalgamated with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Restricted Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"**Adjusted Total Revolving Credit Commitment**" shall mean at any time the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

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"**Adjusted Total Term Loan Commitment**" shall mean the Total Term Loan Commitment less the aggregate Incremental Term Loan Commitments of all Defaulting Lenders.

"**Administrative Agent**" shall mean Morgan Stanley Senior Funding, Inc., as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or any successor administrative agent pursuant to <u>Section 12.9</u>.

"**Administrative Agent's Office**" shall mean the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 13.2</u> or such other address or account as the Administrative Agent may from time to time notify the Borrower and the Lenders.

"**Administrative Questionnaire**" shall have the meaning provided in <u>Section 13.6(b)(ii)(D)</u>.

"**Affected Financial Institution**" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution.

"**Affiliate**" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

"**Agent Parties**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Agents**" shall mean the Administrative Agent, the Collateral Agent, each Joint Lead Arranger and Bookrunner, the Co-Syndication Agents and the Documentation Agent.

"**Agreement**" shall mean this Credit Agreement, as the same may be amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time.

"**Ancillary Document**" shall have the meaning provided in <u>Section 13.9</u>.

"**Applicable Margin**" shall mean a percentage per annum equal to (a) for Term Benchmark Loans, 1.00%, (b) for ABR Loans, 0.00%, and (c) for Letter of Credit Fees, 1.00% per annum

Notwithstanding the foregoing, (a) the Applicable Margin in respect of any Class of Extended Revolving Credit Commitments or Extended Term Loans or Revolving Credit Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment and (b) the Applicable Margin in respect of any Class of Term Loans or Replacement Term Loans shall be the applicable percentages per annum set forth in the relevant agreement.

"**Approved Foreign Bank**" shall have the meaning provided in the definition of "Cash Equivalent."

"**Approved Fund**" shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**ASC**" shall mean the Financial Accounting Standards Codification Topic.

"**Asset Sale**" shall mean a sale, lease (as lessor or sublessor), sale and leaseback, license (as licensor or sublicensor), exchange, transfer or other disposition to, any Person, in one transaction or a series of transactions, of all or any part of the businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired of any Credit Party or any of its Restricted Subsidiaries, including any Equity Interests (but, for the avoidance of doubt, not including Equity Interests of the Borrower), other than (i) inventory or equipment sold, leased or licensed out in the ordinary course of business, (ii)

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obsolete, surplus or worn-out property, (iii) dispositions of cash and Cash Equivalents in the ordinary course of business (including the conversion of Cash Equivalents into cash or other Cash Equivalents in the ordinary course of business), (iv) dispositions of property (including the sale of any Equity Interest owned by such Person) from (A) any Restricted Subsidiary that is not a Credit Party to any other Restricted Subsidiary that is not a Credit Party or to any Credit Party or (B) any Credit Party to any other Credit Party; (v) dispositions of property resulting from casualty or condemnation events or any other taking for public use; (vi) dispositions or discounts of past due accounts receivable in connection with the collection, write down or compromise thereof in the ordinary course of business, (vii) dispositions of property to the extent that (x) such property is exchanged for credit against the purchase price of similar replacement property or (y) the proceeds of such disposition are promptly applied to the purchase price of such replacement property, (viii) any abandonment, failure to maintain, non-renewal or other disposition of any intellectual property (or rights relating thereto) that is no longer desirable in the conduct of any Credit Party's or any of the Restricted Subsidiaries' business, as determined in good faith by such Credit Party or such Restricted Subsidiary, (ix) any sale of property or series of related sales of property where the total consideration received by the Credit Parties and their respective Restricted Subsidiaries (valued at the initial principal amount thereof in the case of non-cash proceeds consisting of notes or other debt securities and valued at the Fair Market Value thereof in the case of other non-cash proceeds) does not exceed $25,000,000 for all such sales in the aggregate since the Closing Date, (x) cancellations of employee notes, (xi) real property leases in the ordinary course of business, (xii) expirations of contracts in accordance with their terms, (xiii) terminations of leases in the ordinary course of business, (xiv) the unwinding of any Hedge Agreement and any Permitted Call Spread Transaction, (xv) licenses or sublicenses of software or other Intellectual Property Rights that do not materially interfere with the ordinary course of business of the Borrower and the Restricted Subsidiaries taken as a whole, (xvi) the incurrence of Liens permitted by <u>Section 10.2</u>, (xvii) de minimis amounts of equipment provided to employees, (xviii) sales, transfers or other dispositions of investments in Joint Ventures or any Subsidiary that is not a wholly owned Restricted Subsidiary to the extent required by, or made pursuant to customary buy/sell arrangements between, the parties set forth in Joint Venture arrangements and similar binding agreements, (xix) to the extent otherwise constituting an Asset Sale, Restricted Payments permitted under <u>Section 10.4</u> and (xx) any (A) exchange of assets (in the same or substantially concurrent transactions) for other assets of comparable or greater Fair Market Value or (B) sale of financial or investment assets for other financial or investment assets of comparable or greater Fair Market Value, in each case, in the ordinary course of business of the Borrower and its Restricted Subsidiaries. The treatment of a transaction as a sale-leaseback as a result of the application of "build to suit" accounting in accordance with GAAP shall not, in and of itself, constitute an Asset Sale for purposes of this Agreement.

Notwithstanding anything in this Agreement or the other Credit Documents to the contrary, (x) the only transfers (including, without limitation, Investments, sales or other dispositions or Restricted Payments) by the Borrower and the Restricted Subsidiaries permitted to be made in Unrestricted Subsidiaries shall be such transfers made in reliance on <u>clause (7)</u> of <u>Section 10.4(b)</u> and (y) no Material Intellectual Property may be transferred (whether by designation, Investment, sale or other disposition, Restricted Payment, exclusive license, contribution or otherwise) (1) by a Credit Party to any Restricted Subsidiary that is not a Credit Party, or (2) by a Credit Party or any Restricted Subsidiary that is not a Credit Party to any Unrestricted Subsidiary (including by transferring any Equity Interests of a Restricted Subsidiary to an Unrestricted Subsidiary).

"**Assignment and Acceptance**" shall mean an assignment and acceptance substantially in the form of <u>Exhibit H</u>, or such other form as may be approved by the Administrative Agent.

"**Assignment Taxes**" shall have the meaning provided in the definition of "Other Taxes."

"**Authorized Officer**" shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive Officer, the President, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, the Controller, the Vice President-Finance, a Senior Vice President, a Director, a Manager, the Secretary, the Assistant Secretary or any other senior officer or agent with express authority to act on behalf of such Person designated as such by the board of directors or other managing authority of such Person.

"**Auto-Extension Letter of Credit**" shall have the meaning provided in <u>Section 3.2(d)</u>.

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"**Available Amount**" shall have the meaning provided in <u>Section 10.4(a)(ii)</u>

"**Available Commitment**" shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum of the aggregate principal amount of, without duplication, (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit Outstanding at such time.

"**Available Tenor**" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark (or component thereof) is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to <u>Section 2.10(e)</u> (but including any tenor for such Benchmark that is added to the definition of "Interest Period" pursuant to <u>Section 2.10(e)</u>).

"**Bail-In Action**" shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"**Bail-In Legislation**" shall mean (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"**Bankruptcy Code**" shall have the meaning provided in <u>Section 11.5</u>.

"**Basket**" means any amount, threshold, exception or value (including by reference to the Consolidated Secured Debt to Consolidated EBITDA Ratio, the Consolidated Total Debt to Consolidated EBITDA Ratio, Fixed Charge Coverage Ratio, Liquidity, Consolidated EBITDA or Consolidated Total Assets) permitted or prescribed with respect to any Lien, Indebtedness, asset sale, lease, license, transfer or other dispositions, Investment, Restricted Payment, transaction, action, judgment or amount under any provision in this Agreement or any other Credit Document.

"**Benchmark**" shall mean, initially, the Term SOFR Reference Rate; <u>provided</u> that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 2.10(b)</u>.

"**Benchmark Replacement**" shall mean with respect to any Benchmark Transition Event, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the sum of (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement Adjustment; <u>provided</u> that if the Benchmark Replacement would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.

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If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.

"**Benchmark Replacement Adjustment**" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

"**Benchmark Replacement Conforming Changes**" shall mean, with respect to the use, administration, adoption or implementation of any Benchmark Replacement and/or any Term Benchmark Loan, any technical, administrative or operational changes (including changes to the definition of "ABR," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "Interest Period," timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of <u>Section 2.11</u>, and other technical, administrative or operational matters) that the Administrative Agent decides, in consultation with the Borrower, may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides, in consultation with the Borrower, is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).

"**Benchmark Replacement Date**" shall mean, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&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)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 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;(2)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" shall mean, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

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&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)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component 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;(2)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 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;(3)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Unavailability Period**" shall mean, with respect to any then-current Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.10</u> and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.10</u>.

"**Beneficial Ownership Certification**" shall mean a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, in form and substance substantially the same as the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

"**Beneficial Ownership Regulation**" shall mean 31 C.F.R. § 1010.230.

"**Benefit Plan**" shall mean any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan."

"**Benefited Lender**" shall have the meaning provided in <u>Section 13.8(a)</u>.

"**BHC Act Affiliate**" of a party shall mean an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"**Borrower**" shall have the meaning provided in the preamble hereto.

"**Borrower Materials**" shall have the meaning provided in <u>Section 13.17(b)</u>.

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"**Borrowing**" shall mean Loans of the same Class and Type, made, converted, or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect.

"**Business Day**" shall mean, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; <u>provided</u> that, in addition to the foregoing, a Business Day shall be, in relation to Term Benchmark Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such Term Benchmark Loans, any such day that is only a U.S. Government Securities Business Day.

"**Capital Lease**" shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease or finance lease on the balance sheet of that Person; <u>provided</u> that all leases of any Person that are or would be characterized as operating leases in accordance with GAAP immediately prior to December 15, 2019 (whether or not such operating leases were in effect on such date) shall continue to be accounted for as operating leases (and not as Capital Leases) for purposes of this Agreement regardless of any change in GAAP following the date that would otherwise require such leases to be recharacterized as Capital Leases.

"**Capital Stock**" shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that "cash-settled phantom appreciation programs" in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).

"**Capitalized Lease Obligation**" shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP; <u>provided</u> that all obligations of any Person that are or would be characterized as operating lease obligations in accordance with GAAP immediately prior to December 15, 2019 (whether or not such operating lease obligations were in effect on such date) shall continue to be accounted for as operating lease obligations (and not as Capitalized Lease Obligations) for purposes of this Agreement (other than for the purposes of the delivery of financial statements prepared in accordance with GAAP) regardless of any change in GAAP following the date that would otherwise require such obligations to be recharacterized as Capitalized Lease Obligations.

"**Capitalized Software Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Borrower and its Restricted Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries.

"**Cash Collateralize**" shall mean to pledge and deposit with or deliver to the Collateral Agent (or the applicable Letter of Credit Issuer if agreed by the Collateral Agent and such Letter of Credit Issuer), for the benefit of one or more of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Revolving Credit Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the Letter of Credit Issuers shall agree in their sole discretion, other credit support. "**Cash Collateral**" shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" shall mean:

&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)&nbsp;&nbsp;&nbsp;&nbsp;Dollars,

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&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)&nbsp;&nbsp;&nbsp;&nbsp;(a) Euro, Sterling, Yen, Swiss Francs, Canadian Dollars, or any national currency of any Participating Member State in the European Union or (b) local currencies held from time to time 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;securities issued or directly and fully and unconditionally guaranteed or insured by the United States government or any country that is a member state of the European Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition,

&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)&nbsp;&nbsp;&nbsp;&nbsp;certificates of deposit, time deposits, and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers' acceptances with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $100,000,000,

&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)&nbsp;&nbsp;&nbsp;&nbsp;repurchase obligations for underlying securities of the types described in clauses (iii), (iv), and (ix) entered into with any financial institution meeting the qualifications specified in clause (iv) above,

&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)&nbsp;&nbsp;&nbsp;&nbsp;commercial paper rated at least P-2 by Moody's or at least A-2 by S&P and in each case maturing within 24 months after the date of creation 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized ratings agency) and in each case maturing within 24 months after the date of creation or acquisition 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;readily marketable direct obligations issued by any state, commonwealth, or territory of the United States or any political subdivision or taxing authority thereof having one of the two highest rating categories obtainable from either Moody's or S&P with maturities of 24 months or less from the date of acquisition,

&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)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness or preferred stock issued by Persons with a rating of "A" or higher from S&P or "A2" or higher from Moody's with maturities of 24 months or less from the date of acquisition,

&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)&nbsp;&nbsp;&nbsp;&nbsp;solely with respect to any Foreign Subsidiary: (a) obligations of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein, (b) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business <u>provided</u> such country is a member of the Organization for Economic Cooperation and Development (any such bank being an "**Approved Foreign Bank**"), and in each case with maturities of not more than 24 months from the date of acquisition, and (c) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by such Foreign Subsidiary organized in 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;in the case of investments by any Foreign Subsidiary or investments made in a country outside the United States, Cash Equivalents shall also include investments of the type and maturity described in <u>clauses (i)</u> through <u>(ix)</u> above of foreign obligors, which investments have ratings, described in such clauses or equivalent ratings from comparable foreign rating agencies,

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&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)&nbsp;&nbsp;&nbsp;&nbsp;investment funds investing at least 90% of their assets in securities of the types described in <u>clauses (i)</u> through <u>(ix)</u> above; 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;investments made pursuant to Borrower's investment policy as in effect on the Closing Date or as subsequently amended, restated, supplemented or modified; <u>provided</u> that any such amendment, restatement, supplement or modification shall be either (i) consistent with the Borrower's treasury management policies in all material respects or (ii) approved by the Administrative Agent, acting at the direction of the Required Lenders (such approval to not be unreasonably withheld, conditioned or delayed).

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (i)</u> and <u>(ii)</u> above; <u>provided</u> that such amounts are converted into any currency listed in <u>clauses (i)</u> and <u>(ii)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under the Credit Documents regardless of the treatment of such items under GAAP.

"**Cash Management Agreement**" shall mean any agreement or arrangement to provide Cash Management Services.

"**Cash Management Bank**" shall mean (i) any Person that, at the time it enters into a Cash Management Agreement with the Borrower or any Restricted Subsidiary, is an Agent or a Lender or an Affiliate of an Agent or a Lender or (ii) with respect to any Cash Management Agreement with the Borrower or any Restricted Subsidiary entered into prior to the Closing Date, any Person that is a Lender or an Affiliate of a Lender on the Closing Date.

"**Cash Management Services**" shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, employee credit card programs or electronic funds transfer services, (ii) treasury management services (including controlled disbursement, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services), (iii) any other demand deposit or operating account relationships or other cash management services, including pursuant to any Cash Management Agreements and (iv) other services related, ancillary or complementary to the foregoing.

"**CFC**" shall mean a Subsidiary of the Borrower that is a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"**CFC Holding Company**" shall mean a Domestic Subsidiary of the Borrower substantially all of the assets of which consist of equity (or equity and debt) of one or more Foreign Subsidiaries that are CFCs.

"**Change in Law**" shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing Date by any central bank or other Governmental Authority or quasi-Governmental Authority (whether or not having the force of law), including, for avoidance of doubt any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines, requirements, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities pursuant to Basel III, in each case to the extent issued or becoming effective after the Closing Date shall be deemed to have gone into effect after the Closing Date, regardless of the date of the enabling or underlying legislation or agreements.

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"**Change of Control**" shall mean and be deemed to have occurred if any Person, entity, or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of the Borrower or the IPO Entity that exceeds 40% thereof, unless the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or designate for election at least a majority of the board of directors (or other similar governing body) of the Borrower or the IPO Entity. For the purpose of this definition, at any time when a majority of the outstanding Voting Stock of the Borrower is directly or indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of the Borrower, references in this definition to the "Borrower" shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (i) "beneficial ownership" shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Securities Exchange Act, (ii) the phrase Person or "group" is within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act, but excluding any employee benefit plan of such Person or "group" and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and (iii) a Person or group shall not be deemed to beneficially own Voting Stock subject to a stock or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement (or voting or option or similar agreement related thereto) until the consummation of the acquisition of such Voting Stock in connection with the transactions contemplated by such agreement.

"**Claims**" shall have the meaning provided in the definition of "Environmental Claims."

"**Class**" (i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans, Incremental Revolving Credit Loans, Incremental Term Loans, Extended Term Loans (of the same Extension Series), Extended Revolving Credit Loans (of the same Extension Series), Replacement Term Loans, or Refinanced Term Loans, and (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment, an Incremental Revolving Credit Commitment, an Extended Revolving Credit Commitment (of the same Extension Series), an Incremental Term Loan Commitment, or a Replacement Term Loan Commitment.

"**Closing Date**" shall mean June 27, 2025.

"**CME Term SOFR Administrator**" shall mean CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

"**Co-Syndication Agents**" shall mean Bank of America, N.A., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA and Wells Fargo Securities, LLC.

"**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in all events Excluded Property.

"**Collateral Agent**" shall mean Morgan Stanley Senior Funding, Inc., as collateral agent under the Credit Documents, or any successor collateral agent pursuant to <u>Section 12.9</u>.

"**Commitments**" shall mean, with respect to each Lender (to the extent applicable), such Lender's Revolving Credit Commitment, Incremental Revolving Credit Commitment, Extended Revolving Credit Commitment, Incremental Term Loan Commitment and/or Replacement Term Loan Commitment.

"**Commodity Exchange Act**" shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

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"**Common Stock**" means the common Equity Interests of the Borrower or an IPO Entity, as the case may be.

"**Communications**" shall have the meaning provided in <u>Section 13.17</u>.

"**Compliance Certificate**" shall mean a certificate of an Authorized Officer of the Borrower delivered pursuant to <u>Section 9.1(d)</u> for the applicable Test Period substantially in the form of <u>Exhibit L</u>.

"**Confidential Information**" shall have the meaning provided in <u>Section 13.16</u>.

"**Consolidated Depreciation and Amortization Expense**" shall mean with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees or costs, debt issuance costs, commissions, fees, and expenses, capitalized expenditures (including Capitalized Software Expenditures), customer acquisition costs, the amortization of original issue discount resulting from the issuance or incurrence of Indebtedness at less than par and incentive payments, conversion costs, and contract acquisition costs of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

"**Consolidated EBITDA**" shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period:

&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)&nbsp;&nbsp;&nbsp;&nbsp;increased (without duplication, and to the extent not already excluded in determining Consolidated Net Income) by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;provision for Taxes based on income, revenue or profits or capital, including, without limitation, U.S. federal, state, non-U.S., franchise, excise, value added, property and similar Taxes and foreign withholding Taxes of such Person and its Restricted Subsidiaries paid or accrued during such period, including any penalties and interest related to such Taxes or arising from any Tax examinations, in each case to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Fixed Charges of such Person and its Restricted Subsidiaries for such period (including (1) net losses on Hedge Agreements or other derivative instruments entered into for the purpose of hedging interest rate risk and (2) costs of surety bonds in connection with financing activities, in each case, to the extent included in Fixed Charges), together with items excluded from the definition of "Consolidated Interest Expense" and any non-cash interest expense, in each case to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Depreciation and Amortization Expense of such Person and its Restricted Subsidiaries for such period to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any expenses, fees, charges, or losses (other than depreciation or amortization expense) related to any Equity Offering (including any IPO of the Borrower, an IPO Entity or any Parent Entity), Permitted Investment, Restricted Payments, acquisition, disposition, recapitalization, or the incurrence of Indebtedness (including Permitted Convertible Indebtedness, any Permitted Call Spread Transactions, and any Permitted Forward Agreements) permitted to be incurred by this Agreement (including a refinancing thereof) (whether or not consummated and including any such transaction consummated prior to the Closing Date), including (1) such fees, expenses, or charges related to the incurrence of the Loans hereunder and all Transaction Expenses, (2) such fees, expenses, or charges related to the Credit Documents and the Credit Facilities or any other credit facilities or debt issuances, and (3) any amendment or other

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modification of the Loans hereunder, or other Indebtedness, and, in each case, deducted (and not added back) in computing Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any other non-cash charges, including any write offs, write downs, expenses, losses, any effects of adjustments resulting from the application of purchase accounting, purchase price accounting (including (A) any step-up in inventory and loss of profit on the acquired inventory, (B) non-cash equity based employee compensation expenses for such period, (C) unrealized losses resulting from mark-to-market accounting in respect of convertible notes, Swap Obligations, bond hedge transactions, non-cash foreign currency translation losses and other derivative or similar instruments, (D) unrealized losses on equity investments and Cash Equivalents, (E) expenses, losses and charges for deferred tax asset valuation allowances and (F) non-cash operating lease costs) or other items to the extent the same were deducted (and not added back) in computing Consolidated Net Income (<u>provided</u> that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be deducted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the amount of any net income (loss) attributable to non-controlling interests in any non-Wholly-Owned Subsidiary deducted (and not added back) in such period in calculating Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;costs of surety bonds incurred in such period in connection with financing activities, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the amount of reasonably identifiable and factually supportable "run-rate" cost savings, operating expense reductions and cost synergies that are projected by the Borrower in good faith to be realized as a result of actions either taken or expected to be taken within 18 months of the determination to take such action, net of the amount of actual benefits realized prior to or during such period from such actions (which cost savings, operating expense reductions and cost synergies shall be calculated on a Pro Forma Basis as though such cost savings, operating expense reductions or cost synergies had been realized on the first day of such period); <u>provided</u> that the aggregate amount added to Consolidated Net Income pursuant to this <u>clause (h)</u>, together with any Pro Forma Adjustments made pursuant to the definition of "Pro Forma Adjustment" or <u>Section 1.12(b)</u>, in any period of four consecutive fiscal quarters shall not exceed 20.0% of Consolidated EBITDA for such period (determined after giving effect to all such amounts added to Consolidated Net Income); <u>provided</u> that such cap shall not apply to (A) any amounts evidenced in a quality of earnings report obtained for any transaction prepared by a nationally recognized accounting firm that is reasonably acceptable to the Administrative Agent (it being agreed that any of the "Big Four" accounting firms is acceptable to the Administrative Agent) or (B) any pro forma adjustments (other than management adjustments) determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency), *plus*&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any costs or expense incurred by the Borrower or a Restricted Subsidiary pursuant to any equity incentive plan, management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Borrower or net cash proceeds of an issuance of Equity Interests of the Borrower (other than Disqualified Stock), in each case, to the extent Not Otherwise Applied and to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the amount of expenses relating to payments made to option, phantom equity or profits interest holders of such Person or any direct or indirect parent company of such Person in

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connection with, or as a result of, any distribution being made to shareholders of such Person or its direct or indirect parent companies, which payments are being made to compensate such option, phantom equity or profits interest holders as though they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted under this Agreement and expenses relating to distributions made to equity holders of such Person or its direct or indirect parent companies resulting from the application of Financial Accounting Standards Codification Topic 718—Compensation—Stock Compensation (formerly Financial Accounting Standards Board Statement No. 123 (Revised 2004)) to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any joint venture that is not a Restricted Subsidiary (other than any joint venture that is an Unrestricted Subsidiary), an amount equal to the proportion of those items described in <u>clauses (a)</u> and <u>(c)</u> above relating to such joint venture corresponding to the Borrower's and the Restricted Subsidiaries' proportionate share of such joint venture's Consolidated Net Income (determined as if such joint venture were a Restricted Subsidiary) to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;costs associated with, or in anticipation of, or preparation for, compliance with the requirements of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith and Public Company Costs to the extent the same were deducted (and not added back) in computing such Consolidated Net Income, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;to the extent not already included in Consolidated Net Income, (1) any expenses and charges that are reimbursed by indemnification or other similar provisions in connection with any investment or any sale, conveyance, transfer, or other disposition of assets permitted hereunder and (2) to the extent covered by insurance and actually reimbursed, or, so long as the Borrower has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of the determination by the Borrower that there exists such evidence (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days), expenses with respect to liability or casualty events or business interruption, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;expenses consisting of internal software development costs that are expensed during the period but could have been capitalized under alternative accounting policies in accordance with GAAP to the extent the same were deducted (and not added back) in computing such Consolidated Net Income;

&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)&nbsp;&nbsp;&nbsp;&nbsp;decreased by (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;non-cash gains increasing Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, excluding any non-cash gains which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced Consolidated EBITDA in any prior period other than non-cash gains relating to the application of Financial Accounting Standards Codification Topic 840—*Leases* (formerly Financial Accounting Standards Board Statement No. 13); <u>provided</u> that, to the extent non-cash gains are deducted pursuant to this <u>clause (ii)(a)</u> for any previous period and not otherwise added back to Consolidated EBITDA, Consolidated EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash expenses) in respect of such non-cash gains received in subsequent periods to the extent not already included therein;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;increased or decreased by (without duplication):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any net gain or loss resulting in such period from currency gains or losses related to Indebtedness, intercompany balances, and other balance sheet items, plus or minus, as the case may be, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;any net gain or loss resulting in such period from Hedge Agreements, and the application of Financial Accounting Standards Codification Topic 815—Derivatives and Hedging (ASC 815) (formerly Financing Accounting Standards Board Statement No. 133), and its related pronouncements and interpretations, or the equivalent accounting standard under GAAP or an alternative basis of accounting applied in lieu of GAAP; 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;increased (to the extent such difference is positive) or decreased (to the extent such difference is negative) by the difference of the current portion of Deferred Revenue of such Person and its Restricted Subsidiaries as of the last day of such period (the "**Determination Date**") and the current portion of Deferred Revenue of such Person and its Restricted Subsidiaries as of the date that is twelve months prior to the Determination Date.

For the avoidance of doubt:

&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)&nbsp;&nbsp;&nbsp;&nbsp;to the extent included in Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA for any period any adjustments resulting from the application of ASC 815 and its related pronouncements and interpretations, or the equivalent accounting standard under GAAP or an alternative basis of accounting applied in lieu of 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;there shall be included in determining Consolidated EBITDA for any period, without duplication, (1) the Acquired EBITDA of any Person or business, or attributable to any property or asset acquired by the Borrower or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person or business or any Acquired EBITDA attributable to any assets or property, in each case to the extent not so acquired) to the extent not subsequently sold, transferred, abandoned, or otherwise disposed by the Borrower or such Restricted Subsidiary during such period (each such Person, business, property, or asset acquired and not subsequently so disposed of, an "**Acquired Entity or Business**") and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a "**Converted Restricted Subsidiary**"), based on the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition or conversion); <u>provided</u> that the Borrower may elect to not include Acquired EBITDA in the determination of Consolidated EBITDA with respect to any Acquired Entity or Business that had a net loss of no greater than $2,500,000 or net income of no more than $2,500,000, determined as of the date of such acquisition with reference to the four full fiscal quarters most recently-ended prior to such acquisition for which financial statements are available with respect to such Acquired Entity or Business, and (2) an adjustment in respect of each Acquired Entity or Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition); 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent included in Consolidated Net Income, there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business, or asset sold, transferred, abandoned, or otherwise disposed of, closed or classified as discontinued operations by the Borrower or any Restricted Subsidiary during such period (each such Person, property, business, or asset so sold or disposed of, a "**Sold Entity or Business**"), and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each, a "**Converted Unrestricted Subsidiary**") based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof occurring prior to such sale, transfer, or disposition or conversion); <u>provided</u> that for the avoidance of doubt, notwithstanding any classification under GAAP of any Person or business in respect of which a definitive agreement for the

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disposition thereof has been entered into as discontinued operations, the Disposed EBITDA of such Person or business shall not be excluded pursuant to this paragraph until such disposition shall have been consummated.

Notwithstanding the foregoing to the extent that any adjustment to Consolidated Net Income set forth in the definition of Consolidated EBITDA (including to Consolidated Net Income set forth in the definition of Consolidated EBITDA) would have the effect of increasing Consolidated EBITDA for the applicable determination period, such adjustment shall be made at the election of Borrower in its sole discretion.

"**Consolidated Interest Expense**" shall mean, with respect to any Person, the sum of (1) cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Restricted Subsidiaries, with respect to all outstanding Indebtedness of such Person and its Restricted Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements, plus (2) non-cash interest expense resulting solely from the net amortization of original issue discount and original issuance premium from the issuance or incurrence of Indebtedness of such Person and its Restricted Subsidiaries (excluding any Indebtedness borrowed under this Agreement in connection with the Transactions and any permitted refinancing thereof) but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in <u>clause (2)</u> above (including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedge Agreements or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—Derivatives and Hedging, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (e) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (f) penalties and interest relating to Taxes, (g) accretion or accrual of discounted liabilities not constituting Indebtedness, (h) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (i) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (j) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis.

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

"**Consolidated Net Income**" shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period, Net Income of such Person and its Restricted Subsidiaries for such period determined in accordance with GAAP; <u>provided</u> that, without duplication,

&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)&nbsp;&nbsp;&nbsp;&nbsp;extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facilities' or bases' opening costs and other business optimization expenses (including related to new product introductions and other strategic or cost savings initiatives), restructuring charges, restructuring accruals or restructuring reserves (including restructuring and integration costs related to acquisitions and adjustments to existing reserves), signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities or bases and curtailments or modifications to pension and post retirement employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and judgments), shall be excluded,

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&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)&nbsp;&nbsp;&nbsp;&nbsp;the Net Income for such period shall not include the cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies during such period,

&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)&nbsp;&nbsp;&nbsp;&nbsp;any gain (loss) (less all fees and expenses relating thereto) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of), shall be excluded,

&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)&nbsp;&nbsp;&nbsp;&nbsp;any after-Tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or abandonments other than in the ordinary course of business, as determined in good faith by the board of directors of the Borrower, shall be excluded,

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Net Income for such period of any Person that is not the Borrower or a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be excluded; <u>provided</u> that Consolidated Net Income of the Borrower shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) to the Borrower or a Restricted Subsidiary thereof in respect of such period,

&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)&nbsp;&nbsp;&nbsp;&nbsp;effects of adjustments (including the effects of such adjustments pushed down to the Borrower and its Restricted Subsidiaries) in any line item in such Person's consolidated financial statements required or permitted by Financial Accounting Standards Codification Topic 805 – Business Combinations and Topic 350 – Intangibles-Goodwill and Other (ASC 805 and ASC 350) (formerly Financial Accounting Standards Board Statement Nos. 141 and 142, respectively) resulting from the application of purchase accounting, including in relation to the Transactions and any acquisition that is consummated after the Closing Date or the amortization or write-off of any amounts thereof, net of Taxes, shall be excluded,

&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)&nbsp;&nbsp;&nbsp;&nbsp;(a) any after-Tax effect of income (loss) from the early extinguishment of Indebtedness or Hedge Agreements or other derivative instruments (including deferred financing costs written off and premiums paid), (b) any non-cash income (or loss) related to currency gains or losses related to Indebtedness, intercompany balances, and other balance sheet items and to Hedge Agreements pursuant to ASC 815 (or such successor provision), and (c) any non-cash expense, income, or loss attributable to the movement in mark to market valuation of foreign currencies, Indebtedness, or derivative instruments pursuant to GAAP, shall be excluded,

&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)&nbsp;&nbsp;&nbsp;&nbsp;any impairment charge, asset write-off, or write-down pursuant to ASC 350 and Financial Accounting Standards Codification Topic 360 – Impairment and Disposal of Long-Lived Assets (ASC 360) (formerly Financial Accounting Standards Board Statement Nos. 142 and 144, respectively) and the amortization of intangibles arising pursuant to ASC 805 shall be excluded,

&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)&nbsp;&nbsp;&nbsp;&nbsp;(a) any non-cash compensation expense recorded from or in connection with any share-based compensation arrangements, including grants of stock appreciation or similar rights, incentive equity, phantom equity, stock options units, restricted stock, capital or profits interests or other rights to employees, directors, officers, managers, consultants or independent contractors and (b) non-cash income (loss) attributable to deferred compensation plans or trusts, shall be excluded,

&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)&nbsp;&nbsp;&nbsp;&nbsp;any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, recapitalization, asset sale, or other disposition, issuance or repayment of Indebtedness, issuance of Equity Interests (including any IPO of the Borrower, an IPO Entity or any Parent Entity), refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any

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such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction shall be excluded,

&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)&nbsp;&nbsp;&nbsp;&nbsp;accruals and reserves (including contingent liabilities) that are established or adjusted within twelve months after the Closing Date that are so required to be established as a result of the Transactions in accordance with GAAP, or changes as a result of adoption or modification of accounting policies, shall be excluded, 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;any deferred Tax expense associated with Tax deductions or net operating losses arising as a result of the Transactions, or the release of any valuation allowance related to such items, shall be excluded.

Notwithstanding the foregoing, to the extent that any adjustment pursuant to any of the foregoing clauses (i) through (xii) of this definition of Consolidated Net Income would have the effect of increasing Consolidated Net Income for the applicable determination period, such adjustment shall be made at the election of Borrower in its sole discretion.

"**Consolidated Secured Debt**" shall mean, as at any date of determination, an amount equal to the sum of the aggregate amount of all Consolidated Total Debt that is secured by a Lien on any asset of the Borrower or any of its Restricted Subsidiaries; <u>provided</u> that Consolidated Total Debt shall not include Letters of Credit, except to the extent of Unpaid Drawings thereunder that have not been paid within three Business Days following the Reimbursement Date applicable thereto; <u>provided,</u> <u>further</u>, that the effects of pushdown accounting shall be excluded.

"**Consolidated Secured Debt to Consolidated EBITDA Ratio**" shall mean, as of any date of determination, the ratio of (i) Consolidated Secured Debt as of such date of determination, *minus* Unrestricted Cash of the Borrower and its Restricted Subsidiaries on a consolidated basis in an aggregate amount of up to $250,000,000 to (ii) TTM Consolidated EBITDA, in each case with such pro forma adjustments to Consolidated Secured Debt and Consolidated EBITDA as are appropriate as set forth herein.

"**Consolidated Total Assets**" shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on the consolidated balance sheet of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period on a Pro Forma Basis.

"**Consolidated Total Debt**" shall mean, as at any date of determination, an amount equal to the sum of the aggregate amount of all outstanding Indebtedness of the Borrower and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, purchase money indebtedness, Capitalized Lease Obligations and debt obligations evidenced by promissory notes and similar instruments (and excluding, for the avoidance of doubt, Indebtedness in respect of, or incurred pursuant to, deferred purchase price obligations and/or Hedging Obligations); <u>provided</u> that Consolidated Total Debt shall not include Letters of Credit, except to the extent of Unpaid Drawings thereunder that have not been paid within three Business Days following the Reimbursement Date applicable thereto; <u>provided,</u> <u>further</u>, that the effects of pushdown accounting shall be excluded.

"**Consolidated Total Debt to Consolidated EBITDA Ratio**" shall mean, as of any date of determination, the ratio of (i) Consolidated Total Debt as of such date of determination, *minus* Unrestricted Cash of the Borrower and its Restricted Subsidiaries on a consolidated basis in an aggregate amount of up to $250,000,000 to (ii) TTM Consolidated EBITDA, in each case with such pro forma adjustments to Consolidated Total Debt and Consolidated EBITDA as are appropriate as set forth herein.

"**Contingent Obligations**" shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations that do not constitute Indebtedness ("**primary obligations**") of any other Person (the "**primary obligor**") in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary

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obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

"**Contractual Requirement**" shall have the meaning provided in <u>Section 8.3</u>.

"**Converted Restricted Subsidiary**" shall have the meaning provided in the definition of "Consolidated EBITDA."

"**Converted Unrestricted Subsidiary**" shall have the meaning provided in the definition of "Consolidated EBITDA."

"**Corresponding Tenor**" with respect to any Available Tenor shall mean, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"**Covered Entity**" shall mean any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R.§ 382.2(b).

"**Covered Party**" shall have the meaning provided in <u>Section 13.21</u>.

"**Credit Documents**" shall mean this Agreement, each Joinder Agreement, the Guarantees, the Security Documents, the Fee Letter, and any promissory notes issued by the Borrower pursuant hereto, any amendments or supplements to, or any waiver or consent under, any of the foregoing and any other documented designated from time to time by the Borrower and the other parties thereto as a "Credit Document" in accordance with the terms hereof.

"**Credit Event**" shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of any Letter of Credit, or the amendment, extension or renewal of any existing Letter of Credit by a Letter of Credit Issuer.

"**Credit Facilities**" shall mean, collectively, each category of Commitments and each extension of credit hereunder.

"**Credit Facility**" shall mean a category of Commitments and extensions of credit thereunder.

"**Credit Party**" shall mean the Borrower and the other Guarantors.

"**Daily Simple SOFR**" shall mean, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for syndicated business loans.

"**Default**" shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.

"**Default Rate**" shall have the meaning provided in <u>Section 2.8(c)</u>.

"**Default Right**" shall have 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.

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"**Defaulting Lender**" shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of "Lender Default."

"**Deferred Revenue**" shall mean, at any date, the amount of cash and Cash Equivalents received in advance of revenue recognition that would, in conformity with GAAP, be set forth opposite the caption "deferred revenue" (or any like caption, including current and non-current designations) on a consolidated balance sheet at such date; <u>provided</u> that such balance should be determined excluding the effects of acquisition method accounting.

"**Designated Preferred Stock**" shall mean preferred stock of the Borrower or any direct or indirect parent company of the Borrower (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an officer's certificate executed by an Authorized Officer of the Borrower or the parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in <u>clause (ii)</u> of <u>Section 10.4(a)</u>.

"**Disclosure Letter**" means the disclosure letter, dated as of the Closing Date, delivered by the Borrower to the Administrative Agent for the benefit of the Lenders.

"**Disposed EBITDA**" shall mean, with respect to any Sold Entity or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold Entity or Business or Converted Unrestricted Subsidiary, as the case may be.

"**disposition**" shall mean the sale, conveyance, transfer, assignment, lease, sublease, license, sublicense, foreclosure, condemnation, casualty, or other disposition, whether in a single transaction or a series of related transactions, of property or assets (including by way of a Sale Leaseback) of the Borrower or any Restricted Subsidiary.

"**Disqualified Lenders**" shall mean such Persons (i) that have been specified in writing to the Administrative Agent and the Joint Lead Arrangers and Bookrunners prior to the Closing Date as being Disqualified Lenders, (ii) who are competitors of the Borrower and its Subsidiaries that are separately identified in writing by the Borrower to the Administrative Agent from time to time, and (iii) in the case of each of <u>clauses (i)</u> and <u>(ii)</u>, any of their Affiliates (other than any such Affiliate that is affiliated with a financial investor in such Person and that is not itself an operating company or otherwise an Affiliate of an operating company so long as such Affiliate is a bona fide Fund) that are either (a) identified in writing by the Borrower to the Administrative Agent from time to time or (b) clearly identifiable solely on the basis of similarity of such Affiliate's name; <u>provided</u> that any additional designation permitted by the foregoing shall not become effective until three (3) Business Days following delivery to the Administrative Agent by email and shall not apply retroactively to any prior assignment or participation interest or to any trade to acquire such participation interest.

"**Disqualified Stock**" shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures (excluding maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable (other than solely for Qualified Stock and/or cash in lieu of fractional shares), other than as a result of a change of control, fundamental change, asset sale, condemnation event or similar event, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified Stock and/or cash in lieu of fractional shares), other than as a result of a change of control, fundamental change, asset sale, condemnation event or similar event, in whole or in part, in each case, prior to the date that is 91 days after the Revolving Credit Maturity Date hereunder; <u>provided</u>, that only the portion of the Capital Stock that so mature, are convertible or exchangeable or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified Stock; <u>provided</u> <u>further</u> that (i) if such Capital Stock is issued to any plan for the benefit of employees of the Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such

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employee's termination, death, or disability and (ii) any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Qualified Stock and/or cash in lieu of fractional shares in connection therewith shall not be deemed to be Disqualified Stock.

"**Distressed Person**" shall have the meaning provided in the definition of "Lender-Related Distress Event."

"**Documentation Agent**" shall mean Royal Bank of Canada.

"**Dollars**" and "**$**" shall mean dollars in lawful currency of the United States.

"**Domestic Subsidiary**" shall mean each Subsidiary of the Borrower that is organized under the laws of the United States, any state thereof, or the District of Columbia.

"**EEA Financial Institution**" shall mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in <u>clause (a)</u> of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in <u>clauses (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

"**EEA Member Country**" shall mean any of the member states of the European Union, Iceland, Liechtenstein, Norway and the United Kingdom.

"**EEA Resolution Authority**" shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**Electronic Signature**" shall mean an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"**Environment**" shall mean ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands.

"**Environmental Claims**" shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereinafter, "**Claims**"), including, without limitation, (i) any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial, or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating to the presence Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials), or the Environment.

"**Environmental Law**" shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the Environment, or protection of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation, storage, treatment, transport, Release, or threat of Release of Hazardous Materials.

"**Equity Interest**" shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock; <u>provided</u> that Equity Interests shall not include (a) any debt securities that are convertible into or exchangeable for any

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combination of Equity Interests and/or cash (including, for the avoidance of doubt, any Permitted Convertible Indebtedness), (b) any Permitted Call Spread Transaction and (c) any Permitted Forward Agreement.

"**Equity Offering**" shall mean any public or private sale of common stock or preferred stock of the Borrower or any direct or indirect parent company of the Borrower (excluding Disqualified Stock), other than: (i) public offerings with respect to the Borrower or any of their direct or indirect parent company's common stock registered on Form S-8, (ii) issuances to any Subsidiary of the Borrower and (iv) any such public or private sale that constitutes an Excluded Contribution.

"**ERISA**" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder.

"**ERISA Affiliate**" shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414 (b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" shall mean (i) the failure of any Plan to comply with any provisions of ERISA and/or the Code (and applicable regulations under either) or with the terms of such Plan; (ii) the existence with respect to any Plan of a non-exempt Prohibited Transaction; (iii) any Reportable Event; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (v) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (vii) the termination of, or the appointment of a trustee to administer, any Pension Plan or the incurrence by any Credit Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under Section 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan (or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA) or Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent or in Reorganization, in "endangered" or "critical" status (within the meaning of Section 432 of the Code or Section 305 of ERISA), or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA.

"**EU Bail-In Legislation Schedule**" shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Event of Default**" shall have the meaning provided in <u>Section 11</u>.

"**Excluded Contribution**" shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received by the Borrower from (i) contributions to its common equity capital, and (ii) the sale (other than (x) to a Subsidiary of the Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Borrower or (y) in connection with any initial IPO of the Borrower, an IPO Entity or any Parent Entity) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Borrower, in each case designated as Excluded Contributions pursuant to an officer's certificate, delivered to the Administrative Agent, executed by an Authorized Officer of the Borrower on the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which

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are excluded from the calculation set forth in <u>clause (ii)</u> of <u>Section 10.4(a)</u>; <u>provided</u> any non-cash assets shall qualify only if acquired by a parent of the Borrower in an arm's-length transaction within the six months prior to such contribution.

"**Excluded Property**" shall have the meaning set forth in the Security Agreement.

"**Excluded Stock and Stock Equivalents**" shall mean (i) any Capital Stock or Stock Equivalents with respect to which, as determined by the Borrower in consultation with the Administrative Agent, the cost or other consequences of pledging such Capital Stock or Stock Equivalents in favor of the Collateral Agent under the Security Documents shall be excessive in view of the benefits to be obtained by the Lenders therefrom, (ii) solely in the case of any pledge of voting Capital Stock and voting Stock Equivalents of any Foreign Subsidiary that is a CFC or any CFC Holding Company, any Voting Stock or Stock Equivalents of any class of such Foreign Subsidiary or such CFC Holding Company in excess of 65% of the outstanding Voting Stock of such class, (iii) any Capital Stock or Stock Equivalents of any direct or indirect Subsidiary of a CFC Holding Company or a Foreign Subsidiary that is a CFC, (iv) any Capital Stock or Stock Equivalents to the extent the pledge thereof would violate any applicable law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been obtained) (in each case, after giving effect to the applicable anti-assignment provisions of the Uniform commercial Code or other applicable law), (v) in the case of (A) any Capital Stock or Stock Equivalents of any Subsidiary acquired after the Closing Date to the extent such Capital Stock or Stock Equivalents are subject to a Lien permitted by <u>clause (ix)</u> of the definition of "Permitted Liens" or (B) any Capital Stock or Stock Equivalents of any Subsidiary that is not a Wholly-Owned Subsidiary of the Borrower and its Subsidiaries at the time such Subsidiary becomes a Subsidiary, any Capital Stock or Stock Equivalents of each such Subsidiary described in <u>clause (A)</u> or <u>(B)</u> to the extent (I) that a pledge thereof to secure the Obligations is prohibited by any applicable Contractual Requirement permitted under this Agreement and binding on such Capital Stock or Stock Equivalent at the time of its acquisition (other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction), (II) any such Contractual Requirement prohibits such a pledge without the consent of any other party; <u>provided</u> that this <u>clause (II)</u> shall not apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (III) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly-Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents permitted under this Agreement the right to terminate its obligations thereunder (in each case of sub-clauses (I), (II) and (III), other than customary non-assignment provisions which are ineffective under the Uniform Commercial Code or other applicable law and other than proceeds thereof the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition or restriction), (vi) any Capital Stock or Stock Equivalents of any Subsidiary of the Borrower to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse Tax consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower in consultation with the Administrative Agent, (vii) any Capital Stock or Stock Equivalents that are margin stock, and (viii) any Capital Stock and Stock Equivalents of any Subsidiary that is not a Material Subsidiary (except to the extent a security interest therein can be perfected by filing of a UCC-1 financing statement) or is an Unrestricted Subsidiary, a captive insurance Subsidiary, an SPV or any special purpose entity.

"**Excluded Subsidiary**" shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not (on a consolidated basis with its Restricted Subsidiaries) constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary on any date such Subsidiary becomes a Subsidiary (for so long as such Subsidiary remains a non-Wholly-Owned Restricted Subsidiary), (iii) any CFC Holding Company, (iv) any Domestic Subsidiary that is a Subsidiary of a Foreign Subsidiary that is a CFC, (v) any Foreign Subsidiary, (vi) each Subsidiary that is prohibited by any applicable Contractual Requirement not entered into to circumvent the guarantee requirements thereunder or any applicable law from guaranteeing or granting Liens to secure the Obligations at the time such Subsidiary becomes a Restricted Subsidiary and for so long as such restriction or any replacement or renewal thereof is in effect or would require governmental (including regulatory) consent, approval,

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license or authorization to guarantee or grant such Liens to secure the Obligations (unless such consent, approval, license or authorization has been received), (vii) each Subsidiary with respect to which, as reasonably determined by the Borrower in consultation with the Administrative Agent, the consequence of providing a Guarantee of the Obligations would adversely affect the ability of the Borrower and its Subsidiaries to satisfy applicable law, (viii) any other Subsidiary with respect to which, (a) as determined by the Borrower in consultation with the Administrative Agent, the cost or other consequences of providing a Guarantee of the Obligations shall be excessive in view of the benefits to be obtained by the Lenders therefrom or (b) providing such a Guarantee would result in material adverse Tax consequences to the Borrower or one of its Subsidiaries as reasonably determined by the Borrower in consultation with the Administrative Agent, (ix) each Unrestricted Subsidiary, (x) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Restricted Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder and (xi) each SPV, not-for-profit Subsidiary and captive insurance company.

"**Excluded Swap Obligation**" shall mean, with respect to any Credit Party, (a) any Swap Obligation if, and to the extent that, all or a portion of the Obligations of such Credit Party of, or the grant by such Credit Party of a security interest to secure, such Swap Obligation (or any Obligations thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Guarantor as specified in any agreement between the relevant Credit Parties and Hedge Bank applicable to such Swap Obligation. If a Swap Obligation arises under a Master Agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal or unlawful.

"**Excluded Taxes**" shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed on or measured by its net income, net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed on it (in lieu of net income Taxes), in each case by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such jurisdiction, or as a result of any other present or former connection with such jurisdiction (other than any such connection arising solely from this Agreement or any other Credit Documents or any transactions contemplated thereunder), (ii) in the case of a Lender, any U.S. federal withholding Tax imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which such Lender acquires such interest in the Loan or Commitment (or designates a new lending office), other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under <u>Section 13.7</u> (or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to <u>Section 5.4</u>, (iii) any Taxes attributable to a recipient's failure to comply with <u>Section 5.4(e)</u>, or (iv) any withholding Tax imposed under FATCA.

"**Existing Class**" shall mean any Existing Term Loan Class and any Existing Revolving Credit Class.

"**Existing Letter of Credit**" shall mean each Letter of Credit set forth on <u>Schedule 1.1(c)</u> to the Disclosure Letter.

"**Existing Revolving Credit Class**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

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"**Existing Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Existing Term Loan Class**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Commitments**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extended Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Loan Maturity Date**" shall mean the date on which any tranche of Extended Revolving Credit Loans matures.

"**Extended Term Loan Repayment Amount**" shall have the meaning provided in <u>Section 2.5(b)</u>.

"**Extended Term Loans**" shall have the meaning provided in <u>Section 2.14(g)(i).</u>

"**Extending Lender**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Extension Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iv)</u>.

"**Extension Date**" shall have the meaning provided in <u>Section 2.14(g)(v)</u>.

"**Extension Election**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Extension Series**" shall mean all Extended Term Loans and Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, and amortization schedule.

"**Fair Market Value**" shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined in good faith by the Borrower.

"**FATCA**" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.

"**FCPA**" shall have the meaning provided in <u>Section 8.19(b)</u>.

"**Federal Funds Effective Rate**" shall mean, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u> that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

"**Federal Reserve Board**" means the Board of Governors of the Federal Reserve System of the United States of America.

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"**Fee Letter**" means that certain Fee Letter, dated as of May 23, 2025, by and among the Administrative Agent and the Borrower.

"**Fees**" shall mean all amounts payable pursuant to, or referred to in, <u>Section 4.1</u>.

"**Fixed Basket**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Fixed Charge Coverage Ratio**" shall mean, as of any date of determination, the ratio of (i) Consolidated EBITDA of the Borrower and its Restricted Subsidiaries on a consolidated basis for the Test Period then last ended to (ii) the Fixed Charges of the Borrower and its Restricted Subsidiaries on a consolidated basis for such Test Period. In the event that Borrower or any Restricted Subsidiary incurs, assumes, guarantees, redeems, retires, or extinguishes any Indebtedness or issues or redeems Disqualified Stock, Designated Preferred Stock, or any Refunding Capital Stock subsequent to the commencement of the Test Period but prior to or simultaneously with the date of determination, then the Fixed Charge Coverage Ratio shall be calculated giving Pro Forma Effect to such incurrence, assumption, guarantee, redemption, retirement, or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock, Designated Preferred Stock, or any Refunding Capital Stock (in each case, including a pro forma application of the net proceeds therefrom), as if the same had occurred at the beginning of the Test Period.

"**Fixed Charges**" shall mean, with respect to any Person and its Restricted Subsidiaries for any period, the sum of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Interest Expense of such Person and its Restricted Subsidiaries for such period to the extent paid in cash,

&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)&nbsp;&nbsp;&nbsp;&nbsp;all cash dividend payments (excluding items eliminated in consolidation) on any series of Designated Preferred Stock or any Refunding Capital Stock of such Person made during such period (other than Restricted Payments made to another Credit Party or its Restricted Subsidiaries), 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock made during such period.

"**Flood Insurance Laws**" shall mean, collectively, (i) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (ii) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statute thereto, (iii) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (iv) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (v) the Biggert-Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto.

"**Floor**" shall mean the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Term SOFR Rate. For the avoidance of doubt the initial Floor of the Term SOFR Rate shall be 0.0%.

"**Foreign Benefit Arrangement**" shall mean any employee benefit arrangement mandated by non-U.S. law that is maintained or contributed to by any Credit Party or any of its Subsidiaries.

"**Foreign Plan**" shall mean each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by any Credit Party or any of its Subsidiaries.

"**Foreign Plan Event**" shall mean, with respect to any Foreign Plan or Foreign Benefit Arrangement, (i) the failure to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan or Foreign Benefit Arrangement; (ii) the failure to register or loss of good standing (if applicable) with applicable regulatory authorities

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of any such Foreign Plan or Foreign Benefit Arrangement required to be registered; or (iii) the failure of any Foreign Plan or Foreign Benefit Arrangement to comply with any provisions of applicable law or regulations or with the terms of such Foreign Plan or Foreign Benefit Arrangement.

"**Foreign Subsidiary**" shall mean each Subsidiary of the Borrower that is not a Domestic Subsidiary.

"**Fronting Exposure**" shall mean, at any time there is a Defaulting Lender, with respect to the Letter of Credit Issuers, such Defaulting Lender's Revolving Credit Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**Fronting Fee**" shall have the meaning provided in <u>Section 4.1(d)</u>.

"**Fund**" shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

"**GAAP**" shall mean generally accepted accounting principles in the United States, as in effect from time to time; <u>provided</u>, <u>however</u>, that if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Furthermore, at any time after the Closing Date, the Borrower may elect to apply International Financial Reporting Standards ("**IFRS**") accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except as otherwise provided in this Agreement); <u>provided</u> any such election, once made, shall be irrevocable; <u>provided</u>, <u>further</u>, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Borrower's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Borrower shall give written notice of any such election made in accordance with this definition to the Administrative Agent. Notwithstanding any other provision contained herein, the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of "Capitalized Lease Obligation."

"**Global Intercompany Note**" means that certain Global Intercompany Note, dated as of the Closing Date, made by the Borrower and the Subsidiaries party thereto.

"**Governmental Authority**" shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government, including a central bank or stock exchange (including any supranational bodies such as the European Union or the European Central Bank).

"**Granting Lender**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Guarantee**" shall mean (i) the Guarantee made by the Borrower and each other Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit B</u> hereto and dated as of the Closing Date and (ii) any other guarantee of the Obligations made by a Restricted Subsidiary in form and substance reasonably acceptable to the Administrative Agent, in each case as the same may be amended, supplemented or otherwise modified from time to time.

"**guarantee obligations**" shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase any such Indebtedness or any

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property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such Indebtedness or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or (iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any guarantee obligation shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee obligation is made, and (b) the maximum amount for which such guaranteeing Person may be liable pursuant to the instrument embodying such guarantee obligation, and if not stated or reasonably determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

"**Guarantors**" shall mean (i) each Subsidiary of the Borrower that is party to the Guarantee on the Closing Date and (ii) each Subsidiary of the Borrower that becomes a party to the Guarantee after the Closing Date pursuant to <u>Section 9.10</u> or otherwise; <u>provided</u> that in no event shall any Excluded Subsidiary be required to become a Guarantor (unless such Subsidiary is no longer an Excluded Subsidiary).

"**Hazardous Materials**" shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, and radon gas; (ii) any chemicals, materials, or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited, limited, or regulated due to its dangerous or deleterious properties or characteristics by, any Environmental Law.

"**Hedge Agreements**" shall mean (i) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options (other than equity swaps or options referencing Common Stock), bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "**Master Agreement**"), including any such obligations or liabilities under any Master Agreement, other than any transaction referencing Common Stock governed by a Master Agreement. For the avoidance of doubt, Permitted Call Spread Transactions and Permitted Forward Agreements shall not be deemed to be Hedge Agreements.

"**Hedge Bank**" shall mean (i) any Person that, at the time it enters into a Hedge Agreement, is a Lender, an Agent or an Affiliate of a Lender or an Agent and (ii) with respect to any Hedge Agreement with the Borrower or any Restricted Subsidiary entered into prior to the Closing Date, any Person that is a Lender or an Agent or an Affiliate of a Lender or an Agent on the Closing Date.

"**Hedging Obligations**" shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements (after giving effect to any applicable netting agreements).

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"**Historical Financial Statements**" shall mean (i) the audited consolidated balance sheets of the Borrower and its Subsidiaries as at December 31, 2022, December 31, 2023 and December 31, 2024, and the related audited consolidated statements of income and cash flow of the Borrower and its Subsidiaries for the years ended December 31, 2022, December 31, 2023 and December 31, 2024 and (ii) the unaudited interim consolidated balance sheets of the Borrower and its Subsidiaries for the fiscal quarters ending March 31, 2024, June 30, 2024, September 30, 2024 and March 31, 2025 and the related unaudited consolidated statements of income and cash flow of the Borrower and its Subsidiaries for fiscal quarters ending March 31, 2024, June 30, 2024, September 30, 2024 and March 31, 2025.

"**ICC**" shall have the meaning provided in the definition of "UCP."

"**IFRS**" shall have the meaning given to such term in the definition of "GAAP."

"**Increased Amount Date**" shall mean, with respect to any Incremental Loan Commitments, the date on which such Incremental Loan Commitments shall be effective.

"**Incremental Loan Commitments**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Incremental Revolving Credit Commitments**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Incremental Revolving Credit Loan**" shall have the meaning provided in <u>Section 2.14(b)</u>.

"**Incremental Revolving Loan Lender**" shall have the meaning provided in <u>Section 2.14(b)</u>.

"**Incremental Term Loan**" shall have the meaning provided in <u>Section 2.14(c)</u>.

"**Incremental Term Loan Amendment**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Incremental Term Loan Commitments**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Incremental Term Loan Lender**" shall have the meaning provided in <u>Section 2.14(c)</u>.

"**incur**" shall have the meaning provided in <u>Section 10.1</u>.

"**incurrence**" shall have the meaning provided in <u>Section 10.1</u>.

"**Indebtedness**" shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or bankers' acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) any Hedging Obligations, in each case, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; <u>provided</u> that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of the Borrower solely by reason of push down accounting under GAAP shall be excluded, (ii) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in <u>clause (i)</u> of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business, and (iii) to the extent not otherwise included, the obligations of the type referred to in <u>clause (i)</u> of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; <u>provided</u> that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business, (2) prepaid or deferred revenue arising in the ordinary course of business, (3) purchase price holdbacks, escrowed amounts, obligations in respect of purchase price adjustments, or other deferred purchase price amounts, in each case, either (x) in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset or (y)

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incurred in connection with any Permitted Investment, (4) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (5) any earn-out, milestone payment, or other obligation incurred in connection with a Permitted Investment until such obligation, within 60 days of becoming due and payable, has not been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (6) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (7) accrued expenses and royalties, (8) asset retirement obligations and obligations in respect of workers' compensation (including pensions and retiree medical care) that are not overdue by more than 60 days, or (9) accruals for payroll in the ordinary course of business. The amount of Indebtedness of any Person for purposes of <u>clause (iii)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate principal amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith. For purposes of determining Indebtedness, the amount of the obligation of any Person in respect of any Hedge Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be required to pay if such Hedge Agreement were terminated at such time.

For all purposes hereof, the Indebtedness of the Borrower and its Restricted Subsidiaries, shall exclude all intercompany Indebtedness having a term not exceeding 365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.

"**Indemnified Liabilities**" shall have the meaning provided in <u>Section 13.5(a)</u>.

**"Indemnified Person**" shall have the meaning provided in <u>Section 13.5(a)</u>.

"**Indemnified Taxes**" shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, other than Excluded Taxes or Other Taxes.

"**Initial Revolving Credit Commitments**" shall mean the Revolving Credit Commitments in effect on the Closing Date.

"**Insolvent**" shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is insolvent within the meaning of Section 4245 of ERISA.

"**Intellectual Property**" shall mean U.S. and foreign intellectual property, including all (i) (a) patents, inventions, processes, developments, technology, and know-how; (b) copyrights and works of authorship in any media, including graphics, advertising materials, labels, package designs, and photographs; (c) trademarks, service marks, trade names, brand names, corporate names, domain names, logos, trade dress, and other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part, divisions, re-issues, re-examinations, foreign counterparts, or similar legal protections related to the foregoing.

"**Interest Period**" shall mean, as to any Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability thereof), as specified in the applicable Notice of Borrowing or Notice of Conversion or Continuation; <u>provided</u> that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, (iii) no Interest Period shall extend beyond the Maturity Date and (iv) no tenor that has been removed from this definition pursuant to <u>Section 2.10(e)</u> shall be available for specification in such Notice of Borrowing or Notice of Conversion or

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Continuation. For purposes hereof, the date of a Loan or Borrowing initially shall be the date on which such Loan or Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan or Borrowing.

"**Investment**" shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the Borrower in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; <u>provided</u> that Investments shall not include, in the case of the Borrower and its Restricted Subsidiaries, intercompany loans (including guarantees), advances, or Indebtedness either (i) having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business or (ii) arising from cash management, Tax and/or accounting operations and made in the ordinary course of business or consistent with past practice.

For purposes of the definition of "Unrestricted Subsidiary" and <u>Section 10.4</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Investments shall include the portion (proportionate to the Borrower's equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Borrower at the time that such Subsidiary is designated an Unrestricted Subsidiary; <u>provided</u> that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to have a permanent Investment in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Borrower's Investment in such Subsidiary at the time of such redesignation *less* (b) the portion (proportionate to the Borrower's equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by (except in the case of Investments made in reliance on <u>clause (7)</u> of <u>Section 10.4(b)</u>) any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Borrower or a Restricted Subsidiary in respect of such Investment (<u>provided</u> that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value of such consideration).

"**Investment Grade Rating**" shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody's and BBB- (or the equivalent) by S&P, or an equivalent rating by any other nationally recognized statistical rating organization.

"**Investment Grade Securities**" shall mean:

&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)&nbsp;&nbsp;&nbsp;&nbsp;securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other than Cash Equivalents),

&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)&nbsp;&nbsp;&nbsp;&nbsp;debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Borrower and its Subsidiaries,

&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)&nbsp;&nbsp;&nbsp;&nbsp;investments in any fund that invest at least 90% in investments of the type described in <u>clauses (i)</u> and <u>(ii)</u> which fund may also hold immaterial amounts of cash pending investment or distribution, and

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&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)&nbsp;&nbsp;&nbsp;&nbsp;corresponding instruments in countries other than the United States customarily utilized for high-quality investments.

"**IPO**" shall mean (a) the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of common Equity Interests in an IPO Entity, (b) any transaction or series of transactions that results in any common equity interests of the IPO Entity being publicly traded on any United States national securities exchange or over the counter market, or any analogous exchange or market in Canada, Ireland, the United Kingdom or any country of the European Union or (c) the acquisition, purchase, merger or combination of an IPO Entity, by, or with, a publicly traded special acquisition company that (i) is an entity organized or existing under the laws of the United States, any state thereof, or the District of Columbia, (ii) prior to the IPO, shall have engaged in no business or activities in any material respect other than activities related to becoming and acting as a publicly traded special acquisition company and entry into the IPO and (iii) immediately prior to the IPO, shall have no material assets other than cash and Cash Equivalents.

"**IPO Entity**" shall mean, at any time at and after an IPO, the Borrower or a Parent Entity of the Borrower, as the case may be, the Capital Stock in which were issued or otherwise sold pursuant to the IPO or, in the case of an IPO described in <u>clause (b)</u> of the definition thereof, the publicly traded entity immediately following such IPO, so long as such entity is the Borrower or a Parent Entity of the Borrower.

"**IPO Listco**" shall mean a wholly owned subsidiary of the Borrower formed in contemplation of an IPO to become the IPO Entity. The Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of any IPO Listco.

"**IPO Reorganization Transactions**" shall mean, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including (a) formation and ownership of IPO Shell Companies, (b) entry into, and performance of, (i) a reorganization agreement among any of the Borrower, its Subsidiaries, Parent Entities and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an IPO so long as after giving effect to such agreement and the transactions contemplated thereby, the security interests of the Secured Parties in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired and (ii) customary underwriting agreements in connection with an IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (c) the merger of an IPO Subsidiary with one or more direct or indirect holders of Equity Interests in the Borrower with such IPO Subsidiary surviving and holding Equity Interests in the Borrower and no other material assets or the dividend or other distribution by the Borrower of Equity Interests of IPO Shell Companies or other transfer of ownership to the holder of Equity Interests of the Borrower, (d) the amendment and/or restatement of organization documents of the Borrower and any IPO Subsidiaries, (e) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of the Borrower in connection with any IPO Reorganization Transactions, (f) the making of Restricted Payments to (or Investments in) an IPO Shell Company or the Borrower or any Subsidiaries to permit the Borrower to make distributions or other transfers, directly or indirectly, to IPO Listco, in each case solely for the purpose of paying, and solely in the amounts necessary for IPO Listco to pay, IPO-related expenses and the making of such distributions by the Borrower, (g) the repurchase by IPO Listco of its Equity Interests from the Borrower or any Subsidiary, (h) the entry into an exchange agreement, pursuant to which holders of Equity Interests in the Borrower and certain non-economic/voting Equity Interests in IPO Listco will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, (i) any issuance, dividend or distribution of the Equity Interests of the IPO Shell Companies or other disposition of ownership thereof to the IPO Shell Companies and/or the direct or indirect holders of Equity Interests of the Borrower and (j) all other transactions reasonably incidental to, or necessary for the consummation of, the foregoing so long as after giving effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired.

"**IPO Shell Company**" shall mean each of IPO Listco and IPO Subsidiary.

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"**IPO Subsidiary**" shall mean a wholly owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and an IPO. The Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of an IPO Subsidiary.

"**ISP**" shall mean, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" shall mean with respect to any Letter of Credit, the Letter of Credit Request, and any other document, agreement, and instrument entered into by a Letter of Credit Issuer and the Borrower (or any Restricted Subsidiary) or in favor of a Letter of Credit Issuer and relating to such Letter of Credit.

"**Joinder Agreement**" shall mean an agreement substantially in the form of <u>Exhibit A</u> or, to the extent requested by the Borrower, another form reasonably satisfactory to the Administrative Agent, which may include additional provisions to ensure fungibility of the Loans and to provide for mechanics for borrowings in currencies other than Dollars.

"**Joint Lead Arrangers and Bookrunners**" shall mean Morgan Stanley Senior Funding, Inc., Bank of America, N.A., JPMorgan Chase Bank, N.A., Goldman Sachs Bank USA, Wells Fargo Securities, LLC and Royal Bank of Canada.

"**Latest Maturity Date**" shall mean, at any date of determination, the latest maturity or expiration date applicable to any Term Loan or Revolving Credit Commitment hereunder at such time, including the latest maturity or expiration date of any Incremental Term Loan, any Extended Term Loan, any Replacement Term Loan, any Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment, in each case as extended in accordance with this Agreement from time to time.

"**L/C Borrowing**" shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing. All L/C Borrowings shall be denominated in Dollars.

"**L/C Facility Maturity Date**" shall mean the date that is three Business Days prior to the Revolving Credit Maturity Date; <u>provided</u> that the L/C Facility Maturity Date may be extended beyond such date with the consent of the Letter of Credit Issuers.

"**L/C Obligations**" shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby Practices (ISP98), such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time.

"**L/C Participant**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Participation**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**LCT Election**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**LCT Test Date**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**Lender**" shall have the meaning provided in the preamble to this Agreement.

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"**Lender Default**" shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans or Reimbursement Obligations, which refusal or failure is not cured within two Business Days after the date of such refusal or failure, unless such Lender notifies the Administrative Agent and the Borrower in writing that such refusal or failure is the result of such Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent, any Letter of Credit Issuer or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent in writing that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed, within three (3) Business Days after request by the Borrower in writing, to confirm in a manner reasonably satisfactory to the Administrative Agent and the Borrower that it will comply with its funding obligations under this Agreement (<u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this <u>clause (iv)</u> upon the Administrative Agent's receipt of such written confirmation in form and substance reasonably satisfactory to the Administrative Agent) or (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event or (vi) a Lender has become the subject of a Bail-In Action.

"**Lender-Related Distress Event**" shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a "**Distressed Person**"), a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person or is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any Governmental Authority having regulatory authority over such Distressed Person to be, insolvent or bankrupt; <u>provided</u> that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a Governmental Authority or an instrumentality thereof so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachments on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

"**Lender-Related Person**" shall have the meaning assigned to it in <u>Section 13.5</u>.

"**Letter of Credit**" shall mean each letter of credit issued pursuant to <u>Section 3.1(a)</u>.

"**Letter of Credit Commitment**" shall mean, initially (a) with respect to each Letter of Credit Issuer, the commitment of such Letter of Credit Issuer to issue Letters of Credit up to the amount set forth opposite the name of such Letter of Credit Issuer on <u>Schedule 1.1(b)</u> hereto, with such commitments totaling $150,000,000 in the aggregate, as the same may be reduced from time to time pursuant to <u>Section 3.1</u> and (b) after the addition of any other Letter of Credit Issuer as referenced in the definition of "Letter of Credit Issuers," the percentage agreed to between such additional Letter of Credit Issuer and the Borrower (with the Letter of Credit Commitments of each pre-existing Letter of Credit Issuer as elected by the Borrower in consultation with each such pre-existing Letter of Credit Issuer).

"**Letter of Credit Expiration Date**" shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility.

"**Letter of Credit Exposure**" shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to a Letter of Credit Issuer pursuant to <u>Section 3.4(a)</u> at such time and (ii) such Lender's Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion

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thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to a Letter of Credit Issuer pursuant to <u>Section 3.4(a)</u>).

"**Letter of Credit Fee**" shall have the meaning provided in <u>Section 4.1(b)</u>.

"**Letter of Credit Issuer**" shall mean (i) Morgan Stanley Senior Funding, Inc., (ii) Bank of America, N.A., (iii) JPMorgan Chase Bank, N.A., (iv) Goldman Sachs Lending Partners LLC, (v) Wells Fargo Bank, National Association, (vi) any of their respective Affiliates or branches and (vii) any other Revolving Credit Lender that becomes a Letter of Credit Issuer in accordance with <u>Section 3.6</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any replacement or successor issuer of Letters of Credit hereunder; <u>provided</u> that no Letter of Credit Issuer shall be obligated to issue any Letter of Credit other than a standby Letter of Credit (unless otherwise agreed by such Letter of Credit Issuer). In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuers shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.

"**Letter of Credit Request**" shall mean a notice executed and delivered by the Borrower pursuant to <u>Section 3.2</u>, and substantially in the form of <u>Exhibit F</u> or another form which is acceptable to the relevant Letter of Credit Issuer in its reasonable discretion.

"**Letters of Credit Outstanding**" shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.

"**Level I Status**" shall mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio is equal to or greater than 3.00 to 1:00 as of such date.

"**Level II Status**" shall mean, on any date, the Consolidated Total Debt to Consolidated EBITDA Ratio is less than 3.00 as of such date.

"**Liabilities**" shall mean any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

"**Lien**" shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease or a license, sub-license or cross-license of Intellectual Property constitute or be deemed to constitute a Lien.

**"Limited Condition Transaction**" shall means (a) any acquisition or other Investment, including by way of merger, by the Borrower or one or more of its Restricted Subsidiaries permitted pursuant to this Agreement whose consummation is not conditioned upon the availability of, or on obtaining, third party financing, (b) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, satisfaction and discharge or repayment and (c) any Restricted Dividends by the Parent Borrower and/or one or more of its Restricted Subsidiaries permitted pursuant to this Agreement requiring irrevocable declaration of such Restricted Dividends.

"**Liquidity**" shall mean, at any date, the sum of (a) Unrestricted Cash held by the Borrower and its Restricted Subsidiaries <u>plus</u> (b) so long as no Event of Default has occurred and is continuing as of such date, the aggregate amount of unused Revolving Credit Commitments as of such date.

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"**Loan**" shall mean any Revolving Loan or any other loan (but, for the avoidance of doubt, not any Letter of Credit issued by a Letter of Credit Issuer) made by any Lender pursuant to this Agreement.

"**Master Agreement**" shall have the meaning provided in the definition of "Hedge Agreement."

"**Material Adverse Effect**" shall mean a material adverse effect on (i) the business, assets, operations, properties, or financial condition of the Borrower and its Subsidiaries, taken as a whole, (ii) the ability of the Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (iii) the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents.

"**Material Intellectual Property**" shall mean any Intellectual Property owned or exclusively licensed by the Borrower or any of its Restricted Subsidiaries that is material to the business of the Borrower and its Restricted Subsidiaries (taken as a whole).

"**Material Subsidiary**" shall mean, at any date of determination, each Restricted Subsidiary (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which <u>Section 9.1</u> Financials have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Borrower and its Restricted Subsidiaries at such date or (ii) whose revenues during such Test Period were equal to or greater than 5.0% of the consolidated revenues of the Borrower and its Restricted Subsidiaries for such period, in each case determined in accordance with GAAP; <u>provided</u> that if, at any time and from time to time after the Closing Date, Restricted Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of <u>clauses (ii)</u> through <u>(xi)</u> of the definition of "Excluded Subsidiary") have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 10.0% of the Consolidated Total Assets of the Borrower and its Restricted Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 10.0% of the consolidated revenues of the Borrower and its Restricted Subsidiaries for such period, in each case determined in accordance with GAAP, then the Borrower shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Restricted Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable; <u>provided</u> further, that any Restricted Subsidiary that owns, or holds an exclusive license in, Material Intellectual Property, shall be deemed to be a Material Subsidiary.

"**Maturity Date**" shall mean the Revolving Credit Maturity Date or the maturity date of an Extended Revolving Credit Loan, as applicable.

"**Maximum Incremental Facilities Amount**" shall mean, at any date of determination, the sum of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;$2,000,000,000, *plus*

&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)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of voluntary prepayments of Term Loans and/or Revolving Credit Loans, in each case, other than from proceeds of the incurrence of long-term Indebtedness and, in the case of voluntary prepayments of Revolving Credit Loans, to the extent accompanied by a permanent reduction of Revolving Credit Commitments, *plus*

&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)&nbsp;&nbsp;&nbsp;&nbsp;an unlimited amount of Indebtedness such that, after giving effect to the incurrence of such amount of Indebtedness, on a Pro Forma Basis (and treating the Revolving Credit Commitments and Incremental Revolving Credit Commitments hereunder as fully drawn and including any adjustments required by such definition as a result of a contemplated Permitted Acquisition, and only in case of a simultaneous incurrence under this <u>clause (iii)</u> on the date of such incurrence together with an incurrence in reliance on <u>clause (i)</u> above on such date, without giving pro forma effect to such simultaneous incurrence on reliance on <u>clause (i)</u> above) (a) if such amount of Indebtedness is secured, the Consolidated Secured Debt to Consolidated EBITDA Ratio would not exceed 3.00 to 1.00 and (b) if such amount of Indebtedness is unsecured, the Consolidated Total Debt to Consolidated EBITDA Ratio would not exceed 5.00 to 1.00, *minus* 

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&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)&nbsp;&nbsp;&nbsp;&nbsp;the sum of the aggregate outstanding principal amount of all Indebtedness incurred pursuant to <u>Section 2.14(a)</u> or <u>Section 10.1(b)</u> in reliance on <u>clauses (i)</u>, <u>(ii)</u> or <u>(iii)</u> of this definition prior to such date.

"**Minimum Borrowing Amount**" shall mean (i) with respect to a Borrowing of Term Benchmark Loans, $500,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing), and (ii) with respect to a Borrowing of ABR Loans, $100,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing).

"**Minimum Collateral Amount**" shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the Letter of Credit Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions of <u>Section 3.8(a)(i)</u>, <u>(a)(ii)</u>, or <u>(a)(iii)</u>, an amount equal to 103% of the outstanding amount of all L/C Obligations.

"**Moody's**" shall mean Moody's Investors Service, Inc. or any successor by merger or consolidation to its business.

"**Mortgage**" shall mean a mortgage, deed of trust, deed to secure debt, trust deed, or other security document entered into by the owner of a Mortgaged Property and the Collateral Agent for the benefit of the Secured Parties in respect of that Mortgaged Property to secure the Obligations, in form and substance reasonably acceptable to the Collateral Agent, together with such terms and provisions as may be required by local laws.

"**Mortgaged Property**" shall mean, initially, each parcel of real property (including fixtures) and the improvements thereto owned in fee by a Credit Party and identified on <u>Schedule 1.1(a)</u> to the Disclosure Letter, and each other owned parcel of real property (including fixtures) and improvements thereto with respect to which a Mortgage is granted pursuant to <u>Section 9.13</u>.

"**MS Group**" shall have the meaning provided in <u>Section 13.20</u>.

"**Multiemployer Plan**" shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes or is obligated to make contributions, or during the five preceding calendar years, has made or been obligated to make contributions.

"**Net Asset Sale Cash Proceeds"** means, with respect to any Asset Sale, an amount equal to: (a) cash payments (including any cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by the Borrower or its Restricted Subsidiaries from such Asset Sale, *minus* (b) any bona fide direct costs, fees and expenses incurred in connection with such Asset Sale, including (i) taxes paid or reasonably estimated to be payable by the seller as a result of or in connection with such Asset Sale, (ii) payment of the outstanding principal amount of, premium or penalty on, if any, and interest on any Indebtedness (other than the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as a result of such Asset Sale, and (iii) the Borrower's good faith estimate of payments required to be made with respect to unassumed liabilities or indemnities or other contingent obligations relating to the assets sold (provided that, to the extent such cash proceeds are not so used within twenty-four months of such Asset Sale, such cash proceeds shall constitute Net Asset Sale Cash Proceeds), *minus* (c) the amount of any liabilities retained by the Borrower or its Restricted Subsidiaries that are associated solely with the assets that are the subject of such transaction (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Asset Sale Cash Proceeds).

"**Net Income**" shall mean, with respect to any Person and its Restricted Subsidiaries on a consolidated basis for any period, the net income (loss) of such Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends.

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"**Non-Bank Tax Certificate**" shall have the meaning provided in <u>Section 5.4(e)(ii)(B)(3)</u>.

"**Non-Consenting Lender**" shall have the meaning provided in <u>Section 13.7(b)</u>.

"**Non-Defaulting Lender**" shall mean and include each Lender other than a Defaulting Lender.

"**Non-Extension Notice Date**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Non-Fixed Basket**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Non-U.S. Lender**" shall mean any Lender that is not a "United States person" as defined by Section 7701(a)(30) of the Code.

"**Not Otherwise Applied**" means, with reference to any amount of proceeds of any transaction or event, that such amount (a) was not previously (and is not concurrently being) applied in determining the permissibility of a transaction under the Credit Documents where such permissibility was or is (or may have been) contingent on receipt of such amount or utilization of such amount for a specified purpose, (b) was not applied to incur Indebtedness pursuant to <u>Section 10.1(k)(i)</u>, (c) was not utilized to make Restricted Payments pursuant to <u>Section 10.4(a)(ii)(B)</u>, <u>Section 10.4(a)(ii)(C)</u> or <u>clauses 9</u>, or <u>10</u> of <u>Section 10.4(b)</u>, (d) was not utilized to make Investments pursuant to <u>clauses (ix)</u> and/or <u>(xxxiv)</u> of "Permitted Investments" or (e) was not utilized to make prepayments of any Subordinated Indebtedness pursuant to <u>Section 10.4(b)</u>.

"**Notice of Borrowing**" shall have the meaning provided in <u>Section 2.3(a)</u>.

"**Notice of Conversion or Continuation**" shall have the meaning provided in <u>Section 2.6(a)</u>.

"**NYFRB**" shall mean the Federal Reserve Bank of New York.

"**NYFRB Rate**" shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately following Business Day); <u>provided</u> that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" shall mean the rate for a federal funds transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided,</u> <u>further</u>, that if any of the aforesaid rates as so determined be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"**NYFRB's Website**" shall mean the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"**Obligations**" shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party (and in the case of a Secured Cash Management Agreement or Secured Hedge Agreement, any Restricted Subsidiary) arising under any Credit Document or otherwise with respect to any Revolving Credit Commitment, Loan, or Letter of Credit or under any Secured Cash Management Agreement, Secured Hedge Agreement (other than with respect to any Credit Party's obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party), in each case, entered into with the Borrower or any of the Restricted Subsidiaries, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest, fees and expenses that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest, fees and expenses are allowed or allowable claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents (and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit Party under any Credit Document.

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"**OFAC**" shall have the meaning provided in <u>Section 8.19(c)</u>.

"**Original Revolving Credit Commitments**" shall mean all Revolving Credit Commitments, Existing Revolving Credit Commitments, and Extended Revolving Credit Commitments, other than any Incremental Revolving Credit Commitments (and any Extended Revolving Credit Commitments related thereto).

"**Other Taxes**" shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording, filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; <u>provided</u> that such term shall not include (i) any Taxes that result from an assignment, grant of a participation pursuant to <u>Section 13.6(c)</u> or transfer or assignment to or designation of a new lending office or other office for receiving payments under any Credit Document ("**Assignment Taxes**") to the extent such Assignment Taxes are imposed as a result of a connection between the assignor/participating Lender and/or the assignee/Participant and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions contemplated thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower or (ii) Excluded Taxes.

"**Outbound Investment Rules**" shall mean 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. § 850.101 et seq.

"**Overnight Bank Funding Rate**" shall mean, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"**Parent Entity**" shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership), including any managing member, of the Borrower, as applicable.

"**Participant**" shall have the meaning provided in <u>Section 13.6(c)(i)</u>.

"**Participant Register**" shall have the meaning provided in <u>Section 13.6(c)(ii)</u>.

"**Participating Member State**" shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

"**Patriot Act**" shall have the meaning provided in <u>Section 13.18</u>.

"**Payment**" shall have the meaning provided in <u>Section 12.15(a)</u>.

"**Payment Notice**" shall have the meaning provided in <u>Section 12.15(b)</u>.

"**PBGC**" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"**Pension Plan**" shall mean any employee pension benefit plan (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) in respect of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

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"**Perfection Exceptions**" shall mean that, except as otherwise elected by the Borrower in its sole discretion, no Credit Party shall be required, nor shall any Agent be authorized, to (i) enter into control agreements with respect to, or otherwise perfect any security interest granted under the Security Documents by "control" (or similar arrangements) over, commodities accounts, securities accounts, deposit accounts, futures accounts, other bank accounts, cash and cash equivalents and accounts related to the clearing, payment processing and similar operations of the Borrower and its Subsidiaries, (ii) perfect the security interest granted under the Security Documents in the following other than by the filing of a UCC financing statement: (1) letter-of-credit rights (as defined in the UCC), (2) commercial tort claims (as defined in the UCC), (3) Fixtures (as defined in the UCC), except to the extent that the same are Equipment (as defined in the UCC) or are related to real property covered or intended by the Credit Documents to be covered by a Mortgage and (4) assigned agreements, (iii) send notices to account debtors or other contractual third-parties unless an Event of Default has occurred and is continuing, (iv) enter into any security documents to be governed by the law of any jurisdiction in which assets are located other than the laws of the United States, any state thereof, or the District of Columbia, (v) deliver or provide (or take any actions with respect to obtaining) any leasehold mortgages, mortgages (with respect to any real property other than Mortgaged Property), landlord waivers, estoppels or collateral access letters or (vi) except as required by the Security Documents, enter into any source code escrow agreement or register any Intellectual Property.

"**Permitted Acquisition**" shall have the meaning provided in <u>clause (iii)</u> of the definition of "Permitted Investments."

"**Permitted Call Spread Transaction**" shall mean (a) any call or capped call option (or substantively equivalent derivative transaction) relating to the Common Stock (or other securities or property following a merger event, reclassification or other change of the Common Stock) purchased by the Borrower in connection with the issuance of or entry into any other instrument exercisable, convertible or exchangeable into shares of Common Stock, cash or a combination thereof (including, for the avoidance of doubt, Permitted Convertible Indebtedness) and settled in Common Stock (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the price of the Common Stock or such other securities or property), and cash in lieu of fractional shares of Common Stock, or (b) any call option, warrant or right to purchase (or substantively equivalent derivative transaction) relating to the Common Stock (or other securities or property following a merger event, reclassification or other change of the Common Stock) sold by the Borrower substantially concurrently with any purchase by the Borrower of a Permitted Call Spread Transaction described in clause (a) and settled in Common Stock (or such other securities or property), cash or a combination thereof (such amount of cash determined by reference to the price of the Common Stock or such other securities or property), and cash in lieu of fractional shares of Common Stock; <u>provided</u> that the terms, conditions and covenants of each such transaction described in clause (a) or clause (b) shall be such as are customary for transactions of such type (as determined by the Borrower in good faith).

"**Permitted Convertible Indebtedness**" shall mean unsecured Indebtedness of the Borrower that is permitted to be incurred under this Agreement and is convertible into shares of Common Stock (or other securities or property following a merger event, reclassification or other change of the Common Stock), cash or a combination thereof (such amount of cash determined by reference to the price of the Common Stock or such other securities or property), and cash in lieu of fractional shares of Common Stock and guarantees of the obligations thereunder by Restricted Subsidiaries that are Guarantors; <u>provided</u> that other than any Qualifying Bridge Loans, the final maturity date of such Permitted Convertible Indebtedness shall be no earlier than (a)(i) the date that is ninety-one (91) days after the Revolving Credit Maturity Date and (ii) prior to the maturity date of any then-existing Incremental Term Loans, (b) the Weighted Average Life to Maturity of such Permitted Convertible Indebtedness shall not be shorter than the remaining Weighted Average Life to Maturity of any then-outstanding Term Loans and (c) the terms, conditions and covenants of such Permitted Convertible Indebtedness shall be such as are customary for transactions of such type (as determined by the Borrower in good faith).

"**Permitted First Lien Intercreditor Agreement**" means, with respect to any Liens on Collateral that are intended to be equal in right of priority to the Liens securing the Secured Obligations, one or more intercreditor agreements, each of which shall be on terms which are consistent with market terms governing security arrangements for the sharing of liens on a pari passu basis at the time such intercreditor agreement is proposed to be

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established, as determined by the Borrower and the Collateral Agent in the exercise of reasonable judgment, and reasonably satisfactory to the Borrower and the Collateral Agent.

"**Permitted Forward Agreement**" means any contract (including, but not limited to, any accelerated share repurchase agreement, prepaid forward agreement, forward agreement or other share repurchase agreement in the form of an equity option or forward) pursuant to which, among other things, the counterparty is required to deliver to the Borrower shares of Common Stock, cash in lieu of delivering shares of Common Stock or cash representing the termination value of such forward or option or a combination thereof from time to time upon settlement, exercise or early termination of such forward or option; <u>provided</u>, that the prepayment amount to be paid by Borrower to the counterparty in connection with such Permitted Forward Agreement will not exceed the net cash proceeds received by the Borrower from the sale of any other instrument exercisable, convertible or exchangeable into shares of Common Stock, cash or a combination thereof issued or entered into in connection with the Permitted Forward Agreement (including, without limitation, the exercise of any over-allotment or initial purchaser's or underwriter's option); <u>provided</u>, <u>further</u>, that the terms, conditions and covenants of such contract are customary for contracts of such type (as determined by the Borrower in good faith).

"**Permitted Holders**" shall mean (a) any holder of Borrower's Equity Interests as of the Closing Date, (b) any Affiliate of any Person listed on <u>Schedule 1.1(d)</u> to the Disclosure Letter (other than any portfolio company thereof), (c) any management investment vehicles of any Person listed on <u>Schedule 1.1(d)</u> to the Disclosure Letter, (d) any Person acting in the capacity of an underwriter (solely to the extent that and for so long as such Person is acting in such capacity) in connection with a public or private offering of Capital Stock of the Borrower or any Parent Entity, and (e) with respect to any natural person that is a Permitted Holder under the foregoing clauses (a), (b) and/or (c), estates, descendants, family members, spouses and former spouses and any trusts, limited liability companies, corporations, partnerships or other entities for the benefit of, or controlled by, any such natural person.

"**Permitted Incremental Equivalent Debt**" shall mean Indebtedness issued, incurred or otherwise obtained by any Credit Party in respect of one or more series of notes (in each case issued in a public offering, Rule 144A or other private placement in lieu of the foregoing (and any Registered Equivalent Notes issued in exchange therefor)), bridge financings or loans that, in each case, if secured, will be secured by Liens on the Collateral on a junior priority or pari passu basis to the Liens on Collateral securing the Secured Obligations, and that are issued or made in lieu of Incremental Revolving Credit Commitments or Incremental Term Loan Commitments; <u>provided</u> that (i) the aggregate principal amount of all Permitted Incremental Equivalent Debt at the time of issuance or incurrence shall not exceed the Maximum Incremental Facilities Amount at such time, (ii) such Permitted Incremental Equivalent Debt shall not be subject to any Guarantee by any Person other than a Credit Party, (iii) in the case of Permitted Incremental Equivalent Debt that is secured, the obligations in respect thereof shall not be secured by any Lien on any asset of any Person other than any asset constituting Collateral, (iv) if such Permitted Incremental Equivalent Debt is secured, such Permitted Incremental Equivalent Debt shall be subject to a Permitted First Lien Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable, (v) other than any Qualifying Bridge Loans, the final maturity date of such Permitted Incremental Equivalent Debt shall be no earlier than (a) the date that is ninety-one (91) days after the Revolving Credit Maturity Date and (b) the maturity date of any then-existing Incremental Term Loans (except that, in the case of this <u>clause (v)</u>, customary term "a" loans provided by commercial banks shall not have a final maturity date earlier than the Revolving Credit Maturity Date), (vi) other than any Qualifying Bridge Loans, the Weighted Average Life to Maturity of such Permitted Incremental Equivalent Debt shall be no less than the remaining Weighted Average Life to Maturity of any then-outstanding Term Loans and (vii) the terms applicable to such Indebtedness shall comply with the Required Additional Debt Terms.

"**Permitted Investments**" shall mean:

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Investment in the Borrower or any Restricted Subsidiary; <u>provided</u> that any Investments in Restricted Subsidiaries that are not Guarantors pursuant to this <u>clause (i)</u> shall not exceed the greater of (x) $52,500,000 and (y) 20.0% of TTM Consolidated EBITDA at any one time outstanding;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Investment in cash, Cash Equivalents, or Investment Grade Securities at the time such Investment is made;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;any Investment by the Borrower or any Restricted Subsidiary in a Person that is engaged (directly or through entities that will be Restricted Subsidiaries) in a Similar Business if as a result of such Investment (a "**Permitted Acquisition**"), (1) such Person becomes a Restricted Subsidiary or (2) such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of its assets, or assets constituting a business unit, a line of business or a division of such Person, to, or is liquidated into, the Borrower or a Restricted Subsidiary, and, in each case, any Investment held by such Person so long as, in the case of any Investment held by such Person as of the date of such acquisition, merger, consolidation or transfer, such Investment was not made by such Person in contemplation of such acquisition, merger, consolidation or transfer; <u>provided</u> that, (x) after giving effect to such Permitted Acquisition on a Pro Forma Basis, the Borrower is in compliance with the covenant set forth in <u>Section 10.7</u> and (y) in the case of any Permitted Acquisition by a Credit Party of a target that does not become a Credit Party or of assets that do not become Collateral, in each case, as required by this Agreement and the other Credit Documents, all such Permitted Acquisitions by Credit Parties of targets that do not become Credit Parties shall not exceed the greater of (A) $52,500,000 and (B) 20.0% of TTM Consolidated EBITDA at any one time outstanding;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Investment in securities or other assets not constituting cash, Cash Equivalents, or Investment Grade Securities and received in connection with an Asset Sale made pursuant to <u>Section 10.5</u> or any other disposition of assets not constituting an Asset Sale;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(a) any Investment existing or contemplated on the Closing Date and, in each case, listed on <u>Schedule 10.4</u> to the Disclosure Letter and (b) Investments consisting of any modification, replacement, renewal, reinvestment, or extension of any such Investment; <u>provided</u> that the amount of any such Investment is not increased from the amount of such Investment on the Closing Date except pursuant to the terms of such Investment (including in respect of any unused commitment), *plus* any accrued but unpaid interest (including any portion thereof which is payable in kind in accordance with the terms of such modified, extended, renewed, or replaced Investment) and premium payable by the terms of such Indebtedness thereon and fees and expenses associated therewith as of the Closing Date;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Investment acquired by the Borrower or any Restricted Subsidiary (a) in exchange for any other Investment or accounts receivable held by the Borrower or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization, or recapitalization of the Borrower of such other Investment or accounts receivable or (b) as a result of a foreclosure by the Borrower or any Restricted Subsidiary with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the entry into, settlement or early unwind of any Hedge Agreement related to Hedging Obligations permitted under <u>clause (i)</u> of <u>Section 10.1</u> and Cash Management Services;

&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)&nbsp;&nbsp;&nbsp;&nbsp;other Investments; <u>provided</u> that after giving Pro Forma Effect to such Investments, the Consolidated Total Debt to Consolidated EBITDA Ratio as of the last day of any Test Period shall not be greater than 3.50 to 1.00; <u>provided</u>, <u>further</u>, that at the time of, and after giving effect to, any Investment permitted under this <u>clause (viii)</u>, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;Investments the payment for which consists of Equity Interests of the Borrower or any direct or indirect parent company of the Borrower (exclusive of Disqualified Stock); <u>provided</u> that such Equity Interests will not increase the amount available for Restricted Payments under <u>clause (ii)</u> of <u>Section 10.4(a)</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;(x)&nbsp;&nbsp;&nbsp;&nbsp;guarantees of Indebtedness permitted under <u>Section 10.1</u> and guarantees of obligations not constituting Indebtedness;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;any transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of <u>Section 10.6</u> (except transactions described in <u>clause (b)</u> of such 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;(xii)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of purchases and acquisitions of inventory, supplies, material, equipment, or other similar assets 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;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Event of Default shall have occurred and be continuing or would result immediately therefrom, additional Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this <u>clause (xiii)</u> that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed $2,000,000,000 (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); <u>provided</u>, <u>however</u>, that if any Investment pursuant to this <u>clause (xiii)</u> is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to <u>clause (i)</u> above, subject to the proviso therein, and shall cease to have been made pursuant to this <u>clause (xiii)</u> for so long as such Person continues to be a Restricted Subsidiary; 

&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)&nbsp;&nbsp;&nbsp;&nbsp;advances to, or guarantees of Indebtedness of, officers, directors, managers, employees and/or consultants not in excess of the greater of (a) $17,000,000 and (b) 6.5% of TTM Consolidated EBITDA at the time of such Investment;

&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)&nbsp;&nbsp;&nbsp;&nbsp;(a) loans and advances to officers, directors, managers, employees and consultants for business-related travel expenses, moving expenses, and other similar expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person's purchase of Equity Interests of the Borrower or any direct or indirect parent company thereof and (b) promissory notes received from stockholders of the Borrower, any direct or indirect parent company of the Borrower or any Subsidiary in connection with the exercise of stock options in respect of the Equity Interests of the Borrower, any direct or indirect parent company of the Borrower and the Subsidiaries or in connection with the non-cash purchase of Equity Interests of the Borrower, any direct or indirect parent company of the Borrower and the Subsidiaries, so long as the proceeds of such loans are used in their entirety to purchase Equity Interests in the Borrower, and (c) advances of payroll payments to employees 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;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of extensions of trade credit 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;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3 endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;non-cash Investments in connection with Tax planning and reorganization activities; <u>provided</u> that after giving effect to any such activities, the security interests of the Lenders in the Collateral, taken as a whole, would not be materially impaired;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Investments made in the ordinary course of business in connection with obtaining, maintaining or renewing client, franchisee and customer contracts and loans or advances made to, and guarantees with respect to obligations of, franchisees, distributors, suppliers, licensors and licensees 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;(xx)&nbsp;&nbsp;&nbsp;&nbsp;the licensing and contribution of Intellectual Property pursuant to joint development, joint venture or joint marketing arrangements with other Persons, in the ordinary course of business;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;contributions to a "rabbi" trust for the benefit of employees, directors, officers, managers, consultants, independent contractors or other service providers or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is redesignated as a Restricted Subsidiary pursuant to the definition of "Unrestricted Subsidiary" so long as such Investment was not made in contemplation of such resignation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;Borrower and its Subsidiaries may undertake or consummate any IPO Reorganization Transaction and transactions relating thereto or contemplated thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;Investments and other acquisitions to the extent that payment for such Investments is made with Capital Stock of the Borrower (or any Parent Entity thereof or the IPO Entity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)&nbsp;&nbsp;&nbsp;&nbsp;loans and advances to any Parent Entity in lieu of, and not in excess of the amount of (after giving effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made to such Parent Entity; <u>provided</u> that any such loan or advance shall reduce the amount of such applicable Restricted Payments thereafter permitted by a corresponding amount; <u>provided</u> further that any conditions, if any, to the making of such Restricted Payment shall be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;any Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities arising in the ordinary course of business or consistent with industry practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;the purchase, settlement, unwind or early termination of any Permitted Call Spread Transaction or any Permitted Forward Agreement by the Borrower and the performance, in each case, of its obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;lease deposits, utility deposits and similar deposits 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;(xxix) &nbsp;&nbsp;&nbsp;&nbsp;intercompany Investments by any Foreign Subsidiary in any other Foreign Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;Investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and the good faith settlement of delinquent obligations of, and other disputes with, customers and suppliers arising 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;(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;Investments consisting of Indebtedness or Disqualified Stock of a joint venture (other than an Unrestricted Subsidiary) owed to the Borrower and to the other holders of Equity Interests or participants of such joint venture, so long as (i) the percentage of the aggregate amount of such Indebtedness or Disqualified Stock of such joint venture owed to such holders of its Equity Interests or participants of such joint venture does not exceed the percentage of the aggregate outstanding amount of the Equity Interests of such joint venture held by such holders or such participant's participation in such joint venture and (ii) the aggregate amount of Indebtedness and/or Disqualified Stock that may be incurred pursuant to the foregoing shall not exceed the greater of (x) $40,000,000 and (y) 15.0% of TTM Consolidated EBITDA, determined at the time of incurrence; &nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments made pursuant to Borrower's investment policy as in effect on the Closing Date or as subsequently amended, restated, supplemented or modified; <u>provided</u> that any such amendment, restatement, supplement or modification shall be either (i) consistent with the Borrower's treasury management policies in all material respects or (ii) approved by the Administrative Agent, acting at the direction of the Required Lenders (such approval to not be unreasonably withheld, conditioned or delayed);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;so long as no Event of Default shall have occurred and be continuing or would result immediately therefrom, other Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this <u>clause (xxxiii)</u> that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable securities), not in excess of the greater of (x) $1,500,000,000 and (y) 80.0% of Consolidated Total Assets in the aggregate (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); <u>provided</u> that after giving Pro Forma Effect to such Investments, Liquidity shall not be less than $250,000,000; <u>provided</u>, <u>further</u>, that at the time of, and after giving effect to, any Investment permitted under this <u>clause (xxxiii)</u>, no Event of Default under <u>Section 11.1</u> or <u>11.5</u> shall have occurred and be continuing or would occur as a consequence thereof; <u>provided</u>, <u>further</u>, that if any Investment pursuant to this <u>clause (xxxiii)</u> is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to <u>clause (i)</u> above, subject to the proviso therein, and shall cease to have been made pursuant to this <u>clause (xxxiii)</u> for so long as such Person continues to be a Restricted Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Default or Event of Default has occurred and is continuing or would result therefrom, other Investments in an aggregate principal amount up to 100% of the primary equity proceeds received by the Borrower upon the consummation of its IPO from the issue or sale of Equity Interests of the Borrower (in each case, proceeds of Disqualified Stock or sales of Equity Interests to the Borrower or any of its Subsidiaries), in each case, to the extent Not Otherwise Applied.

Notwithstanding anything in this Agreement or the other Credit Documents to the contrary, (x) the only transfers (including, without limitation, Investments, sales or other dispositions or Restricted Payments) by the Borrower and the Restricted Subsidiaries permitted to be made in Unrestricted Subsidiaries shall be such transfers made in reliance on <u>clause (7)</u> of <u>Section 10.4(b)</u> and (y) no Material Intellectual Property may be transferred (whether by designation, Investment, sale or other disposition, Restricted Payment, exclusive license, contribution or otherwise) (1) by a Credit Party to any Restricted Subsidiary that is not a Credit Party, or (2) by a Credit Party or any Restricted Subsidiary that is not a Credit Party to any Unrestricted Subsidiary (including by transferring any Equity Interests of a Restricted Subsidiary to an Unrestricted Subsidiary).

"**Permitted Junior Intercreditor Agreement**" means, with respect to any Liens on Collateral that are intended to be junior to any Liens securing the Secured Obligations, one or more intercreditor agreements, each of which shall be on terms which are consistent with market terms governing security arrangements for the sharing of liens on a junior basis at the time such intercreditor agreement is proposed to be established, as determined by the Borrower and the Collateral Agent in the exercise of reasonable judgment, and reasonably satisfactory to the Borrower and the Collateral Agent.

"**Permitted Liens**" shall mean, with respect to any 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;pledges or deposits by such Person under workmen's compensation laws, unemployment insurance laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness), or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for the payment of rent or deposits made to secure obligations arising from contractual or warranty refunds, in each case incurred 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Liens imposed by law, such as carriers', warehousemen's, landlords', materialmen's, repairmen's, and mechanics' or other like Liens, in each case for sums not yet overdue for a period of more than 60 days or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;Liens for Taxes, assessments, or other governmental charges not yet delinquent or that are being contested in good faith by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP, or for property Taxes on property the Borrower or one of its Subsidiaries has determined to abandon if the sole recourse for such Tax, assessment, charge, levy, or claim is to such property;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal, or similar bonds or with respect to other regulatory requirements or letters of credit or bankers' acceptances issued, and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person in the ordinary course of its 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;minor survey exceptions, minor encumbrances, ground leases, easements, or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines, and other similar purposes, or zoning, building codes, or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Indebtedness permitted to be outstanding pursuant to the first paragraph of <u>Section 10.01</u> or <u>clause (b)</u>, <u>(d)</u> or <u>(m)(x)</u> of <u>Section 10.1</u>; <u>provided</u> that, (a) in the case of <u>clause (d)</u> of <u>Section 10.1</u>, such Lien may not extend to any property or equipment (or assets affixed or appurtenant thereto) other than the property or equipment being financed or refinanced under such <u>clause (d)</u> of <u>Section 10.1</u>, replacements of such property, equipment or assets, and additions, improvements, attachments and accessions and the proceeds and the projects thereof and customary security deposits, and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender, and (b) to the extent not already provided above, if any such Indebtedness is secured by the Collateral, the applicable Liens shall be subject to a Permitted First Lien Intercreditor or Permitted Junior Intercreditor Agreement, as applicable;

&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)&nbsp;&nbsp;&nbsp;&nbsp;subject to <u>Section 9.13</u>, other than with respect to Mortgaged Property, Liens existing on the Closing Date; <u>provided</u> that any Lien securing Indebtedness or other obligations shall be listed on <u>Schedule 10.2</u> to the Disclosure Letter and, in each case, any modifications, replacements, renewals, or extensions 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;Liens on property or shares of stock of a Person at the time such Person becomes a Subsidiary; <u>provided</u> such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming a Subsidiary; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend to any other property owned by the Borrower or any Restricted Subsidiary (other than, with respect to such Person, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property of such Person, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition);

&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)&nbsp;&nbsp;&nbsp;&nbsp;Liens on property at the time the Borrower or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Borrower or any Restricted Subsidiary or the designation of an Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u> that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, merger, consolidation, or designation; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend to any

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other property owned by the Borrower or any Restricted Subsidiary (other than, with respect to such property, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds and the products thereof and customary security deposits in respect thereof and in the case of multiple financings of equipment provided by any lender, other equipment financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition);

&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)&nbsp;&nbsp;&nbsp;&nbsp;Liens on property of any Restricted Subsidiary that is not a Credit Party, which Liens secure Indebtedness of such Restricted Subsidiary or another Restricted Subsidiary that is not a Credit Party, in each case, to the extent permitted under <u>Section 10.1</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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing Hedging Obligations and Cash Management Services so long as the related Indebtedness is, and is permitted hereunder to be, secured by a Lien on the same property securing such Hedging Obligations and Cash Management Services;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Liens on specific items of inventory or other goods and proceeds of any Person securing such Person's obligations in respect of bankers' acceptances issued or created for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods;

&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)&nbsp;&nbsp;&nbsp;&nbsp;leases, subleases, licenses, or sublicenses (including licenses or sublicenses of Intellectual Property) granted to others in the ordinary course of business which do not materially interfere with the ordinary conduct of the business of the Borrower or any Restricted Subsidiary and do not secure any Indebtedness;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising from Uniform Commercial Code financing statement filings regarding operating leases or consignments entered into by the Borrower or any Restricted Subsidiary 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;(xv)&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of the Borrower or any other Guarantor;

&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)&nbsp;&nbsp;&nbsp;&nbsp;Liens on equipment of the Borrower or any Restricted Subsidiary granted in the ordinary course of business to the Borrower's or such Restricted Subsidiary's client at which such equipment is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;Liens on cash collateral securing Indebtedness in respect of letters of credit (not to exceed 105% of the face amount thereof) issued by a Person that is not a Lender and are permitted to be incurred under <u>Section 10.</u>1 in an aggregate amount not to exceed $150,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;Liens to secure any refinancing, refunding, extension, renewal, amendment, modification, or replacement (or successive refinancing, refunding, extensions, renewals, amendments, modifications or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in <u>clauses (vi)</u>, <u>(vii)</u>, <u>(viii)</u>, <u>(ix)</u>, <u>(x)</u>, and <u>(xv)</u> of this definition of Permitted Liens; <u>provided</u> that (a) such new Lien shall be limited to all or part of the same property that secured (or, as to any after-acquired property, would have been required by the terms of such Indebtedness (and would have been permitted by the terms hereof) to secure) the original Lien (plus improvements on such property), and (b) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (1) the outstanding principal amount or, if greater, the committed amount of the Indebtedness described under <u>clauses (vi)</u>, <u>(vii)</u>, <u>(viii)</u>, <u>(ix)</u>, <u>(x)</u>, and <u>(xv)</u> at the time the original Lien became a Permitted Lien under this Agreement, and (2) an amount necessary to pay any fees and expenses, including premiums and accrued and unpaid interest, related to such refinancing, refunding, extension, renewal, or replacement;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;deposits made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance arrangements 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;(xx)&nbsp;&nbsp;&nbsp;&nbsp;Liens securing judgments for the payment of money not constituting an Event of Default under <u>Section 11.5</u> or <u>Section 11.10</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;(xxi)&nbsp;&nbsp;&nbsp;&nbsp;Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods 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;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;Liens (a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (b) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (c) in favor of banking or other financial institutions or other electronic payment service providers arising as a matter of law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;Liens deemed to exist in connection with Investments in repurchase agreements permitted under <u>Section 10.1</u>; <u>provided</u> that such Liens do not extend to any assets other than those that are the subject of such repurchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv)&nbsp;&nbsp;&nbsp;&nbsp;Liens that are contractual rights of set-off (a) relating to the establishment of depository relations with banks not given in connection with the issuance or incurrence of Indebtedness, (b) relating to pooled deposit or sweep accounts of the Borrower or any of the Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower and its Restricted Subsidiaries, or (c) relating to purchase orders and other agreements entered into by the Borrower or any of the Restricted Subsidiaries 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;(xxvi)&nbsp;&nbsp;&nbsp;&nbsp;Liens (a) solely on any cash earnest money deposits made by the Borrower or any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Agreement or (b) consisting of an agreement to dispose of any property pursuant to a disposition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii)&nbsp;&nbsp;&nbsp;&nbsp;rights reserved or vested in any Person by the terms of any lease, license, franchise, grant, or permit held by the Borrower or any of the Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant, or permit, or to require annual or periodic payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii)&nbsp;&nbsp;&nbsp;&nbsp;restrictive covenants affecting the use to which real property may be put; <u>provided</u> that the covenants are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix)&nbsp;&nbsp;&nbsp;&nbsp;security given to a public utility or any municipality or Governmental Authority when required by such utility or authority in connection with the operations of that Person 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;(xxx)&nbsp;&nbsp;&nbsp;&nbsp;zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements, and contract zoning agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising out of conditional sale, title retention, consignment, or similar arrangements for sale of goods entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii)&nbsp;&nbsp;&nbsp;&nbsp;Liens arising under the Security Documents to secure the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii)&nbsp;&nbsp;&nbsp;&nbsp;Liens on goods purchased in the ordinary course of business the purchase price of which is financed by a documentary letter of credit issued for the account of the Borrower or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv)&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens on Equity Interests in joint ventures and/or Persons that are not Subsidiaries; <u>provided</u> that any such Lien is in favor of a creditor of such joint venture or other Person and such creditor is not an Affiliate of any partner to such joint venture and (b) purchase options, call, and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests held by the Borrower or any Restricted Subsidiary in joint ventures and/or Persons that are not Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv)&nbsp;&nbsp;&nbsp;&nbsp;Liens on cash and Cash Equivalents that are earmarked to be used to satisfy or discharge Indebtedness; <u>provided</u> (a) such cash and/or Cash Equivalents are deposited into an account from which payment is to be made, directly or indirectly, to the Person or Persons holding the Indebtedness that is to be satisfied or discharged, (b) such Liens extend solely to the account in which such cash and/or Cash Equivalents are deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any agent or trustee for such Person or Persons) that is to be satisfied or discharged, and (c) the satisfaction or discharge of such Indebtedness is expressly permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi)&nbsp;&nbsp;&nbsp;&nbsp; with respect to any Foreign Subsidiary, other Liens and privileges arising mandatorily by any Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii)&nbsp;&nbsp;&nbsp;&nbsp;to the extent pursuant to a Requirement of Law, Liens on cash or Cash Equivalents securing Swap Obligations in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) &nbsp;&nbsp;&nbsp;&nbsp;Liens on escrow accounts in connection with Permitted Acquisitions or dispositions otherwise permitted hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) &nbsp;&nbsp;&nbsp;&nbsp;Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Credit Parties in the ordinary course of business.

For purposes of this definition, the term "Indebtedness" shall be deemed to include interest on, and fees, expenses and other obligations payable with respect to, such Indebtedness.

"**Permitted Other Provision**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Person**" shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise or any Governmental Authority.

"**Plan**" shall mean, other than any Multiemployer Plan, any employee benefit plan (as defined in Section 3(3) of ERISA), including any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA), and any plan which is both an employee welfare benefit plan and an employee pension benefit plan, and in respect of which any Credit Party or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4062 or Section 4069 of ERISA be reasonably likely to be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

"**Platform**" shall have the meaning provided in <u>Section 13.17(a)</u>.

"**Pledge Agreement**" shall mean the Pledge Agreement, entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit D</u> and dated as of the Closing Date, as the same may be amended, supplemented or otherwise modified from time to time.

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"**Post-Acquisition Period**" shall mean, with respect to any Permitted Acquisition, the period beginning on the date such Permitted Acquisition is consummated and ending on the last day of the eighteenth consecutive calendar month immediately following the date on which such Permitted Acquisition is consummated.

"**primary obligations**" shall have the meaning provided in the definition of "Contingent Obligations."

"**primary obligor**" shall have the meaning provided in the definition of "Contingent Obligations."

"**Prime Rate**" shall mean the rate of interest last quoted by The Wall Street Journal as the "Prime Rate" in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the "bank prime loan" rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

"**Pro Forma Adjustment**" shall mean, for any Test Period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries on a consolidated basis, the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, projected by the Borrower in good faith as a result of (i) actions taken during such Post-Acquisition Period for the purposes of realizing reasonably identifiable and factually supportable cost savings or (ii) any additional costs incurred during such Post-Acquisition Period, in each case in connection with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Borrower and its Restricted Subsidiaries; <u>provided</u> that (a) at the election of the Borrower, such Pro Forma Adjustment shall not be required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate cash consideration paid in connection with such acquisition was less than $25,000,000 and (b) so long as such actions are taken during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable, it may be assumed, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that the applicable amount of such cost savings will be realizable during the entirety of such Test Period, or the applicable amount of such additional costs, as applicable, will be incurred during the entirety of such Test Period; <u>provided</u>, <u>further</u>, that any such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as the case may be, shall be without duplication for cost savings or additional costs already included in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, for such Test Period and, in the case of cost savings, shall be subject to the 20.0% cap set forth in <u>clause (h)</u> of the definition of "Consolidated EBITDA"; <u>provided</u> that such cap shall not apply to (A) any amounts evidenced in a quality of earnings report obtained for any transaction prepared by a nationally recognized accounting firm reasonably acceptable to the Administrative Agent (it being agreed that any of the "Big Four" accounting firms is acceptable to the Administrative Agent) or (B) any pro forma adjustments (other than management adjustments) determined on a basis consistent with Article 11 of Regulation S-X promulgated under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency).

"**Pro Forma Basis**," "**Pro Forma Compliance**," and "**Pro Forma Effect**" shall mean, with respect to compliance with any test, financial ratio, or covenant hereunder, that (i) to the extent applicable, the Pro Forma Adjustment shall have been made and (ii) all Specified Transactions and the following transactions in connection therewith shall be deemed to have occurred as of the first day of the applicable period of measurement in such test or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Specified Transaction, (1) in the case of a sale, transfer, or other disposition of all or substantially all Capital Stock in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described in the definition of "Specified Transaction," shall be included, (b) any retirement of Indebtedness, and (c) other than as set forth in the definition of "Maximum Incremental Facilities Amount," any incurrence or assumption of Indebtedness by the Borrower or any of the Restricted Subsidiaries in connection therewith (it being agreed that if

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such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination).

"**Pro Forma Entity**" shall have the meaning provided in the definition of "Acquired EBITDA."

"**Proceeding**" shall mean any claim, litigation, investigation, action, suit, arbitration or administrative, judicial or regulatory action or proceeding in any jurisdiction.

"**Prohibited Transaction**" shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.

"**Projections**" shall have the meaning assigned to such term in <u>Section 9.1(g)</u>.

"**PTE**" shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"**Public Company Costs**" shall mean costs relating to compliance with the provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, as applicable to companies with equity or debt securities held by the public, the rules of national securities exchange companies with listed equity or debt securities, directors' or managers' compensation, fees and expense reimbursement, costs relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors' and officers' insurance and other executive costs, legal and other professional fees, and listing fees.

"**QFC**" shall have the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"**QFC Credit Support**" shall have the meaning provided in <u>Section 13.21</u>.

"**Qualified Proceeds**" shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

"**Qualified Stock**" of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.

"**Qualifying Bridge Loans**" means customary bridge loans with a maturity date of no later than one year from incurrence that are convertible or exchangeable into other debt instruments (but, for the avoidance of doubt, not any loans, securities or other debt which are exchanged for or otherwise replace such bridge loans).

"**Ratio Indebtedness**" shall have the meaning provided in <u>Section 10.1</u>.

"**Real Estate**" shall have the meaning provided in <u>Section 9.1(f)</u>.

"**refinance**" shall have the meaning provided in <u>Section 10.1(l)</u>.

"**Refinanced Term Loans**" shall have the meaning provided in <u>Section 13.1</u>.

"**Refinancing Indebtedness**" shall have the meaning provided in <u>Section 10.1(l)</u>.

"**Refunding Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Register**" shall have the meaning provided in <u>Section 13.6(b)(iv)</u>.

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"**Registered Equivalent Notes**" means, with respect to any notes originally issued in an offering pursuant to Rule 144A under the Securities Act of 1933 or other private placement transaction under the Securities Act of 1933, substantially identical notes (having the same guarantees) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

"**Regulation D**" shall mean Regulation D of the Federal Reserve Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation T**" shall mean Regulation T of the Federal Reserve Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation U**" shall mean Regulation U of the Federal Reserve Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation X**" shall mean Regulation X of the Federal Reserve Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Reimbursement Date**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**Reimbursement Obligations**" shall mean the Borrower's obligations to reimburse Unpaid Drawings pursuant to <u>Section 3.4(a)</u>.

"**Related Fund**" shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.

"**Related Parties**" shall mean, with respect to any specified Person, such Person's Affiliates and the directors, officers, employees, agents, trustees, advisors, and other representatives of such Person and such Person's Affiliates, and any Person or such Person's Affiliates that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person or such Person's Affiliates, whether through the ability to exercise voting power, by contract or otherwise.

"**Release**" shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching into the Environment.

"**Relevant Governmental Body**" shall mean the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"**Removal Effective Date**" shall have the meaning provided in <u>Section 12.9(b)</u>.

"**Reorganization**" shall mean, with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the meaning of Section 4241 of ERISA.

"**Repayment Amount**" shall mean the Term Loan Repayment Amount or an Extended Term Loan Repayment Amount, with respect to any Extension Series, as applicable.

"**Replacement Term Loan Commitment**" shall mean the commitments of the Lenders to make Replacement Term Loans.

"**Replacement Term Loans**" shall have the meaning provided in <u>Section 13.1</u>.

"**Reportable Event**" shall mean any "reportable event," as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA

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Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant to PBGC Reg. § 4043.

"**Required Additional Debt Terms**" shall have the meaning provided in <u>Section 2.14(e)(v)</u>.

"**Required Lenders**" shall mean, at any date (i) Non-Defaulting Lenders having or holding a majority of the sum of, without duplication, (a)(x) the Adjusted Total Revolving Credit Commitment and (y) the Letter of Credit Exposure at such date, (b) the Adjusted Total Term Loan Commitment at such date, and (c) the aggregate outstanding principal amount of the Term Loans (excluding Term Loans held by Defaulting Lenders) at such date or (ii) if the Total Revolving Credit Commitment and the Total Term Loan Commitment have been terminated or for the purposes of acceleration pursuant to <u>Section 11</u>, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount of the Loans and Letter of Credit Exposure (excluding the Loans and Letter of Credit Exposure of Defaulting Lenders) in the aggregate at such date.

"**Required Revolving Credit Lenders**" shall mean, at any date Non-Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

"**Requirements of Law**" shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule, or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

"**Resignation Effective Date**" shall have the meaning provided in <u>Section 12.9(a)</u>.

"**Resolution Authority**" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Restricted Dividends**" shall have the meaning provided in <u>Section 10.4(a)</u>.

"**Restricted Investment**" shall mean an Investment other than a Permitted Investment.

"**Restricted Payment**" shall have the meaning provided in <u>Section 10.4(a)</u>.

"**Restricted Person**" shall have the meaning provided in <u>Section 13.16</u>.

"**Restricted Subsidiary**" shall mean any Subsidiary of the Borrower other than an Unrestricted Subsidiary.

"**Retired Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Revolving Credit Commitment**" shall mean, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant to <u>Section 2.1</u>, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender's name on <u>Schedule 1.1(b)</u> under the heading "Revolving Credit Commitment" or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate Revolving Credit Commitments of all Revolving Credit Lenders on the Closing Date is $500,000,000.

"**Revolving Credit Commitment Fee**" shall have the meaning provided in <u>Section 4.1(a)</u>.

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"**Revolving Credit Commitment Fee Rate**" shall mean a rate per annum set forth below opposite the Status in effect on such day.

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| | |
|:---|:---|
| <u>Status</u> | <u>Revolving Credit<br>Commitment Fee Rate</u> |
| Level I Status | 0.15% |
| Level II Status | 0.10% |

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Notwithstanding the foregoing, the term Revolving Credit Commitment Fee Rate shall mean 0.15% during the period from and including the Closing Date up to, but excluding the Trigger Date.

"**Revolving Credit Commitment Percentage**" shall mean at any time, for each Lender, the percentage obtained by dividing (i) such Lender's Revolving Credit Commitment at such time by (ii) the amount of the Total Revolving Credit Commitment at such time; <u>provided</u> that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender's Revolving Credit Commitment Percentage shall be the percentage obtained by dividing (a) such Lender's Revolving Credit Exposure at such time by (b) the Revolving Credit Exposure of all Lenders at such time.

"**Revolving Credit Exposure**" shall mean, with respect to any Lender at any time, the sum of (i) the aggregate principal amount of Revolving Credit Loans of such Lender then outstanding and (ii) such Lender's Letter of Credit Exposure at such time.

"**Revolving Credit Facility**" shall mean, at any time, the aggregate amount of the Revolving Credit Lenders' Revolving Credit Commitments at such time.

"**Revolving Credit Lender**" shall mean, at any time, any Lender that has a Revolving Credit Commitment, Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment at such time.

"**Revolving Credit Loan**" shall have the meaning provided in <u>Section 2.1</u>.

"**Revolving Credit Maturity Date**" shall mean June 27, 2030, or, if such date is not a Business Day, the immediately following Business Day.

"**Revolving Credit Termination Date**" shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized.

"**Revolving Loan**" shall mean, collectively or individually as the context may require, any (i) Revolving Credit Loan, (ii) Extended Revolving Credit Loan and (iii) Incremental Revolving Credit Loan, in each case made pursuant to and in accordance with the terms and conditions of this Agreement.

"**S&P**" shall mean Standard & Poor's Ratings Services or any successor by merger or consolidation to its business.

"**Sale Leaseback**" shall mean any arrangement with any Person providing for the leasing by the Borrower or any Restricted Subsidiary of any real or tangible personal property, which property has been or is to be sold or transferred by the Borrower or such Restricted Subsidiary to such Person in contemplation of such leasing.

"**Sanctions**" shall mean economic or financial sanctions, trade embargoes or similar restrictions imposed, administered or enforced from time to time by the United States Government (including without limitation, sanctions enforced by OFAC) the United Nations Security Council, the European Union, any European Union member state, His Majesty's Treasury of the United Kingdom or other relevant sanctions authority.

"**SEC**" shall mean the Securities and Exchange Commission or any successor thereto.

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"**Section 2.14 Additional Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iv)</u>.

"**Section 9.1 Financials**" shall mean the financial statements delivered, or required to be delivered, pursuant to <u>Section 9.1(a)</u> or <u>(b)</u> together with the accompanying officer's certificate delivered, or required to be delivered, pursuant to <u>Section 9.1(d)</u>.

"**Secured Cash Management Agreement**" shall mean any Cash Management Agreement that is entered into by and between the Borrower or any of the Restricted Subsidiaries and any Cash Management Bank, which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Cash Management Agreement hereunder.

"**Secured Cash Management Obligations**" shall mean Obligations under Secured Cash Management Agreements.

"**Secured Hedge Agreement**" shall mean any Hedge Agreement that is entered into by and between the Borrower or any Restricted Subsidiary and any Hedge Bank, which is specified in writing by the Borrower to the Administrative Agent as constituting a "Secured Hedge Agreement" hereunder. For purposes of the preceding sentence, a Borrower may deliver one notice designating all Hedge Agreements entered into pursuant to a specified Master Agreement as "Secured Hedge Agreements." Notwithstanding anything to the contrary, a Hedge Agreement entered into by a Restricted Subsidiary shall remain a Secured Hedge Agreement notwithstanding that such Restricted Subsidiary is subsequently designated an Unrestricted Subsidiary (but not any Hedge Agreement entered into after the date of such designation), unless otherwise agreed between such Restricted Subsidiary and Hedge Bank.

"**Secured Hedge Obligations**" shall mean Obligations under Secured Hedge Agreements.

"**Secured Obligations**" shall have the meaning provided in the Security Agreement.

"**Secured Parties**" shall mean the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers, each Lender, each Hedge Bank that is party to any Secured Hedge Agreement with the Borrower or any Restricted Subsidiary, each Cash Management Bank that is party to a Secured Cash Management Agreement with the Borrower or any Restricted Subsidiary and each sub-agent pursuant to <u>Section 12</u> appointed by the Administrative Agent with respect to matters relating to the Credit Facilities or the Collateral Agent with respect to matters relating to any Security Document.

"**Security Agreement**" shall mean the Security Agreement entered into by the Borrower, the other grantors party thereto, and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit E</u> and dated as of the Closing Date, as the same may be amended, supplemented or otherwise modified from time to time.

"**Security Documents**" shall mean, collectively, the Pledge Agreement, the Security Agreement, the Mortgages, if executed, the Permitted First Lien Intercreditor Agreement, if executed, the Permitted Junior Intercreditor Agreement, if executed, and each other security agreement or other instrument or document executed and delivered pursuant to <u>Sections 9.10</u>, <u>9.11,</u> or <u>9.13</u> or pursuant to any other such Security Documents to secure the Obligations or to govern the lien priorities of the holders of Liens on the Collateral.

"**Series**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Similar Business**" shall mean any business conducted or proposed to be conducted by the Borrower and its Restricted Subsidiaries on the Closing Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

"**SOFR**" shall mean a rate equal to the secured overnight financing rate as administered by the NYFRB.

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"**Sold Entity or Business**" shall have the meaning provided in the definition of "Consolidated EBITDA."

"**Solvent**" shall mean, after giving effect to the consummation of the Transactions, (i) the sum of the liabilities (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Borrower and its Restricted Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Borrower and its Restricted Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Borrower and its Restricted Subsidiaries, on a consolidated basis; (iii) the capital of the Borrower and its Restricted Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the Closing Date; and (iv) the Borrower and its Restricted Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

"**Specified Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(e)(i)</u>.

"**Specified Representations**" shall mean those representations and warranties in <u>Sections 8.1(a)</u> (with respect to the organizational existence of the Credit Parties only), <u>Section 8.2</u>, <u>Section 8.3(c)</u>, <u>Section 8.5</u>, <u>Section 8.7</u>, <u>Section 8.17</u> (reformulated to speak as of the date of and after giving effect to the applicable incurrence and any related transactions), <u>Section 8.18</u> (solely with respect to the use of proceeds of the applicable Loans not violating the Patriot Act), <u>Section 8.19(a)</u>, and <u>Section 8.19(b)</u>.

"**Specified Transaction**" shall mean, with respect to any period, any Investment (including a Permitted Acquisition), any asset sale or other disposition, incurrence or repayment of Indebtedness, Restricted Payment, Subsidiary designation, incurrence of any Commitment, or other event or action that in each case by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis.

"**Spot Rate**" for any currency shall mean the rate determined by the Administrative Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if it does not have as of the date of determination a spot buying rate for any such currency.

"**SPV**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Stated Amount**" of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder, determined without regard to whether any conditions to drawing could then be met; <u>provided</u>, <u>however</u>, that with respect to any Letter of Credit that by its terms or the terms of any Issuer Document provides for one or more automatic increases in the stated amount thereof, the Stated Amount shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

"**Status**" shall mean the existence of Level I Status or Level II Status, as the case may be, on such date. Changes in Status resulting from changes in the Consolidated Total Debt to Consolidated EBITDA Ratio shall become effective as of the first day following each date that (i) <u>Section 9.1</u> Financials are delivered to the Administrative Agent under <u>Section 9.1</u> and (ii) an officer's certificate is delivered by the Borrower to the Administrative Agent setting forth, with respect to such <u>Section 9.1</u> Financials, the then-applicable Status, and shall remain in effect until the next change to be effected pursuant to this definition; <u>provided</u> that each determination of the Consolidated Total Debt to Consolidated EBITDA Ratio pursuant to this definition shall be made as of the end of the Test Period ending at the end of the fiscal period covered by the relevant <u>Section 9.1</u> Financials.

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"**Stock Equivalents**" shall mean all securities convertible into or exchangeable for Capital Stock and all warrants, options, or other rights to purchase or subscribe for any Capital Stock, whether or not presently convertible, exchangeable, or exercisable.

"**Subject Lien**" shall have the meaning provided in <u>Section 10.2</u>.

"**Subordinated Indebtedness**" shall mean Indebtedness of the Borrower or any other Guarantor that is by its terms subordinated in writing in right of payment to the Obligations.

"**Subordinated Permitted Convertible Indebtedness**" shall mean Permitted Convertible Indebtedness of the Borrower or any other Guarantor that is by its terms subordinated in writing in right of payment to the Obligations.

"**Subsidiary**" of any Person shall mean and include (i) any corporation more than 50% of whose Capital Stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time Capital Stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, or (ii) any limited liability company, partnership, association, joint venture, or other entity of which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a Subsidiary shall mean a Subsidiary of the Borrower.

"**Successor Borrower**" shall have the meaning provided in <u>Section 10.3(a)</u>.

"**Supported QFC**" shall have the meaning provided in <u>Section 13.21</u>.

"**Swap Obligation**" shall mean, with respect to any Credit Party, any obligation to pay or perform under any agreement, contract, or transaction that constitutes a "swap" within the meaning of section 1(a)(47) of the Commodity Exchange Act.

"**Taxes**" shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings (including backup withholding), fees, or other similar charges, in each case in the nature of a tax and imposed by any Governmental Authority, and any interest, fines, penalties, or additions to tax with respect to the foregoing.

"**Term Benchmark**" when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Term SOFR Rate, other than pursuant to clause (c) of the definition of "ABR."

"**Term Loan Commitment**" shall mean, with respect to each Lender, such Lender's Incremental Term Loan Commitment and/or Replacement Term Loan Commitment.

"**Term Loan Extension Request**" shall have the meaning provided in <u>Section 2.14 (g)(i)</u>.

"**Term Loans**" shall mean any Incremental Term Loans, any Replacement Term Loans, and any Extended Term Loans, collectively.

"**Term SOFR Rate**" shall mean,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to a Term Benchmark Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "**Periodic Term SOFR Determination Day**") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the CME Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor

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has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR Rate will be the Term SOFR Reference Rate for such tenor as published by the CME Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the CME Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;for any calculation with respect to an ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "**ABR Term SOFR Determination Day**") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the CME Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any ABR Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then the Term SOFR Rate will be the Term SOFR Reference Rate for such tenor as published by the CME Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the CME Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such ABR SOFR Determination Day, <u>provided</u>, further, that if the Term SOFR Rate determined as provided above (including to the proviso under clause (a) or clause (b) above) shall ever be less than the Floor, then the Term SOFR Rate shall be deemed to be the Floor.

"**Term SOFR Reference Rate**" shall mean the forward-looking term rate based on SOFR.

"**Test Period**" shall mean, for any determination under this Agreement, the four consecutive fiscal quarters of the Borrower then last ended and for which <u>Section 9.1</u> Financials shall have been delivered (or were required to be delivered) to the Administrative Agent (or, before the first delivery of <u>Section 9.1</u> Financials, the most recent period of four consecutive fiscal quarters for which financial statements are available).

"**Title Policy**" shall have the meaning provided in <u>Section 9.13(c)</u>.

"**Total Credit Exposure**" shall mean, at any date, the sum, without duplication, of (i) the Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date), (ii) the Total Term Loan Commitment at such date, and (iii) without duplication of <u>clause (ii)</u>, the aggregate outstanding principal amount of all Term Loans at such date.

"**Total Revolving Credit Commitment**" shall mean the sum of the Revolving Credit Commitments of all the Lenders.

"**Total Term Loan Commitment**" shall mean the sum of the Term Loan Commitments of all the Lenders.

"**Transaction Expenses**" shall mean any fees, costs, or expenses incurred or paid by the Borrower or any of its respective Affiliates in connection with the Transactions, this Agreement, and the other Credit Documents, and the transactions contemplated hereby and thereby.

"**Transactions**" shall mean, collectively, the transactions contemplated by this Agreement and the consummation of any other transactions in connection with the foregoing (including the payment of the fees and expenses incurred in connection with any of the foregoing (including the Transaction Expenses)).

"**Transferee**" shall have the meaning provided in <u>Section 13.6(e)</u>.

"**Trigger Date**" shall mean the day following the date on which <u>Section 9.1</u> Financials are delivered to the Administrative Agent for the fiscal quarter ending on September 30, 2025.

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"**TTM Consolidated EBITDA**" shall mean, as of any date of determination, Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for the most recently ended Test Period on a Pro Forma Basis.

"**Type**" shall mean (i) as to any Term Loan, its nature as an ABR Loan or a Term Benchmark Loan and (ii) as to any Revolving Loan, its nature as an ABR Loan or a Term Benchmark Revolving Credit Loan.

"**UCP**" shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("**ICC**") Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

"**UK Financial Institutions**" shall mean any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"**UK Resolution Authority**" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Uniform Commercial Code**" shall mean the Uniform Commercial Code as from time to time in effect in the State of New York; <u>provided</u>, <u>however</u>, that, in the event that, by reason of any provisions of law, any of the attachment, perfection or priority of the Collateral Agent's and the Secured Parties' security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term "UCC" shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes

"**Unpaid Drawing**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**Unrestricted Cash**" means, on any date of determination, the aggregate amount of cash and Cash Equivalents of the Borrower and the Guarantors that would not appear as "restricted" on a consolidated balance sheet of the Borrower and the Guarantors (unless such amounts are restricted in connection with any Credit Facility or the Liens created pursuant to any Credit Documents).

"**Unrestricted Subsidiary**" shall mean (i) any Subsidiary of the Borrower which at the time of determination is an Unrestricted Subsidiary (as designated by the board of directors of the Borrower, as provided below) and (ii) any Subsidiary of an Unrestricted Subsidiary. 

The board of directors of the Borrower may designate any Subsidiary of the Borrower (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on, any property of, the Borrower or any Subsidiary of the Borrower (other than any Subsidiary of the Subsidiary to be so designated or an Unrestricted Subsidiary); <u>provided</u> that:

&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)&nbsp;&nbsp;&nbsp;&nbsp;such designation complies with <u>Section 10.4(b)(7)</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;each of (1) the Subsidiary to be so designated and (2) its Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee, or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Borrower or any Restricted Subsidiary except for Indebtedness that could otherwise be incurred by the Borrower or such Restricted Subsidiary hereunder and, if such Indebtedness is secured, the Liens securing such Indebtedness are permitted to be incurred by the Borrower or such Restricted

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Subsidiary hereunder (<u>provided</u> that any such Indebtedness shall be deemed incurred hereunder by the Borrower or such Restricted Subsidiary, 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;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;no Unrestricted Subsidiary shall at any time directly or indirectly own any Equity Interests of, or Indebtedness issued by, or hold a Lien on any property of, the Borrower or any Restricted Subsidiary;

&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)&nbsp;&nbsp;&nbsp;&nbsp;no Subsidiary may be designated as an Unrestricted Subsidiary or continue as an Unrestricted Subsidiary if it or any of its Subsidiaries owns, or holds an exclusive license in, any Material Intellectual Property;

&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)&nbsp;&nbsp;&nbsp;&nbsp;immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing; 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;after giving Pro Forma Effect to such designation, the Consolidated Total Debt to Consolidated EBITDA Ratio is equal to or less than 5.00 to 1.00.

The board of directors of the Borrower may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary; <u>provided</u> that, (1) immediately after giving effect to such redesignation, no Default or Event of Default shall have occurred and be continuing, (2) after giving Pro Forma Effect to such redesignation the Consolidated Total Debt to Consolidated EBITDA Ratio is equal to or less than 5.00 to 1.00 and (3) the redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of redesignation of any Indebtedness or Liens of such Subsidiary existing at such time and such incurrence of Indebtedness and/or Liens must comply with <u>Section 10.1</u> and <u>Section 10.2</u> of this Agreement, as applicable.

Any such designation or redesignation by the board of directors of the Borrower shall be notified by the Borrower to the Administrative Agent by promptly delivering to the Administrative Agent a copy of the board resolution giving effect to such designation or redesignation and a certificate of an Authorized Officer of the Borrower certifying that such designation or redesignation complied with the foregoing provisions.

As of the Closing Date, none of the Subsidiaries of the Borrower are Unrestricted Subsidiaries.

"**U.S.**" and "**United States**" shall mean the United States of America.

"**U.S. Government Securities Business Day**" shall mean any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**U.S. Lender**" shall have the meaning provided in <u>Section 5.4(e)(ii)(A)</u>.

"**U.S. Person**" shall mean United States citizen, lawful permanent resident, entity organized under the laws of the United States or any jurisdiction within the United States, including any foreign branch of any such entity, or any person in the United States.

"**U.S. Special Resolution Regimes**" shall have the meaning provided in <u>Section 13.21</u>.

"**Voting Stock**" shall mean, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

"**Weighted Average Life to Maturity**" means, when applied to any Indebtedness at any date, the number of years obtained by dividing (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one twelfth) that will elapse

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between such date and the making of such payment; by (b) the then outstanding principal amount of such Indebtedness; <u>provided</u>, for the avoidance of doubt, that clause (i) above shall not include any payment (whether in cash, securities or other property) on account of the redemption, repurchase, conversion or settlement with respect to any Permitted Convertible Indebtedness (including, without limitation, as a result of a change of control, asset sale or other fundamental change or any early conversion in accordance with the terms of such Permitted Convertible Indebtedness).

"**Wholly-Owned Subsidiary**" of any Person shall mean a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares or other nominal number of shares or ownership interests to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"**Withdrawal Liability**" shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA.

"**Withholding Agent**" shall mean any Credit Party, the Administrative Agent and, in the case of any U.S. federal withholding Tax, any other applicable withholding agent.

"**Write-Down and Conversion Powers**" shall mean, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Interpretive Provisions</u>. With reference to this Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The words "herein," "hereto," "hereof," and "hereunder" and words of similar import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Section, Exhibit, and Schedule references are to the Credit Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;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;(f)&nbsp;&nbsp;&nbsp;&nbsp;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;(g)&nbsp;&nbsp;&nbsp;&nbsp;Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;All references to "knowledge" or "awareness" of any Credit Party or any Restricted Subsidiary thereof means the actual knowledge of an Authorized Officer of such Credit Party or such Restricted Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Accounting Terms.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a consistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Specified Transaction occurs, Liquidity, the Consolidated Total Debt to Consolidated EBITDA Ratio and the Fixed Charge Coverage Ratio shall each be calculated with respect to such period and such Specified Transaction on a Pro Forma Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Where reference is made to "the Borrower and its Restricted Subsidiaries on a consolidated basis" or similar language, such consolidation shall not include any Subsidiaries of the Borrower other than Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Rounding</u>. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5&nbsp;&nbsp;&nbsp;&nbsp;<u>References to Agreements Laws, Etc</u>. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements (including the Credit Documents), and other Contractual Requirements shall be deemed to include all subsequent amendments, restatements, amendment, and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases, but only to the extent that such amendments, restatements, amendment, and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases are permitted by any Credit Document; and (b) references to any Requirement of Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Exchange Rates</u>. Notwithstanding the foregoing, for purposes of any determination under <u>Section 9</u>, <u>Section 10</u> or <u>Section 11</u> or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts incurred, outstanding, or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the Spot Rate; <u>provided</u>, <u>however</u>, that for purposes of determining compliance with <u>Section 10</u> with respect to the amount of any Indebtedness, Permitted Investment, Restricted Investment, Lien, Asset Sale, or Restricted Payment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness, Lien, Permitted Investment or Restricted Investment is incurred or after such Asset Sale or Restricted Payment made; <u>provided</u> that, for the avoidance of doubt, the foregoing provisions of this <u>Section 1.6</u> shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness, Lien, or Investment may be incurred or Asset Sale or Restricted Payment made at any time under such Sections. For purposes of any determination of Consolidated Total Debt or Consolidated Secured Debt, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered <u>Section 9.1</u> Financials.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rates; Benchmark Notification</u>. The interest rate on a Loan denominated in dollars may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, <u>Section 2.10(b)</u> provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing of Payment or Performance</u>. Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment (other than as described in the definition of "Interest Period") or performance shall extend to the immediately succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Certifications</u>. All certifications to be made hereunder by an officer or representative of a Credit Party shall be made by such a Person in his or her capacity solely as an officer or a representative of such Credit Party, on such Credit Party's behalf and not in such Person's individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Certain Sections</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), disposition, Restricted Payment, Affiliate transaction, Contractual Requirement, or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions then permitted pursuant to any clause or subsection of <u>Sections 10.1</u>, <u>10.2</u>, <u>10.3</u>, <u>10.4</u> or <u>10.6</u> then, such transaction (or portion thereof) at any time shall be allocated to one or more of such clauses or subsections within the relevant sections as determined by the Borrower in its sole discretion at such time; <u>provided</u> that Investments made in reliance on <u>clause (7)</u> of <u>Section 10.4(b)</u> may not be reallocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Pro Forma and Other Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of calculating Liquidity, Consolidated Total Assets, the Available Amount, the Fixed Charge Coverage Ratio, the Consolidated Secured Debt to Consolidated EBITDA Ratio and the Consolidated Total Debt to Consolidated EBITDA Ratio, Investments, acquisitions, dispositions, mergers, consolidations, and disposed operations that have been made by the Borrower or any Restricted Subsidiary during the Test Period, or subsequent to such Test Period and on or prior to or simultaneously with the date of determination, shall be calculated on a Pro Forma Basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations, and disposed operations (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA resulting therefrom) had occurred on the first day of the Test Period. If since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Borrower or any Restricted Subsidiary since the beginning of such period) shall have made any Investment, acquisition, disposition, merger, consolidation, or disposed operation that would have required adjustment pursuant to this definition, then the Fixed

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Charge Coverage Ratio, the Consolidated Secured Debt to Consolidated EBITDA Ratio and Consolidated Total Debt to Consolidated EBITDA Ratio shall be calculated giving Pro Forma Effect thereto for such Test Period as if such Investment, acquisition, disposition, merger, consolidation, or disposed operation had occurred at the beginning of the Test Period. Notwithstanding anything in this Agreement or any Credit Document to the contrary, in the event any Lien, Indebtedness, Disqualified Stock, asset sale, transfer, lease, license or other disposition, Investment, Restricted Payment, or other transaction, action, judgment or amount incurred under any provision in this Agreement or any other Credit Document (or any of the foregoing in concurrent transactions, a single transaction or a series of related transactions) meets the criteria of one or more than one of the categories of Baskets under this Agreement (including within any defined terms), including any Fixed Basket or Non-Fixed Basket, as applicable, the Borrower shall be permitted, in its sole discretion, to divide and classify and to later, at any time and from time to time, re-divide and re-classify (including to re-classify utilization of any Fixed Basket as being incurred under any Non-Fixed Basket or other Fixed Basket or utilization of any Non-Fixed Basket as being incurred under any Fixed Basket or other Non-Fixed Basket) on one or more occasions (based on circumstances existing on the date of any such re-division and re-classification) any such Lien, Indebtedness, Disqualified Stock, preferred stock, asset sale, transfer, lease, license or other disposition, Investment, Restricted Payment, or other transaction, action, judgment or amount, in whole or in part, among one or more than one applicable Baskets under this Agreement (in the case of re-classification or re-division, so long as the amount so re-classified or re-divided is permitted at the time of such re-classification or re-division to be incurred pursuant to the applicable Basket into which such amount is re-classified or re-divided at such time (and not the Basket from which such amount is re-divided or re-classified)). For the avoidance of doubt, the amount of any Lien, Indebtedness, Disqualified Stock, asset sale, transfer, lease, license, or other disposition, Investment, Restricted Payment or other transaction, action, judgment or amount that shall be allocated to each such Basket shall be determined by the Borrower at the time of such division, classification, re-division or re-classification, as applicable. If any Lien, Indebtedness, Disqualified Stock, preferred stock, asset sale, transfer, lease, license or other disposition, Investment, Restricted Payment, or other transaction, action, judgment or amount incurred under any provision in this Agreement or any other Credit Document (or any portion of the foregoing) previously divided and classified (or re-divided and re-classified) as set forth above under any Fixed Basket, could subsequently be re-divided and re-classified under a Non-Fixed Basket, such re-division and re-classification shall be deemed to occur automatically, in each case, unless otherwise elected by the Borrower. "**Fixed Basket**" shall mean any Basket that is subject to a fixed-dollar limit and (y) "**Non-Fixed Basket**" shall mean any Basket that is subject to compliance with a financial ratio or test. Notwithstanding anything in this Agreement or any Credit Document to the contrary, in calculating any Non-Fixed Basket any amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Basket in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under an applicable Non-Fixed Basket shall be disregarded in the calculation of such Non-Fixed Basket for such concurrent transaction, single transaction or series of related transactions; <u>provided</u> that full pro forma effect shall be given to all applicable and related transactions (including the use of proceeds of all applicable Indebtedness incurred and any repayments, repurchases and redemptions of Indebtedness) and all other adjustments as to which pro forma effect may be given under this <u>Section 1.12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Whenever Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of a Borrower (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense reductions and cost synergies resulting from such Investment, acquisition, merger, or consolidation which is being given Pro Forma Effect that have been or are expected to be realized; <u>provided</u> that such costs savings, operating expense reductions and cost synergies are made in compliance with the definition of "Pro Forma Adjustment"). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the

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average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of (i) maximum commitments under such revolving credit facilities as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such a revolving credit facilities on such date). Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a secured overnight financing rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.

In connection with any action (other than with respect any Credit Event subject to the conditions set forth in <u>Section 7.1</u>) being taken solely in connection with a Limited Condition Transaction, for purposes of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;determining compliance with any provision of this Agreement which requires the calculation of Liquidity, the Consolidated Secured Debt to Consolidated EBITDA Ratio, the Consolidated Total Debt to Consolidated EBITDA Ratio or the Fixed Charge Coverage Ratio;

&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)&nbsp;&nbsp;&nbsp;&nbsp;determining the accuracy of representations and warranties in <u>Section 8</u> and/or whether a Default or Event of Default shall have occurred and be continuing under <u>Section 11</u>; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated EBITDA or Consolidated Total Assets);

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date of determination of whether any such action (other than with respect any Credit Event subject to the conditions set forth in <u>Section 7.1</u>) is permitted hereunder, shall be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into (the "**LCT Test Date**"), and if, after giving Pro Forma Effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with; <u>provided</u> that, for the purpose of determining whether a Default or Event of Default shall have occurred and be continuing under <u>Section 11</u>, such condition shall be deemed to be satisfied to the extent that on the date of consummation of the relevant Limited Condition Transaction, no Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing. For the avoidance of doubt, if the Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated EBITDA of the Borrower and its Restricted Subsidiaries or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Borrower, the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness, or the designation of an Unrestricted Subsidiary on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this <u>Section 1.12</u> or in any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no Pro Forma Effect shall be given to any discontinued operations (and the EBITDA attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any determination of Consolidated Total Assets shall be made by reference to the last day of the Test Period most recently ended on or prior to the relevant date of determination for which <u>Section 9.1</u> Financials have been or were required to be delivered. Notwithstanding anything to the contrary herein, to the extent compliance with a financial ratio or test is calculated prior to the date financial statements are first delivered under <u>Section 9.1</u>, such calculation shall use the latest financial statements delivered pursuant to <u>Section 6.9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specifically provided herein, all computations of Liquidity, Consolidated Total Assets, the Available Amount, Consolidated Secured Debt to Consolidated EBITDA Ratio, Consolidated Total Debt to Consolidated EBITDA Ratio, Fixed Charge Coverage Ratio and other financial ratios and financial calculations (and all definitions (including accounting terms) used in determining any of the foregoing) shall be calculated, in each case, with respect to the Borrower and its Restricted Subsidiaries on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Divisions</u>. For all purposes under the Credit Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amount and Terms of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Commitments</u>. Subject to and upon the terms and conditions herein set forth each Revolving Credit Lender severally (but not jointly) agrees to make Revolving Credit Loans denominated in Dollars to the Borrower from its applicable lending office (each, a "**Revolving Credit Loan**") in an aggregate principal amount not to exceed at any time outstanding the amount of such Revolving Credit Lender's Revolving Credit Commitment, provided that any such Revolving Credit Loans (A) shall be made available at any time and from time to time after the Closing Date and prior to the Revolving Credit Maturity Date, (B) may, at the option of the Borrower and subject to <u>Section 2.8(e)</u>, be incurred and maintained as, and/or converted into ABR Loans or Term Benchmark Loans that are Revolving Credit Loans; <u>provided</u> that all Revolving Credit Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (C) may be repaid (without premium or penalty) and reborrowed in accordance with the provisions hereof, (D) shall not, for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in such Revolving Credit Lender's Revolving Credit Exposure in respect of any Class of Revolving Loans at such time exceeding such Revolving Credit Lender's Revolving Credit Commitment in respect of such Class of Revolving Loans at such time and (E) shall not, after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures of any Class of Revolving Loans at such time exceeding the aggregate Revolving Credit Commitment with respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Minimum Amount of Each Borrowing; Maximum Number of Borrowings</u>. The aggregate principal amount of each Borrowing of Revolving Credit Loans shall be in a minimum amount of at least the Minimum Borrowing Amount for such Type of Loans and in a multiple of $100,000 in excess thereof. More than one Borrowing may be incurred on any date; <u>provided</u> that at no time shall there be outstanding more than ten Borrowings of Term Benchmark Loans that are Revolving Credit Loans under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Borrower desires to incur Revolving Credit Loans (other than to repay Unpaid Drawings), the Borrower shall give the Administrative Agent at the Administrative Agent's Office a notice (a "**Notice of Borrowing**") (i) prior to 12:00 noon (New York City Time) at least three Business Days' prior to each Borrowing of Term Benchmark Loans that are Revolving Credit Loans; and (ii) prior to 10:00 a.m. (New York City time) on the Business Day of each Borrowing of Revolving Credit Loans that are ABR Loans. Each such Notice of Borrowing, except as otherwise expressly provided in <u>Section 2.10</u>, shall specify (x) the aggregate principal amount

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of the Revolving Credit Loans to be made pursuant to such Borrowing, (y) the date of Borrowing (which shall be a Business Day) and (z) whether the respective Borrowing shall consist of ABR Loans or Term Benchmark Loans that are Revolving Credit Loans and, if Term Benchmark Loans that are Revolving Credit Loans, the Interest Period to be initially applicable thereto. The Administrative Agent shall promptly give each Revolving Credit Lender written notice of each proposed Borrowing of Revolving Credit Loans, of such Lender's Revolving Credit Commitment Percentage thereof, of the identity of the Borrower, and of the other matters covered by the related Notice of Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in <u>Section 3.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Without in any way limiting the obligation of the Borrower to confirm in writing any notice they shall give hereunder by telephone (which obligation is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant to this <u>Section 2.3</u> prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, a Loan bearing interest based on Daily Simple SOFR (it being understood and agreed that Daily Simple SOFR shall only apply to the extent provided in <u>Sections 2.10(a)</u> and <u>2.10(f)</u>), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing, each Lender shall make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; <u>provided</u> that on the Closing Date, such funds may be made available at such earlier time as may be agreed among the Lenders, the Borrower, and the Administrative Agent for the purpose of consummating the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds, to the Administrative Agent at the Administrative Agent's Office and the Administrative Agent will (except in the case of Borrowings to repay Unpaid Drawings) make available to the Borrower, by depositing to an account designated by the Borrower to the Administrative Agent the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Bank Funding Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with <u>Section 2.8</u>, for the respective Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this <u>Section 2.4</u> shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any

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default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall repay to the Administrative Agent for the ratable benefit of the Revolving Credit Lenders, on the Revolving Credit Maturity Date, the then outstanding Revolving Credit Loans. The Borrower shall repay to the Administrative Agent for the ratable benefit of the Revolving Credit Lenders, on each Extended Revolving Loan Maturity Date, the then outstanding amount of Extended Revolving Credit Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Incremental Term Loans are made or any Extended Term Loans are established, such Incremental Term Loans or Extended Term Loans, as applicable, shall, subject to <u>Section 2.14(g)</u>, be repaid by the Borrower in the amounts (each such amount with respect to any Extended Term Loan Repayment Date, an "**Extended Term Loan Repayment Amount**") and on the dates set forth in the applicable Extension Amendment and Incremental Term Loan Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent shall maintain the Register pursuant to <u>Section 13.6(b)</u>, and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Term Loan or a Revolving Credit Loan, as applicable, the Type of each Loan made, the name of the Borrower and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder, and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The entries made in the Register and accounts and subaccounts maintained pursuant to <u>clauses (b)</u> and <u>(c)</u> of this <u>Section 2.5</u> shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; <u>provided</u>, <u>however</u>, that in the event of any inconsistency between the Registrar and any such account or subaccount, the Registrar shall govern, <u>provided</u>, <u>further</u>, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower have made an initial borrowing hereunder, the Borrower shall provide to such Lender, at the Borrower's own expense, a promissory note, substantially in the form of <u>Exhibit I-1</u> or <u>Exhibit I-2</u>, as applicable, evidencing the Term Loans or Revolving Loans, respectively, owing to such Lender. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to <u>Section 13.6</u>) be represented by one or more promissory notes in such form payable to the payee named therein (or, if requested by such payee, to such payee and its registered assigns).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversions and Continuations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the penultimate sentence of this <u>clause (a)</u>, (x) the Borrower shall have the option on any Business Day to convert all or a portion equal to the Minimum Borrowing Amount for Revolving Credit Loans of one Type into a Borrowing or Borrowings of another Type and (y) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any Term Benchmark Loans as Term Benchmark Loans for an additional Interest Period; <u>provided</u> that (i) no partial conversion of Term Benchmark Loans shall reduce the outstanding principal amount of Term Benchmark Loans made pursuant to a single Borrowing to less

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than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into Term Benchmark Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversion, (iii) Term Benchmark Loans may not be continued as Term Benchmark Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, and (iv) Borrowings resulting from conversions pursuant to this <u>Section 2.6</u> shall be limited in number as provided in <u>Section 2.2</u>. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent prior written notice at the Administrative Agent's Office prior to 12:00 p.m. (New York City time) at least (i) three Business Days prior, in the case of a continuation of or conversion to Term Benchmark Loans (other than in the case of a notice delivered on the Closing Date, which shall be deemed to be effective on the Closing Date), or (ii) 12:00 p.m. (New York City time) at least one Business Day prior to the proposed day in the case of a conversion into ABR Loans (each, a "**Notice of Conversion or Continuation**" substantially in the form of <u>Exhibit K</u>) specifying the Loans to be so converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as Term Benchmark Loans, the Interest Period to be initially applicable thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a Term Benchmark Loan, the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default is in existence at the time of any proposed continuation of any Term Benchmark Loans denominated in Dollars and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such Term Benchmark Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans. If the Borrower fails to deliver a timely Notice of Conversion or Continuation with respect to any Term Benchmark Loan prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be continued as a Term Benchmark Loan with an Interest Period of one month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in no event shall the Borrower be permitted to request pursuant to this <u>Section 2.6</u> prior to a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, a Loan bearing interest based on Daily Simple SOFR (it being understood and agreed that Daily Simple SOFR shall only apply to the extent provided in <u>Sections 2.10(a)</u> and <u>2.10(f)</u>), as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Pro Rata Borrowings</u>. Each Borrowing of Revolving Credit Loans under this Agreement shall be made by the Revolving Credit Lenders pro rata on the basis of their then-applicable Revolving Credit Commitment Percentages. Each Borrowing of Incremental Term Loans under this Agreement shall be made by the Lenders pro rata on the basis of their then applicable Incremental Term Loan Commitments. Each Borrowing of Incremental Revolving Credit Loans under this Agreement shall be made by the Revolving Credit Lenders pro rata on the basis of their then-applicable Incremental Revolving Credit Commitments. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall not release any Person from performance of its obligation, under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for ABR Loans *plus* the ABR, in each case, in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The unpaid principal amount of each Term Benchmark Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for Term Benchmark Loans *plus* the relevant Term SOFR Rate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default has occurred and is continuing under <u>Section 11.1</u> or <u>Section 11.5</u> hereto, if all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum (the "**Default Rate**") that is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto *plus* 2.00% per annum or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in <u>Section 2.8(a)</u> for the applicable Class *plus* 2.00% per annum from the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in the same currency in which the Loan is denominated; <u>provided</u> that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each fiscal quarter of the Borrower, (ii) in respect of each Term Benchmark Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) on any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;All computations of interest hereunder shall be made in accordance with <u>Section 5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, upon determining the interest rate for any Borrowing of Term Benchmark Loans, shall promptly notify the Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Periods</u>. At the time the Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of Term Benchmark Loans in accordance with <u>Section 2.6(a)</u>, the Borrower shall give the Administrative Agent written notice of the Interest Period applicable to such Borrowing.

Notwithstanding anything to the contrary contained above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the initial Interest Period for any Borrowing of Term Benchmark Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of ABR Loans) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if any Interest Period relating to a Borrowing of Term Benchmark Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; <u>provided</u> that if any Interest Period in respect of a Term Benchmark Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the next preceding Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall not be entitled to elect any Interest Period in respect of any Term Benchmark Loan if such Interest Period would extend beyond the Maturity Date of such Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Alternate Rate of Interest; Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>clauses (b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)</u> and <u>(f)</u> of this <u>Section 2.10</u>, 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Borrowing of Term Benchmark Loans, that adequate and reasonable means do not exist for ascertaining the Term SOFR Rate in accordance with the definition thereof, for such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Daily Simple SOFR; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Borrowing of Term Benchmark Loans, the Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period or (B) at any time, Daily Simple SOFR will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Notice of Conversion or Continuation in accordance with the terms of <u>Section 2.6</u> or a new Notice of Borrowing in accordance with the terms of <u>Section 2.3</u>, any Notice of Conversion or Continuation that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Borrowing of Term Benchmark Loans and any Notice of Borrowing that requests a Borrowing of Term Benchmark Loans shall instead be deemed to be a Notice of Conversion or Continuation or a Notice of Borrowing, as applicable, for a Borrowing of ABR Loans if the Daily Simple SOFR also is the subject of <u>Section 2.10(a)(i)</u> or <u>(ii)</u> above; <u>provided</u> that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this <u>Section 2.10(a)</u> with respect to the rate applicable to such Term Benchmark Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Notice of Conversion or Continuation in accordance with the terms of <u>Section 2.6</u> or a new Notice of Borrowing in accordance with the terms of <u>Section 2.3</u>, any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, an ABR Loan if the Daily Simple SOFR also is the subject of <u>Section 2.10(a)(i)</u> or <u>(ii)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Credit Document, upon the occurrence of a Benchmark Transition Event, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark (including any related adjustments) for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Credit Document, in connection with the use, administration, adoption or implementation of a Benchmark Replacement and/or any Term Benchmark Loan, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes, in consultation with the Borrower, from time to time and, notwithstanding anything to the contrary herein or in any

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other Credit Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement, (ii) the effectiveness of any Benchmark Replacement Conforming Changes, (iii) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.10(e)</u> and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or the Borrower as expressly set forth in <u>Section 2.10(b)</u> through <u>(f)</u> and the defined terms used therein, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to <u>2.10(b)</u> through <u>(f)</u> or any defined terms used therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein or in any other Credit Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Reference Rate) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion and in consultation with the Borrower or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may, in consultation with the Borrower, modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor, (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may, in consultation with the Borrower, modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor and (iii) if a new tenor for such Benchmark is displayed on a screen or other information service selected by the Administrative Agent in its reasonable discretion and in consultation with the Borrower, then the Administrative Agent may, in consultation with the Borrower, modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to add such new tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, (i) the Borrower may revoke any request for a Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans if the Daily Simple SOFR is the subject of a Benchmark Transition Event and (ii) during the continuance of any Benchmark Unavailability Period, any outstanding affected Term Benchmark Loans will be deemed to have been converted to ABR Loans at the end of the applicable Interest Period if the Daily Simple SOFR is the subject of a Benchmark Transition Event. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the ABR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;If, after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Lender or compliance by any Lender or its parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date, has or would have the effect of reducing the actual rate of return on such Lender's or its parent's or its Affiliate's capital or assets as a consequence of such Lender's commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such Change in Law (taking into consideration such Lender's or its parent's policies with respect to capital adequacy or liquidity), then from time to time, promptly after demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such actual additional amount or amounts as will compensate such Lender or

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its parent for such actual reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender's compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect on the Closing Date or to the extent such Lender is not imposing such charges on, or requesting such compensation from, borrowers under comparable syndicated credit facilities similar to the Credit Facilities. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this <u>Section 2.10(g)</u>, will give prompt written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall not, subject to <u>Section 2.13</u>, release or diminish the Borrower's obligations to pay additional amounts pursuant to this <u>Section 2.10(g)</u> promptly following receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation</u>. If (a) any payment of principal of any Term Benchmark Loan is made by the Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Term Benchmark Loan as a result of a payment or conversion pursuant to <u>Sections 2.5</u>, <u>2.6</u>, <u>2.10</u>, <u>5.1</u>, <u>5.2</u> or <u>13.7</u>, as a result of acceleration of the maturity of the Loans pursuant to <u>Section 11</u> or for any other reason, (b) any Borrowing of Term Benchmark Loans is not made as a result of a withdrawn Notice of Borrowing or a failure to satisfy borrowing conditions, (c) any ABR Loan is not converted into a Term Benchmark Loan as a result of a withdrawn Notice of Conversion or Continuation, (d) any Term Benchmark Loan is not continued as a Term Benchmark Loan, as the case may be, as a result of a withdrawn Notice of Conversion or Continuation or (e) any prepayment of principal of any Term Benchmark Loan is not made as a result of a withdrawn notice of prepayment pursuant to <u>Sections 5.1</u> or <u>5.2</u>, the Borrower shall, after receipt of a written request by such Lender (which request shall set forth in reasonable detail the basis for requesting such amount), promptly pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that such Lender may reasonably incur as a result of such payment, failure to convert, failure to continue or failure to prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Term Benchmark Loan. For purposes of calculating amounts payable by the Borrower to the Lenders under this Section, each Lender shall be deemed to have funded each Term Benchmark Loan made by it at the Term SOFR Rate for such Loan by a matching deposit or other borrowing in the secured overnight financing market for a comparable amount and for a comparable period, whether or not such Term Benchmark Loan was in fact so funded. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender as specified in this <u>Section 2.11</u> and setting forth in reasonable detail the manner in which such amount or amounts were determined shall be delivered to the Borrower and shall be conclusive, absent manifest error. Without limiting the foregoing, in connection with each request for compensation by any Lender the Borrower shall also pay such Lender with respect to each affected Term Benchmark Loan customary administrative fees requested by such Lender in an amount not to exceed $250 per such Term Benchmark Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Change of Lending Office</u>. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 2.10(a)(i)</u>, <u>2.10(a)(ii)</u>, <u>2.10(b)</u>, <u>3.5</u> or <u>5.4</u> with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; <u>provided</u> that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or other material economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this <u>Section 2.12</u> shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Certain Costs</u>. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by <u>Sections 2.10</u>, <u>2.11</u>, <u>3.5</u> or <u>5.4</u> is given by any Lender more than 120 days after such Lender has knowledge of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under <u>Sections 2.10</u>, <u>2.11</u>, <u>3.5</u> or <u>5.4</u>, as the case may be, for any such amounts incurred or accruing prior to the 121st day prior to the giving of such notice to the Borrower.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Incremental Facilities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may by written notice to Administrative Agent establish one or more (x) tranches of term loans or increases in Term Loans of any Class (the commitments thereto, the "**Incremental Term Loan Commitments**") and/or (y) increases in Revolving Credit Commitments of any Class (the "**Incremental Revolving Credit Commitments**" and, together with the Incremental Term Loan Commitments, the "**Incremental Loan Commitments**"), by an aggregate amount not in excess of the Maximum Incremental Facilities Amount in the aggregate and not less than $10,000,000 individually (or such lesser amount as (x) may be approved by the Administrative Agent or (y) shall constitute the difference between the Maximum Incremental Facilities Amount and all such Incremental Revolving Credit Commitments obtained on or prior to such date). In connection with the incurrence of any Indebtedness under this <u>Section 2.14</u>, at the request of the Administrative Agent, the Borrower shall provide to the Administrative Agent a certificate certifying that the Incremental Loan Commitments do not exceed the Maximum Incremental Facilities Amount. The Borrower may approach any Lender or any Person (other than a natural Person) to provide all or a portion of the Incremental Loan Commitments; <u>provided</u> that any Lender offered or approached to provide all or a portion of the Incremental Loan Commitments may elect or decline, in its sole discretion, to provide an Incremental Loan Commitment. In each case, such Incremental Loan Commitments shall become effective as of the applicable Increased Amount Date; <u>provided</u> that (i) no Event of Default (or, if incurred in connection with a Limited Condition Transaction, no Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u>) shall exist on such Increased Amount Date before or after giving effect to such Incremental Loan Commitments, as applicable, (ii) the representations and warranties of the Borrower and each other Credit Party contained in <u>Section 8</u> or any other Credit Document (or, if incurred in connection with a Limited Condition Transaction, the Specified Representations) shall be true and correct in all material respects (or, with respect to representations and warranties modified by a materiality or Material Adverse Effect standard, in all respects) on and as of the Increased Amount Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (or, with respect to representations and warranties modified by a materiality or Material Adverse Effect standard, in all respects) as of such earlier date, (iii)(A) the Incremental Revolving Credit Commitments shall be effected pursuant to one or more Joinder Agreements executed and delivered by the Borrower and Administrative Agent (such consent not to be unreasonably withheld, conditioned, or delayed), and each of which shall be recorded in the Register and shall be subject to the requirements set forth in <u>Section 5.4(e)</u> and (B) the Incremental Term Loan Commitments shall be effected pursuant to one or more amendments (an "**Incremental Term Loan Amendment**") to this Agreement and, as appropriate, the other Credit Documents, executed by the Borrower, each Lender agreeing to provide such Incremental Term Loan Commitments, if any, the Administrative Agent (such consent not to be unreasonably withheld, conditioned, or delayed), and such Incremental Term Loan Amendment may, without the need for the consent of any other Lenders, effect such amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, in order to give effect to the provisions of this <u>Section 2.14</u>, (iv) the Administrative Agent and any Incremental Revolving Loan Lenders or Incremental Term Loan Lenders, as applicable, shall have received documents and legal opinions consistent with those delivered on the Closing Date as to such matters as are reasonably requested by the Administrative Agent, and (v) the Borrower shall make any payments required pursuant to <u>Section 2.11</u> in connection with the Incremental Loan Commitments, as applicable. No Lender shall have any obligation to provide any Commitments pursuant to this <u>Section 2.14(a)</u>. Any Incremental Term Loans shall, at the election of the Borrower and agreed to by the Lenders providing such Incremental Term Loans, be designated as either (a) a separate series (a "**Series**") of Incremental Term Loans for all purposes of this Agreement or (b) as part of a Series of existing Term Loans for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Incremental Revolving Credit Commitments shall be subject to the satisfaction of the following terms and conditions, (a) with respect to Incremental Revolving Credit Commitments, each of the Lenders with Revolving Credit Commitments of such Class shall assign to each Lender with an Incremental Revolving Credit Commitment (each, an "**Incremental Revolving Loan Lender**") and each of the Incremental Revolving Loan Lenders shall purchase from each of the Lenders with Revolving Credit Commitments of such Class, at the principal amount thereof, such interests in the Revolving Credit Loans outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Revolving Credit Loans of such Class will be held by existing Revolving Credit Lenders and Incremental Revolving Loan Lenders ratably in accordance with their Revolving Credit Commitments of such Class after giving effect to the addition of such

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Incremental Revolving Credit Commitments to the Revolving Credit Commitments, and (b) with respect to Incremental Revolving Credit Commitments, (i) each Incremental Revolving Credit Commitment shall be deemed for all purposes a Revolving Credit Commitment and, each Loan made under an Incremental Revolving Credit Commitment (an "**Incremental Revolving Credit Loan**") shall be deemed, for all purposes, Revolving Credit Loans and (ii) each Incremental Revolving Loan Lender shall become a Lender with respect to the Incremental Revolving Credit Commitment and all matters relating thereto; <u>provided</u> that the Administrative Agent and the Letter of Credit Issuers shall have consented (such consent not to be unreasonably withheld, conditioned, or delayed) to such Lender's or Incremental Revolving Loan Lender's providing such Incremental Revolving Credit Commitment to the extent such consent, if any, would be required under <u>Section 13.6(b)</u> for an assignment of Revolving Loans or Revolving Credit Commitments, as applicable, to such Lender or Incremental Revolving Loan Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Incremental Term Loan Commitments of any Series shall be subject to the satisfaction of the following terms and conditions: (i) each Lender with an Incremental Term Loan Commitment (each, a "**Incremental Term Loan Lender**") of any Series shall make a Loan to the Borrower (an "**Incremental Term Loan**") in an amount equal to its Incremental Term Loan Commitment of such Series, and (ii) each Incremental Term Loan Lender of any Series shall become a Lender hereunder with respect to the Incremental Term Loan Commitment of such Series and the Incremental Term Loans of such Series made pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Incremental Revolving Credit Commitments and Incremental Revolving Credit Loans shall be identical to the Initial Revolving Credit Commitments and the related Revolving Credit Loans other than with respect to upfront fees, original issue discount or similar fees payable to the lenders providing such Incremental Revolving Credit Commitments, it being understood that, if required to consummate such Incremental Revolving Credit Commitments, the interest rate margins and rate floors may be increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The terms and provisions of the Incremental Term Loans and Incremental Term Loan Commitments of any Series shall be on terms and documentation set forth in the Incremental Term Loan Amendment as determined by the Borrower and the Incremental Term Loan Lenders providing such Incremental Term Loans and/or Incremental Term Loan Commitments; <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(A) any such Incremental Term Loans and Incremental Term Loan Commitments shall not be guaranteed by any Person that is not a Credit Party or does not become a Credit Party substantially concurrently with the incurrence of such Incremental Term Loans and Incremental Term Loan Commitments and (B) such Incremental Term Loans and Incremental Term Loan Commitments shall be secured only by Collateral and such Liens shall be secured by the Collateral on a pari passu basis with the Revolving Credit Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Other than any Qualifying Bridge Loans, any such Incremental Term Loans and Incremental Term Loan Commitments shall not mature earlier than (a) the date that is the date that is ninety-one (91) days after the Revolving Credit Maturity Date and (b) prior to the maturity date of any then-existing Incremental Term Loans (except that, in the case of this <u>clause (ii)</u>, customary term "a" loans provided by commercial banks shall not have a final maturity date earlier than the Revolving Credit Maturity Date),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;other than any Qualifying Bridge Loans, the Weighted Average Life to Maturity of any such Incremental Term Loans at the time of incurrence shall be no shorter than the Weighted Average Life to Maturity of any then-existing Incremental Term Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;subject to clauses (ii) and (iii) above, the pricing, interest rate margins, discounts, prepayment terms and premiums, rate floors, fees, currency types and denominations, maturity date and amortization schedule applicable to any Incremental Term Loans and Incremental Term Loan Commitments shall be determined by the Borrower and the Incremental Term Loan Lenders thereunder, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;to the extent the terms and conditions of such Indebtedness (other than any terms enumerated in the foregoing <u>clause (iv)</u>) are not substantially equivalent to the terms and conditions (taken as a whole) of any then-existing Term Loans, such terms and conditions shall be either (x) not be materially more restrictive to the Borrower and the Restricted Subsidiaries (as determined in good faith by the Borrower), when taken as a whole, than the terms of the Revolving Credit Loans or any then-existing Term Loans (except for covenants or other provisions applicable only to periods after the Latest Maturity Date or which are added for the benefit of the Revolving Credit Lenders), (y) then "market" terms for such Incremental Term Loans (as determined by the Borrower in good faith) or (z) reasonably acceptable to the Administrative Agent (it being understood that no consent shall be required from the Administrative Agent for terms and conditions that are more restrictive than any then-existing Term Loans that are added for the benefit of any corresponding Loans or Revolving Credit Loans or Revolving Credit Commitments) (this <u>clause (v)</u>, the "**Required Additional Debt Terms**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each Joinder Agreement and Incremental Term Loan Amendment, as applicable, may, without the consent of any other Lenders, effect technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provision of this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower may at any time and from time to time request that all or a portion of the Term Loans of any Class (an "**Existing Term Loan Class**") be converted to extend the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of such Term Loans (any such Term Loans which have been so converted, "**Extended Term Loans**") and to provide for other terms consistent with this <u>Section 2.14(g)</u>. In order to establish any Extended Term Loans, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class which such request shall be offered equally to all such Lenders) (a "**Term Loan Extension Request**") setting forth the proposed terms of the Extended Term Loans to be established, which shall not be materially more restrictive to the Credit Parties (as determined in good faith by the Borrower), when taken as a whole, than the terms of the Term Loans of the Existing Term Loan Class unless (x) the Lenders of the Term Loans of such applicable Existing Term Loan Class receive the benefit of such more restrictive terms or (y) any such provisions apply after the maturity of the applicable Existing Term Loan Class (a "**Permitted Other Provision**"); <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing, (v) such Extended Term Loans shall not be guaranteed by any Person that is not a Credit Party, (w) there shall be no assets securing any such Extended Term Loans that do not constitute Collateral, (x) the scheduled final maturity date shall be extended and all or any of the scheduled amortization payments of principal of the Extended Term Loans may be delayed to later dates than the scheduled amortization of principal of the Term Loans of such Existing Term Loan Class (with any such delay resulting in a corresponding adjustment to the scheduled amortization payments reflected in <u>Section 2.5</u> or in the Incremental Term Loan Amendment, as the case may be, with respect to the Existing Term Loan Class from which such Extended Term Loans were converted, in each case as more particularly set forth in paragraph (iv) of this <u>Section 2.14(g)</u> below), (y) (A) the interest margins with respect to the Extended Term Loans may be higher or lower than the interest margins for the Term Loans of such Existing Term Loan Class and/or (B) additional fees, premiums or applicable high-yield discount obligation payments may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased margins contemplated by the preceding <u>clause (A)</u>, in each case, to the extent provided in the applicable Extension Amendment and to the extent that any Permitted Other Provision (including a financial maintenance covenant) is added for the benefit of any such Indebtedness, no consent shall be required by the Administrative Agent or any of the Lenders if such Permitted Other Provision is also added for the benefit of any corresponding Loans remaining outstanding after the issuance or incurrence of such Indebtedness or if such Permitted Other Provision applies only after the maturity date applicable to any then-outstanding Term Loans. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class converted into Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were converted.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower may at any time and from time to time request that all or a portion of the Revolving Credit Commitments of any Class, any Extended Revolving Credit Commitments and/or any

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Incremental Revolving Credit Commitments, each existing at the time of such request (each, an "**Existing Revolving Credit Commitment**" and any related Revolving Credit Loans thereunder, "**Existing Revolving Credit Loans**"; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an "**Existing Revolving Credit Class**") be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so extended, "**Extended Revolving Credit Commitments**" and any related Loans, "**Extended Revolving Credit Loans**") and to provide for other terms consistent with this <u>Section 2.14(g)</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments which such request shall be offered equally to all such Lenders) setting forth the proposed terms of the Extended Revolving Credit Commitments to be established, which shall not be materially more restrictive to the Credit Parties (as determined in good faith by the Borrower), when taken as a whole, than the terms of the applicable Existing Revolving Credit Commitments (the "**Specified Existing Revolving Credit Commitment**") unless (x) the Lenders providing existing Revolving Credit Loans receive the benefit of such more restrictive terms or (y) any such provisions apply after the Revolving Credit Termination Date, in each case, to the extent provided in the applicable Extension Amendment; <u>provided</u>, <u>however</u>, that (w) all or any of the final maturity dates of such Extended Revolving Credit Commitments may be delayed to later dates than the final maturity dates of the Specified Existing Revolving Credit Commitments, (x) (A) the interest margins with respect to the Extended Revolving Credit Commitments may be higher or lower than the interest margins for the Specified Existing Revolving Credit Commitments and/or (B) additional fees and premiums may be payable to the Lenders providing such Extended Revolving Credit Commitments in addition to or in lieu of any increased margins contemplated by the preceding <u>clause (A)</u> and (y) the revolving credit commitment fee rate with respect to the Extended Revolving Credit Commitments may be higher or lower than the Revolving Credit Commitment Fee Rate for the Specified Existing Revolving Credit Commitment; <u>provided</u> that, notwithstanding anything to the contrary in this <u>Section 2.14(g)</u> or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Original Revolving Credit Commitments shall be made on a pro rata basis with all other Original Revolving Credit Commitments and (2) assignments and participations of Extended Revolving Credit Commitments and Extended Revolving Credit Loans shall be governed by the same assignment and participation provisions applicable to Revolving Credit Commitments and the Revolving Credit Loans related to such Commitments set forth in <u>Section 13.6</u>. No Lender shall have any obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing Revolving Credit Class converted into Extended Revolving Credit Loans or Extended Revolving Credit Commitments pursuant to any Notice of Conversion or Continuation. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date).

&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)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender (an "**Extending Lender**") wishing to have all or a portion of its Term Loans, Revolving Credit Commitments, Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to such Notice of Conversion or Continuation converted into Extended Term Loans or Extended Revolving Credit Commitments, as applicable, shall notify the Administrative Agent (an "**Extension Election**") on or prior to the date specified in such Notice of Conversion or Continuation of the amount of its Term Loans, Revolving Credit Commitments, Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to such Notice of Conversion or Continuation that it has elected to convert into Extended Term Loans or Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Term Loans, Revolving Credit Commitments, Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment of the Existing Class or Existing Classes subject to Extension Elections exceeds the amount of Extended Term Loans or Extended Revolving Credit Commitments, as applicable, requested pursuant to the Notice of Conversion or

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Continuation, or Revolving Credit Commitments, Incremental Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Class or Existing Classes subject to Extension Elections shall be converted to Extended Term Loans or Extended Revolving Credit Commitments, as applicable, on a pro rata basis based on the amount of Term Loans, Revolving Credit Commitments, Incremental Revolving Credit Commitment or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Existing Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Original Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Letters of Credit under <u>Section 3</u>, except that the applicable Extension Amendment may provide that the L/C Facility Maturity Date may be extended and the related obligations to issue Letters of Credit may be continued so long as the Letter of Credit Issuers have consented to such extensions in their sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension).

&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)&nbsp;&nbsp;&nbsp;&nbsp;Extended Term Loans and Extended Revolving Credit Commitments, as applicable, shall be established pursuant to an amendment (an "**Extension Amendment**") to this Agreement (which, except to the extent expressly contemplated by the penultimate sentence of this <u>Section 2.14(g)(iv)</u> and notwithstanding anything to the contrary set forth in <u>Section 13.1</u>, shall not require the consent of any Lender other than the Extending Lenders with respect to the Extended Term Loans or Extended Revolving Credit Commitments, as applicable, established thereby) executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Term Loans or Extended Revolving Credit Commitments in an aggregate principal amount that is less than $10,000,000. In addition to any terms and changes required or permitted by <u>Section 2.14(g)(i)</u> or <u>2.14(g)(ii)</u>, as applicable, each Extension Amendment (x) shall amend the scheduled amortization payments pursuant to the applicable Incremental Term Loan Amendment with respect to the Existing Term Loan Class from which the Extended Term Loans were converted to reduce each scheduled Repayment Amount for the Existing Term Loan Class in the same proportion as the amount of Term Loans of the Existing Term Loan Class is to be converted pursuant to such Extension Amendment (it being understood that the amount of any Repayment Amount payable with respect to any individual Term Loan of such Existing Term Loan Class that is not an Extended Term Loan shall not be reduced as a result thereof) and (y) may, but shall not be required to, impose additional requirements (not inconsistent with the provisions of this Agreement in effect at such time) with respect to the final maturity and Weighted Average Life to Maturity of Incremental Term Loans incurred following the date of such Extension Amendment. Notwithstanding anything to the contrary in this <u>Section 2.14(g)</u> and without limiting the generality or applicability of <u>Section 13.1</u> to any Section 2.14 Additional Amendments, any Extension Amendment may provide for additional terms and/or additional amendments other than those referred to or contemplated above (any such additional amendment, a "**Section 2.14 Additional Amendment**") to this Agreement and the other Credit Documents; <u>provided</u> that such Section 2.14 Additional Amendments are within the requirements of <u>Section 2.14(g)(i)</u> and do not become effective prior to the time that such Section 2.14 Additional Amendments have been consented to (including, without limitation, pursuant to (1) consents applicable to holders of Incremental Term Loans and Incremental Revolving Credit Commitments provided for in any Joinder Agreement or Incremental Term Loan Amendment, as applicable and (2) consents applicable to holders of any Extended Term Loans or Extended Revolving Credit Commitments provided for in any Extension Amendment) by such of the Lenders, Credit Parties and other parties (if any) as may be required in order for such Section 2.14 Additional Amendments to become effective in accordance with <u>Section 13.1</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;(v)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Class is converted to extend the related scheduled maturity date(s) in accordance with <u>clauses (i)</u> and/or <u>(ii)</u> above (an "**Extension Date**"), (I) in the case of the existing Term Loans of each Extending Lender, the aggregate principal amount of such existing Term Loans shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Term Loans so converted by such Lender on such date, and the Extended Term Loans shall be established as a separate Class of Term Loans (together with any other Extended Term Loans so established on such date), and (II) in the case of the

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Specified Existing Revolving Credit Commitments of each Extending Lender, the aggregate principal amount of such Specified Existing Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under the applicable Specified Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender's Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments.

&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)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.14</u> (including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Extended Term Loans and/or Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Amendment) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of "Required Lenders" and <u>Section 13.1</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 11</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 13.8</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent and the Collateral Agent hereunder and under the other Credit Documents; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to the Letter of Credit Issuers hereunder; *third*, to Cash Collateralize the Letter of Credit Issuers' Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 3.8</u>; *fourth*, as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *fifth*, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Letter of Credit Issuers' future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 3.8</u>; *sixth*, to the payment of any amounts owing to the Borrower, the Lenders, the Letter of Credit Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Borrower, any Lender, any Letter of Credit Issuer against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *seventh*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set

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forth in <u>Section 7</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <u>Section 2.15(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.15(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Fees</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;(A)&nbsp;&nbsp;&nbsp;&nbsp;No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 4</u> for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&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)&nbsp;&nbsp;&nbsp;&nbsp;Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its applicable percentage of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section 3.8</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;(C)&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to <u>clause (A)</u> or <u>(B)</u> above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to <u>clause (iv)</u> below, (y) pay to the Letter of Credit Issuers the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Letter of Credit's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. Subject to <u>Section 13.22</u>, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&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)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Collateral</u>. If the reallocation described in <u>clause (a)(iv)</u> above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to them hereunder or under applicable law, Cash Collateralize the Letter of Credit Issuers' Fronting Exposure in accordance with the procedures set forth in <u>Section 3.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Defaulting Lender Cure</u>. If the Borrower, the Administrative Agent and the Letter of Credit Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Revolving Credit Commitment Percentages (without giving effect to <u>Section 2.15(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting

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Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Letters of Credit</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Letters of Credit.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and prior to the L/C Facility Maturity Date, the Letter of Credit Issuers agree, in reliance upon the agreements of the Revolving Credit Lenders set forth in this <u>Section 3</u>, to issue from time to time from the Closing Date through the L/C Facility Maturity Date for the account of the Borrower (or, so long as the Borrower is the primary obligor, for the account of the Borrower or any Restricted Subsidiary (other than the Borrower)) letters of credit (the "**Letters of Credit**" and each, a "**Letter of Credit**") in such form as may be approved by the Letter of Credit Issuer in its reasonable discretion; <u>provided</u> that (i) there shall not at any time be outstanding more than a total of twenty (20) Letters of Credit and (ii) no Letter of Credit Issuer shall be obligated to issue any Letter of Credit other than a standby Letter of Credit (unless otherwise agreed by such Letter of Credit Issuer). On the Closing Date, (i) each Existing Letter of Credit shall be automatically and without further action by the parties thereto converted to Letters of Credit pursuant to this <u>Section 3</u> for the account of the Borrower and subject to the provisions hereof, and for this purpose the fees specified in <u>Section 4.1(b)</u> shall be payable (in substitution for any fees set forth in the applicable letter of credit reimbursement agreements or applications relating to such Existing Letter of Credit) as if such Existing Letters of Credit had been issued on the Closing Date and (ii) all liabilities of the Borrower or any of its Restricted Subsidiaries with respect to such Existing Letters of Credit shall constitute Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of Credit Outstanding at such time, would exceed the Letter of Credit Commitment then in effect (or with respect to any Letter of Credit Issuer, exceed such Letter of Credit Issuer's Letter of Credit Commitment); (ii) no Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders' Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no later than one year after the date of issuance thereof (except as set forth in <u>Section 3.2(d)</u>), <u>provided</u> that in no event shall such expiration date occur later than the L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, the relevant Letter of Credit Issuer and, unless such Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor; and (vi) no Letter of Credit shall be issued by a Letter of Credit Issuer after it has received a written notice from any Credit Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and is continuing until such time as the Letter of Credit Issuers shall have received a written notice of (x) rescission of such notice from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Upon at least two Business Days' prior written notice to the Administrative Agent and the Letter of Credit Issuers (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitment in whole or in part; <u>provided</u> that, after giving effect to such termination or reduction, the Letters of Credit Outstanding shall not exceed the Letter of Credit Commitment (or with respect to a Letter of Credit Issuer, the Letters of Credit outstanding with respect to Letters of Credit issued by such Letter of Credit Issuer shall not exceed such Letter of Credit Issuer's Letter of Credit Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain such Letter of Credit Issuer from issuing such Letter of Credit, or any law

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applicable to such Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Letter of Credit Issuer shall prohibit, or request that such Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (in each case, for which such Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Letter of Credit Issuer in good faith deems material to it;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the issuance of such Letter of Credit would violate one or more policies of the Letter of Credit Issuer applicable to letters of credit generally;

&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)&nbsp;&nbsp;&nbsp;&nbsp;except as otherwise agreed by a Letter of Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $50,000, in the case of a commercial Letter of Credit, or $10,000, in the case of a standby Letter of Credit;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Letter of Credit is denominated in a currency other than Dollars;

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;a default of any Revolving Credit Lender's obligations to fund under <u>Section 3.3</u> exists or any Revolving Credit Lender is at such time a Defaulting Lender hereunder, unless, in each case, the Borrower has entered into arrangements reasonably satisfactory to such Letter of Credit Issuer to eliminate such Letter of Credit Issuer's risk with respect to such Revolving Credit Lender or such risk has been reallocated in accordance with <u>Section 2.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Letter of Credit Issuers shall not increase the Stated Amount of any Letter of Credit if such Letter of Credit Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Letter of Credit Issuers shall be under no obligation to amend any Letter of Credit if (A) such Letter of Credit Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Letter of Credit Issuers shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith and the Letter of Credit Issuers shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Section 13</u> with respect to any acts taken or omissions suffered by the Letter of Credit Issuers in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Section 13</u> included the Letter of Credit Issuers with respect to such acts or omissions, and (B) as additionally provided herein with respect to the Letter of Credit Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Letter of Credit Requests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Borrower desires that a Letter of Credit be issued for its account or amended, the Borrower shall give the Administrative Agent and the relevant Letter of Credit Issuer a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least five Business Days (or such other period as may be agreed upon by the Borrower, the Administrative Agent and the relevant Letter of Credit Issuer) prior to the proposed date of issuance or amendment. Each Letter of Credit Request shall be executed by the Borrower. Such Letter of Credit Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the Letter of Credit Issuers, by personal delivery or by any other means acceptable to the Letter of Credit Issuers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter of Credit Issuers: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the Stated Amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the identity of the applicant; and (H) such other matters as the Letter of Credit Issuers may reasonably require. In the case of a request for an amendment, extension or renewal of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter of Credit Issuers (I) the Letter of Credit to be amended; (II) the proposed date of amendment thereof (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as the Letter of Credit Issuers may reasonably require. Additionally, the Borrower shall furnish to the Letter of Credit Issuers and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the Letter of Credit Issuers or the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Unless the Letter of Credit Issuers have received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party, at least one Business Day prior to the requested date of issuance or amendment, extension or renewal of the Letter of Credit, that one or more applicable conditions contained in <u>Sections 6</u> (solely with respect to any Letter of Credit issued on the Closing Date) and <u>7</u> shall not then be satisfied to the extent required thereby, then, subject to the terms and conditions hereof, a Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower (or, so long as the Borrower is the primary obligor, for the account of the Borrower or any Restricted Subsidiary) or enter into the applicable amendment, as the case may be, in each case in accordance with such Letter of Credit Issuer's usual and customary business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If the Borrower so requests in any Letter of Credit Request, any Letter of Credit Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit such Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof and the Borrower not later than a day (the "**Non-Extension Notice Date**") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by a Letter of Credit Issuer, the Borrower shall not be required to make a specific request to such Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) such Letter of Credit Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Facility Maturity Date, unless otherwise agreed upon by the Administrative Agent and such Letter of Credit Issuer; <u>provided</u>, <u>however</u>, that the Letter of Credit Issuers shall not permit any such extension if (A) such Letter of Credit Issuer has reasonably determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (b)</u> of <u>Section 3.1</u> or otherwise), or (B) it has received written notice on or before the day that is seven Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Borrower that one or more of the applicable conditions specified in <u>Sections 6</u> and <u>7</u> are not then satisfied, and in each such case directing such Letter of Credit Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Letter of Credit Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On the first Business Day of each month, each Letter of Credit Issuer shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Borrower that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, <u>Section 3.1(b)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Letter of Credit Participations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Immediately upon the issuance by a Letter of Credit Issuer of any Letter of Credit, such Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this <u>Section 3.3</u>, an "**L/C Participant**"), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an "**L/C Participation**"), to the extent of such L/C Participant's Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; <u>provided</u> that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in <u>Section 4.1(b)</u> and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction, shall not create for the relevant Letter of Credit Issuer any resulting liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event that a Letter of Credit Issuer makes any payment under any Letter of Credit issued by it and the Borrower shall not have repaid such amount in full to the respective Letter of Credit Issuer through the Administrative Agent pursuant to <u>Section 3.4(a)</u>, the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the account of such Letter of Credit Issuer, the amount of such L/C Participant's Revolving Credit Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. If and to the extent such L/C Participant shall not have so made its Revolving Credit Commitment Percentage of the amount of such payment available to the Administrative Agent for the account of the applicable Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at a rate per annum equal to the Overnight Bank Funding Rate from time to time then in effect, plus any administrative, processing or similar fees that are reasonably and customarily charged by such Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the Administrative Agent for the account of the applicable Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant's Revolving Credit Commitment Percentage of any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Whenever the Administrative Agent receives a payment in respect of an unpaid Reimbursement Obligation as to which the Administrative Agent has received for the account of a Letter of Credit Issuer any payments from the L/C Participants pursuant to <u>clause (c)</u> above, the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving Credit Commitment Percentage of such Reimbursement Obligation, in Dollars and in immediately available funds, an amount equal to such L/C Participant's share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the amount so paid in respect of such Reimbursement Obligation and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Bank Funding Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the L/C Participants to make payments to the Administrative Agent for the account of the Letter of Credit Issuers with respect to Letters of Credit shall be irrevocable and not subject to

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counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;If any payment received by the Administrative Agent for the account of a Letter of Credit Issuer pursuant to <u>Section 3.3(c)</u> is required to be returned under any of the circumstances described in <u>Section 13.19</u> (including pursuant to any settlement entered into by such Letter of Credit Issuer in its discretion), each Lender shall pay to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage thereof on demand of the Administrative Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Bank Funding Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement to Repay Letter of Credit Drawings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby agrees to reimburse the Letter of Credit Issuers, by making payment with respect to any drawing under any Letter of Credit in Dollars. Any such reimbursement shall be made by the Borrower to the Administrative Agent in immediately available funds for any payment or disbursement made by a Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an "**Unpaid Drawing**") no later than the date that is one Business Day after the date on which the Borrower receives written notice of such payment or disbursement (the "**Reimbursement Date**"), with interest on the amount so paid or disbursed by such Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement Date to the date such Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be the Applicable Margin for ABR Loans that are Revolving Credit Loans *plus* ABR as in effect from time to time, <u>provided</u> that, notwithstanding anything contained in this Agreement to the contrary, (i) unless the Borrower shall have notified the Administrative Agent and the relevant Letter of Credit Issuer prior to 1:00 p.m. (New York City time) on the Reimbursement Date that the Borrower intends to reimburse the relevant Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Borrower shall be deemed to have given a Notice of Borrowing requesting that, with respect to Letters of Credit, the Revolving Credit Lenders make Revolving Credit Loans (which shall be denominated in Dollars and which shall be ABR Loans) on the Reimbursement Date in the amount of such drawing and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be irrevocably obligated to make a Revolving Credit Loan to the Borrower in Dollars in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such Reimbursement Date by making the amount of such Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing Amount. The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for purpose of reimbursing the relevant Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Borrower fails to Cash Collateralize any Letter of Credit that is outstanding on the L/C Facility Maturity Date, the full amount of the Letters of Credit Outstanding in respect of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this <u>Section 3.4</u> except that the relevant Letter of Credit Issuer shall hold the proceeds received from the L/C Participants as contemplated above as Cash Collateral for such Letter of Credit to reimburse any Unpaid Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for any Unpaid Drawings made in respect of such Letter of Credit following the L/C Facility Maturity Date, second, to the extent such Letter of Credit expires or is returned undrawn while any such cash collateral remains, to the repayment of obligations in respect of any Revolving Credit Loans that have not been paid at such time and third, to the Borrower or as otherwise directed by a court of competent jurisdiction. Nothing in this <u>Section 3.4(a)</u> shall affect the Borrower's obligation to repay all outstanding Revolving Credit Loans when due in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Borrower to reimburse the relevant Letter of Credit Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and

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shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the existence of any claim, set-off, defense or other right that the Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Borrower and the beneficiary named in any such Letter of Credit);

&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)&nbsp;&nbsp;&nbsp;&nbsp;any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&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)&nbsp;&nbsp;&nbsp;&nbsp;waiver by the relevant Letter of Credit Issuer of any requirement that exists for the relevant Letter of Credit Issuer's protection and not the protection of the Borrower (or any Restricted Subsidiary) or any waiver by the relevant Letter of Credit Issuer which does not in fact materially prejudice the Borrower (or any Restricted Subsidiary);

&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)&nbsp;&nbsp;&nbsp;&nbsp;any payment made by the relevant Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any payment by the relevant Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the relevant Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

&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)&nbsp;&nbsp;&nbsp;&nbsp;any adverse change in any relevant exchange rates or in the relevant currency markets generally; 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower (or any Restricted Subsidiary) (other than the defense of payment or performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall not be obligated to reimburse the relevant Letter of Credit Issuer for any wrongful payment made by such Letter of Credit Issuer under the Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of the relevant Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Increased Costs</u>. If after the Closing Date, the adoption of any applicable law, treaty, rule, or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or actual

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compliance by any Letter of Credit Issuer or any L/C Participant with any request or directive made or adopted after the Closing Date (whether or not having the force of law), by any such authority, central bank or comparable agency shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Letter of Credit Issuer, or any L/C Participant's L/C Participation therein, or (y) impose on any Letter of Credit Issuer or any L/C Participant any other conditions or costs affecting its obligations under this Agreement in respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant's L/C Participation therein, and the result of any of the foregoing is to increase the actual cost to such Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit, or to reduce the actual amount of any sum received or receivable by such Letter of Credit Issuer or such L/C Participant hereunder (including any increased costs or reductions attributable to Taxes, other than any increase or reduction attributable to Indemnified Taxes, Excluded Taxes or Other Taxes) in respect of Letters of Credit or L/C Participations therein, then, promptly after receipt of written demand to the Borrower by such Letter of Credit Issuer or such L/C Participant, as the case may be (a copy of which notice shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent (with respect to a Letter of Credit issued on account of the Borrower (or any Restricted Subsidiary))), the Borrower shall pay to such Letter of Credit Issuer or such L/C Participant such actual additional amount or amounts as will compensate such Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed, however, that a Letter of Credit Issuer or an L/C Participant shall not be entitled to such compensation as a result of such Person's compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing Date. A certificate submitted to the Borrower by the relevant Letter of Credit Issuer or an L/C Participant, as the case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth in reasonable detail the basis for the determination of such actual additional amount or amounts necessary to compensate such Letter of Credit Issuer or such L/C Participant as aforesaid shall be conclusive and binding on the Borrower absent clearly demonstrable error. The obligations of the Borrower under this <u>Section 3.5</u> shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>New or Successor Letter of Credit Issuer.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 60 days' prior written notice to the Administrative Agent, the Lenders, and the Borrower. The Borrower may replace any Letter of Credit Issuer for any reason upon written notice to the Administrative Agent and such Letter of Credit Issuer. The Borrower may add Letter of Credit Issuers at any time upon notice to the Administrative Agent. If a Letter of Credit Issuer shall resign or be replaced, or if the Borrower shall decide to add a new Letter of Credit Issuer under this Agreement, then the Borrower may appoint from among the Revolving Credit Lenders (with the consent of such Revolving Credit Lender) a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned, or delayed), another successor or new issuer of Letters of Credit, whereupon such successor issuer accepting such appointment shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement and the other Credit Documents, or such new issuer of Letters of Credit accepting such appointment shall be granted the rights, powers and duties of such Letter of Credit Issuer hereunder, and the term Letter of Credit Issuers shall include such successor or such new issuer of Letters of Credit effective upon such appointment. At the time such resignation or replacement shall become effective, the Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees applicable to the Letters of Credit pursuant to <u>Sections 4.1(b)</u> and <u>4.1(d)</u>. The acceptance of any appointment as a Letter of Credit Issuer hereunder whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form reasonably satisfactory to the Borrower, such new Letter of Credit Issuer and the Administrative Agent and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a Letter of Credit Issuer hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of a Letter of Credit Issuer under this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this <u>clause (a)</u> (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Borrower, the resigning or replaced Letter of Credit

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Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor issuer of Letters of Credit or (ii) the Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue "back-stop" Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall have a face amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be a drawing on the corresponding back-stopped Letters of Credit. After any resigning or replaced Letter of Credit Issuer's resignation or replacement as a Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuers shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To the extent there are, at the time of any resignation or replacement as set forth in <u>clause (a)</u> above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of Fees or the reimbursement or funding of amounts drawn), except that the Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in <u>clause (a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Role of Letter of Credit Issuers</u>. Each Lender and the Borrower agrees that, in paying any drawing under a Letter of Credit, the Letter of Credit Issuers shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuers shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Required Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; <u>provided</u> that this assumption is not intended to, and shall not, preclude the Borrower's pursuit of such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuers shall be liable or responsible for any of the matters described in <u>Section 3.3(b)</u>; <u>provided</u> that anything in such Section to the contrary notwithstanding, the Borrower may have a claim against a Letter of Credit Issuer, and a Letter of Credit Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such Letter of Credit Issuer's willful misconduct or gross negligence or such Letter of Credit Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit in each case as determined in the final non-appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, the Letter of Credit Issuers may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter of Credit Issuers shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

The Letter of Credit Issuers may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Collateral.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Credit Support Events</u>. Upon the written request of the Administrative Agent or a Letter of Credit Issuer, if (i) as of the L/C Facility Maturity Date, any L/C Obligation for any reason remains outstanding, (ii) the Borrower shall be required to provide Cash Collateral pursuant to <u>Section 11.13</u>, or (iii) the provisions of <u>Section 2.15(a)(v)</u> are in effect, the Borrower shall immediately (in the case of <u>clause (ii)</u> above) or within one Business Day (in all other cases) following any written request by the Administrative Agent or a Letter of Credit Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to <u>clause (iii)</u> above, after giving effect to <u>Section 2.15(a)(iv)</u> and any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Security Interest</u>. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subject to the control of) the Collateral Agent, for the benefit of the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders, and agree to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein as described in <u>Section 3.8(a)</u>, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 3.8(c)</u>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or a Letter of Credit Issuer as herein provided, other than Permitted Liens, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (including, without limitation, as a result of exchange rate fluctuations), the Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the Collateral Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section 3.8</u> or <u>Sections 2.15</u>, <u>5.2</u>, or <u>11.13</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Release of Cash Collateral</u>. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section 13.6(b)(ii)</u>) or there is no longer existing an Event of Default) or (ii) the determination by the Administrative Agent and the Letter of Credit Issuers that there exists excess Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by a Letter of Credit Issuer and the Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, the relevant Letter of Credit Issuer shall not be responsible to the Borrower for, and the relevant Letter of Credit Issuer's rights and remedies against the Borrower shall not be impaired by, any action or inaction of the relevant Letter of Credit Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the applicable law or any order of a jurisdiction where the relevant Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control and any grant of security interest in any Issuer Documents shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Letters of Credit Issued for Restricted Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Restricted Subsidiary, the Borrower shall be obligated to reimburse the relevant Letter of Credit Issuer hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of any Restricted Subsidiary inures to the benefit of the Borrower and that the Borrower's business derives substantial benefits from the businesses of the Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Provisions Related to Extended Revolving Credit Commitments</u>. If the Letter of Credit Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the relevant Letter of Credit Issuer which issued such Letter of Credit, if one or more other tranches of Revolving Credit Commitments in respect of which the Letter of Credit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to <u>Sections 3.3</u> and <u>3.4</u>) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Borrower shall Cash Collateralize any such Letter of Credit in accordance with <u>Section 3.8</u>. Upon the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit may be reduced as agreed between the relevant Letter of Credit Issuer and the Borrower, without the consent of any other Person.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Without duplication, the Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Lenders), a commitment fee (the "**Revolving Credit Commitment Fee**") for each day from the Closing Date to the Revolving Credit Termination Date. Each Revolving Credit Commitment Fee shall be payable (x) quarterly in arrears on the fifteenth calendar day following the end of each fiscal quarter of the Borrower (for the quarterly period (or portion thereof) ended prior to such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to <u>clause (x)</u> above), and shall be computed for each day during such period at a rate per annum equal to the Revolving Credit Commitment Fee Rate in effect on such day on the Available Commitment in effect on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without duplication, the Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Revolving Credit Lenders pro rata on the basis of their respective Letter of Credit Exposure, a fee in respect of each Letter of Credit issued on the Borrower's or any of the Restricted Subsidiaries' behalf (the "**Letter of Credit Fee**"), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit computed at the per annum rate for each day equal to the Applicable Margin for Revolving Credit Loans that are Term Benchmark Loans. Except as provided below, such Letter of Credit Fees shall be due and payable (x) quarterly in arrears on the fifteenth calendar day following the end of each fiscal quarter of the Borrower (for the quarterly period (or portion thereof) ended prior to such day for which no payment has been received) and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Without duplication, the Borrower agrees to pay to the Administrative Agent in Dollars, for its own account, administrative agent fees as have been previously agreed in writing or as may be agreed in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Without duplication, the Borrower agrees to pay to each Letter of Credit Issuer a fee in Dollars in respect of each Letter of Credit issued by it on the Borrower's or any Restricted Subsidiary's behalf (the "**Fronting Fee**"), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to 0.125% per annum on the average daily Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Borrower and the Letter of Credit Issuers). Such Fronting Fees shall be due and payable (x) quarterly in arrears on the fifteenth calendar day following the end of each fiscal quarter of the Borrower (for the quarterly period (or portion thereof) ended prior to such day for which no payment has been received) and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Without duplication, the Borrower agrees to pay directly to the relevant Letter of Credit Issuer in Dollars upon each issuance or renewal of, drawing under, and/or amendment of, a Letter of Credit issued by it such amount as shall at the time of such issuance or renewal of, drawing under, and/or amendment be the processing charge that the relevant Letter of Credit Issuer is customarily charging for issuances or renewals of, drawings under or amendments of, letters of credit issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Borrower shall not be obligated to pay any amounts to any Defaulting Lender pursuant to this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Voluntary Reduction of Revolving Credit Commitments</u>. Upon no later than 12:00 p.m. (New York City time) at least two Business Days' prior written notice to the Administrative Agent at the Administrative Agent's Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments in whole or in part; <u>provided</u> that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to <u>Section 2.14(g)</u>, the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (provided that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of <u>Section 5.3(a)</u> with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to <u>Section 2.14(g)</u> of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to <u>Section 2.14(g)</u> prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) the Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this <u>Section 4.2</u> shall be in the amount of at least $5,000,000, and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders' Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Termination of Commitments</u>. The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date. The Incremental Term Loan Commitment

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shall, unless otherwise provided in the applicable Incremental Term Loan Amendment, terminate at 5:00 p.m. (New York City time) on the Increased Amount Date.

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Voluntary Prepayments</u>. The Borrower shall have the right to prepay Loans, including Term Loans and Revolving Credit Loans, as applicable, without premium or penalty, in whole or in part, from time to time on the following terms and conditions: (1) the Borrower shall give the Administrative Agent at the Administrative Agent's Office written notice of its intent to make such prepayment, the amount of such prepayment and (in the case of Term Benchmark Loans) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Borrower no later than 12:00 Noon (New York City time) (i) in the case of Term Benchmark Loans, three Business Days prior to and (ii) in the case of ABR Loans on the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders; (2) each partial prepayment of (i) any Borrowing of Term Benchmark Loans shall be in a minimum amount of $500,000 and in multiples of $100,000 in excess thereof and (ii) any ABR Loans shall be in a minimum amount of $500,000 and in multiples of $100,000 in excess thereof, provided that no partial prepayment of Term Benchmark Loans made pursuant to a single Borrowing shall reduce the outstanding Term Benchmark Loans made pursuant to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such Term Benchmark Loans, and (3) in the case of any prepayment of Term Benchmark Loans pursuant to this <u>Section 5.1</u> on any day other than the last day of an Interest Period applicable thereto, the Borrower shall, promptly after receipt of a written request by any applicable Lender (which request shall set forth in reasonable detail the basis for requesting such amount), pay to the Administrative Agent for the account of such Lender any amounts required pursuant to <u>Section 2.11</u>. Each prepayment in respect of any Term Loans pursuant to this <u>Section 5.1</u> shall be (a) applied to the Class or Classes of Term Loans as the Borrower shall specify and (b) applied to reduce any Incremental Term Loan Repayment Amounts, and, subject to <u>Section 2.14(g)</u>, Extended Term Loan Repayment Amounts, as the case may be, in each case, in such order and to such Classes as the Borrower may specify. At the Borrower's election in connection with any prepayment pursuant to this <u>Section 5.1</u>, such prepayment shall not be applied to any Term Loan or Revolving Credit Loan of a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Prepayments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Repayment of Revolving Credit Loans</u>. If on any date the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class of Revolving Loans for any reason exceeds 100% of the Revolving Credit Commitment of such Class then in effect, the Borrower shall forthwith repay on such date Revolving Loans of such Class in an amount equal to such excess. If after giving effect to the prepayment of all outstanding Revolving Loans of such Class, the Revolving Credit Exposures of such Class exceed the Revolving Credit Commitment of such Class then in effect, the Borrower shall Cash Collateralize the Letters of Credit Outstanding in relation to such Class to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Application to Revolving Credit Loans</u>. With respect to each prepayment of Revolving Credit Loans, the Borrower may designate (i) the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made and (ii) the Revolving Loans to be prepaid, <u>provided</u> that (y) each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans; and (z) notwithstanding the provisions of the preceding <u>clause (y)</u>, no prepayment of Revolving Loans shall be applied to the Revolving Credit Loans of any Defaulting Lender unless otherwise agreed in writing by the Borrower. In the absence of a designation by the Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion with a view, but no obligation, to minimize breakage costs owing under <u>Section 2.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Method and Place of Payment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto or the Letter of Credit Issuers entitled thereto, as the case may be, not later than 2:00 p.m. (New York City time), in each case, on the date when due and shall be made in immediately

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available funds at the Administrative Agent's Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Borrower, it being understood that written or facsimile notice by the Borrower to the Administrative Agent to make a payment from the funds in the Borrower's account at the Administrative Agent's Office shall constitute the making of such payment to the extent of such funds held in such account. All repayments or prepayments of any Loans (whether of principal, interest or otherwise) hereunder shall be made in the currency in which such Loans are denominated and all other payments under each Credit Document shall, unless otherwise specified in such Credit Document, be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to 2:00 p.m. (New York City time) or, otherwise, on the next Business Day in the Administrative Agent's sole discretion) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any payments under this Agreement that are made later than 2:00 p.m. (New York City time) may be deemed to have been made on the next succeeding Business Day in the Administrative Agent's sole discretion for purposes of calculating interest thereon. Except as otherwise provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Net Payments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall to the extent permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes.

&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)&nbsp;&nbsp;&nbsp;&nbsp;If any Credit Party, the Administrative Agent or any other applicable Withholding Agent shall be required by applicable law to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are reasonably determined by such Withholding Agent to be required by applicable law, (B) such Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required withholding or deductions have been made (including withholding or deductions applicable to additional sums payable under this <u>Section 5.4</u>) each Lender (or, in the case of a payment to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such withholding or deductions been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Other Taxes by the Borrower</u>. Without limiting the provisions of <u>subsection (a)</u> above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or timely reimburse the Administrative Agent or any Lender for the payment of any Other Taxes in accordance with <u>Section 5.4(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Indemnifications</u>. Without limiting the provisions of <u>subsection (a)</u> or <u>(b)</u> above, the Borrower shall jointly and severally indemnify and hold harmless the Administrative Agent and each Lender, and shall make payment in respect thereof within 20 days after demand therefor, for the full amount of Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 5.4</u>) payable by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability (along with a written statement setting forth in reasonable detail the basis and calculation of such amounts) delivered to the Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. If the Borrower reasonably believes that any such Indemnified Taxes or Other Taxes were not correctly or legally asserted, the Administrative Agent

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and/or each affected Lender will use reasonable efforts to cooperate with the Borrower in pursuing a refund of such Indemnified Taxes or Other Taxes so long as such efforts would not, in the sole determination of the Administrative Agent or affected Lender exercised in good faith, result in any additional unreimbursed costs, expenses or risks that are not de minimis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Evidence of Payments</u>. After any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental Authority as provided in this <u>Section 5.4</u>, the Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Lenders and Tax Documentation</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender shall deliver to the Borrower and the Administrative Agent, at such time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender's entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Credit Party pursuant to any Credit Document or otherwise to establish such Lender's status for withholding Tax purposes in the applicable jurisdiction. Any documentation and information required to be delivered by a Lender pursuant to this <u>Section 5.4(e)</u> (including any specific documentation set forth in <u>subsection (ii)</u> below) shall be delivered by such Lender (i) on or prior to the Closing Date (or on or prior to the date it becomes a party to this Agreement), (ii) on or before any date on which such documentation (or any previously provided documentation that has not been updated) expires or becomes obsolete or invalid, (iii) after the occurrence of any change in the Lender's circumstances requiring a change in the most recent documentation previously delivered by it to the Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Borrower or the Administrative Agent, and each such Lender shall promptly notify in writing the Borrower and the Administrative Agent if such Lender is no longer legally eligible to provide any documentation previously provided. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(ii)(A), (ii)(B) and (ii)(C) of this Section) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing:

&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)&nbsp;&nbsp;&nbsp;&nbsp;any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code (a "**U.S. Lender**") shall deliver to the Borrower and the Administrative Agent executed copies of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting 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;(B)&nbsp;&nbsp;&nbsp;&nbsp;each Non-U.S. Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S. federal withholding Tax with respect to any payments hereunder or

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under any other Credit Document shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;executed copies of the applicable Internal Revenue Service Form W-8 (or any successor form thereto) claiming eligibility for benefits pursuant the applicable article of an income tax treaty to which the United States is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;executed copies of Internal Revenue Service Form W-8ECI (or any successor form 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate, substantially in the form of <u>Exhibit J-1</u> to the effect that such Non-U.S. Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10-percent shareholder" of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or (C) a "controlled foreign corporation" related to the Borrower, as described in Section 881(c)(3)(C) of the Code and that no payments under any Credit Document are effectively connected with such Non-U.S. Lender's conduct of a United States trade or business (a "**Non-Bank Tax Certificate**"), and (y) executed copies of the applicable Internal Revenue Service Form W-8 (or any successor 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;where such Lender is a partnership (for U.S. federal income tax purposes) or otherwise not a beneficial owner (e.g., where such Lender has sold a participation), Internal Revenue Service Form W-8IMY (or any successor thereto) accompanied by Internal Revenue Service Form W-8ECI, W-8BEN, W-8BEN-E or W-9, as applicable, and/or other supporting documentation (including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the portfolio interest exemption, a Non-Bank Tax Certificate of such beneficial owner(s) substantially in the form of <u>Exhibit J-3</u> or <u>J-4</u>) (<u>provided</u> that if the Non-U.S. Lender is a partnership and not a participating Lender, the Non-Bank Tax Certificate(s), substantially in the form of <u>Exhibit J-2</u>, may be provided by the Non-U.S. Lender on behalf of the direct or indirect partner(s)); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;executed copies of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made;

&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)&nbsp;&nbsp;&nbsp;&nbsp;if a payment made to a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with such Lender's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this <u>clause (C)</u>, "FATCA" shall include any amendments made to FATCA after the date 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;(D)&nbsp;&nbsp;&nbsp;&nbsp;if the Administrative Agent is a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide the Borrower with two duly completed copies of Internal Revenue Service Form W-9. If the Administrative Agent is not a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide the applicable Form W-8 (together with required accompanying documentation) and certify that it is a U.S. branch that has agreed to be treated as a United States person for

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U.S. federal withholding Tax purposes with respect to payments to be received by it on behalf of the Lenders.

&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)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this <u>Section 5.4</u>, no Lender or the Administrative Agent shall be required to deliver any documentation that it is not legally eligible to deliver, <u>provided</u>, that for the avoidance of doubt, reliance on this <u>clause (E)</u> shall not be treated as compliance with this <u>Section 5.4</u> for purposes of determining whether any Taxes are Excluded Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this <u>Section 5.4</u>, the Administrative Agent or such Lender (as applicable) shall promptly pay to the Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Credit Parties under this <u>Section 5.4</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. In such event, the Administrative Agent or such Lender, as the case may be, shall, at the Borrower's request, provide the Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (<u>provided</u> that the Administrative Agent or such Lender may delete any information therein that it deems confidential). Notwithstanding anything to the contrary in this paragraph (f), in no event will the Administrative Agent or any Lender be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the Administrative Agent or any Lender in a less favorable net after-Tax position than the Administrative Agent or any Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Credit Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, for purposes of this <u>Section 5.4</u>, the term "Lender" includes any Letter of Credit Issuer and the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations under this <u>Section 5.4</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Computations of Interest and Fees.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in the next succeeding sentence, interest on Term Benchmark Loans shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest on ABR Loans shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Fees and the average daily Stated Amount of Letters of Credit shall be calculated on the basis of a 360-day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Limit on Rate of Interest.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>No Payment Shall Exceed Lawful Rate</u>. Notwithstanding any other term of this Agreement, the Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement or

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otherwise in respect of the Obligations in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment at Highest Lawful Rate</u>. If the Borrower is not obliged to make a payment that it would otherwise be required to make, as a result of <u>Section 5.6(a)</u>, the Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustment if Any Payment Exceeds Lawful Rate</u>. If any provision of this Agreement or any of the other Credit Documents would obligate the Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by reducing the amount or rate of interest required to be paid by the Borrower to the affected Lender under <u>Section 2.8</u>; <u>provided</u> that to the extent lawful, the interest or other amounts that would have been payable but were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Borrower shall be entitled, by notice in writing to the Administrative Agent to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Borrower.

Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent to Initial Borrowing</u>

The effectiveness of this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Credit Documents</u>. The Administrative Agent shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, executed and delivered by a duly Authorized Officer of the Borrower and each Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Guarantee, executed and delivered by a duly Authorized Officer of each Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Pledge Agreement, executed and delivered by a duly Authorized Officer of the Borrower and each other Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Security Agreement, executed and delivered by a duly Authorized Officer of the Borrower and each other Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the results of customary UCC, Tax, judgement and intellectual property lien searches each of a recent date listing all effective financing statements, lien notices or comparable documents, none of which encumber the collateral (other than Permitted Liens); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;a completed perfection certificate executed and delivered by a duly Authorized Officer of each Credit Party, together with all attachments contemplated thereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Collateral</u>. Except for any items referred to on Schedule 9.13:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;all outstanding equity interests in whatever form of the Borrower and each Restricted Subsidiary that is directly owned by or on behalf of any Credit Party and required to be pledged pursuant to the Security Documents shall have been pledged pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Collateral Agent shall have received the certificates and instruments representing Equity Interests of the Borrower and of each Credit Party's Restricted Subsidiaries and Pledged Debt (as defined in the Pledge Agreement) to the extent required to be delivered under the Security Documents and pledged under the Security Documents to the extent certificated, accompanied by instruments of transfer and undated stock powers or note endorsed in blank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Opinions</u>. The Administrative Agent shall have received the executed legal opinion of Fenwick & West LLP, special counsel to the Credit Parties. The Borrower, the other Credit Parties and the Administrative Agent hereby instruct such counsel to deliver such legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing Certificates</u>. The Administrative Agent (or its counsel) shall have received a certificate of each of the Borrower and each Guarantor, dated the Closing Date, substantially in the form of Exhibit G, with appropriate insertions, executed by any Authorized Officer (or in the case of the Borrower, any Director or authorized agent of the Borrower (which, subject to <u>Section 13.9</u>, may include any Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page)) and the Secretary or any Assistant Secretary of the Borrower and each Guarantor, as applicable, and attaching the documents referred to in <u>Section 6.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization of Proceedings of the Borrower and the Other Credit Parties; Corporate Documents</u>. The Administrative Agent shall have received (i) a copy of the resolutions of the board of directors or other managers of the Borrower and the other Credit Parties (or a duly authorized committee thereof) authorizing (a) the execution, delivery, and performance of the Credit Documents (and any agreements relating thereto) to which it is a party and (b) in the case of the Borrower, the extensions of credit contemplated hereunder, (ii) the Certificate of Incorporation and By-Laws, Certificate of Formation and Operating Agreement or other comparable organizational documents, as applicable, of the Borrower and the other Credit Parties, (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Borrower and the other Credit Parties executing the Credit Documents to which it is a party, (iv) a certificate of another officer as to the incumbency and signature of the Authorized Officer executing the certificate set forth in <u>clause (iii)</u> hereof and (v) certificates of good standing or status (to the extent such concepts exist) from the applicable secretary of state (or equivalent authority) of the jurisdiction of organization or formation of each Credit Party (in each case, to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees</u>. The Agents and Lenders shall have received, substantially simultaneously with the establishment of the Revolving Credit Commitments, fees in the amounts previously agreed in writing to be received on the Closing Date and, to the extent invoiced at least three Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Borrower), reasonable and documented out-of-pocket expenses in the amounts previously agreed in writing to be paid on the Closing Date (which amounts may, at the Borrower's option, be offset against the proceeds of the Revolving Credit Loans made on the Closing Date, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency Certificate</u>. On the Closing Date, the Administrative Agent shall have received a certificate from the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, or any other Authorized Officer of the Borrower to the effect that immediately following the

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establishment of the Revolving Credit Commitments on the Closing Date and after giving effect to the application of the proceeds of any Revolving Credit Loans made on the Closing Date (and after giving effect to the Transactions), the Borrower and its Subsidiaries on a consolidated basis are Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Patriot Act</u>. The Administrative Agent shall have received at least three days prior to the Closing Date, to the extent requested by the Administrative Agent or Lenders in writing at least ten Business Days prior to the Closing Date (i) a Beneficial Ownership Certification for the Borrower and (ii) such other documentation and information as is reasonably requested by the Administrative Agent about the Credit Parties to the extent the Administrative Agent and the Borrower in good faith mutually agree is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Statements</u>. The Joint Lead Arrangers and Bookrunners shall have received the Historical Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10&nbsp;&nbsp;&nbsp;&nbsp;<u>No Default; Representations and Warranties</u>. On the Closing Date, (a) no Default or Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material respects; <u>provided</u> that any such representations and warranties which are qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects) as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Officer's Certificate</u>. The Administrative Agent shall have received from an Authorized Officer of the Borrower an officer's certificate certifying that the conditions set forth in <u>Sections 6.10</u> and <u>6.13</u> are satisfied as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Promissory Notes</u>. The Borrower shall have delivered to any Lender requesting a promissory note evidencing its Revolving Credit Commitments signed by an Authorized Officer of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13&nbsp;&nbsp;&nbsp;&nbsp;<u>No Material Adverse Effect.</u> There has been no Material Adverse Effect since December 31, 2024.

For purposes of determining compliance with the conditions specified in <u>Section 6</u> on the Closing Date, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions Precedent to All Credit Events</u>

The agreement of each Lender to make any Loan requested to be made by it on any date (excluding Revolving Credit Loans required to be made by the Revolving Credit Lenders in respect of Unpaid Drawings pursuant to <u>Sections 3.3</u> and <u>3.4</u>) and the obligation of the Letter of Credit Issuers to issue Letters of Credit on any date is subject to the satisfaction (or waiver by the applicable Lenders) of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Default; Representations and Warranties</u>. At the time of each Credit Event and also after giving effect thereto (other than any Loan made pursuant to <u>Section 2.14</u>) (a) no Default or Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an

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earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, Material Adverse Effect or similar language shall be true and correct in all respects) as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Borrowing; Letter of Credit Request.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to <u>Section 3.4(a)</u>), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to the issuance of each Letter of Credit, the Administrative Agent and the relevant Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Covenant Compliance</u>. At the time of and immediately after giving effect to such Credit Event, the Borrower would be in compliance with the financial covenant set forth in <u>Section 10.7</u> whether or not such covenant would otherwise be tested on and as of the date of such Credit Event.

The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified in <u>Section 7</u> above have been satisfied as of that time.

Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>

In order to induce the Lenders to enter into this Agreement, to make the Loans and issue or participate in Letters of Credit as provided for herein, the Borrower makes the following representations and warranties to the Lenders, all of which shall survive the execution and delivery of this Agreement and the making of the Loans and the issuance of the Letters of Credit (it being understood that the following representations and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant under applicable law):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Status</u>. Each Credit Party (a) is a duly organized and validly existing corporation, limited liability company or other entity under the laws of the jurisdiction of its organization and has the corporate, limited liability company or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (b) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Power and Authority</u>. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>No Violation</u>. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the Transactions and the other transactions contemplated hereby or thereby will (a) contravene any provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality applicable to any Credit Party, (b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien

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upon any of the property or assets of such Credit Party or any of the Restricted Subsidiaries (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which such Credit Party or any of the Restricted Subsidiaries is a party or by which it or any of its property or assets is bound (any such term, covenant, condition or provision, a "**Contractual Requirement**"), in each case, other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (c) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of such Credit Party or any of the Restricted Subsidiaries (after giving effect to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Litigation</u>. There are no actions, suits or proceedings pending or, to the knowledge of the Borrower, threatened in writing against the Borrower or any of the Restricted Subsidiaries that would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Margin Regulations</u>. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying margin stock, in each case, in violation of the regulations of the Federal Reserve Board, and no portion of the proceeds of any credit extension hereunder shall be used in any manner, whether directly or indirectly, that causes or could reasonably be expected to cause, such credit extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Federal Reserve Board or any other regulation thereof or to violate the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Approvals</u>. The execution, delivery and performance of each Credit Document does not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents (and to release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings or consents, in each case, the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Investment Company Act</u>. Neither the Borrower nor any Restricted Subsidiary is required to register as an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8&nbsp;&nbsp;&nbsp;&nbsp;<u>True and Complete Disclosure.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;None of the written factual information and written data (taken as a whole) heretofore or contemporaneously furnished by or on behalf of the Borrower, any of the Restricted Subsidiaries or any of their respective authorized representatives to the Administrative Agent, any Joint Lead Arranger and Bookrunner, and/or any Lender on or before the Closing Date for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue statement of any material fact or omitted to state any material fact necessary to make such information and data (taken as a whole) not materially misleading at such time in light of the circumstances under which such information or data was furnished (after giving effect to all supplements and updates), it being understood and agreed that for purposes of this <u>Section 8.8(a)</u>, such factual information and data shall not include <u>pro</u> <u>forma</u> financial information, projections, estimates (including financial estimates, forecasts, and other forward-looking information) or other forward looking information and information of a general economic or general industry nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The projections (including financial estimates, budgets, forecasts, and other forward-looking information) contained in the information and data referred to in <u>paragraph (a)</u> above were based on good faith estimates and assumptions believed by such Persons to be reasonable at the time made, it being recognized by the Lenders that such projections as to future events are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which are beyond the Borrower's control, that no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Closing Date to any Lender in connection with this Agreement is true and correct in all material respects, and, as of the date delivered, the information included in each Beneficial Ownership Certification delivered pursuant to <u>Section 9.1</u> is true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Condition; Financial Statements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Historical Financial Statements, in each case present fairly in all material respects the combined financial position of the Borrower and its consolidated subsidiaries at the respective dates of said information, statements and results of operations for the respective periods covered thereby. The financial statements referred to in this <u>Section 8.9(a)</u> have been prepared in accordance with GAAP consistently applied except to the extent provided in the notes to said financial statements. As of the Closing Date, neither the Borrower nor any Restricted Subsidiary has any material guarantee obligations or contingent liabilities or unusual forward or long-term commitments, in each case, that are not reflected in the most recent financial statements referred to in this paragraph, except as would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;There has been no Material Adverse Effect since the Closing Date.

Each Lender and the Administrative Agent hereby acknowledges and agrees that the Borrower and its Subsidiaries may be required to restate Historical Financial Statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws; No Event of Default</u>. Each Credit Party is in compliance with all Requirements of Law applicable to it or its property, except where the failure to be so in compliance would not reasonably be expected to result in a Material Adverse Effect. No Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Matters</u>. Except as would not reasonably be expected to have a Material Adverse Effect, (a) the Borrower and each of the Restricted Subsidiaries has filed all Tax returns required to be filed by it and has timely paid all Taxes payable by it (whether or not shown on a Tax return and including in its capacity as a withholding agent) that have become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Borrower or such Restricted Subsidiary, as applicable) with respect thereto in accordance with GAAP and (b) the Borrower and each of the Restricted Subsidiaries has paid, or has provided adequate reserves (in the good faith judgment of management of the Borrower or such Restricted Subsidiary, as applicable) in accordance with GAAP for the payment of all Taxes not yet due and payable. There is no current or proposed Tax assessment, deficiency or other claim that has been asserted in writing against the Borrower or any Restricted Subsidiary that would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with ERISA.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as would not reasonably be expected to have a Material Adverse Effect: (i) each Credit Party and each of their respective ERISA Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Pension Plans and the regulations and the published interpretation thereunder and (ii) no ERISA Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Subsidiaries</u>. Schedule 8.13 to the Disclosure Letter lists each Subsidiary of the Borrower (and the direct and indirect ownership interest of the Borrower therein), in each case existing on the Closing Date after giving effect to the Transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Intellectual Property</u>. Each of the Borrower and its Restricted Subsidiaries owns or has the right to use all Intellectual Property that is used in or otherwise necessary for the operation of their respective businesses as currently conducted, except where the failure of the foregoing would not reasonably be expected to have a Material Adverse Effect. The operation of their respective businesses by each of the Borrower and its Restricted Subsidiaries does not infringe upon, misappropriate, violate or otherwise conflict with the Intellectual Property of any third party, in each case except as would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Environmental Laws.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as would not reasonably be expected to have a Material Adverse Effect: (i) each of the Borrower and its Restricted Subsidiaries and their respective operations and properties are in compliance with all Environmental Laws; (ii) none of the Borrower, nor any Restricted Subsidiary has received written notice of any Environmental Claim; (iii) none of the Borrower nor any Restricted Subsidiary is conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; and (iv) to the knowledge of the Borrower, no underground or above ground storage tank or related piping, or any impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or leased by the Borrower or any of the Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;None of the Borrower or any of the Restricted Subsidiaries has treated, stored, transported, released or arranged for disposal or transport for disposal or treatment of Hazardous Materials at, on, under or from any currently or, formerly owned or operated property nor, to the knowledge of the Borrower, has there been any other Release of Hazardous Materials at, on, under or from any such properties, in each case, in a manner that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Properties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Borrower and its Restricted Subsidiaries has good and valid record title to, valid leasehold interests in, or rights to use, all properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to have such good title or interest would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Set forth on <u>Schedule 1.1(a)</u> to the Disclosure Letter is a list of each real property owned by any Credit Party as of the Closing Date having a Fair Market Value in excess of $10,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Solvency</u>. On the date of each Credit Event (after giving effect to the Transactions) immediately following the making of the Revolving Credit Loans, if any, and after giving effect to the application of the proceeds of such Revolving Credit Loans (assuming for this <u>Section 8.17</u> that the full amount of the Revolving Credit Commitments is drawn on the Closing Date), the Borrower and its Restricted Subsidiaries on a consolidated basis will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Patriot Act</u>. On the Closing Date, the Borrower has provided to the Administrative Agent all information related to the Borrower and its Restricted Subsidiaries (including but not limited to names, addresses and tax identification numbers (if applicable)) reasonably requested in writing by the Administrative Agent and mutually agreed to be required by the Patriot Act to be obtained by the Administrative Agent or any Lender and the use of proceeds of the Loans will not violate the Patriot Act in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19&nbsp;&nbsp;&nbsp;&nbsp;<u>OFAC and FCPA.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and its Restricted Subsidiaries will not, directly or indirectly, use the proceeds of the Loans, to lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person, for the purpose of unlawfully funding (i) any activities of or business with any Person, or in any country or territory, that, at the time of such funding, is the subject of Sanctions, or (ii) any other transaction that

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will result in a violation by any Person (including any Person participating in the transactions, whether as a underwriter, advisor, investor, lender or otherwise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and its Restricted Subsidiaries will not use the proceeds of the Loans directly, or, to the knowledge of the Borrower, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended (the "**FCPA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the knowledge of the Borrower, neither the Borrower nor the Restricted Subsidiaries has, in the past three years, committed a violation in any material respects of applicable regulations of the United States Department of the Treasury's Office of Foreign Assets Control ("**OFAC**"), Title III of the Patriot Act or the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;None of the Borrower, the Restricted Subsidiaries or, to the knowledge of the Borrower, any director, officer, employee, Affiliate, advisor or agent of any Credit Party or other Restricted Subsidiary, in each case, is an individual or entity currently on OFAC's list of Specially Designated Nationals and Blocked Persons or is the subject of Sanctions administered by OFAC or the U.S. Department of State, nor is the Borrower or any Restricted Subsidiary located, organized or resident in a country or territory that is the subject of Sanctions. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with applicable Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Outbound Investments</u>. Neither the Borrower nor any of its Restricted Subsidiaries is a "covered foreign person" as that term is used in the Outbound Investment Rules. Neither the Borrower nor any of its Restricted 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 Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or the Lenders to be in violation of the Outbound Investment Rules or cause the Administrative Agent or Lenders to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Affirmative Covenants</u>.

The Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Commitments and each Letter of Credit have terminated or been collateralized in accordance with the terms of this Agreement and the Loans and Unpaid Drawings, together with interest, Fees and all other Obligations incurred hereunder (other than contingent indemnity obligations, Secured Hedge Obligations and Secured Cash Management Obligations and Letters of Credit collateralized in accordance with the terms of this Agreement), are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Information Covenants</u>. The Borrower will furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Financial Statements</u>. As soon as available and in any event within five days after the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such financial statements are not required to be filed with the SEC, on or before the date that is 90 days after the end of each such fiscal year), the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as at the end of each fiscal year, and the related consolidated statements of operations and cash flows for such fiscal year, setting forth comparative consolidated and/or combined figures for the preceding fiscal year, all in reasonable detail and prepared in accordance with GAAP, and, in each case, certified by independent certified public accountants of recognized national standing whose opinion shall not be qualified as to the scope of audit or as to the status of the Borrower or any of the Material Subsidiaries (or group of Subsidiaries that together would constitute a Material Subsidiary) as a going concern (other than any exception, explanatory paragraph or qualification, that is expressly solely with respect to, or expressly resulting solely from, (i) an upcoming maturity

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date under any Indebtedness, (ii) any potential inability to satisfy a financial maintenance covenant on a future date or in a future period or (iii) the activities, operations, financial results, assets or liabilities of any Unrestricted Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Quarterly Financial Statements</u>. As soon as available and in any event within five days after the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) with respect to each of the first three quarterly accounting periods in each fiscal year of the Borrower (or, if such financial statements are not required to be filed with the SEC, on or before the date that is 45 days after the end of each such quarterly accounting period), the consolidated balance sheet of the Borrower and its Restricted Subsidiaries as at the end of such quarterly period and the related consolidated statements of operations for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of the applicable quarterly period, and setting forth comparative consolidated and/or combined figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the related period in the prior fiscal year, all of which shall be certified by an Authorized Officer of the Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Borrower and its Restricted Subsidiaries as at such date and for such periods in accordance with GAAP (except as noted therein), subject to changes resulting from normal year-end adjustments and the absence of footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Beneficial Ownership Certification</u>. Promptly following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance Certificates</u>. Not later than five days after the delivery of the financial statements provided for in <u>Sections 9.1(a)</u> and <u>(b)</u>, a certificate of an Authorized Officer of the Borrower to the effect that no Default or Event of Default exists or, if any Default or Event of Default does exist, specifying the nature and extent thereof, as the case may be, which certificate shall be substantially in the form of the Compliance Certificate attached as <u>Exhibit L</u> hereto and set forth (i) a specification of any change in the identity of the Restricted Subsidiaries and the Unrestricted Subsidiaries as at the end of the fiscal year or the fiscal quarter, as the case may be, from the Restricted Subsidiaries and the Unrestricted Subsidiaries, respectively, identified to the Lenders on the Closing Date or in the most recent certificate delivered pursuant to this <u>clause (d)</u> in which any such changes were disclosed, as the case may be, (ii) the Consolidated Total Debt to Consolidated EBITDA Ratio for such Test Period and the then underlying Status and, in each case, the underlying calculations in connection therewith and (iii) Liquidity as at the end of the fiscal year or fiscal quarter, as the case may be. At the time of the delivery of the financial statements provided for in <u>Section 9.1(a)</u>, a certificate of an Authorized Officer of the Borrower setting forth changes to the legal name, jurisdiction of formation and type of entity and, solely with respect to any Credit Party organized in a jurisdiction where an organizational identification number is required to be included in a Uniform Commercial Code financing statement, organizational number (or equivalent) of any Credit Party or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this <u>clause (d)</u> in which any such changes were disclosed, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Default or Litigation</u>. Promptly after an Authorized Officer of the Borrower or any of the Restricted Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Borrower or any of the Subsidiaries that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Environmental Matters</u>. Promptly after an Authorized Officer of the Borrower or any of the Restricted Subsidiaries obtains knowledge of any one or more of the following environmental matters, unless such environmental matters would not reasonably be expected to result in a Material Adverse Effect, notice of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;any pending or threatened (in writing) Environmental Claim against any Credit Party or any Real Estate; and

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&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)&nbsp;&nbsp;&nbsp;&nbsp;the conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged presence, Release or threatened Release of any Hazardous Material on, at, under or from any Real Estate.

All such notices shall describe in reasonable detail the nature of the claim, investigation or removal, remedial or other corrective action in response thereto. The term "**Real Estate**" shall mean land, buildings, facilities and improvements owned or leased by any Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Budgets</u>. Prior to an IPO, within 90 days after the commencement of each fiscal year of the Borrower, a budget of the Borrower in reasonable detail on a quarterly basis for such fiscal year as customarily prepared by management of the Borrower and limited to a projected consolidated statement of operations and a bridge to projected Consolidated EBITDA (collectively, the "**Projections**"), which Projections shall in each case be accompanied by a certificate of an Authorized Officer of the Borrower stating that such Projections have been prepared in good faith based on assumptions that were believed to be reasonable at the time of preparation of such Projections, it being understood and recognized by the Lenders that such projections as to future events are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which are beyond the Borrower's control, that no assurance can be given that any particular projections will be realized and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material. For the avoidance of doubt, the requirements of this <u>clause (g)</u> shall only apply prior to an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Information</u>. Subject in all respects to the last paragraph hereof, promptly upon filing thereof, copies of any filings (including on Form 10-K, 10-Q or 8-K) or registration statements (other than drafts of pre-effective versions of registration statements) with, the SEC or any analogous Governmental Authority in any relevant jurisdiction by the Borrower or any of the Restricted Subsidiaries (other than amendments to any registration statement (to the extent such registration statement, in the form it becomes effective, is delivered to the Administrative Agent), exhibits to any registration statement and, if applicable, any registration statements on Form S-8) and copies of all financial statements, proxy statements, notices, and reports that the Borrower or any of the Restricted Subsidiaries shall send to all holders of any publicly issued debt of the Borrower and/or any of the Restricted Subsidiaries, in their capacity as such holders, lenders or agents (in each case to the extent not theretofore delivered to the Administrative Agent pursuant to this Agreement) and, with reasonable promptness, such other information (financial or otherwise) as the Administrative Agent on its own behalf or on behalf of any Lender (acting through the Administrative Agent) may reasonably request in writing from time to time; <u>provided</u>, that none of the Borrower nor any Restricted Subsidiary will be required to disclose or permit the inspection or discussion of, any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective contractors) is prohibited by law, or any binding agreement, (iii) that is subject to attorney client or similar privilege or constitutes attorney work product or (iv) that is otherwise subject to <u>Section 13.16</u>.

Notwithstanding the foregoing, the obligations in <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be satisfied with respect to financial information of the Borrower and its Restricted Subsidiaries by furnishing (A) the applicable financial statements of the Borrower or any direct or indirect parent of the Borrower or (B) the Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K, 10-Q or 8-K, as applicable, filed with the SEC; <u>provided</u> that, with respect to each of <u>subclauses (A)</u> and <u>(B)</u> of this paragraph, to the extent such information relates to a parent of the Borrower, such information is accompanied by consolidating or other information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Borrower and its Restricted Subsidiaries on a standalone basis, on the other hand.

Documents required to be delivered pursuant to <u>clauses (a)</u>, <u>(b)</u>, and <u>(h)</u> of this <u>Section 9.1</u> (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the earliest date on which (i) the Borrower posts such documents, or provides a link thereto on the Borrower's website on the Internet; (ii) such documents are posted on the Borrower's behalf on IntraLinks/IntraAgency or another website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the

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Administrative Agent), or (iii) such financial statements and/or other documents are posted on the SEC's website on the internet at www.sec.gov. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

Each Credit Party hereby acknowledges and agrees that, unless the Borrower notifies the Administrative Agent in advance, all financial statements and certificates furnished pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u> and <u>(d)</u> above are hereby deemed to be suitable for distribution, and to be made available, to all Lenders and may be treated by the Administrative Agent and the Lenders as not containing any material nonpublic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Books, Records, and Inspections</u>. During normal business hours and upon reasonable advance notice, the Borrower will, and will cause each Restricted Subsidiary to, permit officers and designated representatives of the Administrative Agent or the Required Lenders to visit and inspect any of the properties or assets of the Borrower and any such Subsidiary in whomsoever's possession to the extent that it is within such party's control to permit such inspection (and shall use commercially reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party's control to permit such inspection), and to examine the books and records of the Borrower and any such Subsidiary and discuss the affairs, finances and accounts of the Borrower and of any such Subsidiary with, and be advised as to the same by, its and their officers, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders may desire; <u>provided</u> that, excluding any such visits and inspections during the continuation of an Event of Default, (a) only the Administrative Agent on behalf of the Required Lenders may exercise rights of the Administrative Agent and the Lenders under this <u>Section 9.2</u>, (b) the Administrative Agent shall not exercise such rights more than one time in any calendar year, which such visit will be at the Borrower's expense, and (c) notwithstanding anything to the contrary in this <u>Section 9.2</u>, none of the Borrower or any of the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any agreement binding on a third-party or (iii) is subject to attorney-client or similar privilege or constitutes attorney work product; <u>provided</u>, <u>further</u>, that when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) or any representative of the Required Lenders may do any of the foregoing at the expense of the Borrower at any time during normal business hours and upon reasonable advance notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Insurance</u>. (a) The Borrower will, and will cause each Material Subsidiary to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Borrower believes (in the good faith judgment of the management of the Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Borrower believes (in the good faith judgment of management of the Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis) and against at least such risks (and with such risk retentions) as the Borrower believes (in the good faith judgment of management of the Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis; and will furnish to the Administrative Agent, promptly following written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried and (b) if at any time the area in which any improvements located on any Mortgaged Property is designated by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the Flood Insurance Laws, then the Borrower shall, or shall cause each applicable Credit Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer, flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws, (ii) cooperate with the Administrative Agent and provide information reasonably required by the Administrative Agent and/or any Lender to comply with the Flood Insurance Laws and (iii) deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the Administrative Agent and the Lenders, including, without limitation, evidence of annual renewals of such insurance. Each such policy of general liability (including excess and umbrella general liability), property or casualty insurance shall (i) in the case of each general liability (including

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excess and umbrella general liability) insurance policy, name the Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each property or casualty insurance policy, contain a lenders' loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties as the lenders' loss payee thereunder; <u>provided</u> that, unless an Event of Default shall have occurred and be continuing, (A) all proceeds from insurance policies shall be paid to the Borrower or applicable Guarantor, (B) to the extent the Collateral Agent receives any proceeds, the Collateral Agent shall, promptly following receipt of an officer's certificate of the Borrower certifying that no Event of Default has occurred and is continuing, turn over to the Borrower any amounts received by it as an additional insured or loss payee under any property insurance maintained by the Borrower or any of its Subsidiaries, and (C) the Collateral Agent agrees that the Borrower and its Subsidiaries shall have the sole right to adjust or settle any claims under such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Taxes</u>. Except as would not reasonably be expected to have a Material Adverse Effect, the Borrower will pay and discharge, and will cause each of the Restricted Subsidiaries to pay and discharge, all material Taxes imposed upon it (including in its capacity as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful material claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably be expected to become a material Lien upon any properties of the Borrower or any of the Restricted Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Preservation of Existence; Consolidated Corporate Franchises</u>. The Borrower will, and will cause each Material Subsidiary to, take all actions necessary (a) to preserve and keep in full force and effect its existence, organizational rights and authority and (b) to maintain its rights, privileges (including its good standing (if applicable)), permits, licenses and franchises necessary in the normal conduct of its business, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; <u>provided</u>, <u>however</u>, that the Borrower and its Subsidiaries may consummate any transaction permitted under Permitted Investments and <u>Sections 10.2</u>, <u>10.3</u>, or <u>10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Statutes, Regulations, Etc</u>. The Borrower will, and will cause each Restricted Subsidiary to, (a) comply with all applicable laws, rules, regulations, and orders applicable to it or its property, including, without limitation, the Patriot Act the rules and regulations promulgated thereunder, and all governmental approvals or authorizations required to conduct its business, and to maintain all such governmental approvals or authorizations in full force and effect, (b) comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by Environmental Laws, (c) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal, and other actions required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, other than such orders and directives which are being timely contested in good faith by proper proceedings and (d) comply in all material respects with all Sanctions and applicable laws administered by OFAC or the FCPA, except in each case of clauses (a), (b), and (c) of this <u>Section 9.6</u>, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. (a) The Borrower will furnish to the Administrative Agent promptly following receipt thereof, copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may request with respect to any Multiemployer Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; <u>provided</u> that if the Credit Parties or any of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Credit Parties shall promptly make a request for such documents or notices from such administrator or sponsor and the Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; <u>provided</u>, <u>further</u>, that the rights granted to the Administrative Agent in this <u>Section 9.7(a)</u> shall be exercised not more than once with respect to the same Multiemployer Plan during any applicable plan year, and (b) the Borrower will notify the Administrative Agent promptly following the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events or Foreign Plan Events that have occurred, would reasonably be expected to result in liability of any Credit Party that would reasonably be expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Maintenance of Properties</u>. The Borrower will, and will cause each of the Restricted Subsidiaries to, keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear, casualty, and condemnation excepted, except in each case to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9&nbsp;&nbsp;&nbsp;&nbsp;<u>End of Fiscal Years</u>. The Borrower will, for financial reporting purposes, cause each of its, and each of the Restricted Subsidiaries', fiscal years to end on dates consistent with past practice; <u>provided</u>, <u>however</u>, that the Borrower may, upon written notice to the Administrative Agent change the financial reporting convention specified above to (x) align the dates of such fiscal year and for any Restricted Subsidiary whose fiscal years end on dates different from those of the Borrower or (y) any other financial reporting convention (including a change of fiscal year) reasonably acceptable (such consent not to be unreasonably withheld, conditioned, or delayed) to the Administrative Agent, in which case the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Guarantors and Grantors</u>. Subject to the Perfection Exceptions and any applicable limitations set forth in the Security Documents, the Borrower will cause each direct or indirect Subsidiary (other than any Excluded Subsidiary) formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition), and each other Subsidiary that ceases to constitute an Excluded Subsidiary, within 60 days from the date of such formation, acquisition or cessation, as applicable (or such longer period as the Administrative Agent may agree in its reasonable discretion), and the Borrower may at its option cause any Domestic Subsidiary (other than any Excluded Subsidiary), to execute a supplement to each of the Guarantee, the Pledge Agreement and the Security Agreement in order to become a Guarantor under the Guarantee and a grantor under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its assets to substantially the same extent as created and perfected by the Credit Parties on the Closing Date and pursuant to <u>Section 9.13(d)</u> in the case of such Credit Parties. For the avoidance of doubt, no Credit Party or any Restricted Subsidiary that is a Domestic Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any state thereof, or the District of Columbia).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Pledge of Additional Stock and Evidence of Indebtedness</u>. Subject to the Perfection Exceptions and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would reasonably be expected to result in material adverse Tax consequences as reasonably determined by the Borrower in consultation with the Administrative Agent, the Borrower will and will cause its Restricted Subsidiaries to deliver to the Collateral Agent (i) all certificates constituting Collateral and representing Capital Stock and Stock Equivalents of any Restricted Subsidiary (other than any Excluded Stock and Stock Equivalents) held directly by the Borrower or any other Credit Party, (ii) all evidences of Indebtedness constituting Collateral in excess of $10,000,000 received by the Borrower or any of the Guarantors in connection with any disposition of assets, and (iii) any promissory notes constituting Collateral and executed after the Closing Date evidencing Indebtedness in excess of $10,000,000 that is owing to the Borrower or any other Credit Party, in each case, to be delivered to the Collateral Agent as security for the Obligations accompanied by undated instruments of transfer executed in blank pursuant to the terms of the Security Documents. Notwithstanding the foregoing any promissory note among the Borrower and/or its Subsidiaries need not be delivered to the Collateral Agent so long as (i) a global intercompany note (including the Global Intercompany Note) superseding such promissory note has been delivered to the Collateral Agent, and (ii) such promissory note is not delivered to any other party other than the Borrower or any other Credit Party, in each case, owed money thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Proceeds.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will use Letters of Credit and Revolving Loans for working capital and general corporate purposes (including any transaction not prohibited by the Credit Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the Perfection Exceptions and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse Tax consequences as reasonably determined by the Borrower in good faith and notified in writing to the Administrative Agent, if any assets (other than Excluded Property) (including any real estate or improvements thereto or any interest therein but excluding Capital Stock and Stock Equivalents of any Subsidiary) with a book value in excess of $10,000,000 (at the time of acquisition) are acquired by the Borrower or any other Credit Party after the Closing Date (other than assets constituting Collateral under a Security Document that become subject to the Lien of the applicable Security Document upon acquisition thereof) that are of a nature secured by a Security Document or that constitute a fee interest in real property in the United States, the Borrower will notify the Collateral Agent, and, if requested by the Collateral Agent, the Borrower will cause such assets to be subjected to a Lien securing the Obligations and will take, and cause the other applicable Credit Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent, as soon as commercially reasonable but in no event later than 90 days following the acquisition thereof, unless extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in <u>clause (a)</u> of this <u>Section 9.13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Any Mortgage delivered to the Administrative Agent in accordance with the preceding <u>clause (b)</u> shall, if requested by the Collateral Agent, be received as soon as commercially reasonable but in no event later than 90 days following the acquisition of any Mortgaged Property (except as set forth in the preceding <u>clause (b)</u>), unless extended by the Administrative Agent acting reasonably and accompanied by (x) a policy or policies (or an unconditional binding commitment therefor to be replaced by a final title policy) of title insurance (each a "**Title Policy**") issued by a nationally recognized title insurance company, in such amounts as reasonably acceptable to the Administrative Agent not to exceed the book value of the applicable Mortgaged Property, insuring the Lien of each Mortgage as a valid first Lien on the Mortgaged Property described therein, free of any other Liens except as expressly permitted by <u>Section 10.2</u> or as otherwise permitted by the Administrative Agent and otherwise in form and substance reasonably acceptable to the Administrative Agent and the Borrower, together with such endorsements, coinsurance and reinsurance as the Administrative Agent may reasonably request but only to the extent such endorsements are (i) available in the relevant jurisdiction (<u>provided</u> in no event shall the Administrative Agent request a creditors' rights endorsement) and (ii) available at commercially reasonable rates, (y) an opinion of local counsel to the applicable Credit Party in form and substance reasonably acceptable to the Administrative Agent (with respect to, among other things, enforceability and due authorization, execution and delivery of the applicable Mortgage), (z) a completed "Life-of-Loan" Federal Emergency Management Agency Standard Flood Hazard Determination, and if any improvements on such Mortgaged Property are located in a special flood hazard area, (i) a notice about special flood hazard area status and flood disaster assistance duly executed by the applicable Credit Parties and (ii) certificates of insurance evidencing the insurance required by <u>Section 9.3</u> in form and substance reasonably satisfactory to the Administrative Agent, each of which shall (I) be endorsed or otherwise amended to include a "standard" or "New York" lender's loss payable or mortgagee endorsement (as applicable), (II) name the

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Collateral Agent, on behalf of the Secured Parties, as additional insured or loss payee/mortgagee (as applicable), (III) identify the address of each property located in a special flood hazard area, indicate the applicable flood zone designation, the flood insurance coverage and the deductible relating thereto, (IV) provide that the insurer will give the Administrative Agent 45 days' written notice of cancellation or non-renewal and (V) shall be otherwise in form and substance reasonably satisfactory to the Administrative Agent, and (aa) an ALTA survey in a form and substance reasonably acceptable to the Collateral Agent or such existing survey together with a no-change affidavit sufficient for the title company to remove all standard survey exceptions from the Title Policy related to such Mortgaged Property and issue the endorsements required in <u>clause (x)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Post-Closing Covenant</u>. The Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on <u>Schedule 9.13</u> as soon as commercially reasonable and by no later than the date set forth in <u>Schedule 9.13</u> with respect to such action or such later date as the Administrative Agent may reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this <u>Section 9.13</u> or in any other Credit Document to the contrary, (i) prior to any real property of any Credit Party becoming subject to a Mortgage in favor of the Collateral Agent (A) the Borrower shall give not less than forty-five (45) prior written notice to the Lenders and (B) each Lender shall have provided written confirmation to the Collateral Agent of completion of its flood insurance due diligence and flood insurance compliance and (ii) any increase, extension or renewal of the Credit Facility shall, other than in connection with a Limited Condition Transaction, be subject to flood insurance due diligence and flood insurance compliance reasonably satisfactory to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Lines of Business</u>. The Borrower and its Restricted Subsidiaries, taken as a whole, will not fundamentally and substantively alter the character of their business, taken as a whole, from the business conducted by the Borrower and the Subsidiaries, taken as a whole, on the Closing Date and other business activities which are extensions thereof or otherwise incidental, synergistic, reasonably related, or ancillary to any of the foregoing (and non-core incidental businesses acquired in connection with any Permitted Acquisition or Permitted Investment). For the avoidance of doubt, this <u>Section 9.14</u> shall not prohibit the Borrower and its Subsidiaries from the making of Investments pursuant to <u>clause (xxiv)</u> of the definition of "Permitted Investments" and activities attendant thereto.

Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Negative Covenants</u>

The Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Commitments and each Letter of Credit have terminated or been collateralized in accordance with the terms of this Agreement and the Loans and Unpaid Drawings, together with interest, Fees, and all other Obligations incurred hereunder (other than contingent indemnity obligations, Secured Hedge Obligations and Secured Cash Management Obligations and Letters of Credit, collateralized in accordance with the terms of this Agreement), are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Indebtedness</u>. The Borrower will not, and will not permit any Restricted Subsidiary to create, incur, issue, assume, guarantee or otherwise become liable, contingently or otherwise (collectively, "**incur**" and collectively, an "**incurrence**") with respect to any Indebtedness (including Acquired Indebtedness) and the Borrower will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock; <u>provided</u> that the Borrower and its Restricted Subsidiaries may incur Indebtedness (including Acquired Indebtedness), if, after giving effect thereto on a Pro Forma Basis as of the last day of the most recently ended Test Period, (i) if such Indebtedness is secured, the Consolidated Secured Debt to Consolidated EBITDA Ratio would not exceed 3.00 to 1.00, and (ii) if such Indebtedness is unsecured, the Consolidated Total Debt to Consolidated EBITDA Ratio would not exceed 5.00 to 1.00 (collectively, "**Ratio Indebtedness**"); <u>provided</u>, <u>further</u>, that (1) the amount of Ratio Indebtedness (other than Acquired Indebtedness), that may be incurred pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors, together with, without duplication, any amounts incurred under <u>Section 10.1(m)(x)</u> by Restricted Subsidiaries that are not Guarantors and any amounts incurred pursuant to <u>clause (q)</u> below, shall not exceed, an outstanding principal amount equal to the greater of (x) $91,500,000 and (y) 35.0% of TTM Consolidated EBITDA, (2) other than any Qualifying Bridge Loans, the final maturity date of such Ratio Indebtedness shall be no earlier than (x) the date that is ninety-one (91) days after the Revolving Credit Maturity Date and (y) the maturity date of any then-existing Incremental Term Loans (except that,

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in the case of this <u>clause (2)</u>, customary term "a" loans provided by commercial banks shall not have a final maturity date earlier than the Revolving Credit Maturity Date), (2) other than any Qualifying Bridge Loans, the Weighted Average Life to Maturity of such Ratio Indebtedness shall be no less than the remaining Weighted Average Life to Maturity of any then-outstanding Term Loans, (3) the terms applicable to such Ratio Indebtedness shall comply with the Required Additional Debt Terms and (4) if such Ratio Indebtedness is secured, such Ratio Indebtedness shall be subject to a Permitted First Lien Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable.

The foregoing limitations will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness arising under the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Permitted Incremental Equivalent Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> to the Disclosure Letter and (ii) intercompany Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> to the Disclosure Letter; <u>provided</u> that any such Indebtedness owing to a Subsidiary that is not a Credit Party shall be subordinated in right of payment to the Obligations and to the Guarantee of such Guarantor as the case may be, in each case pursuant to the subordination provisions of the Global Intercompany Note or on terms at least as favorable to the Lenders as those set forth in the Global Intercompany Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness (including Capitalized Lease Obligations) and/or Disqualified Stock, to finance the purchase, lease, construction, installation, maintenance, replacement or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and Indebtedness arising from the conversion of the obligations of the Borrower or any Restricted Subsidiary under or pursuant to any "synthetic lease" transactions to on-balance sheet Indebtedness of the Borrower or such Restricted Subsidiary, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness, and Disqualified Stock then outstanding and incurred pursuant to this <u>clause (d)</u> and all Refinancing Indebtedness incurred to refinance any other Indebtedness, and/or Disqualified Stock incurred pursuant to this <u>clause (d)</u>, does not exceed $500,000,000 in the aggregate, determined at the time of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness incurred by the Borrower or any Restricted Subsidiary (including letter of credit obligations consistent with past practice constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business), in respect of workers' compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement or indemnification type obligations regarding workers' compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness arising from agreements of the Borrower or a Restricted Subsidiary providing for indemnification, adjustment of purchase price, holdback amounts, escrowed amounts, earnout, milestone payments, or other deferred purchase price obligations, in each case, incurred or assumed in connection with any Permitted Investment, including the acquisition or disposition of any business, assets or a Subsidiary or other Person (other than guarantees of Indebtedness incurred by any Person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower to a Restricted Subsidiary; <u>provided</u> that any such Indebtedness owing to a Restricted Subsidiary that is not the Borrower or a Guarantor is subordinated in right of payment to the Borrower's Guarantee pursuant to the subordination provisions of the Global Intercompany Note or on terms at least as favorable to the Lenders as those set forth in the Global Intercompany Note; <u>provided</u>, <u>further</u>, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except

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to another Restricted Subsidiary) shall be deemed, in each case to be an incurrence of such Indebtedness not permitted by this <u>clause (g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of a Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary; <u>provided</u> that if the Borrower or a Guarantor incurs such Indebtedness owing to a Restricted Subsidiary that is not the Borrower or a Guarantor, such Indebtedness is subordinated in right of payment to the Obligations and to the Guarantee of such Guarantor as the case may be, in each case pursuant to the subordination provisions of the Global Intercompany Note or on terms at least as favorable to the Lenders as those set forth in the Global Intercompany Note; <u>provided</u>, <u>further</u>, that any subsequent transfer of any such Indebtedness (except to the Borrower or another Restricted Subsidiary) shall be deemed, in each case to be an incurrence of such Indebtedness not permitted by this <u>clause (h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Hedging Obligations (excluding Hedging Obligations resulting from Hedge Agreements entered into for speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;obligations in respect of self-insurance, performance, bid, appeal, and surety bonds and completion guarantees and similar obligations provided by the Borrower or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business, or pursuant to any appeal obligation, appeal bond or letter of credit in respect of judgments that do not constitute an Event of Default under <u>Section 11.10</u>.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;(i) so long as no Default or Event of Default has occurred and is continuing or would result therefrom, unsecured Indebtedness and/or Disqualified Stock of the Borrower or any Restricted Subsidiary in an aggregate principal amount up to 100% of the primary equity proceeds received by the Borrower upon the consummation of its IPO from the issue or sale of Equity Interests of the Borrower (in each case, other than proceeds of Disqualified Stock or sales of Equity Interests to the Borrower or any of its Subsidiaries) to the extent Not Otherwise Applied and (ii) Indebtedness and/or Disqualified Stock of the Borrower or any Restricted Subsidiary not otherwise permitted hereunder in an aggregate principal amount which when aggregated with the principal amount of all other Indebtedness and Disqualified Stock then outstanding and incurred pursuant to this <u>clause (k)(ii)</u>, does not exceed $25,000,000 in the aggregate (it being understood that any Indebtedness or Disqualified Stock incurred pursuant to this <u>clause (k)(ii)</u> shall cease to be deemed incurred or outstanding for purposes of this <u>clause (k)(ii)</u> but shall be deemed incurred for the purposes of the first paragraph of this <u>Section 10.1</u> from and after the first date on which the Borrower or such Restricted Subsidiary could have incurred such Indebtedness or Disqualified Stock under the first paragraph of this <u>Section 10.1</u> without reliance on this <u>clause (k)(ii)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the incurrence or issuance by the Borrower or any Restricted Subsidiary of Indebtedness or Disqualified Stock which serves to refinance any Indebtedness or Disqualified Stock incurred as permitted under the first paragraph of this <u>Section 10.1</u> and <u>clause (c)</u> above, <u>clause (k)(i)</u>, this <u>clause (l)</u> and <u>clause (m)</u> below or any Indebtedness or Disqualified Stock issued to so refinance, replace, refund, extend, renew, defease, restructure, amend, restate or otherwise modify (collectively, "**refinance**") such Indebtedness or Disqualified Stock (the "**Refinancing Indebtedness**") prior to its respective maturity; <u>provided</u>, that such Refinancing Indebtedness (1) other than any Qualifying Bridge Loans, has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the remaining Weighted Average Life to Maturity of the Indebtedness or Disqualified Stock being refinanced, (2) to the extent such Refinancing Indebtedness refinances (i) Indebtedness that is unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, such Refinancing Indebtedness is unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, (ii) Disqualified Stock, such Refinancing Indebtedness must be Disqualified Stock, and (iii) Indebtedness subordinated to the Obligations, such Refinancing Indebtedness is subordinated to the Obligations at least to the same extent as the Indebtedness being refinanced and (3) shall not include Indebtedness, Disqualified Stock of a Subsidiary of the Borrower that is not a Guarantor that refinances Indebtedness, Disqualified Stock of the Borrower or a Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness or Disqualified Stock of (x) the Borrower or a Restricted Subsidiary incurred or issued to finance an acquisition, merger, or consolidation; <u>provided</u> that the amount of Indebtedness (other than Acquired Indebtedness) or Disqualified Stock that may be incurred pursuant to the foregoing, together with, without

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duplication, any amounts incurred under the first paragraph of this <u>Section 10.1</u>, by Restricted Subsidiaries that are not Guarantors and any amounts incurred pursuant to <u>clause (q)</u> below, shall not exceed an outstanding principal amount equal to the greater of (i) $91,500,000 and (ii) 35.0% of TTM Consolidated EBITDA, determined at the time of incurrence, or (y) Persons that are acquired by the Borrower or any Restricted Subsidiary or merged into or consolidated with the Borrower or a Restricted Subsidiary in accordance with the terms hereof (including designating an Unrestricted Subsidiary a Restricted Subsidiary), in each case, to the extent not incurred in connection with, or in contemplation of, such acquisition, merger, consolidation, or designation; <u>provided</u> <u>further</u> that for the purposes of each of <u>clauses (x)</u> and <u>(y)</u> above, after giving effect to any such acquisition, merger, consolidation or designation, (A) if such Indebtedness is secured, the Consolidated Secured Debt to Consolidated EBITDA Ratio (calculated on a Pro Forma Basis) would not exceed 3.00 to 1.00, and (B) if such Indebtedness is unsecured, the Consolidated Total Debt to Consolidated EBITDA Ratio (calculated on a Pro Forma Basis) shall be would not exceed 5.00 to 1.00; <u>provided</u> <u>further</u> that, in the case of Indebtedness incurred pursuant to <u>clause (x)</u> above, (1) other than any Qualifying Bridge Loans, the final maturity date of such Indebtedness shall be no earlier than (A) the date that is ninety-one (91) days after the Revolving Credit Maturity Date and (B) the maturity date of any then-existing Incremental Term Loans (except that, in the case of this <u>clause (1)</u>, customary term "a" loans provided by commercial banks shall not have a final maturity date earlier than the Revolving Credit Maturity Date), (2) other than any Qualifying Bridge Loans, the Weighted Average Life to Maturity of such Permitted Incremental Equivalent Debt shall be no less than the remaining Weighted Average Life to Maturity of any then-outstanding Term Loans, (3) the terms applicable to such Indebtedness shall comply with the Required Additional Debt Terms and (4) if such Indebtedness is secured, such Indebtedness shall be subject to a Permitted First Lien Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness of the Borrower or any Restricted Subsidiary supported by a letter of credit, in a principal amount not in excess of the stated amount of such letter of credit so long as such letter of credit is otherwise permitted to be incurred pursuant to this <u>Section 10.1</u> or (ii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Subsidiary of the Borrower to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;(1) any guarantee by the Borrower or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary so long as in the case of a guarantee of Indebtedness of a Restricted Subsidiary that is not a Guarantor such Indebtedness could have been incurred directly by the Restricted Subsidiary providing such guarantee and, in the case of a guarantee by a Credit Party of Indebtedness of a non-Credit Party Restricted Subsidiary, such guarantee is permitted by <u>Section 10.4</u> (other than pursuant to clause (x) of the definition of "Permitted Investments") or (2) any guarantee by a Restricted Subsidiary of Indebtedness of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of Restricted Subsidiaries that are not Guarantors in an amount, together with, without duplication, any amounts incurred under the first paragraph of this <u>Section 10.1</u> and clause (m) above, in each case, by Restricted Subsidiaries that are not Guarantors, not to exceed an aggregate outstanding principal amount equal to the greater of (x) $91,500,000 and (y) 35.0% of TTM Consolidated EBITDA determined at the time of incurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower or any of the Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take or pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness of the Borrower or any of the Restricted Subsidiaries undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business, including with respect to financial accommodations of the type described in the definition of "Cash Management Services" and (ii) Indebtedness owed on a short term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of the Borrower and its Restricted Subsidiaries

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with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Borrower and its Restricted Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness consisting of Indebtedness issued by the Borrower or any of the Restricted Subsidiaries to future, current or former officers, directors, managers, consultants and employees thereof and their respective estates, spouses and former spouses, in each case to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent company of the Borrower to the extent described in <u>clause (4)</u> of <u>Section 10.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness of the Borrower or any Restricted Subsidiary of the Borrower that is incurred in connection with lease agreements where such entity is considered the owner for accounting purposes only, or build-to-suit leases, to the extent such entity is involved in the construction of structural improvements or takes construction risk prior to commencement of a lease where such entity does not meet the sale-leaseback criteria for derecognition of the building assets and liability, incurred in the ordinary course of business, and which in all cases is characterized on the Borrower's balance sheet as "Lease Financing Obligations" or any replacement term in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;any Swap Obligation, <u>provided</u>, that such obligations are entered into in order to effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment, or to hedge currency exposure or to hedge energy costs or exposure, which, in any case, are not entered into for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the consummation of an IPO, Subordinated Permitted Convertible Indebtedness of the Borrower or any Restricted Subsidiary that is a Guarantor, so long as (x) after giving effect to such Permitted Convertible Indebtedness, no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) following consummation of an IPO, Permitted Convertible Indebtedness of the Borrower or any Restricted Subsidiary that is a Guarantor, in an aggregate principal amount not exceeding $1,000,000,000 at any time outstanding, so long as (x) after giving effect to such Permitted Convertible Indebtedness on a Pro Forma Basis, the Borrower is in compliance with the covenant set forth in <u>Section 10.7</u>, (y) at the time of incurrence of such Permitted Convertible Indebtedness the Revolving Credit Facility is undrawn and (z) no Default or Event of Default has occurred and is continuing or would result therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp; so long as no Default or Event of Default has occurred and is continuing or would result therefrom, other unsecured Indebtedness in an aggregate principal amount not exceeding $2,000,000,000 at any time outstanding; <u>provided</u> that, (1) other than any Qualifying Bridge Loans, the final maturity date of such Indebtedness shall be no earlier than (x) the date that is ninety-one (91) days after the Revolving Credit Maturity Date and (y) the maturity date of any then-existing Incremental Term Loans (except that, in the case of this <u>clause (1)</u>, customary term "a" loans provided by commercial banks shall not have a final maturity date earlier than the Revolving Credit Maturity Date), (2) other than any Qualifying Bridge Loans, the Weighted Average Life to Maturity of such Indebtedness shall be no less than the remaining Weighted Average Life to Maturity of any then-outstanding Term Loans, (3) the terms applicable to such Indebtedness shall comply with the Required Additional Debt Terms and (4) if such Indebtedness is secured, such Indebtedness shall be subject to a Permitted First Lien Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)&nbsp;&nbsp;&nbsp;&nbsp;(i) guarantees incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licenses, sub-licenses and distribution partners and (ii) Indebtedness incurred by the Borrower or any Subsidiary as a result of operating leases entered into by the Borrower or any direct or indirect parent of the Borrower in the ordinary course of business.

For purposes of determining compliance with this <u>Section 10.1</u>: (i) in the event that an item of Indebtedness or Disqualified Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness or Disqualified Stock described in <u>clauses (a)</u> through <u>(z)</u> above or is entitled to be incurred pursuant to the first paragraph of this <u>Section 10.1</u>, the Borrower, in its sole discretion, will classify and may reclassify (including within the definition of "Maximum Incremental Facilities Amount") such item of Indebtedness or

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Disqualified Stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness or Disqualified Stock in one of the above clauses or paragraphs; and (ii) at the time of incurrence, the Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in this <u>Section 10.1</u>.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness or Disqualified Stock will not be deemed to be an incurrence of Indebtedness or Disqualified Stock for purposes of this covenant. Any Refinancing Indebtedness and any Indebtedness incurred to refinance Indebtedness incurred pursuant to <u>clauses (a), (c)</u> and <u>(l)(i)</u> above shall be deemed to include additional Indebtedness or Disqualified Stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, fees, and expenses in connection with such refinancing.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in another currency, and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums, and other costs and expenses and accrued and unpaid interest incurred in connection with such refinancing.

The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Liens</u>. The Borrower will not, and will not permit any of the Restricted Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any property or assets of any kind (real or personal, tangible or intangible) of the Borrower or any Restricted Subsidiary, whether now owned or hereafter acquired (each, a "**Subject Lien**") that secures obligations under any Indebtedness on any asset or property of the Borrower or any Restricted Subsidiary, except if such Subject Lien is a Permitted Lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Fundamental Changes</u>. The Borrower will not, and will not permit any of the Restricted Subsidiaries to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Event of Default has occurred and is continuing or would result therefrom, any Subsidiary of the Borrower or any other Person may be merged, amalgamated or consolidated with or into the Borrower; <u>provided</u> that (A) the Borrower shall be the continuing or surviving corporation or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not the Borrower (such other Person, the "**Successor Borrower**"), (1) the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, or the District of Columbia, (2) the Successor Borrower shall expressly assume all the obligations of the Borrower under this Agreement and the other Credit Documents pursuant to a supplement hereto or thereto or in a form otherwise reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation, shall have by a supplement to the Guarantee confirmed that its guarantee thereunder shall apply to any Successor Borrower's obligations under this

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Agreement, (4) each Subsidiary grantor and each Subsidiary pledgor, unless it is the other party to such merger, amalgamation or consolidation, shall have by a supplement to any applicable Security Document affirmed that its obligations thereunder shall apply to its Guarantee as reaffirmed pursuant to <u>clause (3)</u>, (5) each mortgagor of a Mortgaged Property, unless it is the other party to such merger, amalgamation or consolidation, shall have affirmed that its obligations under the applicable Mortgage shall apply to its Guarantee as reaffirmed pursuant to <u>clause (3)</u>, and (6) the Successor Borrower shall have delivered to the Administrative Agent (x) an officer's certificate stating that such merger, amalgamation, or consolidation and such supplements preserve the enforceability of the Guarantee and the perfection and priority of the Liens under the applicable Security Documents and (y) if requested by the Administrative Agent, an opinion of counsel to the effect that such merger, amalgamation, or consolidation does not violate this Agreement or any other Credit Document and that the provisions set forth in the preceding <u>clauses (3)</u> through <u>(5)</u> preserve the enforceability of the Guarantee and the perfection of the Liens created under the applicable Security Documents (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Borrower under this Agreement); <u>provided</u>, <u>further</u>, that the Borrower agrees to provide any documentation and other information about the Successor Borrower as shall have been reasonably requested in writing by any Lender through the Administrative Agent that such Lender shall have reasonably determined is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Event of Default has occurred and is continuing or would result therefrom, any Subsidiary of the Borrower or any other Person (in the latter case, other than the Borrower) may be merged, amalgamated or consolidated with or into any one or more Subsidiaries of the Borrower; <u>provided</u> that (i) in the case of any merger, amalgamation or consolidation involving one or more Restricted Subsidiaries, (A) a Restricted Subsidiary shall be the continuing or surviving Person or (B) the Borrower shall cause the Person formed by or surviving any such merger, amalgamation or consolidation (if other than a Restricted Subsidiary) to become a Restricted Subsidiary, and (ii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation and if the surviving Person is not already a Guarantor, such Person shall execute a supplement to the Guarantee and the relevant Security Documents in form and substance reasonably satisfactory to the Administrative Agent in order to become a Guarantor and pledgor, mortgagor and grantor, as applicable, thereunder for the benefit of the Secured Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary may merge, dissolve, liquidate, amalgamate, consolidate with or into another Person or dispose of its assets if (i) such transaction is undertaken in good faith to improve the tax efficiency of the Borrower and its Subsidiaries, (ii) after giving effect to such transaction, each of the security interest of the Collateral Agent in the Collateral, taken as a whole, and the value of the Guarantees, taken as a whole, is not materially impaired and (iii) to the extent such Restricted Subsidiary is a Credit Party, any assets of such Restricted Subsidiary not otherwise disposed of or transferred in accordance with <u>Section 10.4</u> or, in the case of any such business, not discontinued, shall be transferred to, or otherwise owned or conducted by, a Credit Party after giving effect to such dissolution, liquidation, amalgamation, consolidation or disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;(i) any Restricted Subsidiary that is not a Credit Party may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to the Borrower or any other Restricted Subsidiary or (ii) any Credit Party (other than the Borrower) may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to any other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any Subsidiary may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to a Credit Party; <u>provided</u> that the consideration for any such disposition by a Credit Party to any Person other than a Credit Party shall not exceed the fair value of such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;any Restricted Subsidiary (in each case, other than the Borrower) may liquidate or dissolve if (i) the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (ii) to the extent such Restricted Subsidiary is a Credit Party,

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any assets of such Restricted Subsidiary not otherwise disposed of or transferred in accordance with <u>Section 10.4</u> or, in the case of any such business, not discontinued, shall be transferred to, or otherwise owned or conducted by, a Credit Party after giving effect to such liquidation or dissolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower and its Restricted Subsidiaries may consummate a merger, dissolution, liquidation, consolidation, investment or conveyance, sale, lease, assignment or disposition, the purpose of which is to effect an Asset Sale (which for purposes of this <u>Section 10.3(g)</u>, will include any disposition below the Dollar threshold set forth in clause (d) of the definition of "Asset Sale") permitted by <u>Section 10.4</u> or an investment permitted pursuant to <u>Section 10.4</u> or an investment that constitutes a Permitted Investment; <u>provided</u>, that, for the avoidance of doubt, in no event shall the Borrower consummate a merger, dissolution, liquidation, amalgamation or consolidation unless the terms set forth in <u>Section 10.3(a)</u> shall have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower and its Subsidiaries may undertake or consummate any IPO Reorganization Transactions and any transaction related thereto or contemplated thereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower or any Restricted Subsidiary may change its legal form; <u>provided</u>, that, if either the Borrower or such Restricted Subsidiary was organized under the laws of the United States, any state thereof, or the District of Columbia immediately prior to such change, then such entity shall remain 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;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Restricted Payments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;declare or pay any dividend or make any payment or distribution on account of the Borrower's or any Restricted Subsidiary's Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;dividends or distributions by the Borrower payable in Equity Interests (other than Disqualified Stock) of the Borrower or in options, warrants or other rights to purchase such Equity Interests, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;dividends, payments or distributions by a Restricted Subsidiary so long as, in the case of any dividend, payment or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly-Owned Subsidiary, the Borrower or a Restricted Subsidiary receives at least its pro rata share of such dividend, payment or distribution in accordance with its Equity Interests in such class or series of 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;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Borrower or any direct or indirect parent company of the Borrower, including in connection with any merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Borrower or any Restricted Subsidiary, other than (A) Indebtedness permitted under <u>clauses (g)</u> and/or <u>(h)</u> of <u>Section 10.1</u> or (B) the purchase, repurchase or other acquisition of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;make any Restricted Investment;

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(all such payments and other actions set forth in clauses (1) and (2) above (other than any exception thereto) being collectively referred to as "Restricted Dividends", and all such payments and other actions set forth in <u>clauses (1)</u> through <u>(4)</u> above (other than any exception thereto) being collectively referred to as "**Restricted Payments**"), unless, at the time of such Restricted Payment:

&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)&nbsp;&nbsp;&nbsp;&nbsp;no Event of Default shall have occurred and be continuing or would occur as a consequence thereof; 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Borrower and its Restricted Subsidiaries after the Closing Date (including Restricted Payments permitted by <u>clauses (1)</u>, <u>(2)</u> (with respect to the payment of dividends on Refunding Capital Stock pursuant to <u>clause (b)</u> thereof only), and <u>(6)(C)</u> of <u>Section 10.4(b)</u> below, but excluding all other Restricted Payments permitted by <u>Section 10.4(b)</u>), is less than the sum of (without duplication) (the sum of the amounts attributable to <u>clauses (A)</u> through <u>(D)</u> below is referred to herein as the "**Available 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;100% of the aggregate net cash proceeds and the Fair Market Value of marketable securities or other property received by the Borrower since immediately after the Closing Date (other than to the extent such net cash proceeds are Not Otherwise Applied) from the issue or sale of (x) Equity Interests of the Borrower, including Retired Capital Stock (but excluding cash proceeds and the Fair Market Value of marketable securities or other property received from the sale of (A) Equity Interests to any employee, director, officer, manager, consultant or independent contractor of the Borrower, any direct or indirect parent company of the Borrower and the Borrower's Subsidiaries after the Closing Date to the extent such amounts have been applied to Restricted Payments made in accordance with <u>clause (4)</u> of <u>Section 10.4(b)</u> below, (B) Designated Preferred Stock, and (C) Equity Interests in connection with an initial IPO of the Borrower, an IPO Entity or any Parent Entity and, to the extent such net cash proceeds are actually contributed to the Borrower, Equity Interests of any direct or indirect parent company of the Borrower (excluding contributions of the proceeds from the sale of Designated Preferred Stock of such companies or contributions to the extent such amounts have been applied to Restricted Payments made in accordance with <u>clause (4)</u> of <u>Section 10.4(b)</u> below)), or (y) Indebtedness of the Borrower or a Restricted Subsidiary that has been converted into or exchanged for such Equity Interests of the Borrower or any direct or indirect parent company of the Borrower to the extent such net cash proceeds are Not Otherwise Applied; <u>provided</u> that this <u>clause (A)</u> shall not include the proceeds from (a) Refunding Capital Stock, (b) Equity Interests or Indebtedness that has been converted or exchanged for Equity Interests of the Borrower sold to a Restricted Subsidiary or the Borrower, as the case may be or (c) Disqualified Stock or Indebtedness that has been converted or exchanged into Disqualified Stock, *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;100% of the aggregate amount of cash and the Fair Market Value of marketable securities or other property contributed to the capital of the Borrower following the Closing Date (including the original principal amount of any Indebtedness (and accrued interest) contributed to the Borrower or its Subsidiaries for cancellation) or that becomes part of the capital of the Borrower through consolidation or merger following the Closing Date, in each case, not involving cash consideration payable by the Borrower on account thereof (other than to the extent such net cash proceeds (i) have been used to incur Indebtedness or Disqualified Stock pursuant to <u>clause (k)(i)</u> of <u>Section 10.1</u>, (ii) are contributed by a Restricted Subsidiary or (iii) to the extent Not Otherwise Applied), *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;100% of the aggregate amount received in cash and the Fair Market Value of marketable securities or other property (to the extent not otherwise included in Consolidated Net Income) (up to the amount of the original investment) received by means of the sale or other disposition (other than to the Borrower or a Restricted Subsidiary) of Restricted Investments made by the Borrower and its Restricted Subsidiaries (including cash distributions and cash interest, in

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each case, received in respect of Restricted Investments) and repurchases and redemptions of such Restricted Investments from the Borrower and its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Borrower or the Restricted Subsidiaries, in each case, after the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The foregoing provisions of <u>Section 10.4(a)</u> will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;(a) the redemption, repurchase, retirement or other acquisition of any Equity Interests ("**Retired Capital Stock**") or Subordinated Indebtedness of the Borrower or any Restricted Subsidiary, or any Equity Interests of any direct or indirect parent company of the Borrower, in exchange for, or out of the proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary) of, Equity Interests of the Borrower or any direct or indirect Parent Entity or management investment vehicle to the extent contributed to the Borrower (in each case, other than any Disqualified Stock) ("**Refunding Capital Stock**") and (b) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under <u>clause (6)</u> of this <u>Section 10.4(b)</u>, the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent company of the Borrower) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Subordinated Indebtedness of the Borrower or a Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Borrower, or a Restricted Subsidiary, as the case may be, which is incurred in compliance with <u>Section 10.1</u> so long as: (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on the Subordinated Indebtedness being so redeemed, defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness, (B) if such Subordinated Indebtedness is subordinated to the Obligations, such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value, (C) such new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Subordinated Indebtedness being so redeemed, defeased, repurchased, exchanged, acquired or retired, (D) if such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, acquired or retired for value is (i) unsecured then such new Indebtedness shall be unsecured or (ii) secured by a Lien ranking junior to the Liens securing the Obligations then such new Indebtedness shall be unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, and (E) such new Indebtedness has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, defeased, repurchased, exchanged, acquired or retired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (including, without limitation, restricted stock units) of the Borrower (or any direct or indirect parent company of the Borrower) (other than Disqualified

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Stock) of the Borrower or any direct or indirect parent company of the Borrower or management investment vehicle held by any future, present or former employee, director, officer, manager, consultant or independent contractor of the Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle, or their estates, descendants, family, spouse or former spouse pursuant to any equity incentive plan, management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with such repurchase, retirement or other acquisition), including any Equity Interests rolled over by management of the Borrower or any direct or Parent Entity or management investment vehicle in connection with the Transactions; <u>provided</u> that, the aggregate Restricted Payments made under this <u>clause (4)</u> subsequent to the Closing Date do not exceed $2,000,000,000 in the aggregate; <u>provided</u>, <u>further</u>, that such amount in any calendar year may be increased by an amount not to exceed: (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Borrower and, to the extent contributed to the Borrower, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity or management investment vehicle, in each case to any future, present or former employees, directors, officers, managers, consultants or independent contractors of the Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after the Closing Date, to the extent Not Otherwise Applied, plus (B) the cash proceeds of key man life insurance policies received by the Borrower and its Restricted Subsidiaries after the Closing Date, less (C) the amount of any Restricted Payments previously made pursuant to <u>clauses (A)</u> and <u>(B)</u> of this <u>clause (4)</u>; <u>provided</u>, <u>further</u>, that cancellation of Indebtedness owing to the Borrower or any Restricted Subsidiary from any future, present or former employees, directors, officers, managers, consultants or independent contractors of the Borrower, any direct or indirect Parent Entity or management investment vehicle or any Restricted Subsidiary, or their estates, descendants, family, spouse or former spouse pursuant in connection with a repurchase of Equity Interests of the Borrower or any direct or indirect Parent Entity or management investment vehicle will not be deemed to constitute a Restricted Payment for purposes of this <u>Section 10.4</u> or any other provision 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;[reserved];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;(A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Borrower after the Closing Date; (B) the declaration and payment of dividends to any direct or indirect parent company of the Borrower, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such parent company issued after the Closing Date; <u>provided</u> that the amount of dividends paid pursuant to this <u>clause (B)</u> shall not exceed the aggregate amount of cash actually contributed to the Borrower from the sale of such Designated Preferred Stock; or (C) the declaration and payment of dividends on Refunding Capital Stock in excess of the dividends declarable and payable thereon pursuant to <u>clause (2)</u> of this <u>Section 10.4(b)</u>; <u>provided</u> that, in the case of each of (A), (B), and (C) of this <u>clause (6)</u>, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock, after giving effect to such issuance or declaration on a Pro Forma Basis, the Borrower and its Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this <u>clause (7)</u> that are at the time outstanding, in an aggregate amount outstanding not to exceed $52,200,000 (with the Fair Market Value of each Investment being measured at the time made and without giving effect to

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subsequent changes in value); <u>provided</u>, for the avoidance of doubt, that, in determining the amount of Investments incurred in reliance on this <u>clause (7)</u> at any time, the original amount of any such Investment made in reliance hereon shall not be decreased by any proceeds received from returns, dividends, distributions, interest payments, repayments, or other amount received on any such Investments in any Unrestricted Subsidiaries, nor transfers or other dispositions from any Unrestricted Subsidiary 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;(8)&nbsp;&nbsp;&nbsp;&nbsp;(i) payments made or expected to be made by the Borrower or any Restricted Subsidiary in respect of withholding or similar Taxes payable or expected to be payable by any future, present or former employee, director, officer, manager, consultant or independent contractor of the Borrower or any Restricted Subsidiary of the Borrower (or their respective Affiliates, management investment vehicles, estates, descendants, family members, spouses and former spouses and any trusts, limited liability companies, corporations, partnerships or other entities for the benefit of, or controlled by, any of the foregoing) in connection with the exercise of stock options or the grant, vesting or delivery of Equity Interests (including, without limitation, restricted stock units) of the Borrower (or any direct or indirect parent company of the Borrower) and repurchases of Equity Interests (including, without limitation, restricted stock units) deemed to occur upon the exercise of stock options or the grant, vesting or delivery of Equity Interests to the extent the Equity Interests subject to such repurchase represent a portion of the exercise price of such options or warrants, (ii) payments or other adjustments to outstanding Equity Interests in accordance with any incentive equity plan, management equity plan, stock option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment and (iii) so long as any Restricted Subsidiary is a member of a consolidated, combined or unitary group of which the Borrower (or any direct or indirect parent entity of the Borrower) is the parent for foreign, federal, state, provincial or local income, franchise or similar Tax purposes, or an entity that is disregarded from the Borrower or any member of such group for such Tax purposes, payments the proceeds of which will be used to pay the Tax liability to each foreign, federal, state, provincial or local jurisdiction in respect of which such a Tax return is filed by the Borrower (or any direct or indirect parent entity of the Borrower) that includes the Restricted Subsidiary, to the extent such Tax liability is attributable to the taxable income of such Restricted Subsidiary (or that includes the income from the operations of such Restricted Subsidiary if such Restricted Subsidiary is a disregarded entity); <u>provided</u> that (x) for each taxable period, the amount of such payments made with respect to such taxable period shall not exceed the amount that the relevant Restricted Subsidiary and its Subsidiaries would have been required to pay as a stand-alone Tax group; and (y) the permitted payment pursuant to this <u>clause (iii)</u> with respect to the Taxes of any Unrestricted Subsidiary for any taxable period shall be limited to the amount actually paid by such Unrestricted Subsidiary to the Borrower or any of its Restricted Subsidiaries for the purpose of paying such Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp; other Restricted Dividends in an aggregate principal amount up to 100% of the primary equity proceeds received by the Borrower upon the consummation of its IPO from the issue or sale of Equity Interests of the Borrower (in each case, other than proceeds of Disqualified Stock or sales of Equity Interests to the Borrower or any of its Subsidiaries) to the extent Not Otherwise Applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;other Restricted Dividends; <u>provided</u> that (i) prior to the consummation of an IPO, after giving Pro Forma Effect to such Restricted Dividends, (x) Liquidity shall not be less than $500,000,000 and (y) no Default or Event of Default has occurred and is continuing or would result therefrom, and (ii) following consummation of an IPO, after giving Pro Forma Effect to such Restricted Dividends, (x) Liquidity shall not be less than $250,000,000 and (y) no Default or Event of Default has occurred and is continuing or would result therefrom;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make any payments of cash or deliveries in shares of Common Stock (or other securities or property following a merger event, reclassification or other change of the Common Stock) (and cash in lieu of fractional shares) pursuant to the terms of, and otherwise perform its obligations under, any Permitted Convertible Indebtedness (including, without limitation, making payments of interest and principal thereon, making payments due upon required repurchase thereof and/or making payments and deliveries upon conversion or settlement 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)&nbsp;&nbsp;&nbsp;&nbsp;the repurchase, redemption or other acquisition for value of Equity Interests of the Borrower deemed to occur in connection with paying cash in lieu of fractional shares of such Equity Interests (i) in connection with the exercise of warrants or options if such Equity Interests represent a portion of the exercise price of such options, including to "net exercise" or "net share settle" warrants or options or (ii) in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Borrower, in each case, permitted under 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)&nbsp;&nbsp;&nbsp;&nbsp;the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Borrower or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries the primary assets of which are cash and/or Cash Equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)&nbsp;&nbsp;&nbsp;&nbsp; the payment of the premium or prepayment amount and any other payments in respect of, the exercise of, or the performance of the Borrower's obligations under, any Permitted Call Spread Transaction or any Permitted Forward Agreement, including, in each case in connection with any settlement, unwind, amendment or termination thereof, whether according to the terms thereof 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;(16)&nbsp;&nbsp;&nbsp;&nbsp;payments or distributions to satisfy dissenters' rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets that complies with <u>Section 10.3</u>; 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;(17)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower may make Restricted Payments in cash to any Parent 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used by such Parent Entity to pay (1) its operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including administrative, legal, accounting, tax reporting and similar expenses payable to third parties), that are reasonable and customary and incurred in the ordinary course of business, (2) any reasonable and customary indemnification claims made by directors, officers, members of management, managers, employees or consultants of any Parent Entity attributable to the ownership or operations of any Parent Entity, the Borrower and the respective Restricted Subsidiaries, and (3) fees and expenses (x) due and payable by the Borrower or any Restricted Subsidiary and (y) otherwise permitted to be paid by the Borrower and the Restricted Subsidiaries under 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used by any Parent Entity to pay franchise and similar Taxes, and other fees and expenses (including legal, accounting and corporate overhead expenses), required to maintain its organizational existence;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used by any Parent Entity to finance any Permitted Investment that would be permitted to be made by the Borrower or any Restricted Subsidiary; <u>provided</u> that (1) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (2) such Parent Entity shall, immediately following the closing thereof, cause (x) all property acquired to be contributed to the Borrower or any Restricted Subsidiary or (y) the Person formed or acquired to merge into or consolidate or amalgamate with the Borrower or any Restricted Subsidiary to the extent such merger or consolidation is permitted by <u>Section 10.3</u>) in order to consummate such Investment;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used to pay customary salary, bonus, severance and other compensation and benefits payable to current or former directors, officers, members of management, managers, consultants, independent contractors or employees of any Parent Entity to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Borrower and the Restricted Subsidiaries;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used by any Parent Entity to pay (i) fees and expenses related to any successful or unsuccessful equity issuance or offering or debt issuance, incurrence or offering, disposition or acquisition, Investment or other transaction permitted by this Agreement and (ii) after the consummation of an IPO described in <u>clause (a)</u> of the definition thereof or issuance of public debt securities, Public Company Costs; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the proceeds of which shall be used for the payment of insurance premiums to the extent attributable to any Parent Entity, the Borrower and their subsidiaries.

<u>provided</u> that at the time of, and after giving effect to, any Restricted Payment permitted under <u>clauses (4)</u>, <u>(9)</u> (but only if the Excluded Contribution was made more than six months prior to such time), <u>(10)</u> and <u>(11)</u> above, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof.

The Borrower will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of "Unrestricted Subsidiary." For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Borrower and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of "Investment." Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time pursuant to <u>clause (7)</u> of <u>Section 10.4(b)</u> and if such Subsidiary otherwise meets the definition of "Unrestricted Subsidiary." Unrestricted Subsidiaries will not be subject to any of the restrictive covenants set forth in this Agreement.

Notwithstanding anything in this Agreement or the other Credit Documents to the contrary, (x) the only transfers (including, without limitation, Investments, sales or other dispositions or Restricted Payments) by the Borrower and the Restricted Subsidiaries permitted to be made in Unrestricted Subsidiaries shall be such transfers made in reliance on <u>clause (7)</u> of <u>Section 10.4(b)</u> and (y) no Material Intellectual Property may be transferred (whether by designation, Investment, sale or other disposition, Restricted Payment, exclusive license, contribution or otherwise) (1) by a Credit Party to any Restricted Subsidiary that is not a Credit Party, or (2) by a Credit Party or any Restricted Subsidiary that is not a Credit Party to any Unrestricted Subsidiary (including by transferring any Equity Interests of a Restricted Subsidiary to an Unrestricted Subsidiary).

For purposes of determining compliance with this <u>Section 10.4</u> (other than Investments in Unrestricted Subsidiaries), in the event that a proposed Restricted Payment (or a portion thereof) meets the criteria of <u>clauses (1)</u> through <u>(17)</u> above (other than <u>clause (7)</u>) or is entitled to be made pursuant to <u>clause (ii)</u> of <u>Section 10.4(a)</u> and/or one or more of the exceptions contained in the definition of Permitted Investments, the Borrower will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such baskets in a manner that otherwise complies with this <u>Section 10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Sale of Assets</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, sell, lease (as lessor or sublessor), sell and leaseback or license (as licensor or sublicensor), exchange, transfer or otherwise dispose to, any Person, in one transaction or a series of transactions any property of the Credit Parties or any of their respective Restricted Subsidiaries (including receivables and leasehold interests), whether now owned or hereafter acquired, including, in the case of any Restricted Subsidiary, issuing or selling any shares of such Restricted Subsidiary's Equity Interests to any Person, except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any sale, transfer, license, lease or other disposition not constituting an Asset Sale;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;dispositions of assets acquired pursuant to a Permitted Acquisition consummated within 12 months of the date of such Permitted Acquisition is consummated; <u>provided</u> that the consideration for such assets shall be in an amount at least equal to the Fair Market Value thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;any other sale, lease (as lessor or sublessor), sale and leaseback or license (as licensor or sublicensor), exchange, transfer or other disposition pursuant to this <u>clause (c)</u> by the Borrower or any Restricted Subsidiary, so long as (w) the Net Asset Sale Cash Proceeds of all such Asset Sales since the Closing Date do not exceed the greater of (A) $150,000,000 and (B) 8.5% of the Consolidated Total Assets, (x) the consideration for such assets shall be in an amount at least equal to the Fair Market Value thereof, (y) no less than 75% of the consideration received shall be in Cash or Cash Equivalents and (z) no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof.

Notwithstanding anything in this Agreement or the other Credit Documents to the contrary, (x) the only transfers (including, without limitation, Investments, sales or other dispositions or Restricted Payments) by the Borrower and the Restricted Subsidiaries permitted to be made in Unrestricted Subsidiaries shall be such transfers made in reliance on <u>clause (7)</u> of <u>Section 10.4(b)</u> and (y) no Material Intellectual Property may be transferred (whether by designation, Investment, sale or other disposition, Restricted Payment, exclusive license, contribution or otherwise) (1) by a Credit Party to any Restricted Subsidiary that is not a Credit Party, or (2) by a Credit Party or any Restricted Subsidiary that is not a Credit Party to any Unrestricted Subsidiary (including by transferring any Equity Interests of a Restricted Subsidiary to an Unrestricted Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Transactions with Affiliates</u>. The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, conduct any transactions with any of its Affiliates (other than the Borrower and its Restricted Subsidiaries) involving aggregate payments or consideration in excess of $50,000,000 for any individual transaction or series of related transactions unless such transaction is on terms that are at least substantially as favorable to the Borrower or such Restricted Subsidiary as it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate, as determined by the Borrower or such Restricted Subsidiary in good faith; <u>provided</u> that the foregoing provisions will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;transactions permitted by <u>Section 10.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;consummation of the Transactions and the payment of the Transaction Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the issuance of Capital Stock or Stock Equivalents of the Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries not otherwise prohibited by the Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;loans, advances and other transactions between or among the Borrower, any Restricted Subsidiary or any joint venture (regardless of the form of legal entity) in which the Borrower or any Subsidiary has invested (and which Subsidiary or joint venture would not be an Affiliate of the Borrower but for the Borrower's or a Subsidiary's ownership of Capital Stock or Stock Equivalents in such joint venture or Subsidiary) to the extent not prohibited by <u>Section 10;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;employment and severance arrangements between the Borrower and its Restricted Subsidiaries and their respective employees, directors, officers, managers, consultants or independent contractors (including management and employee benefit plans or agreements, stock option plans and other compensatory arrangements) in the ordinary course of business (including loans and advances in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the payment of customary fees and reasonable out-of-pocket costs to, and indemnities provided on behalf of, employees, directors, officers, managers, consultants or independent contractors of the Borrower (or any direct or indirect parent thereof) and the Subsidiaries in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;transactions undertaken pursuant to membership in a purchasing consortium;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;transactions pursuant to any agreement or arrangement as in effect as of the Closing Date, or any amendment, modification, supplement or replacement thereto (so long as any such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the Closing Date as determined by the Borrower in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;transactions by Borrower and its Subsidiaries consummated or undertaken, or otherwise subject to any IPO Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;the existence and performance of agreements and transactions with any Unrestricted Subsidiary that were entered into prior to the designation of a Restricted Subsidiary as such Unrestricted Subsidiary to the extent that the transaction was permitted at the time that it was entered into with such Restricted Subsidiary and transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the redesignation of any such Unrestricted Subsidiary as a Restricted Subsidiary; <u>provided</u> that such transaction was not entered into in contemplation of such designation or redesignation, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Affiliate repurchases of the Loans or Commitments to the extent permitted hereunder and the holding of such Loans or Commitments and the payments and other transactions contemplated herein in respect thereof.

For the avoidance of doubt, this <u>Section 10.6</u> shall not restrict employment, bonus, subscription agreements or similar agreements pertaining to the repurchase of Capital Stock or Stock Equivalents pursuant to put/call rights or similar rights, retention and severance, and similar agreements or arrangements with, payment of loans (or cancellation of loans) to, and payments of compensation or benefits to or for the benefit of, current or former employees, consultants, officers or directors of the Borrower and/or its Subsidiaries, which, in each case, are approved by the Borrower in good faith. For purposes of this <u>Section 10.6</u>, any transaction shall be deemed at least substantially as favorable to the Borrower or any Restricted Subsidiary, as applicable, as it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate if such transaction is approved by a majority of the disinterested directors of the board of directors of the Borrower or such Restricted Subsidiary, as applicable, in a resolution certifying that such transaction is on terms substantially as favorable to the Borrower or such Restricted Subsidiary than could be obtained on an arm's-length basis from a Person that is not an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Covenant</u>. The Borrower will not permit Liquidity, as of the last day of any fiscal quarter, to be less than $100,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Outbound Investments</u>. The Borrower will not, and will not permit any of its Restricted Subsidiaries to (a) be or become a "covered foreign person", as that term is defined in the Outbound Investment Rules, or (b) engage, 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 Borrower were a U.S. Person or (iii) any other activity that would cause the Administrative Agent or the Lenders to be in violation of the Outbound Investment Rules or cause the Administrative Agent or the Lenders to be legally prohibited by the Outbound Investment Rules from performing under this Agreement.

Section 11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Events of Default</u>

Upon the occurrence of any of the following specified events (each an "**Event of Default**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments</u>. The Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five or more Business Days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of any other amounts owing hereunder or under any other Credit Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations, Etc</u>. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any other Credit Document or any certificate delivered or required to be delivered pursuant

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hereto or thereto shall prove to be untrue in any material respect on the date as of which made or deemed made, and, to the extent capable of being cured (except those in the Credit Documents made or deemed made on the Closing Date), such incorrect representation or warranty shall remain incorrect for a period of 15 days after receipt by the Borrower of written notice thereof from the Administrative Agent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Covenants</u>. Any Credit Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;default in the due performance or observance by it of any term, covenant or agreement contained in <u>Section 9.1(e)(i)</u>, <u>Section 9.5</u> (solely with respect to the Borrower) or <u>Section 10</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in <u>Section 11.1</u> or <u>11.2</u> or <u>clause (a)</u> of this <u>Section 11.3</u>) contained in this Agreement or any Security Document and such default shall continue unremedied for a period of at least 30 days after receipt of written notice thereof by the Borrower from the Administrative Agent or the Required Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Default Under Other Agreements</u>. (a) The Borrower or any of the Restricted Subsidiaries shall (i) fail to make any payment with respect to any Indebtedness (other than the Obligations) in an aggregate principal amount in excess of $50,000,000, for the Borrower and such Restricted Subsidiaries, beyond the period of grace and following all required notices, if any, provided in the instrument or agreement under which such Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (after giving effect to all applicable grace period and delivery of all required notices) (other than, with respect to Indebtedness resulting from any Hedge Agreement, termination events or equivalent events pursuant to the terms of such Hedge Agreement (it being understood that clause (i) above shall apply to any failure to make any payment with respect to any Indebtedness (other than the Obligations) in an aggregate principal amount in excess of $50,000,000 that is required as a result of any such termination or similar event and that is not otherwise being contested in good faith)), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity; <u>provided</u> that this <u>clause (a)</u> shall not apply to (x) secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement) or (y) any repurchase, prepayment, defeasance, redemption, conversion (or the satisfaction of any condition permitted the conversion) or settlement with respect to any Permitted Convertible Indebtedness pursuant to its terms unless such repurchase, prepayment, defeasance, redemption, conversion or settlement results from a default thereunder or an event of the type that constitutes an Event of Default, or (b) without limiting the provisions of clause (a) above, any such Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness resulting from any Hedge Agreement, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreement (it being understood that clause (a)(i) above shall apply to any failure to make any payment in excess of $50,000,000 that is required as a result of any such termination or equivalent event and that is not otherwise being contested in good faith)), prior to the stated maturity thereof; <u>provided</u> that this <u>clause (b)</u> shall not apply to (w) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness, (x) any repurchase, prepayment, defeasance, redemption, conversion or settlement with respect to any Permitted Convertible Indebtedness pursuant to its terms unless such repurchase, prepayment, defeasance, redemption, conversion or settlement results from a default thereunder or an event of the type that constitutes an Event of Default, (y) Indebtedness which is convertible into Qualified Stock and converts to Qualified Stock in accordance with its terms and such conversion is not prohibited hereunder, or (z) any breach or default that is (I) remedied by the Borrower or the applicable Restricted Subsidiary or (II) waived (including in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of Loans pursuant to this <u>Section 11</u>; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Bankruptcy, Etc</u>. Except as otherwise permitted by <u>Section 10.3</u>, the Borrower or any Material Subsidiary shall commence a voluntary case, proceeding or action concerning itself under (a) Title 11 of the United States Code entitled "Bankruptcy" or (b) in the case of any Foreign Subsidiary that is a Material Subsidiary, any domestic or foreign law relating to bankruptcy, judicial management, insolvency, reorganization, administration or relief of debtors in effect in its jurisdiction of incorporation, in each case as now or hereafter in effect, or any successor thereto (collectively, the "**Bankruptcy Code**"); or an involuntary case, proceeding or action is commenced against the Borrower or any Material Subsidiary and the petition is not dismissed within 60 days after commencement of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code), judicial manager, compulsory manager, receiver, receiver manager, trustee, liquidator, administrator, administrative receiver or similar Person is appointed for, or takes charge of, all or substantially all of the property of the Borrower or any Material Subsidiary; or the Borrower or any Material Subsidiary commences any other voluntary proceeding or action under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding-up, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Borrower or any Material Subsidiary; or there is commenced against the Borrower or any Material Subsidiary any such proceeding or action that remains undismissed for a period of 60 days; or the Borrower or any Material Subsidiary is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding or action is entered; or the Borrower or any Material Subsidiary suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or the Borrower or any Material Subsidiary makes a general assignment for the benefit of creditors; or any corporate action is taken by the Borrower or any Material Subsidiary for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA</u>. (a) An ERISA Event or a Foreign Plan Event shall have occurred, (b) a trustee shall be appointed by a United States district court to administer any Pension Plan(s), (c) the PBGC shall institute proceedings to terminate any Pension Plan(s), or (d) any Credit Party or any of their respective ERISA Affiliates shall have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such entity does not have reasonable grounds for contesting such Withdrawal Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; and in each case in clauses (a) through (d) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Credit Documents; Guarantee</u>. Any material provision of any Credit Document shall for any reason be asserted in writing by any Credit Party not to be a legal, valid and binding obligation of any party thereto (other than in accordance with its terms). Any Guarantee provided by any Credit Party or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof and thereof) or any such Guarantor thereunder or any other Credit Party shall deny or disaffirm in writing any such Guarantor's obligations under the Guarantee (other than as a result of repayment in full of the Obligations and termination of the Revolving Credit Commitments); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Pledge Agreement</u>. The Pledge Agreement or any other Security Document pursuant to which the Capital Stock or Stock Equivalents of the Borrower or any Subsidiary is pledged shall cease to be in full force or effect or any material collateral pledged thereunder shall cease to be subject to a valid and perfected security interest (other than pursuant to the terms hereof or thereof or solely from the Collateral Agent's no longer having possession of certificates actually received by it representing securities pledged under the Pledge Agreement or any other Security Document) or any pledgor thereunder or any Credit Party shall deny or disaffirm in writing any pledgor's obligations under any Security Document (other than as a result of repayment in full of the Obligations and termination of the Revolving Credit Commitments); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Security Agreement</u>. The Security Agreement or any other Security Document pursuant to which the assets of the Borrower or any Material Subsidiary are pledged as Collateral shall cease to be in full force or effect or any material collateral pledged thereunder shall cease to be subject to a valid and perfected security interest (other than pursuant to the terms hereof or thereof or solely from the Collateral Agent's no longer having possession of certificates actually received by it representing securities pledged under the Pledge Agreement or any other Security Document, or as a result of any Uniform Commercial Code filings having lapsed because a UCC

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continuation statement was not filed in a timely manner) or any grantor thereunder or any Credit Party shall deny or disaffirm in writing any grantor's obligations under the Security Agreement or any other Security Document, in each case, other than as a result of repayment in full of the Obligations and termination of the Revolving Credit Commitments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Judgments</u>. One or more final judgments or decrees shall be entered against the Borrower or any of the Restricted Subsidiaries involving a liability in excess of $50,000,000 in the aggregate for all such judgments and decrees for the Borrower and its Restricted Subsidiaries (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has not denied coverage) and any such judgments or decrees shall not have been satisfied, paid, vacated, discharged or stayed or bonded pending appeal within 60 days after the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Change of Control</u>. A Change of Control shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies Upon Event of Default</u>. If an Event of Default occurs and is continuing, the Administrative Agent may and, upon the written request of the Required Lenders, shall, by written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Borrower, except as otherwise specifically provided for in this Agreement (provided that, if an Event of Default specified in <u>Section 11.5</u> shall occur with respect to the Borrower, the result that would occur upon the giving of written notice by the Administrative Agent as specified in clauses (i), (ii), (iii), and (iv) below shall occur automatically without the giving of any such notice): (i) declare the Total Revolving Credit Commitment terminated, whereupon the Revolving Credit Commitment of each Lender shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any kind; (ii) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower to the extent permitted by applicable law; (iii) terminate any Letter of Credit that may be terminated in accordance with its terms; and/or (iv) direct the Borrower to pay (and the Borrower agree that upon receipt of such notice, or upon the occurrence of an Event of Default specified in <u>Section 11.5</u> with respect to the Borrower, it will pay) to the Administrative Agent at the Administrative Agent's Office such additional amounts of cash, to be held as security for the Borrower's respective Reimbursement Obligations for Unpaid Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Application of Proceeds</u>. Any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Borrower under <u>Section 11.4</u> shall be applied:

&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)&nbsp;&nbsp;&nbsp;&nbsp;*first*, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;*second*, to payment of that portion of the Obligations constituting fees, prepayment premiums, indemnities, expenses and other amounts (other than amounts referred to in clauses *third* and *fourth* below) payable to the Lenders in proportion to the amounts described in this clause *second* payable to them;

&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)&nbsp;&nbsp;&nbsp;&nbsp;*third*, to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and L/C Borrowings, ratably among the Lenders and the Letter of Credit Issuers in proportion to the respective amounts described in this clause *third* held by them;

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&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)&nbsp;&nbsp;&nbsp;&nbsp;*fourth,* to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, Obligations under Secured Cash Management Agreements or Secured Hedge Agreements payable to the Lenders and the applicable Secured Parties, and to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit in proportion to the respective amounts described in this clause *fourth* held by the Lenders, the Letter of Credit Issuers and the other applicable Secured Parties;

&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)&nbsp;&nbsp;&nbsp;&nbsp;*fifth*, to the payment of all other Obligations of the Credit Parties that are payable to the Administrative Agent and the other Secured Parties on such date, ratably based upon the respective aggregate amounts of all such Obligations owing to the Administrative Agent and the other Secured Parties on such date; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;*sixth*, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

<u>provided</u> that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in <u>clauses (i)</u> through <u>(iii)</u> above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an "Eligible Contract Participant" (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

Section 12.&nbsp;&nbsp;&nbsp;&nbsp;<u>The Agents</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. The provisions of this <u>Section 12</u> (other than <u>Section 12.1(c)</u> with respect to the Joint Lead Arrangers and Bookrunners and <u>Sections 12.9</u>, and <u>12.11</u> with respect to the Borrower) are solely for the benefit of the Agents and the Lenders, none of the Borrower or any other Credit Party shall have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Borrower or any of its respective Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, each Lender and each Letter of Credit Issuer hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Lender and each Letter of Credit Issuer irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders or the Letter of Credit Issuers, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Collateral Agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Joint Lead Arrangers and Bookrunners each in its capacity as such, shall not have any obligations, duties or responsibilities under this Agreement but shall be entitled to all benefits of this <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Delegation of Duties</u>. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Exculpatory Provisions</u>. No Agent nor any of their respective Affiliates, and each of the foregoing's officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Credit Document (except for its or such Person's own gross negligence or willful misconduct, as determined in the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals, statements, representations or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the creation, perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of any Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party. The Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Credit Documents), provided that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed action and may refrain from acting until such clarification or direction has been provided, provided further, that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Credit Document or applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Reliance by Agents</u>. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or instruction believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; <u>provided</u> that the Administrative Agent and the Collateral Agent shall not be required to

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take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Default</u>. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or the Collateral Agent has received written notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; <u>provided</u> that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective Affiliates, each of the foregoing's officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or the Collateral Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or the Collateral Agent to any Lender or any Letter of Credit Issuer. Each Lender and each Letter of Credit Issuer represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrower and each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of any of the Credit Parties. Except for notices, reports, and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of any Credit Party that may come into the possession of the Administrative Agent or the Collateral Agent any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates. Each Lender and Letter of Credit Issuer represents and warrants to the Administrative Agent that (a) the Credit Documents set forth the terms of a commercial lending facility and (b) it is engaged in the making, acquiring, purchasing or holding commercial loans in the ordinary course and is entering into this Agreement and the other Credit Documents to which it is a party as a Lender for the purpose of making, acquiring, purchasing and/or holding the commercial loans set forth herein as may be applicable to it, and not for the purpose of investing in the general performance or operations of the Borrower and/or any Credit Party, or for the purpose of making, acquiring, purchasing or holding any other type of financial instrument such as security. Each Lender and Letter of Credit Issuer also acknowledges and agrees that it will not assert any claim under federal or state securities law or otherwise in contravention of this <u>Section 12.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. The Lenders agree to severally indemnify and hold harmless each Agent and its Related Parties in its capacity as such (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed

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on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Collateral Agent under or in connection with any of the foregoing; <u>provided</u> that no Lender shall be liable to an Agent for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; <u>provided</u>, <u>further</u>, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Credit Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this <u>Section 12.7</u>. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following the payment of the Loans), this <u>Section 12.7</u> applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys' fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower; <u>provided</u> that such reimbursement by the Lenders shall not affect the Borrower's continuing Reimbursement Obligations with respect thereto. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; <u>provided</u>, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's pro rata portion thereof; and provided, further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. The agreements in this <u>Section 12.7</u> shall survive the payment of the Loans and all other amounts payable hereunder. The indemnity provided to each Agent under this <u>Section 12.7</u> shall also apply to such Agent's respective Affiliates, directors, officers, members, controlling persons, employees, trustees, investment advisors and agents and successors. For the avoidance of doubt, for purposes of this <u>Section 12.7</u>, the term "Lender" includes any Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Agents in Their Individual Capacities</u>. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though such Agent were not an Agent hereunder and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not an Agent, and the terms Lender and Lenders shall include each Agent in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Successor Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Administrative Agent and the Collateral Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit Issuers and the Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Borrower (not to be unreasonably withheld or delayed) so long as no Event of Default has occurred and is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including receipt of the Borrower's consent (not to be unreasonably withheld or delayed)); <u>provided</u> that if the Administrative Agent or Collateral Agent shall notify the Borrower and the Lenders that no qualifying person has accepted such

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appointment, then such resignation shall nonetheless become effective in accordance with such notice (the "**Resignation Effective Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to <u>clause (v)</u> of the definition of "Lender Default," the Required Lenders may to the extent permitted by applicable law, subject to the consent of the Borrower (not to be unreasonably withheld or delayed), by notice in writing to the Borrower and such Person remove such Person as the Administrative Agent and, in consultation with the Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the "**Removal Effective Date**"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Letter of Credit Issuers under any of the Credit Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the retiring or removed Administrative Agent shall instead be made by or to each Lender and each Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph. Upon the acceptance of a successor's appointment as the Administrative Agent or the Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording of such financing statements, or amendments thereto, and such amendments or supplements to the Mortgages, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Agent (except for any indemnity payments or other amounts owed to the retiring (or removed) Agent), and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this <u>Section 12.9</u>). Except as provided above, any resignation or removal of Morgan Stanley Senior Funding, Inc. as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute the resignation or removal of Morgan Stanley Senior Funding, Inc. as the Collateral Agent. The fees payable by the Borrower (following the effectiveness of such appointment) to such Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Agent's resignation or removal hereunder and under the other Credit Documents, the provisions of this <u>Section 12</u> (including <u>Section 12.7</u>) and <u>Section 13.5</u> shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as an Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any resignation by or removal of Morgan Stanley Senior Funding, Inc. as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute its resignation or removal of its Affiliate's or its resignation or removal, as applicable, as a Letter of Credit Issuer (if such Affiliate or Morgan Stanley Senior Funding, Inc. is a Letter of Credit Issuer). Upon the acceptance of a successor's appointment as the Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter of Credit Issuer (if an Affiliate of Morgan Stanley Senior Funding, Inc. is a Letter of Credit Issuer or if Morgan Stanley Senior Funding, Inc. is a Letter of Credit Issuer) shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit issued by such Affiliate of the Administrative Agent or the Administrative Agent, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer (if an Affiliate of Morgan Stanley Senior Funding, Inc. or Morgan Stanley Senior Funding, Inc. is a Letter of Credit Issuer) to effectively assume the obligations of the retiring Letter of Credit Issuer (if an Affiliate or Morgan Stanley Senior Funding, Inc. or Morgan Stanley Senior Funding, Inc. is a Letter of Credit Issuer) with respect to such Letters of Credit.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding Tax</u>. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender under any Credit Document an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered by the Lender to the Administrative Agent, was not properly executed by the Lender, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective) or if the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify and hold harmless the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation of any applicable Credit Party to do so) fully for all amounts paid by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and interest, together with all reasonable expenses incurred. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Credit Document against any amount due to the Administrative Agent under this <u>Section 12.10</u>. The agreements in <u>Section 12.10</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, for purposes of this <u>Section 12.10</u>, the term Lender includes the Letter of Credit Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Agents Under Security Documents and Guarantee</u>. Each Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Security Documents. Subject to <u>Section 13.1</u>, without further written consent or authorization from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary to (a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Credit Document (i) upon the termination of all Commitments and all Letters of Credit (other than Letters of Credit that have been Cash Collateralized) and the payment in full (or Cash Collateralization) of all Obligations (except for contingent indemnification and/or reimbursement obligations in respect of which a claim has not yet been made and Secured Hedge Obligations and Secured Cash Management Obligations not then due and payable and any other obligations not then due and payable that are by their terms intended to survive the termination of this Agreement), (ii) that is sold or transferred as part of or in connection with any sale or other transfer permitted hereunder or under any other Credit Document to a Person that is not a Credit Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon the release of such Guarantor from its Guarantee otherwise in accordance with the Credit Documents, (iv) as to the extent provided in the Security Documents, (v) that constitutes Excluded Property or Excluded Stock and Stock Equivalents or (vi) if approved, authorized or ratified in writing in accordance with <u>Section 13.1</u>; (b) release any Guarantor from its obligations under the Guarantee if such Person ceases to be a Restricted Subsidiary as a result of a transaction or designation permitted hereunder; (c) subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Credit Document to the holder of any Lien permitted under <u>clause (vi)</u> (solely with respect to <u>Section 10.1(d)</u>); or (d) enter into subordination or intercreditor agreements with respect to Indebtedness to the extent the Administrative Agent or the Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement.

The Collateral Agent shall have its own independent right to demand payment of the amounts payable by the Borrower under this <u>Section 12.11</u>, irrespective of any discharge of the Borrower's obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate steps in insolvency proceedings affecting the Borrower to preserve their entitlement to be paid those amounts.

Any amount due and payable by the Borrower to the Collateral Agent under this <u>Section 12.11</u> shall be decreased to the extent that the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Credit Documents and any amount due and payable by the

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Borrower to the Collateral Agent under those provisions shall be decreased to the extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under this <u>Section 12.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Right to Realize on Collateral and Enforce Guarantee</u>. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Borrower, the Agents, and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all powers, rights, and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights, and remedies under the Security Documents may be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. No holder of Secured Hedge Obligations or Secured Cash Management Obligations shall have any rights in connection with the management or release of any Collateral or of the obligations of any Credit Party under this Agreement. No holder of Secured Hedge Obligations or Secured Cash Management Obligations that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any other Credit Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender or Agent and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Hedge Agreements and Secured Cash Management Agreements, unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13&nbsp;&nbsp;&nbsp;&nbsp;<u>The Administrative Agent May File Proofs of Claim</u>. In case of the pendency of any proceeding under the Bankruptcy Code or any other judicial proceeding relative to any Credit Party, the Administrative Agent (irrespective of whether the principal of any Loan or outstanding Letter of Credit shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letters of Credit Outstanding and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Letter of Credit Issuers and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the Letter of Credit Issuers and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Letter of Credit Issuers and the Administrative Agent under <u>Section 4</u> and <u>Section 12.4</u>) allowed in such judicial proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, administrator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the Letter of Credit Issuers to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the Letter of Credit Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its Agents and their respective agents and counsel, and any other amounts due the Administrative Agent under <u>Section 4</u> and <u>Section 12.4</u>.

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Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any Letter of Credit Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any Letter of Credit Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any Letter of Credit Issuer or in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA Representation of the Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Agents and their respective Affiliates and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that at least one of the following is and will be true:

&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)&nbsp;&nbsp;&nbsp;&nbsp;such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments, or 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;(A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of subsections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In addition, unless either (1) <u>subclause</u> <u>(i)</u> in the immediately preceding <u>clause (a)</u> is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with <u>subclause</u> <u>(iv)</u> in the immediately preceding <u>clause (a)</u>, such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Agents and their respective Affiliates and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Erroneous Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender and each Letter of Credit Issuer hereby agrees that (x) if the Administrative Agent notifies such Lender or Letter of Credit Issuer that the Administrative Agent has determined in its sole discretion that any funds received by such Lender or Letter of Credit Issuer from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "**Payment**") were erroneously transmitted to such Lender or Letter of Credit Issuer (whether or not known to such Lender or Letter of Credit Issuer), and demands the return of such Payment (or a portion thereof), such Lender or Letter of Credit Issuer shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or Letter of Credit Issuer to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender or Letter of Credit Issuer shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender or any Letter of Credit Issuer under this <u>Section 12.15</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender and each Letter of Credit Issuer hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "**Payment Notice**") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender and each Letter of Credit Issuer agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender or Letter of Credit Issuer shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender or Letter of Credit Issuer to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender or Letter of Credit Issuer that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender or Letter of Credit Issuer with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party; <u>provided</u> that this <u>Section 12.15</u> shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations owed by the Borrower or any other Credit Party relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such erroneous Payment not been made by the Administrative Agent; <u>provided</u> <u>further</u> that, for the avoidance of doubt, the immediately preceding subclauses (x) and (y) shall not apply to the extent any such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from or at the direction of the Borrower or any other Credit Party for application to pay, prepay, repay, discharge or otherwise satisfy the Obligations (or any portion thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations under this <u>Section 12.15</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender or Letter of Credit Issuer, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Credit Document.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as a Lender</u>. Any Lender that is also serving as an Agent (including as Administrative Agent) hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not an Agent and the term "Lender" or "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires, include each Lender (if any) serving as an Agent hereunder in its individual capacity. Any such Person serving as an Agent and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not an Agent hereunder and without any duty to account therefor to the Lenders. The Lenders acknowledge that, pursuant to such activities, any Agent or its Affiliates may receive information regarding any Credit Party or any of its Affiliates (including information that may be subject to confidentiality obligations in favor of such Credit Party or such Affiliate) and acknowledge that no Agent shall be under any obligation to provide such information to them.

Section 13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments, Waivers, and Releases</u>. Except as otherwise expressly set forth in the Credit Documents, neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this <u>Section 13.1</u>. Except as provided to the contrary under <u>Sections 2.10(b)</u>, <u>(c)</u> and <u>(d)</u>, <u>Section 2.14</u> or the fifth and sixth paragraphs hereof in respect of Replacement Term Loans, and other than with respect to any amendment, modification or waiver contemplated in the second proviso below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders, the Required Lenders may, with the acknowledgement of the Administrative Agent, or, with the written consent of the Required Lenders, the Administrative Agent and/or the Collateral Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent and/or the Collateral Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; <u>provided</u>, <u>however</u>, that each such waiver and each such amendment, supplement or modification shall be effective only in the specific instance and for the specific purpose for which given; and provided, further, that no such waiver and no such amendment, supplement or modification shall (x) (i) forgive or reduce any portion of any Loan or L/C Borrowing or extend the final scheduled maturity date of any Loan or L/C Borrowing or reduce the stated rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any obligation of the Borrower to pay interest at the "Default Rate" or amend <u>Section 2.8(c)</u>), or forgive any portion thereof, or reduce or forgive any interest or fee payable hereunder, or extend the date for the payment of any principal, interest, fees or other amounts payable hereunder or under any other Credit Document (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration date of any Letter of Credit beyond the L/C Facility Maturity Date, or amend or modify any provisions of <u>Section 5.3(a)</u> (with respect to the ratable allocation of any payments only), <u>11.13</u>, <u>13.8(a)</u> or <u>13.19</u>, or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case without the written consent of each Lender directly and adversely affected thereby; <u>provided</u> that a waiver of any condition precedent in <u>Section 6</u> or <u>7</u> of this Agreement, the waiver of any Default, Event of Default, default interest, mandatory prepayment or reductions, any modification, waiver or amendment to the financial covenant definitions or financial ratios or any component thereof or the waiver of any other covenant (but excluding any waiver or modification of any grace period in <u>Section 11.1</u>) shall not constitute an increase of any Commitment of a Lender, a reduction or forgiveness in the interest rates or the fees or premiums or a postponement of any date scheduled for the payment of principal, premium or interest or an extension of the final maturity of any Loan or the scheduled termination date of any Commitment, in each case for purposes of this <u>clause (i)</u>, or (ii) consent to the assignment or transfer by the Borrower of its rights and obligations under any Credit Document to which it is a party (except as permitted pursuant to <u>Section 10.3</u>), in each case without the written consent of each Lender, or (iii) amend, modify or waive any provision of <u>Section 12</u> without the written consent of the then-current Administrative Agent and Collateral Agent in a manner that directly and adversely affects such Person, or (iv) amend, modify or waive any provision of <u>Section 3</u> with respect to any Letter of Credit without the written consent of the Letter of Credit Issuers to the extent such amendment, modification or waiver directly and adversely affects the Letters of Credit Issuers, or (v) change

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any Revolving Credit Commitment to a Term Loan Commitment, or change any Term Loan Commitment to a Revolving Credit Commitment, in each case, without the prior written consent of each Lender directly and adversely effected thereby, or (vi) without the prior written consent of each Lender directly and adversely affected thereby (such consent not to be unreasonably withheld, conditioned or delayed), (A) subordinate, or have the effect of subordinating, the Obligations hereunder to any other Indebtedness, or (B) subordinate, or have the effect of subordinating, the Liens securing the Obligations to Liens securing any other Indebtedness, or (vii) release all or substantially all of the Guarantors under the Guarantees (except as otherwise permitted by the Guarantees or this Agreement as of the Closing Date) or release all or substantially all of the Collateral under the Security Documents (except as otherwise permitted by the Security Documents or this Agreement as of the Closing Date) without the prior written consent of each Lender, or (viii) reduce the percentages specified in the definitions of the term "Required Lenders" or "Required Revolving Credit Lenders", amend or modify the definition of "Revolving Credit Commitment Percentage" or amend, modify or waive any provision of this <u>Section 13.1</u> or any other provision of this Agreement specifying the number of Lenders or portion of the Loans or Commitments required to take any action under the Credit Documents that has the effect of decreasing the number of Lenders that must approve any amendment, modification or waiver, without the written consent of each Lender, or (ix) amend, modify or waive any provision of <u>Section 7</u> as to any extension of Revolving Credit Loans without the written consent of the Required Revolving Credit Lenders, or (x) amend or modify any pro rata payment or pro rata sharing provisions in this Agreement, including, without limitation, <u>Section 2.5</u>, <u>Section 2.7</u> or <u>Section 11.13</u>, in a manner that would by its terms alter the pro rata sharing or application of payments required thereby, as applicable, without the written consent of each Lender directly and adversely affected thereby or (xi) permit the Borrower to terminate or reduce the Revolving Credit Commitments in whole or in part in any manner without such termination or reduction applying proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class without the prior written consent of each Lender in such applicable Class; <u>provided</u> that this <u>clause (xi)</u> shall not prohibit the Borrower from making any termination or reduction to the Revolving Credit Commitments otherwise permitted by this Agreement as in effect on the Closing Date, (y) notwithstanding anything to the contrary in <u>clause (x)</u>, (i) extend the final expiration date of any Lender's Commitment or (ii) increase the aggregate amount of the Commitments of any Lender, in each case, without the written consent of such Lender, or (z) in connection with an amendment addressing solely a repricing transaction in which any Class of Term Loans is refinanced with a replacement Class of Term Loans bearing (or is modified in such a manner such that resulting Term Loans bear) a lower "Effective Yield" (as defined under the documentation related to such Class of Term Loans), only the consent of the Lenders holding Term Loans subject to such permitted repricing transaction that will continue as a Lender in respect of the repriced tranche of Term Loans or modified Term Loans.

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (x) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) for any such amendment, waiver or consent that treats such Defaulting Lender disproportionately from the other Lender of the same Class (other than because of its status as a Defaulting Lender).

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender.

Notwithstanding the foregoing, any provision of this Agreement, including this <u>Section 13.1</u>, and the other Credit Documents may be amended (or amended and restated) pursuant to <u>Section 2.14</u> to add any Incremental Term Loan Commitments or Incremental Term Loans to this Agreement and (a) to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Loans and the accrued interest and fees in respect thereof, (b) to include appropriately the Lenders holding such credit facility in any determination of the

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Required Lenders and (c) to amend other provisions of the Credit Documents so that the Incremental Term Loan Commitments or Incremental Term Loans are appropriately incorporated (including this <u>Section 13.1</u>).

Notwithstanding the foregoing, in addition to any credit extensions and related Joinder Agreement(s) or Incremental Term Loan Amendment(s) effectuated without the consent of Lenders in accordance with <u>Section 2.14</u>, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Term Loans and the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and other definitions related to such new Term Loans and Revolving Credit Loans.

In addition, notwithstanding the foregoing, this Agreement may be amended with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans to permit the refinancing of all outstanding Term Loans of any Class ("**Refinanced Term Loans**") with a replacement term loan tranche ("**Replacement Term Loans**") hereunder; <u>provided</u> that (a) the aggregate principal amount of such Replacement Term Loans shall not exceed the aggregate principal amount of such Refinanced Term Loans (*plus* an amount equal to all accrued but unpaid interest, fees, premiums, and expenses incurred in connection therewith), (b) [reserved], (c) the Weighted Average Life to Maturity of such Replacement Term Loans shall not be shorter than the Weighted Average Life to Maturity of such Refinanced Term Loans at the time of such refinancing (except to the extent of nominal amortization for periods where amortization has been eliminated as a result of prepayment of the applicable Term Loans), and (d) the covenants, events of default and guarantees shall be not materially more restrictive (taken as a whole) (as determined in good faith by the Borrower) to the Lenders providing such Replacement Term Loans than the covenants, events of default and guarantees applicable to such Refinanced Term Loans, except to the extent necessary to provide for covenants, events of default and guarantees applicable to any period after the maturity date in respect of the Refinanced Term Loans in effect immediately prior to such refinancing.

The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement all Commitments and all Letters of Credit (other than Letters of Credit that have been Cash Collateralized pursuant to arrangement reasonably satisfactory to the Letter of Credit Issuers) and the payment in full in cash of all Obligations (except for (w) contingent indemnification and/or reimbursement obligations in respect of which a claim has not yet been made, (x) Secured Hedge Obligations, (y) Cash Collateralized Letters of Credit pursuant to arrangements reasonably acceptable to the applicable Letter of Credit Issuer, and (z) Secured Cash Management Obligations not then due and payable and any other obligations not then due and payable that are by their terms intended to survive the termination of this Agreement), (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition permitted hereunder) to any Person other than another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 13.1</u>), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents, and (vii) if such assets constitute Excluded Property or Excluded Stock and Stock Equivalents; <u>provided</u> that, in the event that a Guarantor becomes a direct or indirect non-Wholly Owned Subsidiary, such release shall only be effective if (A) the transaction pursuant to which such Subsidiary ceases to be a direct or indirect Wholly Owned Subsidiary of the Borrower is consummated with a bona fide third-party that is not an Affiliate of any Credit Party, (B) the primary purpose of such transaction is not to evade the Guarantee required pursuant to this Agreement, (C) the other owners of the Equity Interests in such Subsidiary are not Affiliates of the Borrower or any Restricted Subsidiary, (D) such

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Subsidiary does not (x) own or have an exclusive license of any Material Intellectual Property or (y) own any Equity Interests of any Person that owns or is the exclusive licensee of any Material Intellectual Property, (E) if applicable, after giving pro forma effect to such release and the consummation of the relevant transaction, the Borrower is deemed to have made a new Investment in such Person (as if such Person were then newly acquired) and such Investment (measured as of the Fair Market Value of the net assets of the Guarantor at the time of such designation) is permitted under this Agreement and (F) no Event of Default has occurred and is continuing or would result therefrom. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that any Restricted Subsidiary that is a Guarantor shall be released from the Guarantees upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary ceasing to constitute a Restricted Subsidiary. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, at the sole expense of the Credit Parties, to execute and deliver any instruments, documents, and agreements reasonably requested by any of the Credit Parties to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender. If requested by the Administrative Agent or Collateral Agent, prior to taking any action under this paragraph, such Agent shall have received a certificate from an Authorized Officer of the Borrower certifying that the transaction giving rise to the release requested is permitted under the Credit Documents (and the Secured Parties authorize the Agents to rely on such certificate in performing its obligations under this paragraph).

Notwithstanding anything herein to the contrary, the Credit Documents may be amended to add syndication or documentation agents and make customary changes and references related thereto with the consent of only the Borrower and the Administrative Agent.

Notwithstanding anything in this Agreement (including, without limitation, this <u>Section 13.1</u>) or any other Credit Document to the contrary, (i) this Agreement and the other Credit Documents may be amended to effect an incremental facility or extension facility pursuant to <u>Section 2.14</u> (and the Administrative Agent and the Borrower may effect such amendments to this Agreement and the other Credit Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the terms of any such incremental facility or extension facility); (ii) no Lender consent is required to effect any amendment or supplement to any intercreditor agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such intercreditor agreement or arrangement permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent, are required to effectuate the foregoing; <u>provided</u> that such other changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or duties of the Administrative Agent hereunder or under any other Credit Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any other Credit Document may be amended by an agreement in writing entered into by the Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency (as reasonably determined by the Administrative Agent and the Borrower) and (y) effect administrative changes of a technical or immaterial nature (including to effect changes to the terms and conditions applicable solely to the Letter of Credit Issuers in respect of Issuances of Letters of Credit), and, in each case, such amendment shall be deemed approved by the Lenders if the Lenders shall have received at least five Business Days' prior written notice of such change and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; and (iv) guarantees, Security Documents and related documents executed by Credit Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Credit Document, entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Credit Party or Credit Parties and the Administrative Agent or the Collateral Agent in its or their respective sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional

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property to become Collateral for the benefit of the Secured Parties, (B) as required by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law, or (C) to cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Borrower) or to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Credit Documents.

Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Sections 9.11</u>, <u>9.12</u> and <u>9.13</u> or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Borrower and its Restricted Subsidiaries by the time or times at which it would otherwise be required to be satisfied under this Agreement or any Security Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Credit Document shall be in writing (including by facsimile transmission and/or electronic mail). All such written notices shall be mailed, faxed, electronically mailed, or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;if to the Borrower, the Administrative Agent, the Collateral Agent or a Letter of Credit Issuer, to the address, facsimile number, electronic mail address or telephone number specified for such Person on <u>Schedule 13.2</u> or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Borrower, the Administrative Agent, the Collateral Agent and the Letter of Credit Issuers.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; <u>provided</u> that notices and other communications to the Administrative Agent or the Lenders pursuant to <u>Sections 2.3</u>, <u>2.6</u>, <u>2.9</u>, <u>4.2</u> and <u>5.1</u> shall not be effective until received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3&nbsp;&nbsp;&nbsp;&nbsp;<u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral Agent or any Lender or Letter of Credit Issuer, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Expenses; Indemnification; Limitation of Liability.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;*Payment of Expenses; Indemnification*. The Borrower agrees, within thirty (30) days after receipt of a written request therefor, together with any supporting documentation reasonably requested by the Borrower, (i)

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to pay or reimburse each of the Agents for all their reasonable and documented out-of-pocket costs and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment, supplement, modification to, waiver and/or enforcement of this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby (limited, in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and other charges of Latham & Watkins LLP (or such other counsel as may be agreed by the Administrative Agent and the Borrower) and, if reasonably necessary, one firm or local counsel in each relevant material local jurisdiction with the consent of the Borrower (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions)), (ii) to pay or reimburse each Agent, Lender or any Letter of Credit Issuer for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents (limited, in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and other charges of one firm or counsel to such Persons, and, if reasonably necessary, one firm or local counsel in each relevant material local jurisdiction with the consent of the Borrower (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions)) (and, solely in the case of any actual or reasonably perceived conflict of interest where the Person affected by such conflict notifies the Borrower of the existence of such conflict, one additional counsel for all similarly situated and affected Persons taken as a whole), (iii) to pay or reimburse all reasonable out-of-pocket expenses incurred by any Letter of Credit Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder (limited, in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and other charges of one firm or counsel to the Letter of Credit Issuers, and, if reasonably necessary, one firm or local counsel in each relevant material local jurisdiction with the consent of the Borrower (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions)), and (iv) to pay, indemnify and hold harmless each Lender, each Agent, each Letter of Credit Issuer and their respective Related Parties (without duplication) (the "**Indemnified Persons**") from and against any and all losses, claims, damages, liabilities, obligations, demands, actions, judgments, suits, costs, expenses, disbursements or penalties of any kind or nature whatsoever of any such Indemnified Person, in each case, to the extent arising out of or relating to any action, claim, litigation, investigation or other proceeding (regardless of whether such Indemnified Person is a party thereto), arising out of, or with respect to the Transactions or to the execution, delivery, performance, administration and enforcement of this Agreement and the other Credit Documents including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or any actual or alleged presence, Release or threatened Release of Hazardous Materials attributable to the Borrower or any of its Subsidiaries (limited, in the case of legal fees, costs and expenses, to the reasonable fees, disbursements and other charges of one firm or counsel to all Indemnified Persons taken as a whole (and, solely in the case of an actual or reasonably perceived conflict of interest where the Indemnified Person affected by such conflict notifies the Borrower of the existence of such conflict, one additional counsel for all similarly situated and affected Indemnified Person taken as a whole), and, if reasonably necessary, one firm or local counsel in each relevant material local jurisdiction with the consent of the Borrower (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions)) (all the foregoing in this <u>clause (iv)</u>, regardless of whether brought by the Borrower, any of its subsidiaries or any other Person collectively, the "**Indemnified Liabilities**"); <u>provided</u> that the Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from (A) the gross negligence, bad faith or willful misconduct of such Indemnified Person as determined in a final and non-appealable judgment of a court of competent jurisdiction, (B) a material breach of the obligations of such Indemnified Person under the terms of this Agreement by such Indemnified Person as determined in a final and non-appealable judgment of a court of competent jurisdiction, or (C) any proceeding between and among Indemnified Persons that does not involve an act or omission by the Borrower or its Restricted Subsidiaries; <u>provided</u> the Agents, to the extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in <u>clause (i)</u> or <u>(ii)</u> of the immediately preceding proviso applies to such person at such time. The agreements in this <u>Section 13.5</u> shall survive repayment of the Loans and all other amounts payable hereunder. This <u>Section 13.5</u> shall not apply with respect to Taxes, other than any Taxes that represent losses, claims, damages, liabilities, obligations, penalties, actions, judgments, suits, costs, expenses or disbursements arising from any non-Tax claim.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;*Limitation of Liability*. No Credit Party nor any of the Administrative Agent, any Joint Lead Arranger, any Letter of Credit Issuer and any Lender, and any Related Party of any of the foregoing Persons (each such Person being called a "**Lender-Related Person**") shall have any liability for any special, punitive, indirect or consequential damages resulting from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); <u>provided</u> that the foregoing shall not limit the Borrower's indemnification obligations to the Indemnified Persons pursuant to <u>Section 13.5(a)</u> in respect of damages incurred or paid by a Lender-Related Person to a third party. No Lender-Related Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of any Lender-Related Person in violation of <u>Section 13.16</u> as determined by a final and non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns; Participations and Assignments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except as expressly permitted by <u>Section 10.3</u>, the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this <u>Section 13.6</u>. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in <u>clause (c)</u> of this <u>Section 13.6</u>) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders and each other Person entitled to indemnification under <u>Section 13.5</u>) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to the conditions set forth in <u>clause (b)(ii)</u> below and <u>Section 13.7</u>, any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of:

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower; <u>provided</u> that no consent of the Borrower shall be required for (1) an assignment of Loans to (X) a Lender, (Y) an Affiliate of a Lender, or (Z) an Approved Fund or (2) an assignment of Loans or Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing; <u>provided</u>, <u>further</u>, that the Borrower shall be deemed to have consented to an assignment of all or a portion of the Loans and Commitments unless it shall have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; 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;(B)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent (not to be unreasonably withheld, conditioned or delayed) and, in the case of Revolving Credit Commitments or Revolving Credit Loans only, the Letter of Credit Issuers; <u>provided</u> that no consent of the Administrative Agent shall be required for an assignment of any Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and <u>provided</u>, <u>further</u> that no consent of the Administrative Agent and the Letter of Credit Issuers shall be required for an assignment of any Revolving Credit Commitments or Revolving Credit Loans to a Lender or an Affiliate of a Lender.

Notwithstanding the foregoing, no such assignment shall be made to a natural Person, Disqualified Lender (other than if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing) or the Borrower or any of its Affiliates or Subsidiaries. For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for ascertaining, monitoring or enforcing compliance with the list of Persons who are Disqualified Lenders at any time.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;Assignments shall be subject to the following additional conditions:

&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)&nbsp;&nbsp;&nbsp;&nbsp;except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld, conditioned or delayed); <u>provided</u> that no such consent of the Borrower shall be required if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing; <u>provided</u>, <u>further</u>, that contemporaneous assignments by a Lender and its Affiliates or Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above (and simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any;

&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)&nbsp;&nbsp;&nbsp;&nbsp;each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; <u>provided</u> that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount of $3,500 (which, for the avoidance of doubt, shall be payable by the assignor); <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the "**Administrative Questionnaire**") and applicable Tax forms (as required under <u>Section 5.4(e)</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Subject to acceptance and recording thereof pursuant to <u>clause (b)(v)</u> of this <u>Section 13.6</u>, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 2.10</u>, <u>2.11</u>, <u>3.5</u>, <u>5.4</u> and <u>13.5</u>); <u>provided</u> that the assignee shall not be entitled to receive any greater payment under <u>Sections 3.5</u> or <u>5.4</u> than its assigning Lender would have been entitled to receive absent such assignment to such assignee unless the assignment was made after an Event of Default under <u>Section 11.1</u> or <u>11.5</u> with respect to the Borrower has occurred and is continuing, the entitlement to any greater payment results from any Change in Law after the date of such assignment to the extent the assigning Lender would have benefitted from such entitlement had the Assignment and Acceptance not occurred or the Borrower has expressly consented in writing to waive the benefit of this provision at the time of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 13.6</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>clause (c)</u> of this <u>Section 13.6</u>. For the avoidance of doubt, in case of an assignment to a new Lender pursuant to this <u>Section 13.6</u>, (i) the Administrative Agent, the new Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired or assumed by it as a result of the assignment and to the extent of the assignment the assigning Lender shall each be released from further obligations under the Credit Documents and (ii) the benefit of each Security Document shall be maintained in favor of the new Lender.

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&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)&nbsp;&nbsp;&nbsp;&nbsp;The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at the Administrative Agent's Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans (and stated interest amounts) and any payment made by the relevant Letter of Credit Issuer under any Letter of Credit owing to each Lender pursuant to the terms hereof from time to time (the "**Register**"). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Collateral Agent, the Letter of Credit Issuers, the Administrative Agent and its Affiliates and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and applicable Tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>clause (b)</u> of this <u>Section 13.6</u> and any written consent to such assignment required by <u>clause (b)</u> of this <u>Section 13.6</u>, the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this <u>clause (b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender may, without the consent of the Borrower, the Administrative Agent or the Letter of Credit Issuers, sell participations to one or more banks or other entities (other than (x) a natural person, (y) the Borrower and its Subsidiaries and (z) any Disqualified Lender; <u>provided</u>, <u>however</u>, that, notwithstanding <u>clause (z)</u> hereof, participations may be sold to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders) (each, a "**Participant**") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Borrower, the Administrative Agent, the Letter of Credit Issuers, and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for ascertaining, monitoring or enforcing compliance with the list of Disqualified Lenders or the sales of participations thereto at any time. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Credit Document; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>clauses (i)</u> and <u>(vii)</u> of the second proviso to <u>Section 13.1</u> that affects such Participant. Subject to <u>clause (c)(ii)</u> of this <u>Section 13.6</u>, the Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.10</u>, <u>2.11</u>, <u>3.5</u>, and <u>5.4</u> to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u>) (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided to the participating Lender). To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 13.8(b)</u> as though it were a Lender; <u>provided</u> such Participant shall be subject to <u>Section 13.8(a)</u> as though it were a Lender.

&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)&nbsp;&nbsp;&nbsp;&nbsp;A Participant shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>2.11</u>, <u>3.5</u> or <u>5.4</u> than the applicable Lender would have been entitled to receive absent the sale of such participation to such Participant, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation and such Change in Law would have resulted in such applicable Lender having an entitlement to receive such greater payment. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the

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principal amounts (and stated interest amounts) of each Participant's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any Lender may, without the consent of the Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, or other central bank having jurisdiction over such Lender and this <u>Section 13.6</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 13.16</u>, the Borrower authorizes each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a "**Transferee**") and any prospective Transferee any and all financial information in such Lender's possession concerning the Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Borrower and its Affiliates in connection with such Lender's credit evaluation of the Borrower and its Affiliates prior to becoming a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The words "execution," "signed," "signature," and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>SPV Lender</u>. Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (an "**SPV**"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower, the option to provide to the Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make the Borrower pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States, any state thereof, or the District of Columbia. In addition, notwithstanding anything to the contrary contained in this <u>Section 13.6</u>, any SPV may (i) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Borrower and the Administrative Agent) other than a Disqualified Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) subject to <u>Section 13.16</u>, disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This

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<u>Section 13.6(g)</u> may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each SPV shall be entitled to the benefits of <u>Sections 2.10</u>, <u>2.11</u>, <u>3.5</u> and <u>5.4</u> to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided to the Granting Lender)). Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>2.11</u>, <u>3.5</u> or <u>5.4</u> than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant to such SPV is made with the Borrower's prior written consent (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Replacements of Lenders Under Certain Circumstances.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall be permitted (x) to replace any Lender or (y) terminate the Commitment of such Lender or Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than a Letter of Credit Issuer), repay all Obligations of the Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date and cancel or backstop on terms satisfactory to such Letter of Credit Issuer any Letters of Credit issued by it that (a) requests reimbursement for amounts owing pursuant to <u>Sections 2.10</u> or <u>5.4</u>, (b) is affected in the manner described in <u>Section 2.10(a)</u> and as a result thereof any of the actions described in such Section is required to be taken, or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution; <u>provided</u> that (i) such replacement does not conflict with any Requirements of Law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) the Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts pursuant to <u>Sections 2.10</u>, <u>2.11</u>, or <u>5.4</u>, as the case may be, owing to such replaced Lender prior to the date of replacement, (iv) the replacement bank or institution, if not already a Lender, an Affiliate of the Lender or Approved Fund, and the terms and conditions of such replacement, shall be reasonably satisfactory to the Administrative Agent, (v) the replacement bank or institution, if not already a Lender shall be subject to the provisions of <u>Section 13.6(b)</u>, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of <u>Section 13.6</u> (<u>provided</u> that unless otherwise agreed the Borrower shall be obligated to pay the registration and processing fee referred to therein), and (vii) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If any Lender (such Lender, a "**Non-Consenting Lender**") has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of <u>Section 13.1</u> requires the consent of either (i) all of the Lenders directly and adversely affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders (or at least 50.1% of the directly and adversely affected Lenders) shall have granted their consent, then, the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to (x) replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent (to the extent such consent would be required under <u>Section 13.6)</u> or to terminate the Commitment of such Lender or Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than a Letter of Credit Issuer), repay all Obligations of the Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date and cancel or backstop on terms satisfactory to such Letter of Credit Issuer any Letters of Credit issued by it; <u>provided</u> that (a) all Obligations hereunder of the Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment including any amounts that such Lender may be owed pursuant to <u>Section 2.11</u>, and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon, and (c) the Borrower shall pay to such Non-Consenting Lender the amount, if any, owing to such Lender pursuant to <u>Section 5.1(b)</u>. In connection with any such assignment, the Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise

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comply with <u>Section 13.6</u>; <u>provided</u> that any Non-Consenting Lender shall be deemed to have consented to the assignment and delegation of its interests, rights and obligations if it does not execute and deliver an Assignment and Acceptance to the Administrative Agent within one (1) Business Day after having received a request therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments; Set-off.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as contemplated in <u>Section 13.6</u> or elsewhere herein, if any Lender (a "**Benefited Lender**") shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in <u>Section 11.5</u>, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender or its affiliate shall have the right, without prior notice to the Credit Parties but with the prior consent of the Administrative Agent, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon any amount becoming due and payable by the Credit Parties hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final) (other than payroll, trust, Tax, fiduciary, and petty cash accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Credit Parties. Each Lender agrees promptly to notify the Credit Parties and the Administrative Agent after any such set-off and application made by such Lender; <u>provided</u> that the failure to give such notice shall not affect the validity of such set-off and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile or other electronic transmission), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Credit Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to <u>Section 13.2</u>), certificate, request, statement, disclosure or authorization related to this Agreement, any other Credit Document and/or the transactions contemplated hereby and/or thereby (each an "**Ancillary Document**") that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Credit Document or such Ancillary Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement, any other Credit Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; <u>provided</u> that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; <u>provided</u>, <u>further</u>, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower or any other Credit Party without further verification thereof and without any obligation to review the appearance or form of any such Electronic signature and (ii) upon the request of the Administrative Agent or any Lender, any

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Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower and each other Credit Party hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower and each other Credit Party, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement, any other Credit Document and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (ii) the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement, any other Credit Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement, any other Credit Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Credit Document and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (iv) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent's and/or any Lender's reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower (and/or any Credit Party) to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Integration</u>. This Agreement and the other Credit Documents represent the agreement of the Borrower, the Collateral Agent, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Borrower, the Administrative Agent, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNING LAW</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIM, CONTROVERSY, DISPUTE, OR CAUSE OF ACTION (WHETHER IN CONTRACT, TORT, OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) BASED UPON, ARISING OUT OF, OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH LETTER OF CREDIT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Submission to Jurisdiction; Waivers</u>. Each party hereto irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;submits for itself and its property in any legal action or proceeding (whether in contract, tort, or otherwise and whether at law or in equity) relating to this Agreement and the other Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;consents that any such action or proceeding (whether in contract, tort, or otherwise and whether at law or in equity) shall be brought in such courts and waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in any other courts;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;agrees that service of process in any such action or proceeding (whether in contract, tort, or otherwise and whether at law or in equity) shall be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on <u>Schedule 13.2</u> at such other address of which the Administrative Agent shall have been notified pursuant to <u>Section 13.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;agrees that nothing herein shall affect the right of the Administrative Agent, any Lender or another Secured Party to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Borrower or any other Credit Party in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding(whether in contract, tort, or otherwise and whether at law or in equity) referred to in this <u>Section 13.13</u> any special, exemplary, punitive or consequential damages; <u>provided</u> that nothing in this <u>clause (e)</u> shall limit the Credit Parties' indemnification obligations set forth in <u>Section 13.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgments</u>. The Borrower hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;it has been advised by counsel in the negotiation, execution, and delivery of this Agreement and the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm's-length commercial transaction between the Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on the other hand, and the Borrower and the other Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other modification hereof or 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;in connection with the process leading to such transaction, each of the Administrative Agent and the other Agents, is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Borrower, any other Credit Parties or any of their respective Affiliates, stockholders, creditors or employees, or any other 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent or other Agent has advised or is currently advising the Borrower, the other Credit Parties or their respective Affiliates on other matters) and neither the Administrative Agent or other Agent has any obligation to the Borrower, the other Credit Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents;

&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)&nbsp;&nbsp;&nbsp;&nbsp;the Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;neither the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Borrower hereby agrees that it will not claim that any Agent owes a fiduciary or similar duty to the Credit Parties in connection with the transactions contemplated hereby and waives and releases,

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to the fullest extent permitted by law, any claims that it may have against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Borrower, on the one hand, and any Lender, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVERS OF JURY TRIAL</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE (TO THE EXTENT PERMITTED BY APPLICABLE LAW) TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING (WHETHER IN CONTRACT, TORT, OR OTHERWISE AND WHETHER AT LAW OR IN EQUITY) RELATING TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. The Administrative Agent, each other Agent and each Lender, each on behalf of itself and its controlled Affiliates (collectively, the "**Restricted Persons**" and, each a "**Restricted Person**"), shall treat confidentially all information relating to the Credit Parties or any of their Subsidiaries or their businesses provided to any Restricted Person by any Credit Party hereunder in connection with such Restricted Person's evaluation of whether to become a Lender hereunder or obtained by such Restricted Person pursuant to the requirements of this Agreement ("**Confidential Information**") and shall not publish, disclose or otherwise divulge such Confidential Information; <u>provided</u> that nothing herein shall prevent any Restricted Person from disclosing any such Confidential Information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental or bank regulatory or self-regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Borrower promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Restricted Person or any of its Affiliates (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental or bank regulatory or self-regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Borrower promptly thereof prior to disclosure), (c) to the extent that such Confidential Information becomes publicly available other than by reason of improper disclosure by such Restricted Person or any of its affiliates or any Related Parties thereto in violation of any confidentiality obligations owing under this <u>Section 13.16</u>, (d) to the extent that such Confidential Information is received by such Restricted Person from a third party that is not, to such Restricted Person's knowledge, subject to contractual or fiduciary confidentiality obligations owing to any Credit Party or any of their respective subsidiaries or affiliates, (e) to the extent that such Confidential Information was already in the possession of the Restricted Persons prior to any duty or other undertaking of confidentiality or is independently developed by the Restricted Persons without the use of such Confidential Information, (f) to such Restricted Person's affiliates and to its and their respective officers, directors, partners, employees, legal counsel, rating agencies, independent auditors, and other experts or agents in connection with providing the Loans or action as an Agent hereunder and who are informed of the confidential nature of such Confidential Information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) (with each such Restricted Person, to the extent within its control, responsible for such person's compliance with this paragraph), (g) to potential or prospective Lenders, hedge providers, participants or assignees, in each case who agree to be bound by the terms of this <u>Section 13.16</u> and with respect to which the Borrower is a party or an intended third-party beneficiary (pursuant to customary syndication practice) to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>); <u>provided</u> that (i) the disclosure of any such Confidential Information to any Lenders, hedge providers or prospective Lenders, hedge providers or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender, hedge provider or prospective Lender or participant or prospective participant that such Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this <u>Section 13.16</u> or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) in

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accordance with the standard syndication processes of such Restricted Person or customary market standards for dissemination of such type of information, which shall in any event require "click through" or other affirmative actions on the part of recipient to access such Confidential Information and (ii) no such disclosure shall be made by such Restricted Person to any person that is at such time a Disqualified Lender; <u>provided</u> that, for the avoidance of doubt, the Administrative Agent shall be permitted upon request of any Lender or Participant to make available to such Lender or Participant any list of Disqualified Lenders and any Lender may provide the list of Disqualified Lenders to any prospective assignee or Participant on a confidential basis (it being understood that the identity of Disqualified Lenders will not be posted or distributed to any Person, other than a distribution by the Administrative Agent to a Lender upon written request and by a Lender to any prospective assignee or Participant on a confidential basis), (h) for purposes of establishing a "due diligence" defense, (i) to the extent required by a potential or actual insurer or reinsurer in connection with providing insurance, reinsurance or credit risk mitigation coverage under which payments are to be made or may be made by reference to this Agreement and (j) in connection with the exercise of any remedies under this Agreement, under any other Credit Document or under any Secured Hedge Agreement or Secured Cash Management Agreement, or any action or proceeding relating to this Agreement, any other Credit Document or any Secured Hedge Agreement or Secured Cash Management Agreement, or the enforcement of rights hereunder or thereunder. Notwithstanding the foregoing, (i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a non-confidential basis from a source other than the Borrower, its Subsidiaries or their respective Affiliates and which such source is not, to such Person's knowledge, subject to contractual or fiduciary confidentiality obligations owing to any Credit Party or any of their respective subsidiaries or affiliates, (ii) the Administrative Agent shall not be responsible for compliance with this <u>Section 13.16</u> by any other Restricted Person (other than its officers, directors or employees), (iii) in no event shall any Lender, the Administrative Agent or any other Agent be obligated or required to return any materials furnished by the Borrower or any of its Subsidiaries, and (iv) each Agent and each Lender may (A) disclose solely the existence of this Agreement, the size and type of the credit facilities, the parties to the Credit Documents and the Closing Date (but not the use of proceeds of the Loans made hereunder), in each case, to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement and management of this Agreement and the other Credit Documents, in each case, to the extent the applicable Agent or Lender advises such parties of the confidential nature of such information and instructs such parties to keep such information confidential and (B) in consultation with the Borrower, place customary advertisements in financial and other newspapers and periodicals or on a home page or similar place for dissemination of customary information on the Internet or worldwide web as such Agent or Lender may choose, and circulate similar promotional materials, in the form of a "tombstone" or otherwise describing the names of the Borrower and its affiliates (or any of them), and the type, size and Closing Date of the credit facilities, all at the expense of such Agent or Lender; <u>provided</u> that, without the prior written consent of the Borrower, such advertisements may not disclose any information other than the existence of this Agreement, the size and type of the credit facilities, the parties to the Credit Documents and the Closing Date (but not the use of proceeds of the Loans made hereunder). For the avoidance of doubt, nothing herein prohibits any individual from communicating or disclosing information regarding suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority to the extent such communication or disclosure is required by any Requirement of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Direct Website Communications</u>. The Borrower may, at its option, provide to the Administrative Agent any information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial, and other reports, certificates, and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any Default or Event of Default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively as "**Communications**"), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to the Administrative Agent at an email address provided by the Administrative Agent from time to time; <u>provided</u> that (i) upon written request by the Administrative Agent or the Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies

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is given by the Administrative Agent and (ii) the Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. Nothing in this <u>Section 13.17</u> shall prejudice the right of the Borrower, the Administrative Agent, any other Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document.

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender's e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the "**Platform**"), so long as the access to such Platform (i) is limited to the Agents, the Lenders and Transferees or prospective Transferees and (ii) remains subject to the confidentiality requirements set forth in <u>Section 13.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY MATERIALS OR INFORMATION PROVIDED BY THE CREDIT PARTIES (THE "**BORROWER MATERIALS**") OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "**Agent Parties**" and each an "**Agent Party**") have any liability to the Borrower, any Lender, or any other Person for losses, claims, damages, liabilities, or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower's or the Administrative Agent's transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party resulted from such Agent Party's (or any of its Related Parties' (other than any trustee or advisor)) gross negligence, bad faith or willful misconduct or material breach of the Credit Documents as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower and each Lender acknowledge that certain of the Lenders may be "public-side" Lenders (Lenders that do not wish to receive material non-public information with respect to the Borrower, the Subsidiaries or their securities) and, if documents or notices required to be delivered pursuant to the Credit Documents or otherwise are being distributed through the Platform, any document or notice that the Borrower has indicated contains only publicly available information with respect to the Borrower may be posted on that portion of the Platform designated for such public-side Lenders. If the Borrower has not indicated whether a document or notice delivered contains only publicly available information, the Administrative Agent shall post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information with respect to the Borrower, the Subsidiaries and their securities. Notwithstanding the foregoing, the Borrower shall use commercially reasonable efforts to indicate whether any document or notice contains only publicly available information; <u>provided</u>, <u>however</u> that, the following documents shall be deemed to be marked "PUBLIC," unless the Borrower notify the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Credit Documents, (2) any notification of changes in the terms of the Credit Facility and (3) all financial statements and certificates delivered pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u> and <u>(d)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18&nbsp;&nbsp;&nbsp;&nbsp;<u>USA PATRIOT Act</u>. Each Lender hereby notifies each Credit Party that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "**Patriot Act**") and the Beneficial Ownership Regulation, it is required to obtain, verify, and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments Set Aside</u>. To the extent that any payment by or on behalf of the Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver, or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Bank Funding Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20&nbsp;&nbsp;&nbsp;&nbsp;<u>No Fiduciary Duty</u>. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "**Lenders**"), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders or creditors. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

Each of the parties hereto acknowledges that the Administrative Agent, together with its respective affiliated companies (collectively, the "**MS Group**"), is a member of a global financial services firm engaged in the securities, investment management, credit services businesses and individual wealth management businesses involving, without limitation, the provision of securities underwriting, hedging, trading, brokerage activities, foreign exchange, commodities and derivatives trading, as well as providing investment banking, financing and financial advisory services. As a result, members of the MS Group and their respective Related Parties may also at any time (i) invest on a principal basis or manage funds that invest on a principal basis, in the loans or debt or equity securities of the Borrower, the other Credit Parties or any other company that may be involved in any of the transactions contemplated herein, or in any currency, commodity or instrument that may be involved in any of the transactions contemplated herein, or in any related derivative instrument, (ii) carry out ordinary course investment and wealth management or brokerage activities for any the Borrower, the other Credit Parties or any other company (or their respective Related Parties) that may be involved in any of the transactions contemplated herein, and (iii) perform various investment banking, commercial banking and financial advisory services for other clients and customers who may have conflicting interests with respect to the Borrower, the other Credit Parties and their respective Related Parties. The parties hereto therefore acknowledge that (i) in the course of such activities and relationships, one or more members of the MS Group, other than the Administrative Agent performing its duties and

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responsibilities expressly set forth in this Agreement, may acquire information about the Borrower, the other Credit Parties, their respective Related Parties or other entities and persons which may be the subject of any transaction contemplated hereunder, and (ii) any such member of the MS Group are doing so in their respective capacities (including, without limitation, as investment manager, hedge counterparty, financial advisor, Lender or Arranger), which are separate from and independent of the function and duties of the Administrative Agent. The Lenders party hereto further acknowledge that no other member of the MS Group (or the Administrative Agent to the extent it receives any such information from another member of the MS Group) shall have any obligation to disclose (or any liability for failing to disclose) such information, or the fact that any of them are in possession of such information, to any Lender or to use such information on behalf of any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**," and each such QFC, a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States). In the event a Covered Entity that is party to a Supported QFC (each, a "**Covered Party**") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any parties to any Credit Document, each party hereto acknowledges that any liability of any Lender that is an Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the effects of any Bail-In Action on any such liability, including, if applicable:

&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)&nbsp;&nbsp;&nbsp;&nbsp;a reduction in full or in part or cancellation of any such liability

&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)&nbsp;&nbsp;&nbsp;&nbsp;a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Credit Document; or

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&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)&nbsp;&nbsp;&nbsp;&nbsp;the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

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| FIGMA, INC., as the Borrower |
| By: /s/ Praveer Melwani |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Praveer Melwani |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Financial Officer |

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[Signature Page to Credit Agreement]

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|:---|
| MORGAN STANLEY SENIOR FUNDING, INC., as the Administrative Agent, the Collateral Agent |
| By: /s/ Brian Sanderson |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Brian Sanderson |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Authorized Signatory |

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[Signature Page to Credit Agreement]

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|:---|
| MORGAN STANLEY SENIOR FUNDING, INC., as a Lender and a Letter of Credit Issuer |
| By: /s/ Michael King |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael King |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Vice President |

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[Signature Page to Credit Agreement]

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|:---|
| BANK OF AMERICA, N.A., as a Lender and a Letter of Credit Issuer |
| By: /s/ Herman Chang |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Herman Chang |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Director |

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[Signature Page to Credit Agreement]

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|:---|
| JPMorgan Chase Bank, N.A., as a Lender and a Letter of Credit Issuer |
| By: /s/ Jorge Diaz Granados |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Jorge Diaz Granados |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Authorized Officer |

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[Signature Page to Credit Agreement]

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|:---|
| GOLDMAN SACHS LENDING PARTNERS LLC, as a Lender and a Letter of Credit Issuer |
| By: /s/ Dan Starr |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Dan Starr |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Authorized Signatory |

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[Signature Page to Credit Agreement]

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|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and a Letter of Credit Issuer |
| By: /s/ Tanner Ketellapper |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Tanner Ketellapper |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Director |

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[Signature Page to Credit Agreement]

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|:---|
| ROYAL BANK OF CANADA, as a Lender |
| By: /s/ Harsh Grewal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Harsh Grewal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Authorized Signatory |

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[Signature Page to Credit Agreement]

## Exhibit 10.15

**Exhibit 10.15**

**NOMINATING AGREEMENT**

This NOMINATING AGREEMENT (this "***Agreement***") is made and entered into as of [ ], 2025 by and among Dylan Field and Figma, Inc., a Delaware corporation (the "***Company***"). Capitalized terms not otherwise defined herein shall have the meaning given to them in the Amended and Restated Certificate of Incorporation of the Company to be duly adopted in accordance with the General Corporation Law of the State of Delaware and filed with the Secretary of State of the State of Delaware in connection with the IPO (as defined below) (as it may be amended, restated or otherwise modified from time to time, the "***Certificate of Incorporation***").

**RECITALS**

WHEREAS, on July 1, 2025 the Company publicly filed with the U.S. Securities and Exchange Commission (the "***SEC***") under the Securities Act of 1933, as amended, a registration statement on Form S-1 relating to the initial public offering (the "***IPO***") of shares of the Company's Class A Common Stock, par value $0.00001 per share ("***Class A Common Stock***");

WHEREAS, Mr. Field is currently a member of the Board of Directors (the "***Board***") of the Company; and

WHEREAS, the Company and Mr. Field desire to provide for the nomination of Mr. Field to the Board for election and re-election to the Board after the Company has completed the IPO;

**AGREEMENT**

NOW, THEREFORE, in consideration of the above recitals and the mutual covenants made herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Nomination Provisions</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;1.1 <u>Nomination</u>. At each annual meeting or special meeting of stockholders at which directors are to be elected following the closing of the IPO, the Company and Mr. Field shall (i) include Mr. Field in the slate of nominees nominated by the Board for election or re-election to the applicable class of directors (which class shall be Class III) (or the full Board if the Board is not classified) by the stockholders of the Company and (ii) include Mr. Field in the Company's proxy statement for such stockholder meeting or similar document or soliciting materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Necessary Action</u>. Following the closing of the IPO, unless the Board or the Nominating and Corporate Governance Committee of the Board, as applicable, determines, in good faith, that such action would be inconsistent with the directors' fiduciary duties to the Company and its stockholders, the Company covenants that the Board and the Nominating and Corporate Governance Committee of the Board, as applicable, shall take all Necessary Action to recommend in favor of Mr. Field's election or re-election as a director and to solicit proxies or consents in favor thereof. If and to the extent the Company's organizational documents permit action by written consent of the stockholders and action is to be taken to elect directors by written consent of the stockholders, the parties' obligations set forth in this Agreement shall apply in full force and effect.

"***Necessary Action***" means, with respect to a specified result, all actions, to the fullest extent permitted by applicable Law, necessary to cause such result, including, without limitation, (i) voting, providing a written consent or otherwise causing the adoption of Board resolutions with respect to the recommendation of Mr. Field and inclusion in the Company's proxy statement or similar document or soliciting materials of such recommendation, (ii) causing the adoption of Board and/or stockholder resolutions and amendments to any organizational documents, (iii) executing agreements and instruments and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result.

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"***Law***" means any federal, state, local, national, supranational, foreign or administrative law (including common law), statute, code, rule, regulation, rules of the relevant stock exchange on which the relevant parties' securities are listed, order, ordinance or other pronouncement of any governmental 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;1.3 <u>Termination of the Agreement</u>. This Agreement shall be conditioned on and effective as of immediately prior to the effectiveness of the Form 8-A to be filed by the Company with the SEC in connection with the IPO and shall continue in effect until and shall terminate upon the earliest of (a) Mr. Field's effective resignation from the Board, (b) Mr. Field's death, (c) Mr. Field's removal from the Board for cause by stockholders, (d) the expiration of Mr. Field's term as a member of the Board if Mr. Field has given notice of his intention not to stand for re-election, (e) the date upon which Mr. Field fails to satisfy his Minimum Class B Share Ownership Condition (as defined in the Certificate of Incorporation), (f) the Final Conversion Date (as defined in the Certificate of Incorporation) and (g) immediately prior to the closing of a Liquidation Event (as defined below). If the closing of the IPO has not occurred by December 31, 2025, this Agreement shall automatically terminate and be of no further force or effect.

For purposes of this Section 1.3 only "***Liquidation Event***" means (i) a sale of all or substantially all of the assets of the Company, (ii) a liquidation, dissolution or winding up of the Company, or (iii) any merger or consolidation (each, a "***combination transaction***"), in which the Company is a constituent entity or is a party with another entity if, as a result of such combination transaction, in one transaction or series of related transactions, the voting securities of the Company that are outstanding immediately prior to the consummation of such combination transaction (other than any such securities that are held by an "***Acquiring Stockholder***," as defined below) do not represent, or are not converted into, securities of the surviving entity in such combination transaction (or such surviving entity's parent entity if the surviving entity is owned by the parent) that, immediately after the consummation of such combination transaction, together possess at least a majority of the total voting power of all voting securities of such surviving entity (or its parent, if applicable) that are outstanding immediately after the consummation of such combination transaction, including securities of such surviving entity (or its parent, if applicable) that are held by the Acquiring Stockholder. For purposes of this paragraph, an "***Acquiring Stockholder***" means a stockholder or stockholders of the Company that (x) merge(s) or combine(s) with the Company in such combination transaction or (y) directly or indirectly own(s) or control(s) a majority of the voting power of another entity that merges or combines with the Company in such combination transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Further Assurances</u>. At any time or from time to time after the date hereof, the Company and Mr. Field agree to cooperate with each other and to execute and deliver any further instruments or documents and to take all such further action as the other may reasonably request in order to evidence or effectuate the consummation of the obligations contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Remedies</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;3.1 <u>Specific Enforcement</u>. Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event any of the provisions of this Agreement are not performed by the parties in accordance with their specific terms or are otherwise breached. Accordingly, it is agreed that each of the aggrieved parties shall be entitled to an injunction to prevent breaches of this Agreement, and to specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any state having subject matter 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;3.2 <u>Remedies Cumulative</u>. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous.</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;4.1 <u>No Assignment</u>. The terms and conditions of this agreement, including all obligations and rights therein, may not be assigned. Notwithstanding the foregoing, this agreement shall be binding upon, and shall be enforceable by and inure solely to the benefit of, the parties hereto and their respective successors and permitted assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Governing Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Counterparts; Facsimile</u>. This Agreement may be executed and delivered by facsimile signature, including electronic signatures, and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting 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;4.5 <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 upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient's next business day, (c) when sent, if sent by electronic mail during the recipient's normal business hours, and if not sent during normal business hours, then on the recipient's next business day, (d) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (e) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth below or at such other address as Mr. Field shall, from time to time, designate by ten (10) days' advance written notice to the Company:

If to Dylan Field, to:

Dylan Field

c/o Figma, Inc.

760 Market Street, Floor 10

San Francisco, California 94102

Tel: \*\*\*

Email: \*\*\*

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

Joseph Yaffe

Skadden, Arps, Slate, Meagher & Flom LLP

525 University Avenue

Palo Alto, California 94301

Tel: \*\*\*

Email: \*\*\*

If to the Company, to:

Brendan Mulligan

Amanda Westendorf

Brendan Brown

Figma, Inc.

760 Market Street, Floor 10

San Francisco, California 94102

Email: \*\*\*

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

Michael T. Esquivel

Ran D. Ben-Tzur

Jennifer J. Hitchcock

Aman D. Singh

Fenwick & West LLP

Silicon Valley Center

801 California Street

Mountain View, California 94041

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;4.6 <u>Consent Required to Terminate, Amend or Waive</u>. This Agreement may be amended or terminated and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by Mr. Field and the Company. Any amendment, termination or waiver effected in accordance with this Section 4.6 shall be binding on each party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>No Third Party Liability</u>. This Agreement may only be enforced against the named parties hereto. All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto; and no past, present or future director, officer, employee, incorporator, member, partner, stockholder, affiliate, agent, attorney or representative of any party hereto (including any person negotiating or executing this Agreement on behalf of a party hereto), unless party to this Agreement, shall have any liability or obligation with respect to this Agreement or with respect any claim or cause of action (whether in contract or tort) that may arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including a representation or warranty made in or in connection with this Agreement or as an inducement to enter into 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;4.8 <u>Delays or Omissions</u>. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default previously or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Severability</u>. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other 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;4.10 <u>Entire Agreement</u>. This Agreement shall constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 <u>Dispute Resolution</u>. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the Delaware Court of Chancery (or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the Delaware Court of Chancery (or, only if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), and (c) hereby

------

waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named court(s), that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

**[SIGNATURE PAGES FOLLOW]**

------

**IN WITNESS WHEREOF**, the parties have caused this Agreement to be executed as of the date first written above.

---

| |
|:---|
| DYLAN FIELD |
| By: |

---

[Signature Page to Nominating Agreement]

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**IN WITNESS WHEREOF**, the parties have caused this Agreement to be executed as of the date first written above.

---

| | |
|:---|:---|
| FIGMA, INC. | FIGMA, INC. |
| By: |  |
| Name: | Brendan Mulligan |
| Title: | General Counsel and Secretary |

---

[Signature Page to Nominating Agreement]

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of Figma, Inc.**

---

| | |
|:---|:---|
| **Name of Subsidiary** | **Jurisdiction** |
| Figma Australia Pty Ltd | Australia |
| Figma Canada Ltd. | Canada |
| Figma UK Ltd. | UK |
| Figma France SAS | France |
| Figma GmbH | Germany |
| Figma India Private Limited | India |
| Figma Ireland Limited | Ireland |
| Figma Japan K.K. | Japan |
| Figma Singapore Pte. Limited | Singapore |
| Vmlapp Sweden AB | Sweden |
| Visly Inc. | US – Delaware |
| Figma Ventures LLC | US – Delaware |
| Figma International, LLC | US – Delaware |
| Payload CMS, LLC | US – Delaware |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated April 15, 2025, in the Registration Statement (Form S-1) and related Prospectus of Figma, Inc. for the registration of shares of its Class A common stock.

/s/ Ernst & Young LLP

San Jose, California

July 1, 2025

## Exhibit 99.1

**Exhibit 99.1**

**FIGMA, INC.**

**IRREVOCABLE PROXY AND POWER OF ATTORNEY**

Reference is made to (i) that certain Amended and Restated Voting Agreement, dated as of June 23, 2021 (as amended and/or restated from time to time, the "***Voting Agreement***"), by and among Figma, Inc., a Delaware corporation (the "***Company***"), the Investors (as defined therein) and the Key Holders (as defined therein), (ii) that certain Amended and Restated First Refusal and Co-Sale Agreement, dated as of June 23, 2021 (as amended and/or restated from time to time, the "***ROFR Agreement***" and, together with the Voting Agreement, the "***Investor Agreements***"), by and among the Company, the Investors (as defined therein) and the Common Holders (as defined therein) and (iii) the Restated Certificate of Incorporation of the Company (as may be amended and/or restated from time to time, the "***Restated Certificate***").

Pursuant to Article IV, Part C, Section 1(p) of the Restated Certificate, this Proxy (as defined below) shall constitute a grant of a proxy to Dylan Field (the "***Proxy Holder***") to exercise Voting Control (as defined in the Restated Certificate) over shares of the Company's Class B Common Stock ("***Class B Common Stock***") permitted under the Restated Certificate and therefore shall not be deemed a Transfer (as defined in the Restated Certificate) in accordance with the terms and provisions of the Restated Certificate.

For payment by cash or wire transfer of an aggregate amount equal to $250,000, as good and valuable consideration, paid to Evan Wallace and the Wu-Wallace Family Trust (the "***Grantors***"), the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the undersigned Grantors hereby irrevocably appoint Dylan Field (the "***Proxy Holder,*** with full power of substitution, as each such undersigned Grantor's proxy, agent and attorney-in-fact (the "***Proxy***"), and grant to the Proxy Holder complete and unlimited authority to act, in his sole discretion, on each such undersigned Grantor's behalf, to vote any number of shares, of any class (including, but not limited to, Class B Common Stock, any other shares of the Company issued to the undersigned Grantors, including after the date of this Proxy, and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution of such shares), of the Company, owned or beneficially held by such undersigned Grantor at any time and from time to time, and as may be adjusted, and any and all shares or other securities issued in respect of such shares pursuant to stock splits, dividends, other distribution, recapitalization or otherwise (the "***Shares***") on all matters (whether or not referred to in this Proxy) submitted to a vote of stockholders at a meeting of stockholders or through the solicitation of a written consent of stockholders (whether of any individual class of stock or of multiple classes of stock voting together) and for any contractual voting rights that may be applicable to the Shares, including, but not limited to: (i) causing any number of Shares to be counted as present at any and all general, special or class meetings of the Company's stockholders, (ii) representing such undersigned Grantor and voting or not voting in such undersigned Grantor's name at any and all general, special or class meetings of the stockholders of the Company, however called, in respect of the Shares, (iii) signing and executing on such undersigned Grantor's behalf with full power-of-attorney (a) any amendments, modifications, terminations and/or waivers to contractual agreements to which such undersigned Grantor is

------

party to and bound by on account of the Shares (including but not limited as a "Key Holder" and "Stockholder" party to the Voting Agreement and as a "Common Holder" party to the ROFR Agreement), and (b) any written resolutions or consents of the stockholders of the Company in lieu of meetings, or any class thereof, in respect of the Shares, and all waivers, consents, proxies, other instruments with respect to said Shares, and other actions which may be taken by the stockholders of the Company (including without limitation any waiver of prior notice, right of first refusal and pre-emptive right), in the Proxy Holder's sole discretion, (iv) signing any and all documents necessary or advisable to effectuate the sale of Shares in an Acquisition (as such term is defined in the Company's 2012 Equity Incentive Plan or such similar term in any other equity incentive plan approved by the Board) or a Liquidation Event (as such term is defined in the Restated Certificate), including without limitation any ancillary documents prepared in connection with such Acquisition or Liquidation Event, and (v) receiving copies of all notices and communications with respect to the above (provided that such notices and communications are simultaneously provided to the undersigned Grantors); provided, however, that this Proxy shall not apply in the event the Company solicits a vote of its stockholders under Section 280G of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

As long as this Proxy is in effect, any and all voting rights that the undersigned Grantors may have with respect to the Shares shall be exercised exclusively by this Proxy and each of the undersigned Grantors agrees and acknowledges that such undersigned Grantor shall abstain from voting any of the Shares (in person, by proxy or by action by written consent, as applicable) on all matters except as set forth herein. Each of the undersigned Grantors hereby revokes any proxy(ies) previously given in respect of the Shares and agrees not to give any other proxies with respect to the Shares until such time as this Proxy expires. Notwithstanding anything to the contrary herein, to the extent the undersigned is a "Key Holder" and "Stockholder" under the Voting Agreement, each of the undersigned hereby acknowledges and confirms that the Voting Agreement remains in full force and effect and such undersigned Grantor remains bound by all obligations thereunder, and further acknowledges and agrees that this Proxy may and shall be used for purposes of the Voting Agreement.

This Proxy or any of the actions set forth above may be waived by the Proxy Holder at any time. A waiver of any single provision or in respect any single matter to be voted upon will not be construed to be a waiver for any other matter.

This Proxy shall automatically expire upon the earlier of (i) the liquidation, dissolution, or winding up of the business operations of the Company, (ii) the explicit written consent of the Proxy Holder, and (iii) such time as no Shares are held by (a) the Grantors, (b) if an individual, such Grantor's Family Members or (c) such Grantor's Permitted Entities (each term as defined in the Restated Certificate).

The undersigned Grantors acknowledge and agree that the Company is an intended third-party beneficiary of this Proxy and shall have the right, power and authority to enforce the provisions hereof as though it were a party hereto. This Proxy shall be specifically enforceable, and any breach or threatened breach of this Proxy shall be the proper subject of a temporary or permanent injunction or restraining order. Further, the undersigned Grantors waive, and

------

acknowledge that there is not, any claim or defense that there is an adequate remedy at law for such breach of threatened breach.

This Proxy shall be governed by and construed according to the laws of the State of Delaware, excluding its conflict of law provisions. In addition, each of the undersigned Grantors consents to submit itself to the exclusive personal jurisdiction of the Court of Chancery or other courts of the State of Delaware in the event any dispute arises out of this Proxy or any of the transactions contemplated by this Agreement.

This Proxy shall be binding upon the heirs, estate, executors, personal representatives, successors and assigns of the undersigned Grantors, as applicable. Prior to any transfer, sale, pledge, encumbrance, assignment, option, distribution or disposition, or any agreement or commitment providing therefor, of any Shares or an interest in any Shares (each, a "***Transfer***") held by such undersigned Grantors and as a condition to such transfer, the transferee shall execute an irrevocable proxy in the form of this Proxy (the "***Transferee Voting Proxy***"). This Proxy shall survive the Transfer of Shares. Notwithstanding the foregoing, following the completion of the Qualified Public Offering or Direct Listing (each term as defined in the Restated Certificate), the transferee shall not be required to enter into a Transferee Voting Proxy (and the Shares shall no longer be subject to the restrictions of this Proxy) if at the time of such Transfer the Grantor is transferring (x) shares of Class B Common Stock that, upon completion of such Transfer, shall automatically convert into shares of the Company's Class A Common Stock ("***Class A Common Stock***"), or (y) shares of Class A Common Stock.

The undersigned Grantors acknowledge and agree that this Proxy is a special power of attorney coupled with an interest sufficient in law to support an irrevocable power and shall survive the bankruptcy, death, adjudication of incompetence or the like of himself.

The undersigned Grantors agree to not voluntarily convert the Shares, as applicable, from Class B Common Stock to Class A Common Stock without the prior written consent of the Proxy Holder.

Further, in voting the Shares in accordance with this Proxy, the Proxy Holder shall not be liable for any error of judgment nor for any act done or omitted, nor for any mistake of fact or law, nor for anything which the Proxy Holder may do or refrain from doing in good faith, nor shall the Proxy Holder have any accountability hereunder, except for his bad faith, gross negligence or willful misconduct. Each of the undersigned Grantors hereby confirm that in no event shall the undersigned Grantors raise any demands nor file any claims regarding the Proxy or the Proxy Holder's actions, discretion or omissions.

*[Signature Page Follows]*

------

IN WITNESS WHEREOF, the undersigned have executed this IRREVOCABLE PROXY AND POWER OF ATTORNEY as of the date written below.

---

| | |
|:---|:---|
| **GRANTORS:** | |
| Signature: | /s/ Evan Wallace |
| Printed Name: | Evan Wallace |
| Date: | 3/7/2022 |
| Signature: | /s/ Evan Wallace |
| Printed Name: | Wu-Wallace Family Trust |
| By: | Evan Wallace |
| Title: | Trustee |
| Date: | 3/7/2022 |
| **Acknowledged and Agreed:** | **Acknowledged and Agreed:** |
| **PROXY HOLDER:** | **PROXY HOLDER:** |
| Dylan Field |  |
| By: | /s/ Dylan Field |
| Date: | 3/3/2022 |

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## Exhibit 99.2

**Exhibit 99.2**

**International Data Corporation** 

May 23, 2025

Figma, Inc.

760 Market Street, Floor 10

San Francisco, CA 94102

Figma, Inc. (the "***Company***" or "***Figma***") has requested that International Data Corporation ("***IDC***") execute this letter in connection with a proposed initial public offering of the Company's securities (the "***Offering***")*.* In connection with the Offering, the Company will be filing a registration statement on Form S-1 (the "***Registration Statement***") with the Securities and Exchange Commission. In response to such request, please be advised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.IDC consents to the use of and reference to IDC's name and to the IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in Software Design Expands to 144 Million By 2029", DOC #US53309325, May 2025, in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.IDC consents to the use by the Company of the research data substantially in the form furnished hereto as <u>Exhibit A</u>, which will be included as part of the Registration Statement. In granting such consent, IDC represents that, to its knowledge, the statements made in such research data are accurate and fairly present the matters referred to therein.

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| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **International Data Corporation** | **International Data Corporation** |
| By: | /s/ Stephanie Geary |
| Name: | Stephanie Geary |
| Title: | Content Permissions Manager, IDC |
| Date: | May 23, 2025 |

---

------

**<u>Exhibit A</u>**

We estimate that our total addressable market is $33 billion today across the "global workforce engaged in software design," as identified by IDC. We calculate our total addressable market based on internal Figma data and the IDC Executive Spotlight sponsored by Figma, "Global Workforce Engaged in Software Design Expands to 144 Million By 2029." We commissioned this IDC Executive Spotlight, which sizes the global number of participants involved in the product development process.<sup>1</sup>

<sup>1</sup> To estimate our market opportunity, we took IDC primary research-informed models of the global workforce population engaged in software design and then applied our internal pricing data to determine our total addressable market.

## Exhibit 99.3

**Exhibit 99.3**

**Forrester Research Inc.**

**Citation Agreement and Consent**

Subject to the terms and conditions set forth herein, Forrester Research, Inc. ("Forrester") hereby consents to the quotation by **Morgan Stanley** ("Requester"), in the Registration Statement on Form S-1 to be filed by Requester with the U.S. Securities and Exchange Commission (the "Filing"), of the following Forrester information that has been published in print (the "Forrester Information"):

*"A Forrester study we commissioned found that companies using FigJam and Figma together experience significant efficiency gains in the ideation phase and a return on investment of 328%."*

Source: Forrester Consulting, The Total Economic Impact™ of Figma and FigJam, Cost Savings and Business Benefits Enabled by Figma and FigJam, November 2023 (Figma commissioned).

In consideration of Forrester's consent as set forth above, Requester hereby agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Forrester Information will be presented in the Filing as representing data, research opinion or viewpoints published by Forrester and not as a representation of fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Forrester disclaims all warranties, express or implied, statutory or otherwise, including without limitation any implied warranties of merchantability or fitness for a particular purpose, and warranties as to accuracy, completeness or accuracy of the Forrester Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the Forrester Information speaks as of its original publication date (and not as of the date of the Filing) and that the opinions expressed in the Forrester Information are subject to change without notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Forrester shall have no liability for errors, omissions or inadequacies in the Forrester Information or for any interpretations of the Forrester Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Forrester does not assume responsibility for any third parties' reliance on any information contained in the Filing, including the Forrester Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)where applicable, Forrester is not an "expert" within the meaning of Section 509 of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.

Requester agrees to indemnify and hold harmless Forrester, and its directors, officers, shareholders, employees and agents, from and against any and all claims, liabilities, demands, causes of action, damages, losses and expenses (including reasonable attorney's fees and costs) arising, directly or indirectly, and without limitation, out of or in connection with the Filing.

Forrester's consent set forth above shall not be deemed effective until Forrester shall have received a countersigned copy of this document from Requester.

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| | | | |
|:---|:---|:---|:---|
| **Morgan Stanley** | **Morgan Stanley** | Forrester Research, Inc. | Forrester Research, Inc. |
| By: | /s/ Mark Jennings | By: | /s/ Naomi Sager |
| Name: | Mark Jennings | Name: | Naomi Sager |
| Title: | Executive Director | Title: | Director, License and Content Compliance Operations |
| Date: | April 14, 2025 | Date: | April 15, 2025 |

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<br>